沛齊 (PAYX) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Paychex First Quarter Fiscal Year 2021 Earnings Conference Call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加 Paychex 2021 財年第一季財報電話會議。（操作說明）

I will now hand the call over to Martin Mucci, President and Chief Executive Officer, to begin. Please go ahead, sir.

現在我將把電話交給總裁兼執行長馬丁·穆奇，由他開始講話。請繼續，先生。

Great. Thank you, and thank you for joining us for our discussion of our Paychex's First Quarter Fiscal 2021 Earnings Release. Joining me today is Efrain Rivera, our Chief Financial Officer. This morning, before the market opened, we released our financial results for the first quarter ended August 31, 2020, and you can access the earnings release on our Investor Relations web page, and our Form 10-Q will be filed with the SEC within the next few days.

偉大的。謝謝，也感謝各位參加我們對 Paychex 2021 財年第一季財報發布的討論。今天和我一起出席的是我們的財務長埃弗雷恩·裡維拉。今天早上，在市場開盤之前，我們發布了截至 2020 年 8 月 31 日的第一季財務業績，您可以在我們的投資者關係網頁上查看收益報告，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 will be archived and available on our website for approximately 90 days. I will start today's call with an update on the business highlights for the first quarter. Efrain will review our first quarter financial results and provide an update on fiscal '21, and then we'll open it up for your questions.

本次電話會議將透過網路進行直播，並將在我們的網站上存檔約 90 天。今天我將首先報告第一季的業務亮點。Efrain 將回顧我們第一季的財務業績，並提供 2021 財年的最新情況，之後我們將開放問答環節。

Fiscal '21 is off to a good start. Although the impacts of COVID-19 continue to affect our results causing unfavorable year-over-year comparisons, our first quarter results finished better than originally projected, as most of our key business metrics recovered at a faster rate than anticipated. Throughout the COVID-19 crisis, our business model has proven resilient.

2021財年開局良好。儘管 COVID-19 的影響持續影響著我們的業績，導致同比數據不佳，但我們第一季的業績好於最初的預期，因為我們的大多數關鍵業務指標的恢復速度都比預期的要快。在整個新冠疫情危機期間，我們的商業模式已經證明了其韌性。

We have seen good sales momentum, excellent client retention and accelerated product development responsive to the needs of our clients. We also rapidly reduced discretionary costs where needed to protect margins and are ahead of schedule on a number of initiatives to reduce long-term costs as well.

我們看到了良好的銷售動能、出色的客戶留存率以及為滿足客戶需求而加速的產品開發。我們也迅速削減了必要的非必要開支以保護利潤率，並且在多項降低長期成本的措施上也提前完成了計劃。

We are pleased with our sales performance during the first quarter, which reflected new annualized revenue significantly higher than our expectations. Growth in new payroll sales units was strong year-over-year, reflecting the highest fiscal quarter growth in over 5 years.

我們對第一季的銷售業績感到滿意，其年度化收入遠超預期。新工資銷售單位年增強勁，反映了五年多來最高的季度成長率。

Our investments over the past several years in virtual sales, digital marketing and lead generation and sales support technologies have positioned us well to succeed in this environment. With the challenges, small and midsized businesses have faced during this environment, our HR value proposition has never been more clear. We have seen a surge in demand for our various HR offerings since the beginning of COVID, and our Q1 sales results for our HR services division were very strong with double-digit increase over last year. We are well positioned to continue to take advantage of this opportunity. Our client retention during the first quarter has remained at record levels. We continue to see payroll clients that have been in non-processing status begin to pay employees again.

過去幾年，我們在虛擬銷售、數位行銷、潛在客戶開發和銷售支援技術方面的投資，使我們在這個環境中處於有利地位，能夠取得成功。在當前環境下，中小企業面臨著許多挑戰，而我們的人力資源價值主張也因此顯得格外清晰。自從新冠疫情爆發以來，我們看到市場對我們各種人力資源服務的需求激增，我們人力資源服務部門第一季的銷售業績非常強勁，比去年同期實現了兩位數的成長。我們已做好充分準備，繼續把握這項機會。第一季我們的客戶留存率維持在歷史最高水準。我們不斷看到一些之前處於非處理狀態的薪資客戶開始重新向員工支付薪資。

Throughout this crisis, we have been very proactive in providing information, tools and guidance to our clients. We are proud of our response, supporting our clients during this crisis. We work closely with regulatory agencies to both remain informed and advocate for our clients. Our compliance and software development teams worked quickly to interpret and respond to the changing regulations and design products to assist our clients through one of the most challenging times for the business community.

在整個危機期間，我們一直積極主動地為客戶提供資訊、工具和指導。我們為自己的應對措施感到自豪，在這場危機中，我們為客戶提供了支持。我們與監管機構密切合作，以便隨時了解情況並維護客戶的利益。我們的合規和軟體開發團隊迅速行動，解讀並應對不斷變化的法規，並設計產品來幫助我們的客戶度過商業界最具挑戰性的時期之一。

We have provided real-time updates and solutions compliant with new regulations. We refers to market with a PPP loan forgiveness estimator, which now produces a signature-ready application. Recently, Wolters Kluwer, a leading national provider of Tax & Accounting expertise, selected our PPP loan forgiveness estimator to be utilized by their CCH AnswerConnect research platform subscribers. Since launching in early April, we have approximately 300,000 unique visitors to our COVID-19 Help Center. Our COVID-related training has seen strong participation with some webinars attracting over 10,000 attendees.

我們提供了符合新規的即時更新和解決方案。我們指的是市場上的 PPP 貸款豁免估算器，它現在可以產生一份可以直接簽署的申請表。最近，全國領先的稅務和會計專業知識提供者 Wolters Kluwer 選擇我們的 PPP 貸款豁免估算器供其 CCH AnswerConnect 研究平台訂閱用戶使用。自 4 月初上線以來，我們的 COVID-19 幫助中心已接待了約 30 萬名獨立訪客。我們舉辦的與新冠疫情相關的培訓活動參與度很高，有些網路研討會甚至吸引了超過 10,000 名參與者。

Along with the investments we've made in our platforms that have allowed us to adapt and maintain high levels of service delivery, our thought leadership has helped in achieving our record client satisfaction. Investments in technology, combined with personalized client service that Paychex is known for, available 7/24/365 has served us well in the current environment due to the adaptability and speed of delivery.

除了我們在平台上的投資使我們能夠適應變化並保持高水準的服務交付之外，我們的思想領導力也幫助我們實現了創紀錄的客戶滿意度。Paychex 憑藉其技術投資和 7/24/365 全天候個人化客戶服務而聞名，其適應性和交付速度在當前環境中為我們提供了良好的服務。

We have seen sessions during the quarter utilizing our mobile platform increased double-digits compared to the prior year period, and the number of active employees on the platform continues to increase. Our clients and their employees have been taking advantage of Flex for self-service, self-service utilization by client employees as a percentage of total utilization is at an all-time high given the remote working environment for many of our clients. And Paychex's learning enrollments are up also significantly benefiting from virtual training offerings that users can participate in from any location.

本季使用我們行動平台的會話次數比去年同期成長了兩位數，平台上的活躍員工人數也持續增加。我們的客戶及其員工一直在利用 Flex 進行自助服務，鑑於我們許多客戶都處於遠距辦公環境，客戶員工的自助服務使用率佔總使用率的比例已達到歷史最高水準。Paychex 的學習註冊人數也大幅成長，這得益於使用者可以從任何地點參與的虛擬培訓課程。

We recently introduced new employee health and safety in the workplace features in Paychex Flex. These features include COVID-19 leave-of-absence tracking through HR Connect, for employees who request leave to care for a family member or child attending school virtually, COVID-19 screening for when employees come back to the physical work environment and a health attestation solution that allows employers to collect employee information in a variety of ways.

我們最近在 Paychex Flex 中引進了新的員工健康與工作場所安全功能。這些功能包括透過 HR Connect 追蹤 COVID-19 休假情況，適用於請假照顧在家上網課的家人或子女的員工；對返回實體工作環境的員工進行 COVID-19 篩檢；以及健康證明解決方案，允許雇主以各種方式收集員工資訊。

These features, combined with our HR Connect and conversations features, Iris Time Clocks, Pay-on-Demand capabilities and other product functionality will continue to provide -- prove invaluable to our clients whether their employees continue to work remotely or as they prepared for returning their employees to an office environment. As mentioned in June, we have accelerated certain long-term cost-saving initiatives, including reducing our physical office footprint, and during the first quarter, we recognized $31 million in onetime costs related to these initiatives and we are progressing better than expected.

這些功能，結合我們的 HR Connect 和對話功能、Iris 考勤機、按需支付功能和其他產品功能，將繼續為我們的客戶提供——無論他們的員工是繼續遠距辦公還是準備讓員工回到辦公室環境，這些功能都將證明其價值所在。正如六月所提到的，我們加快了一些長期節約成本的舉措，包括減少我們的實體辦公場所，並且在第一季度，我們確認了與這些舉措相關的 3100 萬美元一次性成本，而且我們的進展比預期要好。

We anticipate that we will fully realize our projected savings from these initiatives. We are proud that both the strength of our technology as well as the care we give our customers has been recognized by industry experts. Most recently, the Paychex Flex platform was recognized by Lighthouse Research and Advisory with an HR Tech award for the best SMB focused solution in the core HR workforce category. The combination of a single device-independent application with human resource services and benchmarking capabilities sets us apart from others in this category.

我們預計這些措施將完全實現我們預期的節省目標。我們感到自豪的是，我們的技術實力以及我們對客戶的關懷都得到了業內專家的認可。最近，Paychex Flex 平台獲得了 Lighthouse Research and Advisory 頒發的 HR Tech 獎，被評為核心人力資源類別中面向中小企業的最佳解決方案。我們將單一的、與設備無關的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 have also been recognized with a 2020 Tech Cares award presented by TrustRadius, which celebrates companies that have gone above and beyond to provide their communities and clients with support during the COVID-19 pandemic. I'm also very proud to note that for the 10th straight year, we have been recognized as the largest provider of 401(k) record-keeping services by the number of plans by plan sponsor magazine. We have a long-standing commitment to leveraging innovative technology solutions like Paychex Flex and best-in-class service to simplify the often complex task of saving for retirement. And are proud to continue to help business owners and employees safe for retirement during these challenging times. Irrespective of the pace and speed of recovery, our resilient business model, strong liquidity position and dedicated employees will allow us to come through this stronger while continuing to provide industry-leading technology solutions and outstanding service to our clients.

我們還獲得了 TrustRadius 頒發的 2020 年 Tech Cares 獎，該獎項旨在表彰在 COVID-19 疫情期間竭盡全力為社區和客戶提供支持的公司。我還要非常自豪地指出，我們連續第 10 年被計劃發起人雜誌評為 401(k) 記錄保存服務的最大提供者（按計劃數量計）。我們一直致力於利用 Paychex Flex 等創新技術解決方案和一流的服務，簡化通常很複雜的退休儲蓄任務。在當前充滿挑戰的時期，我們很榮幸能夠持續幫助企業主和員工保障退休安全。無論復甦的速度和節奏如何，我們富有韌性的商業模式、強大的流動性以及敬業的員工將使我們能夠更加強大地渡過難關，同時繼續為客戶提供業界領先的技術解決方案和卓越的服務。

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

現在我將把電話交給埃弗雷恩，讓他回顧我們第一季的財務表現。埃弗雷恩？

Thanks, Marty, and good morning, everyone. I want to start by saying I hope that everyone is safe and your families are doing well, and our best wishes go out to those have been impacted by the pandemic. Let me remind everyone that today's conference call will contain forward-looking statements. You know all that stuff, refer to future events et cetera, look at the customary disclosures.

謝謝你，馬蒂，大家早安。首先，我希望大家都平安健康，家人一切安好，也向所有受疫情影響的人們致以最誠摯的慰問。我想提醒大家，今天的電話會議將包含前瞻性陳述。你知道所有這些事情，參考未來事件等等，看看慣例披露。

And then I'm going to refer to non-GAAP measures, such as adjusted EBITDA, same things. Please refer to the press release for the reconciliation of GAAP to non-GAAP measures.

然後我還要提到非GAAP指標，例如調整後的EBITDA，情況也一樣。有關 GAAP 與非 GAAP 指標的調整情況，請參閱新聞稿。

Let me start by providing some of the key points for the quarter and then follow-up with greater detail, certain areas and then wrap with our fiscal 2021 outlook. First quarter results reflect the impact of economic conditions resulting from COVID-19, as Marty sent -- mentioned. For the first quarter, total revenue declined 6% to $932 million, largely due to lower volume impacting revenue across our HCM solutions. During our June earnings call, I had noted that first quarter revenue was anticipated to be down high single digits to low double digits. Obviously, looking at this, our results exceeded those expectations.

首先，我將介紹本季的一些關鍵點，然後進一步詳細說明某些領域，最後展望 2021 財年。正如馬蒂所說，第一季業績反映了 COVID-19 造成的經濟狀況的影響。第一季總收入下降 6% 至 9.32 億美元，主要是由於銷售下降影響了我們的 HCM 解決方案的收入。在六月的財報電話會議上，我曾指出，預計第一季營收將出現高個位數到低兩位數的下降。顯然，從這個結果來看，我們的結果超出了預期。

Total service revenue moderated 6% to $917 million. Within service revenue, Management Solutions revenue declined 5% to $687 million and PEO and Insurance Solutions revenue decreased 7% to $230 million. When I say total service revenue moderating, I mean decline.

服務總收入下降 6% 至 9.17 億美元。在服務收入方面，管理解決方案收入下降了 5%，至 6.87 億美元；PEO 和保險解決方案收入下降了 7%，至 2.3 億美元。我說的總服務收入成長放緩，指的是下降。

Interest on funds held for clients decreased 28% for the quarter to $15 million due to lower average investment balances and lower average interest rates earned. Average balances for interest on funds held for clients declined 6% during the quarter, primarily due to the impact of lower checks per client due to COVID. Expenses were up 1% to $650 million. But when you exclude the onetime cost of $31 million that Marty mentioned, we were actually down 4%, driven by lower discretionary spending and cost control measures implemented in Q4.

由於平均投資餘額和平均收益率下降，本季為客戶持有的資金利息下降了 28%，至 1500 萬美元。本季客戶資金利息平均餘額下降了 6%，主要原因是受新冠疫情影響，每位客戶的支票數量減少。支出成長1%，達6.5億美元。但若排除馬蒂提到的 3,100 萬美元一次性成本，我們實際上下降了 4%，這是由於第四季度可自由支配支出減少和成本控制措施所致。

We're very proud of how we managed expenses through this entire period. Operating income increased 19% -- decreased, I'm sorry, 19% to $284 million and reflected an operating margin of 30.5%. Again, that was ahead of expectations. Adjusted operating income, excluding the impact of onetime costs decreased 10% to $315 million, reflected in adjusted operating margin of 33.8%.

我們為在此期間的費用控制工作感到非常自豪。營業收入成長了 19%——抱歉，是下降了 19%，至 2.84 億美元，營業利潤率為 30.5%。這再次超出了預期。經調整後的營業收入（不包括一次性成本的影響）下降 10% 至 3.15 億美元，經調整後的營業利潤率為 33.8%。

Other expense net for the first quarter, that includes interest on long-term borrowings, partially offset by corporate investment income, which, as you know, is quite low and was impacted by lower rates.

第一季的其他淨支出，包括長期借款利息，部分被企業投資收益抵消，如您所知，該收益相當低，並受到較低利率的影響。

Our effective income tax rate was 23.4% for the first quarter compared to 23.3% for the same period last year. Both periods reflect tax benefits for stock-based comp payments that occur with divesting of various annual stock rewards. Net income decreased 20% to $212 million, but adjusted net income decreased 11% to $228 million for the quarter. Adjusted net income includes onetime costs and the tax benefit from stock comp payments.

第一季我們的實際所得稅率為 23.4%，去年同期為 23.3%。這兩個時期都反映了因剝離各種年度股票獎勵而產生的股票選擇權補償的稅收優惠。本季淨利潤下降 20% 至 2.12 億美元，但經調整後的淨利潤下降 11% 至 2.28 億美元。調整後淨收入包括一次性成本和股票薪酬帶來的稅收優惠。

We pulled it out. We discussed this all the time. There's just no way to know in a given quarter whether people are going to exercise or not. We can give you a guesstimate, but don't know. It ended up providing some benefits in the quarter. Diluted earnings per share declined 19% to $0.59 for the quarter, but adjusted diluted earnings per share decreased 11% to $0.63, reasons I cited above.

我們把它拉了出來。我們一直在討論這個問題。我們根本無法知道在某個季度人們是否會運動。我們可以給你一個大概的估計，但我們並不確定。最終，它在本季帶來了一些好處。本季稀釋後每股收益下降 19% 至 0.59 美元，但經調整後的稀釋後每股收益下降 11% 至 0.63 美元，原因如上所述。

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 currently has an average yield of about 2%, average duration of 3.3% -- or 3.3 years.

收益型投資。如您所知，我們的首要目標是保護本金並優化流動性。我們將繼續投資於高信用等級的證券。長期投資組合目前的平均報酬率約為 2%，平均久期為 3.3%——即 3.3 年。

Combined portfolios have earned an average rate of return of 1.3% for the quarter, down from 2% last year. I'll now walk through highlights of our financial position. It remains strong with cash, restricted cash and total corporate investments of $952 million. Funds held for clients as of August 31, 2020, were $3.3 billion compared to $3.4 billion. Funds held for clients vary widely on a day-to-day basis and averaged $3.5 billion for the first quarter.

本季綜合投資組合的平均報酬率為 1.3%，低於去年同期的 2%。接下來我將重點放在我們的財務狀況。公司現金、受限現金和公司總投資達 9.52 億美元，實力依然強勁。截至 2020 年 8 月 31 日，為客戶持有的資金為 33 億美元，而去年同期為 34 億美元。為客戶持有的資金每日波動很大，第一季平均為 35 億美元。

Total available for sale investments, including corporate investments and funds held for clients reflected net unrealized gains of $117 million as of August 31, 2020, compared with $100 million as of May 31, 2020, the increase in net gain position, as you can surmise, resulted from declines in interest rates. Total stockholders' equity was $2.8 billion, reflecting $223 million in dividend paid and $29 million of shares repurchased during the quarter. Our return on equity for the past 12 months remains robust at 39%.

截至 2020 年 8 月 31 日，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 1.17 億美元，而截至 2020 年 5 月 31 日為 1 億美元。正如您所推測的，淨收益的增加是由於利率下降造成的。股東權益總額為 28 億美元，其中包括本季支付的股利 2.23 億美元和回購的股票 2,900 萬美元。過去 12 個月，我們的股本回報率保持穩健，達到 39%。

Cash flows from operations were $215 million for the first quarter, a decrease of over 20% from the same period last year. The decrease was driven by lower net income and fluctuations in working capital. Now let me turn to fiscal guidance -- or fiscal 2021 guidance for the current year, which ends, as you know, on May 31, 2021, the outlook reflects our current thinking regarding the speed and timing of the economic recovery.

第一季經營活動產生的現金流量為 2.15 億美元，比去年同期下降超過 20%。淨收入下降和營運資金波動是導致下降的主要原因。現在讓我談談財政指導——或者說是 2021 財年的指導，正如你們所知，本財年將於 2021 年 5 月 31 日結束。這項展望反映了我們目前對經濟復甦的速度和時間的看法。

First quarter results, as you can see, exceeded expectation. There is uncertainty about the trajectory of recovery over the next several quarters. Our guidance assumes a steady, but gradual improvement through the rest of the fiscal year. We have provided the following updates to the guidance after seeing first quarter results.

如您所見，第一季業績超出預期。未來幾季的復甦軌跡存在不確定性。我們的預期是，在本財年剩餘時間內，情況將會穩定但逐步改善。在看到第一季業績後，我們對業績指引做出了以下更新。

Management Solutions revenue is now expected to decline in the range of 1% to 3%. We previously guided to a decline in the range of 1% to 4%, and we'll continue to update as each quarter passes. PEO and Insurance Services revenue is expected to decline in the range of 2% to 5%. Our previous guidance was a decline in the range of 2% to 7%. Interest on funds held for clients is expected to be between $55 million and $65 million. Total revenue is expected to decline in the of 2% to 4%. We previously guided to a decline in the range of 2% to 5%. Adjusted operating income as a percent of total revenue is now anticipated to be approximately 35%, up from previous guidance of 34% to 35%.

管理解決方案收入預計將下降 1% 至 3%。我們之前預計降幅在 1% 到 4% 之間，我們將繼續隨著每季的過去而更新預測。PEO 和保險服務收入預計將下降 2% 至 5%。我們之前的預期是下降 2% 至 7%。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。預計總收入將下降 2% 至 4%。我們先前預期下降幅度在 2% 到 5% 之間。經調整後的營業收入佔總收入的百分比預計約為 35%，高於先前 34% 至 35% 的預期。

Adjusted EBITDA margins for the full year fiscal 2021 is expected to be approximately 40%, up from 39% to 40%. Other expense, net anticipated to be in the range of $30 million to $35 million. The effective income tax rate for fiscal 2021 is expected to be in the range of 24% to 25%.

預計 2021 財年全年調整後 EBITDA 利潤率約 40%，高於 39% 至 40%。其他費用淨額預計在 3,000 萬美元至 3,500 萬美元之間。預計 2021 財年的實際所得稅率將在 24% 至 25% 之間。

Adjusted diluted earnings per share is expected to decline in the range of 6% to 8%, we previously guided to a decline in the range of 6% to 10%.

經調整後的稀釋每股盈餘預計將下降 6% 至 8%，我們先前預期下降幅度為 6% 至 10%。

Turning to the second quarter. We currently anticipate Management Solutions revenue will decline in the range of 2% to 3% and PEO and Insurance Solutions revenue will decline 4% to 6%. Adjusted operating margins, excluding onetime costs, are anticipated to be in the range of 34% to 35%.

進入第二節。我們目前預計管理解決方案收入將下降 2% 至 3%，PEO 和保險解決方案收入將下降 4% 至 6%。經調整後的營業利潤率（不包括一次性成本）預計在 34% 至 35% 之間。

An early view of the second half of the year. And I just want to mention something. When all of this started, many people withdrew guidance. And we walked in and we told you what we thought. We didn't get it completely right at first, but we communicated and updated you in the middle of the quarter to tell you where things were changing. So we will continue -- we're committed to full transparency and we are committed to updating you on a regular basis. So investors know exactly what we're thinking when we think it. This is what we're thinking right now.

提前展望下半年。我只想提一件事。這一切開始時，許多人撤回了指導工作。我們走進去，告訴了你我們的想法。起初我們並沒有完全做好，但我們在本季度中期與您溝通並更新了情況，告訴您哪些方面發生了變化。因此，我們將繼續秉持完全透明的原則，並定期向您通報最新情況。這樣，投資人就能確切知道我們思考時在想什麼。這就是我們現在的想法。

Of course, things can change as we go through the year, but at this point, the early view of the second half of the year, we anticipate total revenue will be in the range of flat to very low single digits. Operating margins, we anticipate to be approximately 37%. Of course, as I said, all of this is subject to current assumptions, which are subject to change. We'll update you again on our second quarter call. So we are more positive than we were at the June call. Obviously, everyone knows the uncertainty you're dealing with.

當然，隨著時間的推移，情況可能會發生變化，但就目前而言，對下半年的初步展望是，我們預計總收入將持平或僅有非常低的個位數成長。我們預計營業利潤率約為 37%。當然，正如我所說，所有這些都基於當前的假設，而這些假設是可能會改變的。我們將在第二季財報電話會議上再次向您報告最新情況。所以我們現在比六月電話會議上更樂觀。顯然，每個人都知道你所面臨的不確定性。

I'd say just a couple more things to conclude my comments. Number one is, I think what you saw in first quarter, and Marty alluded to it is the strength of Digital Solutions, digital and virtual sales were up very, very strong in the quarter. And when I say very strong, I don't mean 10, and I don't mean 20. I mean it was very strong. Obviously, any sale that depended on face-to-face meetings was more challenging, but we've been gaining momentum there. That's number one. Number two, HR Solutions was up very strong from a sales standpoint and revenue recovery has been strong in the quarter, stronger than we anticipated. So when you look at digital-based digital marketing and sales, we had a really good quarter. When you look at HR Solutions, we had a very good quarter. And that is part of what's driving or being incrementally positive as we go through the year. On PEO, I would say this. One of the things that we have learned as the year has gone on, is that while PEO had a sharp downturn initially, we've seen a sharp recovery also. And so we're incrementally, again, more positive on PEO. That solution is important in the market, and we think there will be -- continue to be a good demand.

最後，我再補充幾點。第一點是，我認為你在第一季看到的，也是馬蒂提到的，是數位解決方案的強勁表現，數位和虛擬銷售額在本季成長非常非常強勁。我說的「非常強」不是指10，也不是指20。我的意思是，它非常強大。顯然，任何依賴面對面洽談的銷售都更具挑戰性，但我們在這方面已經取得了一些進展。這是第一點。第二，人力資源解決方案的銷售表現非常強勁，本季營收復甦強勁，比我們預期的還要好。所以，從數位化行銷和銷售的角度來看，我們本季表現非常出色。從人力資源解決方案來看，我們本季業績非常好。而這正是推動我們在這一年中逐步走向正面積極的部分原因。關於 PEO，我想說的是：隨著時間的推移，我們了解到的一件事是，雖然 PEO 最初經歷了急劇下滑，但我們也看到了迅速復甦。因此，我們對 PEO 的看法再次逐漸變得更加樂觀。該解決方案在市場上非常重要，我們認為未來會有良好的需求。

Now obviously, there's still a lot of uncertainty in the environment. But as I said on the second half, we think we are in a position to manage through it and have taken all of the right steps in the short term. And we took a lot of the right steps in the long term to direct investments to where we were. Had we not done that, we would be in a different position. This is not your father's Paychex. With that, I'll turn it back to Marty.

顯然，目前環境仍存在許多不確定因素。但正如我在下半場所說，我們認為我們有能力渡過難關，並且在短期內已經採取了所有正確的措施。從長遠來看，我們採取了許多正確的措施，引導投資流向我們所在的地方。如果我們沒有那麼做，我們現在的處境就會不同。這已經不是你父親那一代的Paychex了。這樣，我就把麥克風交還給馬蒂了。

Okay. Thank you, Efrain. And we'll now -- operator, we'll open it up for your questions.

好的。謝謝你，埃弗雷恩。現在－接線員，我們將開放提問環節。

(Operator Instructions)

（操作說明）

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

我們的第一個問題來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

I wanted to ask, Efrain, about your -- or Marty's well the last comments you had on digital and just get your view in terms of -- you mentioned it's not your father's Paychex. How permanent do you think some of the shifts are in your business when it comes to things like digital versus analog from, I guess, a product standpoint as well as a sales technology standpoint? Is this more of a blip? Or is this something that you think will kind of fundamentally change the fabric as we go forward?

我想問埃弗雷恩，關於你——或者馬蒂——關於你最近對數位科技的評論，以及你對此的看法——你提到它不是你父親的Paychex。從產品角度以及銷售技術角度來看，您認為貴公司在數位與類比等方面的轉變會有多大的永久性？這更像是一次小插曲嗎？或者，你認為這會從根本上改變我們未來發展的結構嗎？

Yes. I'll start, and then I'll let Efrain jump in on anything that I missed or comments that he has. Look, I think it's permanent. I also think, as I think everyone has seen, things have accelerated quite dramatically with the environment of work-from-home employees. And so a lot of things are -- the mobile adoption, the use -- the look for paperless, everything being paperless from recruiting to onboarding, to training, to any change that employee makes is all -- we could see all that coming and had invested in it. As many had, but it has really accelerated with the remote workforces. And I think it's definitely permanent. Even if employees come back to the office, many will return to the office or a similar environment. And I think that's never going to change. I think people are just used to it. The -- also the way they're buying, which is much more virtual, as Efrain commented, the results have been very strong from a, we're a self-service basically where they're going online and doing the search for us, which we've invested in; looking at demos, which we've invested in and then buying themselves online through SurePayroll or Flex have both been very strong, as Efrain mentioned.

是的。我先開始，然後我會讓埃弗雷恩補充我遺漏的內容或他有什麼評論。你看，我認為這是永久性的。我也認為，正如大家所看到的，居家辦公環境極大地加速了這一趨勢。因此，很多事情都是如此——行動辦公室的普及、使用——追求無紙化，從招聘到入職，再到培訓，以及員工所做的任何變更，所有環節都力求無紙化——我們預見到了這一切，並為此進行了投資。許多人都有過這種經歷，但隨著遠距辦公的普及，這種趨勢確實加速發展了。而且我認為這絕對是永久性的。即使員工回到辦公室，許多人只會回到辦公室或類似的環境工作。我覺得這種情況永遠不會改變。我覺得人們只是習以為常了。正如 Efrain 所評論的，他們的購買方式也更加虛擬化，結果非常強勁。我們基本上提供自助服務，客戶會上網搜索，而我們已經投資了這項服務；他們會查看演示，而我們也投資了這項服務；然後通過 SurePayroll 或 Flex 在線購買，正如 Efrain 所提到的，這兩種方式都非常有效。

And I do think it's because we've invested well in a product that is simple to use easy to sign up for, and that's working very well. So I think it's very permanent all the way through from paperless to remote to the mobility app and everything else in between. So we feel very well positioned from a permanent going forward standpoint.

我認為這是因為我們對一款簡單易用、註冊方便的產品進行了充分的投資，而且這款產品運作良好。所以我認為，從無紙化到遠端辦公，再到行動應用程式以及介於兩者之間的所有方面，這都是永久性的。因此，從長遠發展的角度來看，我們感覺自己處於非常有利的地位。

Yes. What I'd add is it's one thing to say, "Hey, we had great, great digital sales progress in the quarter." And by that, I mean not only SurePayroll where we can, as Marty mentioned, you can search and onboard yourself in payroll without having anyone involved in the process. That was something we did several years ago, but also our virtual selling efforts that are powered by our digital marketing efforts have been really, really strong, too. But all of that needs to be tied together with a digital service model.

是的。我想補充的是，說「嘿，我們這個季度的數位銷售取得了非常非常好的進展」是一回事。我的意思是，這不僅僅指像 Marty 提到的 SurePayroll 那樣，你可以自己搜尋並註冊薪資系統，而無需任何人參與。那是我們幾年前就開始做的事情，而且我們藉助數位行銷力量所進行的虛擬銷售工作也非常非常成功。但所有這些都需要與數位化服務模式結合。

And I think as Marty was mentioning, we've made a lot of investments on that side. You heard his comments about the number of employees who are actually utilizing our platform to do -- to connect and update their information. And so sometimes, we hear this narrative like somehow the only people in the market that can do that are certain competitors. And it's just -- it's just interesting, let me put it that way. It isn't truth, but it's interesting. And we've been making quietly many of the same changes, and you can't compete now in the market. 10 years ago, if you weren't SaaS, you weren't, we're going to be left behind. And now if you're not pivoting to digital, you're going to be left behind, too. I think you understand that.

正如馬蒂提到的那樣，我們在這方面投入了很多資金。你聽到了他的評論，他說有很多員工正在使用我們的平台來聯繫和更新他們的資訊。因此，有時我們會聽到這樣的說法，好像市場上只有某些競爭對手才能做到這一點。這麼說吧，這挺有趣的。這並非事實，但很有趣。我們一直在悄悄地進行著許多同樣的改變，現在你們已經無法在市場上與我們競爭了。10 年前，如果你不是 SaaS 企業，你就落後了，我們將會被時代拋在後面。如果你現在還不轉型數位化，你也會被時代拋在後面。我想你明白這一點。

I'm sorry, but I wanted to say the other stat that's been so interesting is we've talked about our Flex Assistant, which is basically a chatbot that answers questions coming in from clients, 50% of the questions are now being answered by the chatbot, and it's -- the use of that is just incredible. And it has saved us a lot from a service perspective, from a people perspective, and what they can focus on. So our team is always available, as I said, only when it's available, 7/24/365 from a personal surface if you need it. And now those people are freed up more than ever for the more value-added questions. So we feel like the investments we made there really paying off and it's accelerated and will be permanent as a result of this pandemic environment.

抱歉，我還想說另一個非常有趣的數據，那就是我們之前討論過的 Flex Assistant，它基本上是一個聊天機器人，可以回答客戶提出的問題，現在 50% 的問題都是由這個聊天機器人回答的，而且它的使用情況簡直令人難以置信。從服務角度、從人員角度以及他們可以專注於的事情來看，這為我們節省了很多。所以，正如我所說，我們的團隊隨時待命，只要有空，7/24/365 全天候為您服務，如果您需要，可以透過個人設備與我們聯繫。現在，這些人比以往任何時候都更有空閒時間思考更有價值的問題。因此，我們感覺到我們在那裡的投資真的得到了回報，而且由於疫情的影響，這種回報速度加快，並將持續下去。

Great. That's terrific. One more for me. I wanted to ask another question about how the business is sort of evolving in the context of the pandemic. Can you speak to kind of the relative importance of cross-selling to existing customers versus signing up new ones in terms of your kind of your growth algorithm now? Is the model more reliant today on expanding sort of wallet share at existing clients? Or is it sort of business as usual? How would you kind of characterize that balance?

偉大的。太棒了。我再來一個。我想問另一個問題，關於在疫情背景下，公司的業務是如何發展的。您能否談談，就您目前的成長策略而言，向現有客戶交叉銷售與開發新客戶相比，哪個更重要？現今的商業模式是否更依賴擴大現有客戶的錢包份額？還是一切照舊？你會如何形容這種平衡？

I'd say it's fairly business as usual. I mean we're selling into the base well. I think the clients -- the more satisfied the clients are with the existing services they have, obviously, the more open they are to talking to us. We've expanded our product set quite dramatically. And we have new technology advancements that are coming out all the time. We have quite a package of services that will help in the pandemic. I think one of the things during this pandemic is that COVID Help Center has really driven a lot of clients in to see how valuable. When clients need you most is when they see the greatest value, and they've really seen great value in what we've offered and what they've been able to access from information.

我覺得一切照舊。我的意思是，我們的銷售業績很好，基本上打入了目標客戶群。我認為，客戶——顯然，客戶對現有服務越滿意，就越願意與我們交談。我們的產品線已經大幅擴展。而且，新技術層出不窮。我們提供一系列服務，可以幫助應對疫情。我認為在這次疫情期間，COVID Help Center 確實吸引了許多客戶前來了解其價值。客戶最需要你的時候，就是他們最能感受到你價值的時候。他們確實從我們提供的產品和服務以及他們能夠獲得的資訊中看到了巨大的價值。

When you think about the payroll report that we produced, the same-day that it was -- that the loans were available, we were the first to put out the payroll report. That's been accessed and downloaded over 0.5 million times now. And now the loan forgiveness estimator, no one has got a better estimator and now Signature Ready application to be able to get your loan forgiven. Those kind of things have added a lot of value to clients. And therefore, our client retention has never been stronger. No one's leaving to go to any competitor that are using those kind of tools because they found them so valuable. So I think the process of selling additional features are being helped by that. And I think certain things, we even saw a big drop in the fourth quarter of last year in retirement sales because people weren't focused on retirement, that has come back strong in the first quarter.

想想我們當天就出具了薪資報告——就在貸款發放的當天——我們是第一個發布薪資報告的。目前該內容已被存取和下載超過 50 萬次。現在有了貸款減免估算器，沒有人比它擁有更好的估算器，而且現在只需簽署申請即可獲得貸款減免。這些都為客戶增添了許多價值。因此，我們的客戶留存率從未如此高。沒有人會離開去加入那些使用這類工具的競爭對手，因為他們覺得這些工具非常有價值。所以我認為這有助於銷售附加功能的過程。而且我認為某些方面，例如去年第四季退休金銷售額大幅下降，因為人們沒有關注退休，但今年第一季已經強勁反彈。

So people who were payroll clients or a payroll in HR are now look for retirement and retirement actually increased year-over-year from a sales and revenue perspective. So I think the ability to sell other services has really improved in -- through the pandemic because of the value we've offered.

因此，那些曾經是薪資客戶或人力資源部門薪資部門的客戶現在都在考慮退休，而從銷售額和收入的角度來看，退休實際上逐年增加。所以我認為，由於我們提供的價值，我們在疫情期間銷售其他服務的能力確實提高了。

Our next question comes from the line of David Togut of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

I appreciate you are giving guidance in environment where many companies are not. I'm wondering if you could flesh out your thinking a little bit more, Efrain on FY '21, you are pointing to the top half of your previous guidance ranges, but it seems like a lot of the metrics that you've called out in terms of record 5-year growth in new payroll sales, double-digit growth in HR sales, highest client retention ever, might actually point to a stronger result for FY '21?

感謝您在許多公司不願提供指導的環境下給予指導。埃弗雷恩，關於 2021 財年，我想請你再詳細闡述你的想法。你提到了先前預期範圍的上半部分，但你提到的許多指標，例如新薪資銷售額創五年新高、人力資源銷售額兩位數增長、客戶留存率創歷史新高，似乎都預示著 2021 財年會有更強勁的業績？

Are there -- are you just uncertain if we get another wave of fiscal stimulus, or maybe a little more detail around how you're thinking about outcomes for FY '21? And maybe why not a little stronger given all the leading indicators are really off the charts.

您是不確定是否會有新一輪財政刺激措施，還是能詳細說說您對 2021 財政年度結果的看法？鑑於所有領先指標都遠超預期，或許可以再加強一些。

Yes. That's quite off the chart. That would be good. But -- yes. So David, I think just a few things on that. One is, we feel pretty good that first half is going to be better than what we expected, it was a bit. So you don't win a game in the first half, but it certainly is good to be up several touchdowns before the half end. So we think first half is going to be strong.

是的。這簡直太離譜了。那太好了。但是——是的。所以大衛，關於這一點，我想說幾點。一方面，我們感覺上半年的表現會比我們預期的要好一些，這有點出乎意料。所以，即使上半場沒能贏得比賽，但在上半場結束前領先幾個達陣肯定也是件好事。所以我們認為上半年會表現強勁。

Having said that, a lot of it depends as you suggest on the back half of the year. And fourth quarter is going to be very important. Through Q3, we see results being still muted just because that's a big quarter, and we're comparing against a quarter before all of the pandemic effects occurred.

話雖如此，正如你所說，很多事情取決於下半年的情況。第四季將非常重要。第三季業績依然疲軟，因為這是一個重要的季度，而且我們是在與疫情爆發前的季度進行比較。

So there's a note of caution in what we have. If we could -- if we projected the lines we see now, we'd have different guidance, but we don't do that because it's not an accurate or -- it's not a forecast, we would be very comfortable providing. But we think a lot of the metrics are pointing in the right direction and certainly from where we were in the June time frame, things look better.

所以，我們目前的情況需要謹慎看待。如果我們能夠——如果我們能夠預測我們現在看到的線條，我們會給出不同的指導意見，但我們不會這樣做，因為它不準確，或者說——它不是一個我們能夠非常放心提供的預測。但我們認為很多指標都指向正確的方向，而且與六月的情況相比，現在的情況肯定好多了。

We're not anticipating another stimulus. If it comes, that would be great. We think that Marty said in other interviews, we think the stimulus did help. It provided a cushion for the blow for a lot of small and medium-sized businesses, but we're not assuming that it's better. And we don't assume that there's going to be a dramatic improvement in unemployment over the next several quarters.

我們預計不會有新的刺激措施。如果能實現，那就太好了。我們認為馬蒂在其他訪談中也說過，我們認為刺激措施確實起到了作用。它為許多中小企業提供了緩衝，減輕了衝擊，但我們並不認為它就更好了。我們並不認為未來幾季失業率會有顯著改善。

So that dictates some caution in terms of what we provide. But the environment is better than -- or we started the year better than we anticipated with recovery in a number of areas coming faster than we thought.

因此，我們在提供產品或服務時需要保持謹慎。但是環境比預期要好——或者說，我們今年的開局比預期要好，許多領域的復甦速度都比我們想像的要快。

Got it. Just as a quick follow-up. Are there any constraints on your ability to implement these record new sales in the payroll services business? I mean what's the time line to implement the strong new book of business?

知道了。簡單補充一下。在薪資服務業務中，您在實施這些創紀錄的新銷售額方面是否有任何限制？我的意思是，落實這項強而有力的新業務計畫的時間表是什麼？

Well, I think, look, selling season will be -- it's coming up, actually starting in the mid-market this month. I think probably the only thing that's going to be the most challenging is getting to clients. Some clients are still delaying decisions, particularly in that mid-market to be a little bit careful. We're making sales. We're getting out now to meet with clients that they want to meet.

嗯，我認為，銷售旺季即將到來——實際上，銷售旺季將於本月從中端市場開始。我認為可能唯一最具挑戰性的是如何接觸到客戶。有些客戶仍在延後做決定，尤其是在中端市場，他們比較謹慎。我們正在實現銷售目標。我們現在要出去見客戶，見見他們想見的客戶。

This has all been done really remotely for the last 2 quarters. And so to have the sales that we have, even in a remote selling environment has been pretty impressive. And I think we've honed kind of new skills on being able to do that.

過去兩個季度，所有這些工作都是遠端完成的。因此，即使在遠距銷售環境下，我們也能取得這樣的銷售成績，這相當令人印象深刻。我認為我們已經磨練出了一些新的技能來做到這一點。

So I think probably the biggest challenge to hitting results would be continuing those results would just be getting access to the client and the client being comfortable to make a decision based on their business and whether they're ready. But right now, we feel good and in the small business, in particular, in the small business market, I think that's continuing to expand. So not only do I think we've taken a little share, but we've also seen the pie get larger because more businesses, small businesses, in particular, that have not outsourced before, we're seeing them outsource payroll, for the payroll at least, if not payroll and HR, for the first time. And so that market, I think, is growing as well, given kind of the complexities of the environment and so forth.

所以我認為，取得成果的最大挑戰可能在於如何維持這些成果，而維持成果的關鍵在於如何接觸到客戶，以及讓客戶能夠根據自身的業務狀況和是否做好了準備來做出決定。但就目前而言，我們感覺良好，尤其是在小型企業領域，我認為小型企業市場正在持續擴張。所以，我認為我們不僅佔據了一小部分市場份額，而且市場蛋糕也越做越大，因為越來越多的企業，特別是以前從未外包過的小企業，現在開始外包工資發放，至少是工資發放部分，如果不是工資和人力資源都外包的話，這還是頭一次。因此，我認為，考慮到環境的複雜性等等，這個市場也在成長。

And they're seeing the value of being with a payroll provider, for example, to help them get the loans, to help them get the loans forgiven, to work through all of the complicated regulations that are changing and so forth.

他們看到了與薪資服務提供者合作的價值，例如，幫助他們獲得貸款，幫助他們獲得貸款豁免，幫助他們應對所有不斷變化的複雜法規等等。

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

我們的下一個問題來自美國銀行的傑森·庫柏伯格。

I just wanted to start with a clarification, Efrain, just on the second half outlook. Did you say that revenue should be flat to up total revs?

埃弗雷恩，我只想先澄清下半季的展望。你是說為了提高總收入，收入應該維持不變嗎？

Yes, flat to up very low single digits.

是的，持平或略微上升至個位數。

Okay. Okay. Now last quarter, were we talking up low single? I know it's not much of a difference, but I just wanted to see if I have that set nuance right? And is this just kind of a timing thing where the recovery happened a little sooner. So the year is a little bit more balanced than you might have thought otherwise?

好的。好的。上個季度，我們是不是在討論低單價？我知道這差別不大，但我只是想確認我對這個細微差別的理解是否正確？這只是時間上的問題，復甦是否來得稍微早了一些？所以今年的情況比你預想的平衡一點？

When you say last quarter, Jason, what are you referring to? Sequentially for the previous quarter or?

傑森，你說的上個季度是指什麼？是按上一季的順序計算嗎？

No. Last quarter when you gave us guidance and you broke down the first half in the second half, I thought at that point in time, the second half was expected to be up low single digits?

不。上個季度您給予業績指引時，把上半年的情況分解到下半年進行分析，當時我認為下半年的預期增幅會是低個位數？

No. I didn't say low single digits for second half. That wouldn't have been. So -- I'd have to kind of looked at what I said, but no, no, we said that. No. No. And Jason, just to provide some clarification. We still expect at this point, third quarter is going to be down versus the prior quarter with growth and then growth -- more significant growth in fourth quarter. No, I don't think -- we might have said I won't speculate on what we said. The transcript will say what we said, but if we said something that indicated we were going to be positive in the back half that -- or second half, that wouldn't have been correct.

不。我沒說下半場會是低個位數。那樣的話就不會了。所以——我得好好想想我說過什麼，但是不，不，我們確實說過那樣的話。不。不。傑森，我再補充一些說明。我們目前仍然預計，第三季將比上一季下降，但第四季將出現成長，而且成長幅度會更大。不，我不認為──我們可能說過，我不會對我們說過的話妄加猜測。筆錄會記錄我們所說的話，但如果我們說過一些暗示我們在後半段（或下半段）會持肯定態度的話，那肯定是不正確的。

Okay. Okay. Fair enough. And just a question on the margin front. How should we think about the long-term implications for your cost structure, real estate, salesforce, customer support, et cetera. I mean is there any way to quantify that at this point or at some point in the not-too-distant future, perhaps?

好的。好的。很公平。還有一點關於頁邊距的問題。我們該如何考慮這對您的成本結構、房地產、銷售團隊、客戶支援等方面的長期影響？我的意思是，目前或在不久的將來，有沒有辦法量化這一點？

Probably in the not-too-distant future, not the second, but I think the question you're asking, if I can ask a question or answer a question you're not asking. Look, there's a range of initiatives that Marty was mentioning the speed with which we did the footprint rationalization. It doesn't take too much to -- too many assumptions to think that we can't continue to evolve that model so that you need less space than you currently do. And address costs in that way. So we'll look at that. We're not ready to commit to what that number looks like at this point, but we've had good experience thus far. And I think the acceleration of our other digital efforts suggests that we can, at least control costs in that area and maybe get more efficient as we go along. But we'll talk more about that in future calls.

可能在不久的將來，不是馬上，但我認為你問的問題是，如果我能問一個問題或回答一個你沒問的問題的話。你看，馬蒂提到的一系列舉措中，就包括我們迅速完成的佔地面積合理化。不需要太多假設就能認為我們不能繼續改進這個模型，從而使你所需的空間比現在更少。這樣就能解決成本問題。所以我們會研究這個問題。我們目前還無法確定具體數字，但到目前為止，我們的經驗還不錯。我認為，我們在其他數位領域的加速發展表明，我們至少可以控制該領域的成本，並且隨著時間的推移，效率可能會更高。但我們會在以後的電話會議中詳細討論這個問題。

Okay. And maybe just one last one. On the back of the strong sales performance you just saw. Can you just talk about the trends you're seeing in terms of new business creation and your overall win rates?

好的。或許就最後一個吧。正是基於您剛才看到的強勁銷售業績。您能否談談您在新業務拓展和整體成功率方面觀察到的趨勢？

Yes. Sure. I mean we're certainly seeing, as I think, just generally in the economy, new business start-ups are up 20% year-over-year. It's pretty incredible. And I think what we're seeing -- what you see, and we see it on new businesses as people are shifting. So people are getting out of some businesses, shifting to others or evolving their business and others are seeing opportunities in this environment that they didn't see before. So new business start-ups are really growing, and I think we're getting a good share of those. Because of the investments we've made, where it's easy to sign up, it's a very full-featured product, whether you go to Sure or whether you need Flex. And so I think new business start-ups from that is -- are helping. And then I think existing businesses, as I mentioned, that are now outsourcing that we're doing payroll and HR themselves have found that it's time to outsource to someone like Paychex that can deliver great value to them and really protect them, help protect them in an environment that is changing so rapidly with all of the regulations and the benefits and what employees are looking for from them as well.

是的。當然。我的意思是，我們確實看到，正如我認為，就整體經濟而言，新企業創辦數量比去年同期增長了 20%。真是不可思議。我認為我們正在看到的——你們所看到的，以及我們在新興企業中看到的，是人們正在轉變的趨勢。因此，有些人正在退出某些行業，轉而從事其他行業或發展自己的業務，而另一些人則在這種環境下看到了以前從未看到的機會。所以新創企業真的在蓬勃發展，我認為我們佔據了其中相當大的份額。由於我們投入了大量資金，註冊非常便捷，而且產品功能非常齊全，無論您選擇 Sure 還是 Flex。所以我認為由此產生的新創企業創業正在起到幫助作用。然後，我認為，正如我之前提到的，那些現在將工資和人力資源外包出去的現有企業已經發現，是時候將業務外包給像 Paychex 這樣的公司了，這些公司可以為他們帶來巨大的價值，真正保護他們，幫助他們在瞬息萬變的環境中生存，因為所有的法規、福利以及員工對公司的要求都在不斷變化。

Our next question comes from the line of Steven Wald of Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂文·沃爾德。

Thanks for providing all the continuing guidance through all this. We do appreciate it. I was hoping to start off just sharpening the pencils on a few items that you guys have been talking around specifically. I think -- I don't think I missed it, but an actual retention number for the quarter. I think it stood at 83% last quarter, but it included an adjustment for businesses that were suspended? And then if you could maybe walk us through how you're thinking about year-end -- fiscal year-end unemployment rate assumptions and business failure rates from here?

感謝您在這段時間持續提供的指導。我們非常感謝。我希望先就你們一直在討論的一些具體問題進行深入探討。我想——我想我沒有錯過，但應該有一個季度的實際留存率數據。我認為上個季度是 83%，但其中包含了因停業而調整的業務數據？那麼，您能否詳細解釋一下您是如何考慮年末——也就是財政年度結束時的失業率假設和企業倒閉率的？

Yes. I would say on the client retention, we really give it once a year, but we're still at the highest levels of retention we had. So even -- and I would say that of those, Steven, the numbers that we said that were suspended, were probably down 3 quarters of those from the peak. So we still have some that have suspended their service, but it's getting down to a very low number.

是的。關於客戶留存率，我想說，我們每年都會進行一次評估，但我們的留存率仍然處於歷史最高水準。所以即使——而且我想說的是，史蒂文，我們所說的暫停的那些數字，可能比高峰下降了四分之三。所以目前仍有一些用戶暫停了服務，但數量已經非常少了。

Now may more of those go lost after year-end, we're watching that. But we've seen really a pretty dramatic decrease from the peak down to probably 1/4 of what we saw. So yes, it could still impact client retention, but it's a much smaller number than what it was. And we'll have to see as we get through calendar year-end, whether they're kind of hanging on for either more stimulus or to be able to get through year-end. But at this point, we've seen a real improvement in that. And I'm sorry, what was your other question?

現在，年底之後可能會有更多這樣的損失，我們正在密切關注。但我們已經看到，從高峰到現在，下降幅度相當大，可能只有峰值的四分之一了。所以，是的，它仍然可能會影響客戶留存率，但影響程度比以前小得多。隨著年底臨近，我們還要看看他們是否還在等待更多的刺激措施，或者只是為了熬過年底。但目前來看，這方面已經有了顯著改善。不好意思，您剛剛問的另一個問題是什麼？

The questions on unemployment.

關於失業問題。

Unemployment, it's hard to say, really, that's just a prediction as to where we are. We've seen what half the jobs come back that were lost. We definitely see the progress slowing as you see employees come back and being paid. So we are seeing -- we saw a much better improvement in the first quarter than we had expected as we've talked about. And that is slowing, it's still progressing and positive.

失業率很難說，這只能說是對我們目前處境的一種預測。我們已經看到，失去的工作有一半又回來了。隨著員工陸續返回工作崗位並領取工資，我們確實可以看到進展速度放緩。正如我們之前討論過的，第一季的改善情況比我們預期的要好得多。雖然增速放緩，但仍在穩步推進，而且是積極的。

But the number, it'd be hard to predict kind of where we think that's going to be. I think it's going to continue to improve but at a slower rate than we had. And then I think the hardest prediction is really kind of after the election, what does that do to things? And I think that's why we're a little more cautious in the second half of the year is just saying, "Hey, we have a pretty good sense of, obviously, of second quarter. But when you see third and fourth, it's a little bit harder to predict."

但是具體數字，我們很難預測會是多少。我認為情況會繼續好轉，但速度會比以前慢一些。然後我覺得最難預測的是，選舉之後，會對事情產生什麼影響？我認為這就是為什麼我們在下半年會更加謹慎的原因，我們只是想說：“嘿，顯然，我們對第二季度的情況已經有了相當好的感覺。”但第三名和第四名就比較難預測了。

Yes. We're not pegging our forecast to 7% or 6% or 5% or 4.5% unemployment by Q4. Part of the reason for that is the business is more complex than simply what's happening with worksite employees or with checks per client. We obviously, as Marty said, expect it to be -- to improve. And frankly, the unemployment numbers have been better than we were anticipating originally when we put our plan together. What's it need to be in Q4 to hit the numbers? I don't think that's really -- we're not pegging our forecast in that way. So we're looking at a lot of other factors that really have to do with not only what's happening on HCM sales, but what's happening in the rest of the base, which is more than 50% of our revenue.

是的。我們並沒有將第四季的失業率預測設定為 7%、6%、5% 或 4.5%。部分原因是，這項業務比工作場所員工或每位客戶的支票數量複雜得多。正如馬蒂所說，我們當然希望情況會好轉。坦白說，失業率比我們最初制定計畫時預期的要好。第四季需要達到什麼目標才能達成業績指標？我不認為這是真的——我們不會那樣預測。因此，我們正在考慮許多其他因素，這些因素不僅與 HCM 銷售情況有關，還與占我們收入 50% 以上的其他業務板塊的情況有關。

Yes. The other thing that's important to note is we're very diversified in our client base. So even as this happened, we didn't -- even though leisure and hospitality, in particular, took a huge hit as restaurants closed and then reopened partially and so forth.

是的。另一點要注意的是，我們的客戶群非常多元化。所以即便發生了這樣的事，我們也沒有——儘管休閒和酒店業尤其受到了巨大打擊，因為餐館關閉了，然後又部分重新開放等等。

We certainly have plenty of clients in that leisure and hospitality kind of sector, but we're also very spread around into other sectors. And construction and everything around construction has continued to perform quite well from a job's perspective, particularly in the south and so forth. So we're quite spread out. And so we don't see -- if there's any one industry that's really taking a hit, that doesn't necessarily reflect in our results.

我們當然有很多休閒和酒店業的客戶，但我們的業務也廣泛涉足其他行業。從就業角度來看，建築業及相關行業一直表現良好，尤其是在南方等地。所以我們分佈得相當分散。因此，我們沒有看到——如果某個行業真的受到了衝擊，但這並不一定反映在我們的業績中。

Completely understood, and I appreciate the color on all that. Maybe just one quick follow-up. As you were talking about sort of the diversification, I believe, the one area where there was maybe like any concentration among your client base was in the PEO space, where it's more concentrated to, I think, mentioned previously in discussions, Florida, Texas, California. Just curious what you're seeing on the ground there relative to how you think about the national footprint and whether that sort of just nets out in the wash on the PEO side? Or if there's any particular areas of strength from, obviously, there are a lot of headlines about migration of investment dollars towards low tax states or any of those things? Just thoughts on conditions on the ground in those areas?

完全理解，我很欣賞這一切的色彩運用。或許只需要一個簡短的後續問題。正如您剛才提到的多元化，我認為，您的客戶群中可能存在集中度較高的一個領域是 PEO 領域，該領域更集中於，我認為，正如之前討論中提到的，佛羅裡達州、德克薩斯州和加利福尼亞州。我只是好奇，就您認為全國範圍內的業務佈局而言，您在當地看到的實際情況如何，以及這是否最終對 PEO 方面產生了抵消作用？或者，如果有什麼特別的優勢領域的話，顯然，有很多關於投資資金流向低稅收州之類的報導？您對那些地區的實際情況有什麼看法？

Yes. What we've seen, if you look at it from a worksite employee standpoint in those states is we've seen a pretty sharp recovery certainly in several of those states. I would say California is more volatile of the larger PEO states just as they battle flare-ups with COVID. But we've seen a pretty significant rebound in a lot of those states, not to where they were before pre-COVID, but certainly, starting to get up towards those levels. And I think the PEO itself, both if you look at it from a revenue standpoint and the amount of works on employees that we're processing. And also on a sales standpoint, we're seeing good results on both ends of that equation, which suggests to us that the environment is normalizing.

是的。從這些州的工地員工的角度來看，我們看到，其中幾個州的工地員工就業情況已經出現了相當明顯的復甦。我認為，在與新冠疫情的反覆爆發作鬥爭之際，加州比PEO（太平洋島國）這個較大的州更加動盪。但我們看到，在許多州，經濟都出現了相當明顯的反彈，雖然還沒有恢復到新冠疫情前的水平，但肯定已經開始向那個水平靠攏了。我認為 PEO 本身，無論從收入角度還是從我們正在處理的員工工作量來看，都是如此。從銷售角度來看，我們在等式兩端都取得了良好的結果，這表明市場環境正在恢復正常。

Yes. Florida -- as Efrain said, everybody is still down, but Florida is the strongest on our small business index that we track on a monthly basis. Florida has been number one. South has been strong, again, construction, both residential and commercial has continued to be strong there. So we're -- we certainly had more concentration in those states. They have been stronger states. And insurance rates on top of that have been good. So the increases in insurance have been pretty low. So I think they'll continue to have -- we should have continued to have good retention as we go through open enrollment for insurance plans and everything this quarter.

是的。正如埃弗雷恩所說，佛羅裡達州的情況仍然不容樂觀，但佛羅裡達州在我們每月追蹤的小型企業指數中表現最為強勁。佛羅裡達州一直排名第一。南方地區依然強勁，住宅和商業建築業持續蓬勃發展。所以——我們確實在這些州投入了更多精力。它們曾經是更強大的國家。而且保險費率也相當不錯。因此，保險費的漲幅一直很低。所以我認為他們會繼續保持下去——我們應該會繼續保持良好的客戶留存率，因為本季度我們將進行保險計劃的開放註冊等等。

Our next question comes from the line of Bryan Keane of Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩·基恩。

I wanted to ask about the change to virtual and e-com. How does that change the revenue per client first? And then secondly, how does that change the margin structure? Is there a higher-margin inherent in that?

我想詢問一下向虛擬和電子商務轉變的情況。首先，這會如何改變每位客戶的收入？其次，這會如何改變利潤率結構？這樣是否意味著更高的利潤率？

Interesting. So I think, Bryan, it's a function of size of clients. So the smaller the client, obviously, the lower the revenue. So if you're driving a lot of smaller clients tend to be the ones that are -- that use a lot of the e-commerce solutions. So you get less revenue in that standpoint. On the other hand, from a margin standpoint, sometimes it's better because there's lower cost to serve. So there's a little bit of a wash. You got to overcome a bit of the sales -- the revenue impact. But longer term, it's still a pretty positive development. I didn't catch the second part of that question. And then margin, I just mentioned it. Margin can be as good or sometimes even better.

有趣的。所以我覺得，布萊恩，這取決於客戶規模。所以很顯然，客戶規模越小，收入就越低。所以，如果你有很多小型客戶，他們往往會大量使用電子商務解決方案。所以從這個角度來看，你的收入會減少。另一方面，從利潤率的角度來看，有時這樣做更好，因為服務成本更低。所以算是扯平了。你必須克服一些銷售方面的影響力——也就是收入方面的影響。但從長遠來看，這仍然是一個相當積極的發展。我沒聽清楚問題的第二部分。還有利潤率，我剛才提到了。利潤率可能同樣可觀，有時甚至更高。

No, that's helpful. That's what I would have figured, but I wanted to confirm. And then, Marty, on your comment, sales performance is accelerating with year-over-year growth and number of clients sold. And I think you talked about a record number of units sold, maybe the highest in 5 years. I was just trying to get a sense of where that was in the trough. How much was client growth down, maybe in the trough? And then how much is it growing now on a year-over-year basis? Just hoping to quantify that impact?

不，這很有幫助。我原本也這麼想，但我還是想確認一下。還有，馬蒂，關於你的評論，銷售業績正在加速成長，年成長，客戶數量也隨之增加。我想你剛才提到銷量創下了紀錄，可能是 5 年來最高的。我只是想弄清楚它在水槽裡的哪個位置。客戶成長率下降了多少？或許正處於低谷期？那麼，它目前的年增率是多少呢？只是想量化這種影響？

I just wanted to want to clarify something, Bryan. When Marty said that unit growth was the highest it's been in 5 years. He's not comparing it in terms of sequential improvement. If it was a sequential improvement, the number would be even more amazing. But what we're comparing is against the same quarter last year, pre-COVID. What we're saying is that our unit growth in the quarter was very high. So that -- I'll let Marty answer the rest of it.

布萊恩，我只是想澄清一下。馬蒂說，單位成長率是5年來最高的。他並沒有從循序漸進的角度來比較。如果是逐年提升，這個數字會更加驚人。但我們比較的是去年同期，也就是新冠疫情爆發前的情況。我們想說的是，本季我們的銷量成長非常高。那麼——剩下的問題就讓馬蒂來回答吧。

Yes. Because when you're top of the trough, then I think that's where Efrain picked up what you're talking about last quarter. We're comparing year-over-year. So year-over-year first quarter, it's been the best sales unit growth that we've seen in probably 5 years or maybe even a little bit more. So if that's what you were asking. So it's not compared to how low it got in the fourth quarter, it's compared to last year first quarter. So we've seen a real pickup in demand, as I said, Bryan, from those who didn't outsource before, new business starts. And I think, taking some share as well and then the client retention being so strong is overall has really helped. We don't talk about net client growth, except once a year, but it's needless to say, when you put that together, you got nice growth.

是的。因為當你處於低谷時，我認為埃弗雷恩上個季度就體會到了你所說的那種感覺。我們進行的是同比比較。因此，與去年同期相比，第一季的銷售量成長可能是近 5 年甚至更長時間以來最好的。所以，如果你問的是這個的話。所以，它不是與第四季的最低點相比，而是與去年第一季相比。正如我所說，布萊恩，我們看到需求確實出現了大幅增長，來自那些以前沒有外包業務的人，以及新企業的啟動。而且我認為，取得一定的市場份額，以及非常高的客戶留存率，整體上確實起到了很大的幫助。我們通常不談論淨客戶成長，一年一次，但毋庸置疑，綜合所有因素來看，成長相當可觀。

I would say, just our digital marketing efforts over the last couple of years have really, really picked up and really been terrific. And I think it's really fueling a lot of those results.

我想說，過去幾年我們的數位行銷工作確實取得了長足的進步，效果非常顯著。我認為這確實推動了許多結果的產生。

And going forward, do you think, Efrain, that it's -- is it still the 1% to 3% client growth? Or maybe does this model change a little bit with these kind of new business starts in this e-com model?

展望未來，Efrain，你認為客戶成長率還會維持在 1% 到 3% 嗎？或者，隨著這類新型電子商務模式的出現，這種模式會稍作改變？

Yes. It's still early. I want to -- while part of me wants to be draw a line with several points and then kind of extrapolate out. Yes, I want to be cautious about that. There is an element here that we're in an environment where that favors digital solutions. I mean that's not a surprise. And Marty answered earlier when he was asked that question, how permanent or durable is it? Certainly, you got to think that there's a portion of this that's durable and will continue and that you've got to bake that into your model and that there's demand there, which is what Marty was saying. I mean one of the things that we have seen is that we have seen some indicators that some of that demand is coming from companies that didn't outsource.

是的。現在還為時過早。我想——雖然我的一部分想法是畫一條由幾個點組成的線，然後進行某種程度的推斷。是的，我對此想謹慎一點。這裡存在著一個因素，那就是我們所處的環境有利於數位化解決方案。我的意思是，這並不令人意外。之前有人問過馬蒂這個問題，它有多持久或耐用？他回答說：當然，你必須考慮到其中一部分是持久的、會持續下去的，你必須把這一點融入到你的模式中，而且那裡是有需求的，這正是馬蒂所說的。我的意思是，我們看到的一些跡象表明，部分需求來自那些沒有外包的公司。

We also happen to be in an environment which is counterintuitive where business formation is better than anyone expected. So very different in some ways from '07, '08. So we'll have to get a couple more quarters under our belt to get a sense of whether this starts to change that equation a bit.

我們恰好身處一個與直覺相悖的環境中，在這個環境中，企業成立的情況比任何人預期的都要好。在某些方面與 07 年、08 年截然不同。所以，我們還需要再觀察幾個季度，才能了解這是否會稍微改變這個局面。

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

我們的下一個問題來自威廉布萊爾的安德魯尼古拉斯家族。

I was just hoping you could speak to trends on the workers' comp side of late. Have you seen any stabilization rates there or will that continue to be a headwind throughout the rest of the year?

我只是希望您能談談近期工傷賠償的趨勢。您認為那裡的匯率有趨於穩定嗎？還是說這種情況會在今年剩下的時間裡繼續構成不利因素？

I think it will be a bit of a headwind from a revenue standpoint, Andrew, but rates seem to be stabilizing. And actually, we've seen, in some cases, been ticking up slightly. So we think we may have -- we may be getting towards the bottom of the trough, so to speak. That has some impacts, obviously, on PEO in addition to our insurance brokered workers' comp sales. It seems like we're getting closer to the bottom.

安德魯，我認為從收入角度來看，這會是一個不利因素，但利率似乎趨於穩定。事實上，在某些情況下，我們已經看到略有上升。所以我們認為我們可能——可以說，我們可能已經接近谷底了。顯然，除了我們的保險經紀工傷賠償銷售之外，這對 PEO 也產生了一些影響。看來我們離谷底越來越近了。

Got it. Good to hear. Good to hear. And then just a follow-up. I was hoping you could speak a little bit to the M&A opportunity right now. Are you still open to doing deals? I would assume so. And where you expect to find those opportunities? And then relatedly, if you have any commentary on kind of what pricing is looking like in those areas, that would be helpful.

知道了。很高興聽到這個消息。很高興聽到這個消息。然後還有一個後續問題。我希望您能談談目前的併購機會。你還願意洽談交易嗎？我猜是這樣。你預計在哪裡能找到這些機會？另外，如果您對這些地區的定價情況有任何評論，那將很有幫助。

Yes. We're still very open to that and have continued to stay in contact with opportunities and with the banker community and so forth as to what's available. Very interested, of course, in all the lines of our current business, in particular, so PEO businesses and payroll, of course, and others. I think it's opening up a little bit. I'd say valuations are still right up there. I wouldn't say there was any discounting going in because of COVID. I think it's difficult -- it's a little bit still difficult to do due diligence and things like that, given limited travel and access.

是的。我們仍然對此持開放態度，並一直與銀行界等保持聯繫，以了解各種機會和可用資源。當然，我對我們目前的所有業務領域都非常感興趣，特別是 PEO 業務和薪資管理業務，以及其他業務。我覺得情況逐漸好轉。我認為目前的估值仍然很高。我不會說因為新冠疫情而出現了任何折扣。我認為這很困難——考慮到旅行和通行受限，進行盡職調查之類的工作仍然有些困難。

But I think we'd be able to work through those if we found the right business. So yes, we're very open to M&A. Obviously, we were very liquid and have a good, solid cash position. And if we find a good acquisition, we're certainly ready and able to execute on that.

但我認為，如果我們找到合適的企業，我們就能克服這些困難。是的，我們對併購持非常開放的態度。顯然，我們的流動資金非常充足，現金狀況良好且穩健。如果我們找到合適的收購目標，我們當然已經做好準備並有能力執行收購。

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

我們的下一個問題來自 Cowen 公司的 Bryan Bergin。

I wanted to ask on Management Solutions. I want to understand the mix of your better-than-expected performance here in 1Q related to the changes in check volume contribution versus some of the new addition momentum you're talking about. Versus the increased retirement and other services. So can you just help us understand the mix of the factors that contributed here in 1Q?

我想諮詢一下管理解決方案方面的問題。我想了解一下，您第一季業績好於預期的原因，究竟是支票金額變化帶來的貢獻，還是您提到的一些新增業務動能。與增加的退休金和其他服務相比。那麼，您能否幫我們了解一下導致第一季業績下滑的各種因素的組合情況？

Yes. I would say probably the largest change, Bryan, was really a function of where we started, where we ended up in terms of average client base in the quarter. So if you think about businesses like ours that are more established, you've got a number of different factors that are weighing on the revenue. What's your rate of retention? We said that, that was high, actually probably higher than we anticipated or a plan. So that was a positive. You had sales -- while sales revenue was better than we planned, it still wasn't quite what it was overall pre-COVID. So that had some better impact, but that wasn't a big driver.

是的。布萊恩，我認為最大的變化可能在於我們季度平均客戶群的起點和終點之間的差異。所以，如果你想想像我們這樣比較成熟的企業，你會發現有很多不同的因素會影響收入。你們的客戶留存率是多少？我們當時就說過，這個數字很高，實際上可能比我們預期的或計畫的還要高。所以這是個好消息。你們的銷售額有所成長——雖然銷售收入比我們計劃的要好，但總體而言，它仍然沒有達到新冠疫情前的水平。所以這確實產生了一些正面影響，但這並不是主要驅動因素。

The bigger driver is what was happening within the client base in terms of the number of clients. So we break that down, it's just -- not just number of clients, but the employees those clients had. So the employees that the client had, we're roughly about what we expected. We just had more clients in the base than we had, on average, than we had anticipated, who were processing. So remember, we're putting plans back together in May, June, we're trying to anticipate it in an environment where states like California and New York, which are important revenue state were largely starting to -- or we're in the process of being -- continuing to be shut down, it turns out that those factors have moderated. So what we're seeing when you look at a panorama across the country, is moderate improving statistics in most geographies where we're looking at and across most industries, as Marty mentioned earlier. When you put that together, we start, if you will, from a little bit higher step on the run over the ladder than we anticipated when the plan was put together. And another way to think about it.

更大的驅動因素是客戶群內部發生的變化，具體來說是客戶數量的變化。所以我們進一步分析，這不只是客戶數量，還有這些客戶的員工數量。所以客戶的員工人數，和我們預期的差不多。我們基地裡正在辦理業務的客戶數量比我們預期的要多，平均而言，客戶數量也比我們預期的要多。所以請記住，我們在五六月份重新制定計劃，我們試圖在加利福尼亞州和紐約州等重要的財政收入州基本開始（或者說正在）繼續關閉的情況下進行預測，但事實證明，這些因素已經有所緩和。所以，當我們縱觀全國時，可以看到，正如馬蒂之前提到的那樣，我們所關注的大多數地區和大多數行業的統計數據都在適度改善。把這些因素綜合起來，我們就像是從比計劃制定之初預想的更高的台階上開始攀登一樣。換個角度思考。

If you flip that analogy over or you changing LNG. It was definitely less worse than we anticipated as we started the year. We -- the impact of COVID, which was very severe in April had us all thinking what does this end up looking like? Well, those pundits who thought that the recovery would be sharp we're actually more in the right than wrong. And now the recovery from here, we've signaled that it's gradual, we're still seeing signs of a gradual recovery. Nothing is changing our mind at this point. To say that we don't continue to progress from where we are. However, at a point where we -- the trough wasn't quite as severe as we thought in the first quarter.

如果你把這個類比反過來，或者你改變液化天然氣（LNG）。情況肯定比我們年初預想的要好得多。4 月新冠疫情的嚴重影響讓我們所有人都在思考，最終會變成什麼樣子？那些認為經濟復甦會非常迅速的專家們，實際上他們的預測是正確的，而不是錯誤的。至於目前的復甦情況，我們已經發出信號，表明復甦是一個漸進的過程，我們仍然看到復甦的跡象。目前沒有任何事能改變我們的想法。也就是說，我們無法在現有基礎上繼續進步。然而，在第一季度，我們遇到的低谷並沒有我們想像的那麼嚴重。

Okay. That's helpful. And then I wanted to ask a question on the salesforce. So can you just give us a sense of the mix of the salesforce that has returned here to in person meetings, really, I guess, currently versus in 1Q really feet on the street model versus the virtual salesforce? And then how should we think about this mix longer term as things normalize?

好的。那很有幫助。然後我想問一個關於 Salesforce 的問題。那麼，您能否簡要介紹一下目前已經回歸線下會議的銷售團隊與第一季真正採用「第一線銷售」模式的銷售團隊以及虛擬銷售團隊的組成情況？那麼，隨著情況逐漸正常化，我們該如何從長遠角度看待這種混合模式呢？

Yes. I think we're -- we've picked up more virtual this year. So it's still probably of the total -- it might be 25% to 30%. I think that will continue to grow. Particularly, I think this is, as I mentioned earlier in the call, Bryan, I think that has accelerated. I think more client prospects, client prospects are able to do things over a Zoom call or over a Webex call. Feel comfortable going through the demo digitally over -- and online and be able to make their decisions. So I think that's going to accelerate. I think it also is -- it's more productive and efficient. If they can be virtual. However, we're opening up kind of as we speak across the country with being able to go visit as well. We're doing it based on kind of state-by-state or city-by-city and whether the local management feels that the rules are there that they can visit the decline is -- the prospect is comfortable and the rep is comfortable, but that's starting to open up much more now.

是的。我認為我們—我們今年增加了虛擬教學環節。所以它可能仍然佔總數的 25% 到 30%。我認為這種趨勢還會持續成長。尤其是我認為，正如我之前在電話中提到的，布萊恩，我認為這種情況已經加速發展了。我認為越來越多的潛在客戶能夠透過 Zoom 或 Webex 通話完成一些事情。能夠輕鬆地在線觀看演示，並做出決定。所以我認為這種情況會加速發展。我也這麼認為──它更有效率、更有生產力。如果它們可以虛擬化的話。不過，目前全國各地正在逐步開放，人們也可以去其他地方旅遊了。我們正在根據各州或各城市的情況來處理，並考慮當地管理層是否認為相關規定允許他們進行訪問——潛在客戶和銷售代表都感到滿意，但現在這種情況正在逐漸好轉。

But I think you'll see more virtual -- more growth in virtual sales, meaning telephonic. We've been in it for many years, and you also have more self-service as well as both Efrain and I have mentioned that on the low end, the smaller size clients much more is being done without ever talking to a rep at all because of the investments we've made at both SurePayroll's products and Flex' product that you can go online and basically search, find it, demo it and buy it pretty much without talking to anybody, but you can always reach someone if you need it. So virtual is going to be more of a way of the future, but we're still always going to have furthermore, complex sales. The experienced reps that are there in person and with the sales engineering team demoing the product and so forth.

但我認為你會看到更多虛擬銷售——也就是電話銷售——的成長。我們已經在這個行業耕耘多年，自助服務也更加普及。我和 Efrain 都提到過，對於規模較小的客戶來說，由於我們在 SurePayroll 和 Flex 的產品上投入了大量資金，很多事情都可以在完全不與銷售代表溝通的情況下完成。您可以上網搜尋、尋找、試用並購買，幾乎無需與任何人交談。但如果您需要協助，也可以隨時與我們聯繫。所以虛擬銷售將成為未來的一種方式，但我們仍然會面臨更複雜的銷售方式。經驗豐富的銷售代表會親自到現場，與銷售工程團隊一起示範產品等等。

Yes. And I just want to reiterate what Marty said. While in the past, you would have thought about, okay, sales equates to how many salespeople you have and where are they? That's only one factor in the equation.

是的。我只想重申馬蒂剛才說的話。過去，你可能會想，銷售額等於你有多少銷售人員以及他們在哪裡？這只是影響因素之一。

If you have end-to-end e-commerce, the ability to sell without any salespeople involved, which wasn't something we invested in, in the last couple of years, then you're not constrained by the amount of people that you have in the field, and we've seen the benefit of that in this quarter.

如果你擁有端到端的電子商務，能夠在沒有任何銷售人員參與的情況下進行銷售（這是我們在過去幾年中沒有投資的領域），那麼你就不會受到現場人員數量的限制，而我們在本季度已經看到了這種優勢。

Well, just a follow-up there. What's the top end of employer size that you're seeing do it by themselves through that e-commerce model?

嗯，我再補充一點。您目前看到透過這種電子商務模式獨立經營的企業規模最大的是多少？

I think -- well, it depends on the -- it's not always employer size. It could be employee size, it could be complexity. If you're pretty straightforward, simple, it could be up into the 20 employees. But typically, I'd say it's under 10, Bryan, but it's -- if you're a real -- if it's a straightforward business, it could be more employees than that. But it's -- I think it's typically under 10 employees.

我認為——嗯，這取決於——並不總是雇主規模的問題。可能是員工規模，也可能是複雜度。如果你的風格比較直接、簡單，員工人數可能最多可達 20 人。但通常來說，布萊恩，我會說員工人數少於 10 人，但——如果你是一家真正的——如果是一家直截了當的企業，員工人數可能會更多。但我覺得——通常情況下，員工人數不到 10 人。

Our next question comes from Kartik Mehta of Northcoast Research.

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

Efrain, I wanted to ask a little bit about the guidance, and I'm wondering if you have factored in any price increases into it. I know last year, last fiscal year, you decided against it because of the situation we're in. I'm just wondering for fiscal '21, what you anticipate?

埃弗雷恩，我想問一下關於指導意見的問題，我想知道你是否已經將價格上漲考慮在內了。我知道去年，也就是上個財政年度，你因為我們當時的處境而決定不這麼做。我只是想了解一下您對 2021 財年的預期？

Yes. So the short answer is yes. There are price increases selective, I would say, that we are implementing. One of the reasons why we feel comfortable doing that is in part, customer feedback, in part the fact that our operations people did such a stellar job that our NPS scores are, again, I mean, we could keep going on and on about things that are at record highs.

是的。所以簡而言之，答案是肯定的。我認為，我們正在選擇性地實施價格上漲。我們之所以敢這樣做，部分原因是客戶回饋，部分原因是我們的營運人員做得非常出色，以至於我們的 NPS 分數再次創下歷史新高，我的意思是，我們可以繼續說下去，說說那些創歷史新高的事情。

But our NPS scores at this point through the pandemic are at record highs, and that's the strength of our model. The strength of our model really plays well for this environment. And so we think that there's opportunity for selective price increases. We obviously delayed through the first part of the year because we didn't think it was appropriate. And we knew there were clients that were just hanging on and just struggling to get through the environment they were facing. We think that many of our clients have stabilized as evidenced by the increase in -- or the decrease in non-processing clients. And the level of service we've gotten great feedback on. We think that many of our clients will be okay with a modest price increase. So we'll do that as we go through the year.

但就目前疫情情勢來看，我們的 NPS 得分處於歷史最高水平，這就是我們模型的優勢所在。我們的模型優勢在這種環境下確實發揮得很好。因此，我們認為存在選擇性提價的機會。顯然，我們推遲了上半年的計劃，因為我們認為當時並不合適。我們也知道，有些客戶只是在苦苦支撐，努力應對他們所面臨的環境。我們認為，許多客戶的業務已經趨於穩定，這可以從非處理客戶的增加或減少中看出。我們收到了很多關於服務水準的正面回饋。我們認為，許多客戶都能接受小幅漲價。所以我們會在這一年逐步進行這項工作。

And then just a second question on health insurance premiums, your expectations going into next year? And what do you think that will -- how that will impact the PEO business, if at all?

那麼，關於健康保險費，我還有一個問題，您對明年的保費有何預期？你認為這將對 PEO 業務產生什麼影響？如果有影響的話，會如何影響？

I think, Kartik, as I mentioned, I think it's going to be pretty favorable, generally, I think, a high single-digit kind of increases, depending on the client, of course. But generally, I think if you looked across and I think that's going to be very favorable for gaining new insurance clients. I think we performed very well. Our risk and underwriting team has done very well. And therefore, I think we're going to benefit from better rate changes. And I think also the overall environment is certainly helping us as well. So I think that should bode well for better sales even better sales from an insurance perspective for both PEO and the agency, the insurance agency itself.

卡爾蒂克，正如我之前提到的，我認為總體來說情況會相當有利，我認為會有接近兩位數的成長，當然，這取決於客戶。但總的來說，我認為如果你放眼全局，我認為這將非常有利於獲得新的保險客戶。我認為我們表現得非常好。我們的風險和核保團隊表現非常出色。因此，我認為我們會從更合理的利率調整中受益。而且我認為整體環境也肯定對我們有幫助。所以我認為這應該預示著更好的銷售業績，從保險的角度來看，無論是 PEO 還是保險代理機構本身，銷售業績都會更好。

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

我們的下一個問題來自花旗銀行的皮特·克里斯蒂安森。

I had 2 quick questions. So I was wondering if you could characterize your win rates that you're seeing lately in terms of where are you winning these new accounts. Are you seeing it from self processors? Or other competitors? Any discernible trends there would be helpful to understand and whether or not you believe you're seeing early signs of some share shift?

我有兩個問題想問一下。所以我想知道，您能否根據您最近使用新帳號的勝率情況，分析一下您最近的勝率情況，特別是您在哪裡贏得這些新帳號的勝利。你是從自處理器看到的嗎？或其他競爭對手？了解其中是否存在任何明顯的趨勢將很有幫助，您是否認為已經出現了市場份額轉移的早期跡象？

Yes. I think -- well, it's a little bit of both. We've mentioned, I think we're seeing those who have been self processing, doing things themselves and the complexity of the changes and the need for help at a critical time kind of in their business survival or growth, they've looked to outsource for the first time. So I think, as I said, I think the pie has gotten larger. I think more are outsourcing and that's been pretty steady in over the years. And now that feels like that changed. And we're very happy that we've won, we think, a large number of those because of the product set and our -- not to mention, as Efrain has mentioned many times, our lead generation and digital, the offering and the demo, et cetera, on the mobility app.

是的。我認為——嗯，兩者兼而有之。我們已經提到過，我認為我們看到那些一直自行處理事務、自己做事的人，由於變化的複雜性以及在企業生存或發展的關鍵時刻需要幫助，他們第一次開始尋求外包。所以我覺得，就像我剛才說的，蛋糕變大了。我認為外包的趨勢越來越明顯，而且這些年來一直保持穩定。而現在，感覺情況已經改變了。我們很高興贏得了其中許多獎項，我們認為，這主要歸功於我們的產品組合，以及——更不用說，正如 Efrain 多次提到的，我們的潛在客戶開發和數位化、產品和演示等等，以及行動應用程式。

And then I think also, we've seen a net gain from some competitors this quarter based -- something we track on our largest competitor, we see some gain there. I wouldn't say it's huge, but I'd say definitely a net positive gain from what we've sold from a competitor -- or taken in from a competitor versus lost, we saw a net gain. So we're definitely gaining some market share there, at least as well as probably some of the smaller regional payroll providers, in particular, that just can't keep up with the need to support them. From a payroll -- a Paid Check Protection loan program, be able to get them the information they need for the loans that I said we had available to them prepopulated and then the loan estimator and for the forgiveness, I mean we have a signature ready application. All you have to do is go in and fill in rent, utilities or anything else that's nonpayroll. The payroll data is already prepopulated. You can either sign electronically or print and just file that to get your loan forgiven.

而且我認為，本季度我們也看到一些競爭對手實現了淨成長——我們追蹤了我們最大的競爭對手的情況，發現他們確實有所成長。我不會說收益巨大，但肯定地說，從競爭對手那裡賣出的產品，或從競爭對手那裡收購的產品，與損失相比，我們獲得了淨收益。因此，我們肯定正在那裡獲得一些市場份額，至少與一些規模較小的區域性薪資服務提供者相比，情況可能會更好，尤其是那些無法滿足客戶需求的服務提供者。從工資單——工資保障貸款計劃，能夠讓他們獲得貸款所需的信息，就像我之前說的，我們已經預先填寫了可供他們使用的貸款信息，然後是貸款估算器，至於貸款豁免，我的意思是，我們有現成的簽名申請表。你只需要進去填寫房租、水電費或其他任何非工資相關的費用。薪資資料已預先填入。你可以選擇電子簽名，也可以列印出來存檔，這樣就能獲得貸款豁免。

When you see those kind of technology advancements that we offer as opposed to particularly a regional company and even some of the national ones, it's a very different value proposition. So in a time of extra need, I think you're seeing a shift toward more outsourcing.

當你看到我們提供的這類技術進步，與一些區域性公司甚至一些全國性公司相比，你會發現這是一個非常不同的價值主張。因此，在需求激增的時期，我認為你會看到外包的趨勢日益明顯。

That's helpful. And then I just had a quick one on -- at least there's been some data that's coming out, at least at the enterprise level, suggesting that companies that haven't been impacted directly by the pandemic are just now beginning to shed some jobs. And I was wondering if you're seeing any trends or any particular areas within the small business community that indicates that, that trend is possibly creeping into small business?

那很有幫助。然後我快速地問了一下——至少有一些數據顯示，至少在企業層面上，那些沒有直接受到疫情影響的公司現在才開始裁員。我想知道您是否注意到小型企業界的任何趨勢或任何特定領域，表明這種趨勢可能正在悄悄滲透到小型企業？

I would -- I think small business took the biggest hit in Q4 and what was our Q4. I mean that kind of March, April time frame. And they -- now I think they're still hurting, and they need another stimulus. We're not counting on it based on what we've seen. But they certainly could use it. I think the most recent survey was over 80% of small businesses, in particular, who took the loans, have used them up now, and they're looking for a second stimulus to kind of help them through. And then we're not sure what the impact is going to be, particularly in the Northeast, as restaurants have to bring more diners inside and then have capacity constraints. So there still could be some fallout, but I think small to midsized businesses probably hopefully took their biggest hit already, and we're not necessarily seeing more layoffs there.

我認為——我認為小企業在第四季受到的打擊最大，而我們的第四季也是如此。我指的是三月、四月那段時間。而他們——現在我認為他們仍然很痛苦，他們需要另一種刺激。根據我們目前所見，我們並不指望它會發生。但他們肯定能用得上。我認為最近的調查顯示，超過 80% 的小企業，特別是那些獲得貸款的企業，現在已經用完了貸款，他們正在尋求第二輪刺激措施來幫助他們渡過難關。而且我們也不確定這將會產生什麼影響，尤其是在東北地區，因為餐廳必須讓更多食客進入室內用餐，然後又會受到容量限制。所以可能還會出現一些影響，但我認為中小企業可能已經遭受了最大的打擊，我們不一定會看到更多的裁員。

They were also much more careful about bringing them back. We haven't seen a total return of the employees that have come back, and they're probably down double digits right now from where they were pre-COVID. Small businesses, meaning I haven't -- I've started to bring people that I furloughed or laid off back but I haven't brought everybody back yet. And so I think we already saw that. I don't think we're seeing necessarily another drop off unless there is no stimulus, and people just say, "Hey, I can't survive anymore. But most of our data has shown a pretty good comeback progressively continuing to improve.

他們在把他們帶回來的時候也更加謹慎了。我們還沒有看到所有返崗員工全部到崗，而且目前他們的人數可能比新冠疫情爆發前減少了兩位數。我是小企業主，也就是說，我已經開始讓那些被我暫時解僱或裁員的人回來上班，但我還沒有讓所有人回來。所以我覺得我們已經看到了這一點。除非沒有刺激措施，人們才會說：「嘿，我活不下去了。」否則我不認為我們一定會看到經濟再次下滑。但我們的大部分數據顯示，情況已經出現了相當不錯的好轉，而且還在持續改善中。

Our next question comes from the line of Lisa Ellis of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 公司的 Lisa Ellis。

First question is related to the PEO. I just want to understand a bit better what's going on in the PEO. I think, Efrain, you mentioned you first saw a sharp downturn and then now a sharp upturn. Can you just elaborate were you referring to sales or performance of the existing business or both of those?

第一個問題與PEO有關。我只是想更了解PEO內部正在發生的事情。埃弗雷恩，我想你之前說過你先是經歷了一次急劇的下跌，然後現在又經歷了一次急劇的上漲。您能否詳細說明一下，您指的是現有業務的銷售額、業績，還是兩者兼具？

Yes. Sorry about that, Lisa. Actually, it was probably both. But when I was making that comment, really was a sharp decline in the number of worksite employees. So even before we saw checks -- check volume and checks and employees decline in the HCM business, we were seeing that in the PEO business where they shed employees more quickly. And then PEO had a more sharp upturn as conditions started to get better. Now part of that could be what that, for example, states like Florida, felt the impact in hospitality, accommodations, leisure. So they were feeling it at first, and they started to come back and started hiring back. But that's what I was referring to. And obviously, it also impacted sales.

是的。對不起，麗莎。實際上，很可能兩者都是。但當我發表那番言論時，工作場所的員工人數確實出現了急劇下降。因此，即使在 HCM 業務中支票數量、支票數量和員工人數下降之前，我們在 PEO 業務中也看到了這種情況，他們裁員的速度更快。隨著情況好轉，PEO 的業績出現了更急劇的成長。部分原因可能是，像佛羅裡達州這樣的州，其旅館、住宿和休閒產業受到了影響。所以他們一開始確實感受到了這種影響，但他們開始恢復營運並重新招募員工。但那正是我要說的。顯然，這也影響了銷售額。

And now we're talking back in the March, April time frame.

現在我們說的是三月、四月這段時間的情況。

Yes. Okay. And so on the sales side, are you finding -- like how are sales doing in the PEO? Or are you finding that -- I mean, I know that's typically a reasonably complex sale, but I would imagine there's a lot of demand for it in the current environment. Are you finding that you're able -- that the sales are rebounding and you're able to sell the PEO in -- even if it's remote in the current environment?

是的。好的。那麼在銷售方面，您覺得──比如說，PEO 的銷售情況如何？或者您是否發現——我的意思是，我知道這通常是一筆相當複雜的銷售，但我認為在當前環境下，對它的需求量很大。您是否發現，即使在當前環境下遠距辦公，您仍然能夠銷售 PEO 服務，而銷售額正在回升？

Yes, Lisa, they have recovered even stronger. Our ASO business, our reps sell both PEO and ASO, meaning not the co-employment. And -- but the need for HR kind of across the board has really taken off. So there's -- we are really strong on the ASO side and coming back on the PEO side as well. Think what Efrain said, the strongest strength in the PEO has been the recovery of the worksite employees coming back on the payroll.

是的，麗莎，他們恢復得更好了。我們的 ASO 業務，我們的銷售代表同時銷售 PEO 和 ASO，這意味著不涉及共同僱傭關係。而且——各行各業對人力資源的需求都真正激增了。所以，我們在ASO方面實力非常強勁，而且在PEO方面也在不斷進步。想想埃弗雷恩說的話，PEO 的最大優勢在於讓工地員工重返工作崗位。

On the sales side, PEO has done fine, but the ASO has been even stronger. Now our reps can sell both so I think whatever the need of the client has. And if it's not as much of an insurance need or they're not as interested in insurance right now, but the needs errors toward HR, which I think we've seen, then that may lead to an ASO sale, which sometimes is a little bit quicker because you don't have to go through the underwriting and so forth.

在銷售方面，PEO 的表現不錯，但 ASO 的表現更出色。現在我們的銷售代表可以同時銷售這兩種產品，所以我認為無論客戶有什麼需求，我們都能滿足。如果這不是他們迫切的保險需求，或者他們現在對保險不太感興趣，但需求傾向於人力資源（我認為我們已經看到這種情況），那麼這可能會促成 ASO 銷售，有時速度會更快一些，因為你不需要經過承保等流程。

So I think PEO has come back, but ASO has been much stronger. And overall, it's been because it's driven by an HR need, a human resource administration and need to handle all of whether it's furloughs, layoffs, COVID, leaves of absence per family, et cetera, that's where the biggest demand has been is, how do I handle all of this stuff, and we've really seen that. And of course, we have those strong HRGs, the HR General is 600 of them across the country. We've been able to sell the value of that HR person that's helping those clients quite dramatically here in the last quarter.

所以我認為PEO已經回歸，但ASO的實力要強得多。總的來說，這是因為人力資源管理需要處理所有相關事宜，無論是休假、裁員、新冠疫情、家庭休假等等，最大的需求在於如何處理所有這些事情，而我們也確實看到了這一點。當然，我們還有強大的HRG（人力資源小組），全國有600個HRG。在過去的一個季度裡，我們已經充分展現了人力資源人員的價值，他們為客戶帶來了顯著的幫助。

Okay. And then for my last one, I'll ask the inevitable election question because by the time we talk to you guys next quarter, it will be over. So what policies or agenda items are you keeping the most close eye on as we get closer to the election?

好的。最後一個問題，我打算問一個不可避免的選舉問題，因為等到下個季度我們再和大家見面的時候，選舉就結束了。隨著選舉臨近，您最關注哪些政策或議程項目？

Well, it's interesting because I think one generally has obviously been better -- it appears better for business when you look at the last few years because of the growth in businesses and so forth. And the other side could probably bring a lot more regulations and more opportunities with -- depending on the health care and so forth that comes out in the regulation. So if it's heavier regulations, there's going to be a lot of opportunity there. If the administration changes, that would give us a great opportunity. If the administration stays in place with try to be less regulations, but I would say more confusing regulation, that gives us an opportunity as well.

嗯，這很有意思，因為我認為總體而言，顯然有一個方面更好——從過去幾年來看，由於企業的成長等等，它似乎對商業更有利。而另一方可能會帶來更多監管措施和更多機會——這取決於監管措施中出台的醫療保健等方面的規定。所以，如果監管更嚴格，就會有很多機會。如果政府換屆，將會為我們帶來絕佳的機會。如果本屆政府繼續執政，試圖減少監管，但實際上卻增加了監管的複雜性，那也給了我們一個機會。

So we really see kind of not trying to play the middle of the line here, but we do see opportunities on both sides of whatever happens with the election. Probably, it tends to be a little bit more on the regulation side if a democrat gets in there, but -- and it will just be changed, which will make some businesses outsource more because they're worried about the changes. But either way, I think we see opportunities coming from it. We're watching the level of insurance and health care regulations, any impacts on 401(k) and retirement. And what that impact there. And then on payroll and HR, it really is just the level of regulations and so forth. Either way, I think there's going to be plenty for us to do and plenty of opportunity, to be frank with you.

所以我們看到雙方似乎都不想走中間路線，但無論選舉結果如何，我們都看到了雙方的機會。如果民主黨人上台，監管方面可能會更加強硬一些，但是——而且情況肯定會改變，這會導致一些企業因為擔心這些變化而更多地選擇外包。但無論如何，我認為我們從中看到了機會。我們正在密切關注保險和醫療保健監管的水平，以及對 401(k) 計劃和退休的任何影響。以及這會造成什麼影響。至於薪資和人事方面，其實就是規章制度的水平等等問題。無論如何，坦白說，我認為我們有很多事情要做，也有很多機會。

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

我們的下一個問題來自 BMO Capital 的 Jeff Silber。

I know, it's late. I'll just keep it to one. You talked about accelerating some of the cost initiatives. Can you tell us of the $31 million of books? How is that separated between op expense and SG&A? And what kind of cost savings should we expect on both those line items from these initiatives?

我知道，已經很晚了。我就只選一個。您提到要加快一些成本控制措施的實施。你能告訴我們那3,100萬美元的圖書是怎麼回事嗎？如何區分營運費用及銷售、管理及行政費用？這些舉措可望在這兩項成本支出上節省多少成本？

Jeff, rather than get into it, I'm laughing because I talked to the controller. And most of it's going to end up in G&A, but we'll just footnote it in the slide so you can update your models.

傑夫，與其說是爭論，不如說是笑，因為我跟遊戲主持人聊了一下。大部分最終都會計入管理費用，但我們會在幻燈片中添加腳註，以便您可以更新您的模型。

Okay. Great. And in terms of the cost savings, have you quantified what you'd say?

好的。偉大的。至於成本節約方面，您有沒有給出量化數據？

I think I provided some guidance last quarter. I'd have to go back and update that. I think it will be comparable to the costs that we take out, but let me revisit that to get a better answer.

我認為上個季度我提供了一些指導。我得回去更新一下。我認為它應該與我們扣除的成本相當，但讓我再重新計算一下，以便得到更準確的答案。

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

我們的下一個問題來自傑富瑞集團的薩馬德·薩馬納。

Similarly, I'll keep it to one. Just Efrain, did you mention this quarter, how many customers are still Paychex customers but that aren't processing payrolls actively. I think you gave that mix last quarter. Just maybe an update on that and how that change quarter-over-quarter would be helpful.

同樣，我也只選一個。Efrain，你這季有沒有提到有多少客戶仍然是 Paychex 的客戶，但沒有積極處理薪資發放？我覺得你上個季度就用了那套組合。或許可以提供一些關於這方面的最新信息，以及季度環比變化情況，這將很有幫助。

Yes. Go ahead.

是的。前進。

Sorry.

對不起。

No, go ahead.

不，你繼續。

Samad, as I mentioned earlier, we didn't give the absolute number, but we're down about 3/4 from the peak. And even that number was, I think people misunderstood that it was very large, even at its peak. And -- but we're down to like -- we're down 3 quarters from where it peaked. We still could take some losses from those clients, but it's not a big number compared to our client base. And we're watching those clients. Some of those, again, maybe hanging on for year-end or to see if they get another stimulus to kind of help them through.

薩馬德，正如我之前提到的，我們沒有給出絕對數字，但我們已經比峰值下降了大約四分之三。即使是這個數字，我認為人們也誤解了它，認為它在巔峰時期也非常龐大。但是——但是我們現在已經下降到——比峰值下降了四分之三。我們仍然可能會從這些客戶那裡遭受一些損失，但與我們的客戶群相比，這個數字並不大。我們正在關注這些客戶。其中一些可能還在苦苦支撐到年底，或者看看能否獲得另一項刺激措施來幫助他們度過難關。

But the number -- the number dropped 3 quarters and very few of them went lost. So we really feel very good about the ones that came -- that reduced the number that were nonprocessing. Most of them are back processing now. They are processing with fewer employees than because they haven't brought them all back, but they are processing in less than -- definitely less than 10% of the number went lost. So is it really a very positive so far. And we've got kind of that last quarter that were suspended kind of hanging on either for more stimulus or year-end.

但是數量——數量下降了四分之三，而且其中只有極少數人失蹤。所以我們對收到的樣品非常滿意——這減少了未處理的樣品數量。現在大部分都在進行回溯處理。雖然他們還沒有把所有員工都召回，所以現在人手比以前少，但損失的人數肯定不到原來的 10%。所以到目前為止情況真的很樂觀嗎？而上一季的數據則被擱置，要嘛等待更多刺激措施，要嘛等待年底。

And we'll have a good sense of that, I think, at the end of the next quarter, I can tell you kind of exactly. My guess is they'll be pretty much off the service by then or there'll be very few left. But it's not a number now that's really impacting us that much at all.

我認為，到下一個季度末，我們就能對此有比較清晰的了解，我可以比較準確地告訴你。我估計到那時他們要嘛基本上都停止服務了，要嘛就所剩無幾了。但現在這個數字對我們的影響其實不大。

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

我們的下一個問題來自摩根大通的黃天進。

All encouraging results. I just wanted to hone in on the -- winning the start-ups piece. I thought that was really interesting. How much of your success there with startups, do you think is organic versus doing something different in digital marketing and driving Internet leads? I know, Efrain, you and I have talked about this. And I'm curious if there's a different muscle you're using to generate that.

所有成果都令人鼓舞。我只想重點關注——贏得新創企業這部分。我覺得這很有趣。你認為你在新創公司的成功中，有多少是自然成長的結果，又有多少是採取了不同的數位行銷策略並推動網路潛在客戶轉換的結果？我知道，埃弗雷恩，你我都談過這件事。我很好奇，你是不是用了不同的肌肉來產生這種感覺。

Well, I think it is. I think as Efrain has mentioned, he's used the word digital, probably, I think, has won the prize for using it. Those investments, Tien-Tsin, have really made a big difference. As Efrain pointed out, you start back a number of years ago and whether it's SurePayroll or Flex both, we've invested a lot in making that easy to search to then demo online as well as be able to buy online, and that has really paid off, as Efrain mentioned, in this environment, while people are remote and they're going to get -- they're getting more used to not talking to anyone.

嗯，我覺得是這樣。我認為正如埃弗雷恩所提到的，他使用了“數字”這個詞，而且我認為，他可能因此獲得了使用這個詞的獎項。天心，這些投資確實產生了很大的影響。正如 Efrain 指出的那樣，早在幾年前，無論是 SurePayroll 還是 Flex，我們都投入了大量資金，讓用戶能夠輕鬆搜索、在線演示以及在線購買，正如 Efrain 所提到的，在當前環境下，這確實取得了回報，因為人們都在遠程辦公，並且越來越習慣於不與任何人交談。

I think that was the trend anyway. All of us would say that, right? The people not wanting to necessarily meet with someone just, especially if there is small and fairly simple business to be able to go online and figure it out themselves and set themselves up. Not to mention that one of the biggest challenges of having more leads was then getting a hold of the prospect after you got the lead, this ability allows people to start and it actually encourages them to start the process of self-sign-up and setting themselves up. And then a sales rep can jump in at any time and realizes if that has slowed down to help them through the process.

我覺得那本來就是當時的趨勢。我們都會這麼說，對吧？人們不一定要和別人見面，尤其是一些規模較小、比較簡單的生意，他們更願意上網自己解決問題，自己搭建平台。更不用說，獲得更多潛在客戶的最大挑戰之一就是在獲得潛在客戶後如何與他們取得聯繫，而這項功能讓人們可以開始，並且實際上鼓勵他們開始自助註冊和設定的過程。然後銷售代表可以隨時介入，如果流程有所放緩，可以協助他們完成流程。

But now they've already started to set up. Before when you had to reach someone, and contact them, a lot of times, we weren't able to contact the prospect or they had already gone somewhere else. This -- and these investments that we've done from a digital standpoint in both the lead generation and the self-setup of have helped a lot. And at a time when a lot more start-ups are looking for someone, that has been kind of the perfect marriage of timing there.

但現在他們已經開始佈置了。以前，當你需要聯絡某人時，很多時候我們無法聯絡潛在客戶，或者他們已經去了別的地方。這一點——以及我們從數位化角度在潛在客戶開發和自助設定方面所做的這些投資——都起到了很大的幫助。在許多新創公司都在尋找人才的當下，這可謂是天時地利人和的完美結合。

Yes. That's a very complete answer. Just a quick follow-up, and I'll let you guys go. Just on the -- there's a lot of talk about outsourcing and going into the selling season. Can you remind us because I give this question a lot. I just want to make sure I'm fresh on it. Just what percent of the SMB market is in-house as you define it versus outsourcing today?

是的。這是一個非常全面的答案。最後再補充一點，我就不打擾你們了。就在最近——到處都在談論外包和即將到來的銷售旺季。你能提醒一下嗎？因為我常被問到這個問題。我只是想確保自己對它記憶猶新。如今，以您定義的標準，中小企業市場中有多少比例是內部運營，又有多少比例是外包？

Well, the number has always pretty consistently been 30%, 30% to 35% outsourced and 65% to 70% still do it themselves of the small business market. And that has not changed for many years. Now I haven't got the most up-to-date data, but I would definitely feel that has adjusted given the pandemic, and then I think that's a trend that's going to continue as people have -- once they've seen the value of it, that's what's changed. So it's always been kind of a 30% to 70%, meaning outsource and not outsourced. And I definitely think that shifted. It probably had a pretty good shift here in the last 2 quarters.

嗯，這個數字一直相當穩定地保持在 30% 到 35% 之間，其中 30% 到 35% 是外包的，而 65% 到 70% 的小企業仍然自己動手。多年來，這種情況一直沒有改變。現在我沒有最新的數據，但我肯定覺得疫情改變了這種情況，而且我認為這種趨勢還會繼續下去，因為人們一旦看到了它的價值，情況就會改變。所以一直以來，外包和非外包的比例都在 30% 到 70% 之間。我絕對認為這種情況已經發生了轉變。過去兩個季度，情況可能已經有了相當大的改善。

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

我們的下一個問題來自 Baird 公司的 Mark Marcon。

Wondering with regards to the in-house clients that you're picking up, what are they using typically? Are they using Intuit and QuickBooks? Or are they using Excel spreadsheets? Just what's the level of sophistication? And what are you seeing in terms of the average client that's switching over?

我想知道你正在招攬的內部客戶通常會使用什麼產品？他們使用的是 Intuit 和 QuickBooks 嗎？還是他們使用的是Excel表格？究竟達到了什麼複雜度？那麼，您觀察到的平均轉換客戶群狀況如何？

Mark, it's going to be more anecdotal. We don't track it really close because the client doesn't always say it. But I think it's a mix of those. I would say it's probably more do it kind of themselves manually than it is Intuit, but I think Intuit could be -- that could be 25% or 30% of the mix coming in. But a lot of times, they haven't used anything.

馬克，這更多是軼事性的。我們沒有非常密切地跟踪，因為客戶不一定會主動說明。但我認為它是這些因素的混合。我認為，這更多是他們自己手動完成的，而不是 Intuit 的，但我認為 Intuit 也可能參與其中——這可能占到總參與人數的 25% 或 30%。但很多時候，他們什麼都沒用。

It's more just figuring out themselves on a cell spreadsheet type of thing and that kind of thing. And then the need for payroll kind of combined with HR has pushed them kind of over the limit to say, "Hey, I need something else. I just don't need a calculator of payroll. I need to understand the rules and regs. And I've got somebody that's now taking a family leave because of COVID or they need to stay home with children or something. And how do I handle all this? What about parental leave? How do I handle all these rules and if by multi-state, in particular, it's really hard to keep up with it.

更像是用電子表格之類的工具自己摸索。然後，工資發放和人力資源方面的需求讓他們不堪重負，不得不說：“嘿，我還需要別的東西。”我根本不需要薪資計算器。我需要了解規章制度。我這裡有人因為新冠疫情或其他原因需要休家庭假，例如需要待在家裡照顧孩子等等。我該如何面對這一切？那麼育嬰假呢？我該如何處理所有這些規則？特別是如果涉及多個州，那就真的很難跟上。

So I think it's been that combination of not just -- I don't just need a calculator. I need really helping how to do these things. And that my employees are asking for more from a mobile standpoint. So my employees are expecting to be -- they're now asking for Pay-on-Demand. For example, we haven't even touched on that in this call. We offer Pay-on-Demand. They started asking that I worked 8 hours because more employees are working shifts in part-time and various shifts were instead of being more normalized. They're asking for Pay-on-Demand, they're asking for access to their check stubs on a mobile. We're now offering Google Search. So if I say, "Hey, Google, what -- I want to be able to ask Siri or Google, what I got paid and when I got paid, that's now available. These are things that more younger, I guess, I'd say, employees are asking for that flexibility and those demand, and they can't do that with what they've been using.

所以我覺得，這不僅僅是——我需要的不僅僅是一個計算器。我真的需要幫助才能學會做這些事。我的員工們也希望在行動端方面能有更多改進。所以我的員工都希望如此——他們現在要求按需支付工資。例如，我們在這次通話中甚至還沒有談到這一點。我們提供按需付費服務。他們開始要求我工作 8 小時，因為越來越多的員工兼職輪班工作，輪班制度也變得不規範化了。他們要求按需支付，他們要求在手機上查看薪資單。我們現在提供谷歌搜尋服務。所以，如果我說，“嘿，谷歌，什麼——我想問 Siri 或谷歌，我收到了多少工資以及何時收到的工資”，現在就可以了。我想，更年輕的員工更需要這種彈性和要求，而他們目前使用的工具無法滿足這些需求。

Since you brought it up on the Pay-on-Demand, what percentage of the clients are now using that?

既然您提到了按需付費，那麼目前有多少比例的客戶在使用這種方式呢？

It's still pretty small, but it's growing. I think as more clients are seeing the ability to have it, I don't -- I think the clients feel like, especially with our -- the way we're offering it today, it's no risk to the client themselves. It's being done that way. I think more employees that are realizing that it's available, are asking for it and more clients being aware of how simple it is to do it, it will pick up. It's still very small from a starting standpoint, but it's starting to get attention, particularly, again, with this environment where, "Hey, I just may need somebody to work 8 hours here." And that employee says, if I'm only working 8 hours this week or because of children at home, I can only work 16 hours or 20 hours, you had like the money right now.

雖然規模仍然很小，但它正在發展壯大。我認為隨著越來越多的客戶看到擁有這種能力的可能性，我不——我認為客戶會覺得，尤其是在我們——以我們今天提供的方式來看，這對客戶本身沒有任何風險。事情就是這樣做的。我認為，隨著越來越多的員工意識到這項服務可用，並開始要求使用，以及越來越多的客戶意識到這項服務操作起來有多麼簡單，這項服務將會流行起來。從起步階段來看，它仍然規模很小，但它開始受到關注，尤其是在這種環境下，「嘿，我可能只需要有人在這裡工作 8 小時。」而那位員工會說，如果我這週只能工作 8 小時，或者因為家裡有孩子，我只能工作 16 小時或 20 小時，而你現在正好有這筆錢。

Instead of waiting 2 weeks to get my check because I'm not working full-time right now, it's becoming more interest. So we're trying to get the word out there that it's available, and I think it's starting to catch on, but it's still pretty small at this point.

因為我現在沒有全職工作，所以不用等兩週才能拿到薪水，利息反而越來越高了。所以我們正在努力宣傳這項服務，我認為它開始流行起來，但目前規模仍然很小。

Appreciate that. Of the new clients that you're getting that weren't doing self-service, can you break it out just in terms of what percentage of the new clients you're getting were self-service versus your largest competitor versus regionals?

謝謝。在您新獲得的、非自助服務客戶中，您能否分別統計一下，您獲得的新客戶中，自助服務客戶佔比是多少，您最大的競爭對手和區域性公司分別佔比是多少？

I don't have that right in front of me. I don't know, Efrain, if you?

我手邊沒有那個東西。我不知道，埃弗雷恩，你呢？

No. Don't have that detail.

不。不要提供那個細節。

I'd have to -- we'd have to look and say if we got that, but I would -- trying to -- I don't have it right in front of me. No, it's a pretty good -- as we're saying, I think the uptick from normal sales value that's driving a lot of growth is the more -- the newer outsourcing that we've talked about that are outsourcing for the first time and new business is definitely up, I would say, double digits as well.

我得──我們得看看能不能找到，但我會──盡量──我手邊沒有。不，情況相當不錯——正如我們所說，我認為推動成長的主要因素是正常銷售額的成長，也就是我們之前討論過的那些首次外包的新業務，這些新業務的成長肯定達到了兩位數。

Yes, Mark, part of the reason why you're not getting a crisp answer on that is we recognize we're in an unusual environment where new business formation is up, and we think that there's a -- in addition to everything else, we're benefiting from that, and we seem to have the right solutions for the right time at the right place in the market.

是的，馬克，你之所以沒有得到明確的答案，部分原因是我們意識到我們正處於一個不尋常的環境中，新企業成立數量上升，我們認為——除此之外，我們也從中受益，而且我們似乎在市場上的正確時間、正確地點擁有正確的解決方案。

And new units are up, what percentage were they up during this last quarter?

新車銷售成長，上個季度成長了百分之幾？

Yes. You were going to ask. So the answer is good. We're not going to give you the exact number. So good means certainly more than low single digits, Mark.

是的。你本來想問的。所以答案是肯定的。我們不會告訴你確切的數字。所以，馬克，所謂「好」肯定不只幾個位數。

More than low single digits. Okay. And how about ACV?

遠不止個位數。好的。蘋果醋怎麼樣？

I'm sorry, how about what?

抱歉，你說什麼？

Average client base.

平均客戶群。

ACV.

蘋果醋。

The average client base?

平均客戶群規模？

I'm not sure I know what that acronym means or maybe I'm missing. It's not.

我不確定我是否了解這個縮寫的意思，或許我遺漏了什麼。它不是。

Annual contract value of the bookings that you're selling. What are book to sales...

您所售訂單的年度合約價值。什麼是圖書銷售…

Yes. No, no, no. We'll update that as we go through the year, Mark. So we're not going to provide that on a quarterly basis.

是的。不，不，不。馬克，我們會隨著年數的推移不斷更新相關資訊。所以，我們不會按季提供這項服務。

Okay. Great.

好的。偉大的。

Okay. That's a good one. I'll just put that in the acronym Lexicon.

好的。那真是個好主意。我把它放到縮寫字典裡。

Okay. And then finally, Marty, I heard your interview with regards to the discussion in terms of employment growth and the PPP. How are you thinking about this fall and winter with regards to -- you said you're not expecting the stimulus to come through. It sounded in your interview like you thought that was really crucial for some clients. Can you just discuss like how crucial do you think it is? What percentage of the clients are really kind of kind of at the end here? Or -- and how we should think about that? Because all the comments are really positive, and it sounds -- and it also sounds like you're not expecting the stimulus to come through. So I'm just trying to put those 2 together?

好的。最後，馬蒂，我聽了你關於就業成長和 PPP 的討論訪談。今年秋冬季有什麼打算？你說過你不指望政府會推出刺激經濟的措施。從你的訪談中聽起來，你認為這對某些客戶來說至關重要。您能談談您認為這件事有多重要嗎？有多少比例的客戶真正到了最後階段？或者──我們該如何看待這個問題？因為所有評論都非常積極，而且聽起來——也聽起來你似乎不指望刺激經濟的措施能夠落實。所以我只是想把這兩者結合起來？

Yes. Mark, I just want to clarify something. The comments are positive versus expectations. I mean we're not sitting here saying that everything is great, et cetera, we understand the environment which we're operating. Our comments are positive because the results suggest that it's better than we expected, and we are navigating through the environment. So I just want to make sure we're not painting a rosy macroeconomic picture that everything is great. We're saying we're navigating effectively through the environment. That's the idea that we want to convey and we understand the challenges.

是的。馬克，我只想澄清一件事。評論與預期相符，且為正面評價。我的意思是，我們並不是說一切都很好等等，我們了解我們所處的環境。我們的評價是正面的，因為結果顯示情況比我們預期的要好，而且我們正在適應這種環境。所以我想確保我們不要把宏觀經濟描繪得太美好，好像一切都很好。我們想說的是，我們正在有效地應對當前的環境。這就是我們想要傳達的理念，我們也理解其中的挑戰。

Yes. And that it's better than we expected. We expected less of a recovery in that first quarter, and it's been much stronger, and we performed very well compared to our expectations. But you're right, triangulating all my interviews. This is a problem with doing too many interviews. You're right, about 80%, what we've seen in general surveys, not just our clients, but in general, about 80% are saying they're at the end of the first loan, about 40% to 45% are saying they need additional stimulus. We think it's important that they get additional stimulus. What Efrain was saying that in our forecast, we have not built that in to say that, that's going to be a big impact. And we have not built in that they're going to get it, and that's going to have a big impact.

是的。而且比我們預期的還要好。我們原本預期第一季的復甦幅度會較小，但實際情況卻強勁得多，我們的表現也遠超預期。但你說得對，我應該對所有採訪進行三角驗證。這是面試次數過多帶來的問題。你說得對，我們在一般調查中看到，大約 80% 的人表示他們即將還清第一筆貸款，大約 40% 到 45% 的人表示他們需要額外的刺激措施。我們認為，給予他們額外的刺激很重要。埃弗雷恩的意思是，在我們的預測中，我們沒有考慮到這一點，但這將會產生很大的影響。而我們並沒有考慮到他們會得到它，這將產生重大影響。

So as we look out, the hardest thing is forecasting the second half of the year because, one, we did much better than we thought in the first quarter. We can kind of see what that's -- what's happening into the second quarter, that's probably fairly predictable. What's really unpredictable is the second, the third and fourth quarters, fourth quarter, in particular, where we estimated already that there was going to be a positive growth year-over-year. Now it's a better compare, obviously, to a tough fourth quarter previous year. But it's hard to predict. So I think the stimulus is -- another stimulus for small and midsized business is absolutely needed. It needs to have more flexibility. It needs to have an easier way to forgive the loans. Is that going to happen? I don't know.

因此，展望未來，最困難的是預測下半年的情況，因為，首先，我們在第一季的表現比我們預想的要好得多。我們大概能看出第二季會發生什麼，這大概是可以預測的。真正難以預測的是第二、第三和第四季度，尤其是第四季度，我們之前已經預測第四季度將實現同比增長。顯然，現在與去年同期艱難的第四季相比，情況會更好。但很難預測。所以我認為，刺激措施——絕對需要另一項針對中小企業的刺激措施。它需要更有靈活性。它需要提供一種更簡單的貸款豁免方式。那件事會發生嗎？我不知道。

It's just that I think Efrain was saying at the beginning, "Hey, we didn't build in like that was going to have a big impact in the second quarter." So if it does happen, that should help us and give us even more tailwind, but we weren't including it at this point.

我覺得埃弗雷恩一開始就說過，「嘿，我們當初並沒有預料到這會在第二季度產生這麼大的影響。」所以如果真的發生了，那肯定會對我們有幫助，給我們帶來更大的助力，但我們當時並沒有把它考慮進去。

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

我們的下一個問題來自瑞士信貸的 Kevin McVeigh。

Just a follow-up. All right, I'll keep it tight. Efrain, I'll keep it tight. Just the record sales, and you talked about this in a couple of different ways, but is there a way to frame just what the average client size is? Or maybe just how much of those sales coming in or DIY as opposed to traditional method? And did that -- did the mix help contribute to the margin boost in terms of the guidance? Or was that more just overperformance on expense, just better expense management?

補充一下。好的，我會嚴加保密。埃弗雷恩，我會嚴加保密的。僅就唱片銷售而言，您已經從幾個不同的角度談到了這一點，但是有沒有辦法概括一下平均客戶規模是多少呢？或者，這些銷售額中有多少是透過DIY方式獲得的，又有多少是透過傳統方式獲得的？那麼，這種組合是否有助於提高利潤率，從而達到預期目標？或者說，這比較是費用控制的超額收益，只是費用管理得更好？

Yes. I would say, because of where it was coming in and because of the channels through which it came in, it tended to be smaller rather than larger. That's where you tend to see more of an impact on those kinds of sales. It doesn't contribute necessarily the change in margin profile going forward. But obviously, if we continue to see that kind of sustained performance, it's positive for the business.

是的。我認為，由於其進入地點和進入渠道的原因，它往往體積較小而不是較大。這類銷售受到的影響往往較大。這未必會導致未來利潤率格局的改變。但很顯然，如果我們繼續看到這種持續的業績表現，這對公司來說是件好事。

Our next question comes from the line of Matthew O'Neill of Goldman Sachs.

我們的下一個問題來自高盛的馬修·奧尼爾。

Gentlemen, can you hear me? I'm sorry.

各位先生，你們聽得到我說話嗎？對不起。

Yes. Yes. Go ahead.

是的。是的。前進。

I realize we're way behind time here. I was just curious, so many things have been asked and answered and really impressive resiliency of the business throughout, obviously, unprecedented time here. Going back to the Paychex protection, is there any quantifiable dynamics that you guys have kind of internally studied with respect to the percentage of the current base that's been a recipient of that? Or when you think about those businesses that are maybe at this point, kind of struggling, is there any kind of quantifiable metrics around that?

我知道我們現在已經遠遠落後於時間了。我只是好奇，很多問題都被問到了，也得到了解答，而且很明顯，在這樣前所未有的時期，這家企業展現出了令人印象深刻的韌性。回到 Paychex 保護機制，你們內部是否研究過任何可量化的動態變化，例如目前受益於該機制的使用者比例？或者，當你想到那些目前可能處於困境的企業時，有沒有什麼可量化的指標來衡量它們？

I don't have those numbers right in front of me. We do know that we -- when we did a number of things, we partnered with 3 FinTech companies to help, including Biz2Credit and some others to help get loans out there. We provided those reports, as I said, the first to provide the payroll report, we think our clients have about $28 billion in loans based on what we know out there. When you think about that across the whole base, that's not a huge number, when you think about distressed businesses in the base, we felt good about the fact that we're able to help them get those loans and secure those loans. And -- but I think it's not a real large percentage that took the loan or needed it, but I'm sorry, I don't have that. I know we were trying to track it. It was tough to be able to track through that data to see how many of our clients actually took the loan. We do know that we worked through about $28 billion is what we expect of loans outstanding.

我手邊沒有這些數字。我們知道，當我們做很多事情的時候，我們與 3 家金融科技公司合作，包括 Biz2Credit 和其他一些公司，以幫助發放貸款。正如我所說，我們提供了這些報告，我們是第一個提供工資報告的，根據我們掌握的信息，我們認為我們的客戶大約有 280 億美元的貸款。如果把這個數字放到整個基地來看，其實並不算大。考慮到基地裡那些陷入困境的企業，我們很高興能夠幫助他們獲得貸款並確保貸款安全。但我認為，獲得貸款或需要貸款的人的比例並不大，但很抱歉，我沒有相關數據。我知道我們當時正在追蹤它。很難透過這些數據追蹤究竟有多少客戶實際獲得了貸款。我們知道，我們預計未償還貸款總額約為 280 億美元。

Operator, I think we're going to -- operator, I think we'll give in time, we'll close the call at this point.

接線員，我想我們要－接線員，我想我們時間到了，我們現在就結束通話。

Are there -- is there anyone else on the call?

有其他人也在通話中嗎？

We do have a final question from the line of David Grossman of Stifel.

我們還有一個來自 Stifel 公司的 David Grossman 的問題。

Okay. We'll take that.

好的。我們接受。

I really just have a clarification. And I really just wanted to follow-up the question earlier about growth in the second half of the year. Like Jason, actually, I had the guidance at low single-digit growth for the previous call in the back half of the year. And perhaps we all misunderstood what you had said previously.

我只是想澄清一下。我其實只是想就之前提出的關於下半年成長的問題再補充一點。實際上，和傑森一樣，我在上一次電話會議上對下半年的成長預期也是個位數低成長。或許我們都誤解了你之前所說的話。

So perhaps, Efrain, if you could just share with us what your guide was for the back half 3 months ago.

所以，埃弗雷恩，或許你可以和我們分享一下你三個月前下半年的指南是什麼。

Yes. I think I just said, Ed, that we expect the back half of the year to be flat to very low single digits. So to the extent, you'd say, "Hey, Efrain, you're not saying anything different than you said." Let's just say, I say it with a little bit more conviction this time. If I said that, I could.

是的。我想我剛才說過，艾德，我們預計下半年經濟成長將持平或非常低，達到個位數。所以，某種程度上，你會說：「嘿，埃弗雷恩，你說的和你之前說的沒什麼兩樣。」 這麼說吧，我這次說得更有信心一些。如果我說那樣的話，我就可以。

At this point, we will close the call. And if you're interested in replaying the webcast of this conference call, it will be archived for approximately 30 days. Thank you for taking the time to participate in our first quarter press release conference call and for your interest in Paychex. Hope everyone stays safe, and thank you for calling in.

至此，我們將結束通話。如果您有興趣重播本次電話會議的網路直播，它將存檔約 30 天。感謝您抽空參加我們第一季的新聞發布電話會議，也感謝您對 Paychex 的關注。希望大家都平安健康，感謝來電。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。您現在可以斷開連線了。