沛齊 (PAYX) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Paychex Second Quarter FY '20 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Martin Mucci, please go ahead.

女士們、先生們，感謝各位的耐心等待，歡迎參加 Paychex 2020 財年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作員指示）現在我把會議交給今天的演講嘉賓馬丁·穆奇，請開始吧。

Thank you, and thank you for joining us for a discussion of the Paychex Second Quarter Fiscal 2020 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 second quarter ended November 30, 2019. You can access our earnings release on our Investor Relations webpage, and our Form 10-Q will be filed with the SEC within the next few days. This teleconference is being broadcast over the Internet and will be archived and available on our website for about 1 month.

謝謝，也感謝各位參加我們對 Paychex 2020 財年第二季財報發布的討論。今天和我一起出席的是我們的財務長埃弗雷恩·裡維拉。今天早上市場開盤前，我們發布了截至 2019 年 11 月 30 日的第二季財務表現。您可以造訪我們的投資者關係網頁查看我們的獲利報告，我們的 10-Q 表格將在未來幾天內提交給美國證券交易委員會。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1個月。

On today's call, I will review the business highlights for the second quarter, Efrain will review our second quarter financial results and discuss our guidance for fiscal 2020, and then we'll open it up for your questions.

在今天的電話會議上，我將回顧第二季度的業務亮點，Efrain 將回顧我們第二季度的財務業績並討論我們對 2020 財年的展望，然後我們將開放提問環節。

Financial results for the second quarter of fiscal 2020 reflect good progress on our key initiatives. Total revenue growth was 15% for the quarter, management solutions revenue grew 6% and PEO and insurance services revenues grew 57%, including the results from the Oasis acquisition.

2020財年第二季的財務表現反映出我們在關鍵措施方面取得了良好進展。本季總營收成長 15%，管理解決方案營收成長 6%，PEO 和保險服務收入成長 57%，其中包括 Oasis 收購帶來的收益。

We have been investing significantly in the area of sales, marketing, service and technology. These investments are paying dividends as we've seen continued momentum in new sales, efficiencies, in operations and the introduction of new and enhanced products. Paychex is being known much more as a provider of innovative HR technology solutions than ever before. Our investments in demand generation and sales are contributing to solid growth in new sales revenue and in particular, we are pleased with the strong performance of the mid-market space aided by greater attachment of our broad suite of HCM SaaS-based software solutions, such as our time and attendance and HR administration products. We are now in the main selling season. We believe we are well positioned for continued momentum.

我們一直在銷售、行銷、服務和技術領域進行大量投資。這些投資正在獲得回報，我們看到新銷售額、營運效率以及新產品和改進產品的推出都持續保持成長勢頭。Paychex如今作為創新人力資源技術解決方案提供者的知名度比以往任何時候都高。我們在需求創造和銷售方面的投資正在促進新銷售收入的穩健成長，尤其令我們感到高興的是，在中階市場領域，我們廣泛的基於 HCM SaaS 的軟體解決方案（例如我們的考勤和人力資源管理產品）的更廣泛應用，推動了該領域的強勁表現。現在正值銷售旺季。我們相信我們已做好充分準備，並保持持續發展動能。

We are also continuing to experience improved efficiencies in our operations through the use of self-service functionalities and our robotic process automation efforts. By automating more routine processes, we are reducing operating costs and providing more time for more high value client service interactions with our team. The evidence of high-quality service by our teams is demonstrated by our client retention and satisfaction scores, which remain consistent with record-high levels. We have seen continued increases in Net Promoter Scores, most notably in the mid-market space.

透過使用自助服務功能和機器人流程自動化，我們的營運效率也不斷提高。透過自動化更多常規流程，我們降低了營運成本，並為我們的團隊提供了更多時間，以便與客戶服務團隊進行更多高價值的互動。我們團隊提供的高品質服務體現在客戶留存率和滿意度評分上，這些評分一直保持在歷史高點。我們看到淨推薦值持續成長，尤其是在中端市場領域。

Let me touch briefly on what we are seeing in the small business environment. The Paychex IHS Markit Small Business Employment Watch showed hourly earnings growth at its highest level since 2011, while job growth has been holding steady. Wage increases are beginning to reflect the tight labor market for small businesses. The constant battle for talent highlights the importance of having a partner like Paychex, who can provide solutions to simplify HR recruiting and on-boarding and a competitive benefits package to attract and retain top talent. We are currently operating in an unpredictable regulatory environment. Compliance with the rapidly evolving regulatory landscape is one of the many reasons employers choose Paychex for their HR needs. We're proud of our leadership role within the industry, partnering with regulatory agencies, keeping our clients informed and quickly updating our systems to be in compliance and support changes as they become effective.

讓我簡要談談我們目前在小型企業環境中看到的情況。Paychex IHS Markit 小型企業就業觀察數據顯示，小時工資成長達到 2011 年以來的最高水平，而就業成長則保持穩定。薪資上漲開始反映出小企業勞動市場緊張的現狀。人才爭奪戰的持續進行凸顯了擁有像 Paychex 這樣的合作夥伴的重要性，他們可以提供解決方案來簡化人力資源招聘和入職流程，並提供具有競爭力的福利待遇來吸引和留住頂尖人才。我們目前身處一個難以預測的監管環境。遵守快速變化的監管環境是雇主選擇 Paychex 來滿足其人力資源需求的眾多原因之一。我們為自己在行業中的領導地位感到自豪，我們與監管機構合作，讓客戶了解情況，並迅速更新我們的系統以符合規定，並在變更生效時提供支援。

Just this month, the IRS released the final version of the new Form W-4 to be used by all new employees and for all adjustments effective January 1, 2020. By remaining actively engaged with the IRS and providing feedback throughout their process, we were able to have the new forms and related calculations integrated into our systems within minutes of the issuance by the IRS. The workplace continues to evolve both in technology and the way people work. And we are very proud that Paychex has been included on the Fortune Magazine's future 50 list of companies that are best positioned for long-term growth. In addition to solid financial results, Paychex was recognized for its commitment to innovative technology offerings designed to meet the needs of the evolving workplace. We continue to focus on enhancing our product offerings and the use of technology to remain a leader in this industry.

就在本月，美國國稅局發布了新的 W-4 表格的最終版本，該表格將用於所有新員工以及自 2020 年 1 月 1 日起生效的所有調整。透過與美國國稅局保持積極溝通，並在整個過程中提供回饋，我們能夠在國稅局發布新表格和相關計算結果後的幾分鐘內，將其整合到我們的系統中。工作場所無論在技術方面還是在人們的工作方式方面都在不斷發展變化。我們非常自豪地宣布，Paychex 已入選《財星》雜誌評選的「未來 50 強」企業名單，這些企業最有希望實現長期成長。除了穩健的財務表現外，Paychex 還因其致力於提供創新技術產品以滿足不斷變化的工作場所的需求而受到認可。我們將繼續專注於提升產品性能和技術應用，以保持行業領先地位。

Last quarter at HR Tech, we discussed some of the newest products being introduced. This month, we launched one of those products, Pay-on-Demand, which enables workers to access wages they have already earned before payday. This pay option is a great tool for recruitment and retention of talent as it allows employees to be paid when they want, allowing flexibility -- more flexibility than the traditional weekly, biweekly or monthly pay schedule. Other companies in the industry offer similar services on a smaller scale, but our solution is unique in that it provides our clients flexible payment options, including direct deposit, pay card and digital payment into Amazon or PayPal accounts; however the client employee wants it.

上個季度在人力資源科技大會上，我們討論了一些最新推出的產品。本月，我們推出了其中一款產品——按需支付，該產品使員工能夠在發薪日之前獲得他們已經賺取的工資。這種支付方式是招募和留住人才的絕佳工具，因為它允許員工在自己想要的時間領取工資，從而提供了更大的靈活性——比傳統的每週、每兩週或每月支付工資的方式更加靈活。業內其他公司也提供類似服務，但規模較小，而我們的解決方案獨具特色，為客戶提供靈活的支付方式，包括直接存款、工資卡和亞馬遜或PayPal帳戶的數位支付；客戶員工可以根據自己的喜好選擇支付方式。

The other exciting products we demonstrated at HR Tech are progressing on track and will be launching in the coming months. We continue to focus our investments in emerging technologies such as wearables, real-time payments, product integrations, data analytics and artificial intelligence.

我們在 HR Tech 上展示的其他令人興奮的產品進展順利，將在未來幾個月內推出。我們將繼續把投資重點放在穿戴式裝置、即時支付、產品整合、數據分析和人工智慧等新興科技領域。

We are proud that Paychex' commitment to tech innovation has been recognized by industry experts. We were very proud to earn the awesome New Technologies for HR award at the HR Technology Conference & Expo in October. This recognizes the enhancements and increased flexibility of our Paychex Flex service product. We were also named to the HRExaminer 2020 watch list for artificial intelligence and HR. This recognized our innovation using AI tools and machine learning to strengthen existing operations. Our Flex Assistant chatbot currently answers over 200 commonly asked questions, spanning the Flex suite of products and seamlessly integrates with real-time live chat capability with a Paychex service agent 7/24/365 days a year.

我們很自豪Paychex在技術創新方面的投入得到了行業專家的認可。我們非常自豪地在 10 月的人力資源技術大會暨展覽會上獲得了令人驚嘆的人力資源新技術獎。這體現了我們 Paychex Flex 服務產品的增強功能和更高的靈活性。我們也入選了 HRExaminer 2020 年人工智慧和人力資源觀察名單。這肯定了我們利用人工智慧工具和機器學習來加強現有營運的創新能力。我們的 Flex Assistant 聊天機器人目前可以回答 200 多個常見問題，涵蓋 Flex 系列產品，並可與 Paychex 服務代理的即時線上聊天功能無縫集成，全年 365 天，每天 7 天，每天 24 小時提供服務。

In addition, we have intelligent tools within Flex architecture that deliver a more personalized user experience through learning individual user preferences over time. That can be listing out how to do something or even watching now short videos to learn how to use the Flex product. Paychex Flex also won a gold award for excellence in technology from Brandon Hall Group in the category of best advance in HR or workforce management technology for small and midsized businesses. This is the fourth straight year that Paychex Flex has been honored with a technology excellence award, which validates our tech vision, investment in that vision and the value tech brings to our clients. We are proud of the experience our Flex platform (inaudible) and their employees enhanced through automation we have built into the application based on individual patterns and preferences.

此外，Flex 架構中還包含智慧工具，可透過持續學習使用者的個人偏好，提供更個人化的使用者體驗。這可以是列出如何做某事的步驟，甚至是觀看短片來學習如何使用 Flex 產品。Paychex Flex 也獲得了 Brandon Hall Group 頒發的卓越技術金獎，該獎項旨在表彰中小企業人力資源或勞動力管理技術方面的最佳進步。這是 Paychex Flex 連續第四年榮獲技術卓越獎，證明了我們的技術願景、對該願景的投入以及技術為我們的客戶帶來的價值。我們為我們的 Flex 平台（聽不清楚）及其員工的體驗感到自豪，該平台透過我們根據個人模式和偏好構建到應用程式中的自動化功能而得到提升。

We also continue to see increased utilization of our industry-leading, 5-star rated mobile app. During the quarter, we experienced an increase of over 50% in the number of mobile sessions and a 35% increase in the number of mobile-only users. This increased mobile usage by clients and their employees has led to efficiencies internally and higher Net Promoter Scores. We are serving clients and their employees the way they want to be served.

我們也看到，我們領先業界、五星級的行動應用程式的使用率持續成長。本季度，行動端會話數成長超過 50%，純行動端用戶數成長 35%。客戶及其員工行動裝置使用量的增加，提高了內部效率，並提升了淨推薦值。我們以客戶及其員工希望的方式為他們提供服務。

Shifting to our PEO business. The acquisition of Oasis was the largest acquisition in our history and doubled the number of worksite employees we serve in our PEO. As with any significant acquisition, the integration efforts can cause some initial disruption in sales cadence and some operating inefficiencies as we realize the expected synergies. As we discussed last quarter, we realized some of this in the first part of this fiscal year as we went through that process.

轉向我們的PEO業務。收購 Oasis 是我們歷史上規模最大的收購，使我們 PEO 服務的工地員工人數翻了一番。與任何重大收購一樣，在實現預期協同效應的過程中，整合工作可能會在初期對銷售節奏造成一些幹擾，並導致一些營運效率低下。正如我們上個季度討論的那樣，我們在本財年上半年在進行相關工作時，已經意識到了其中的一些問題。

That has led to slower-than-anticipated revenue growth for the year. However, we believe we are in a good position now as we progress with full sales rep headcount and our operation teams continue to focus on what's most important. That is serving our clients and providing them the right combinations of solutions to help them succeed. We are excited about the continued strong demand for PEO services in the markets that we serve.

這導致今年的營收成長速度低於預期。但是，我們相信，隨著銷售代表人數的全面恢復，以及營運團隊繼續專注於最重要的事情，我們現在處於一個良好的狀態。這就是服務客戶，並為他們提供合適的解決方案組合，以幫助他們取得成功。我們很高興看到我們所服務的市場對 PEO 服務的需求持續強勁。

In summary, we continue to focus on growing our business by making things simple for our clients. Our innovative technology allows us to service our clients in a way that they want, when they want and where they want. We're focused on continuing to introduce innovations to our technology-enabled service to improve business efficiency and drive even more value for our clients. Our full suite of HR solutions has been the recipe for growth and positions us for continued growth going forward. The efforts of our employees and our commitment to our clients are definitely making a difference. I will now turn the call over to Efrain Rivera, our Chief Financial Officer, to review our financial results for the second quarter. Efrain?

總而言之，我們將繼續專注於透過簡化客戶的流程來發展業務。我們採用的創新技術使我們能夠以客戶想要的方式、在他們想要的時間和地點為他們提供服務。我們致力於不斷為我們的技術賦能服務引入創新，以提高業務效率，並為我們的客戶創造更大的價值。我們全面的人力資源解決方案是我們發展的秘訣，也為我們未來的持續發展奠定了基礎。我們員工的努力和我們對客戶的承諾確實正在產生影響。現在我將把電話交給我們的財務長埃弗雷恩·裡維拉，讓他回顧一下我們第二季度的財務表現。埃弗雷恩？

Thanks, Marty, and thanks to everyone on the call. I'd like to remind you that today's conference call will contain forward-looking statements, refer to the customary disclosures. In addition, I'll periodically refer to non-GAAP measures, such as EBITDA, et cetera, again, refer to our investor presentation, press release for a reconciliation of second quarter to related GAAP measures. I'll begin by providing some of the key highlights for the quarter, and then I'll follow up with some greater detail in certain areas and wrap up with a review of the fiscal 2020 outlook.

謝謝馬蒂，也謝謝所有參加電話會議的人。我想提醒各位，今天的電話會議將包含前瞻性陳述，請參閱慣例披露資訊。此外，我也會不時提及非GAAP指標，例如EBITDA等。有關第二季與相關GAAP指標的調節表，請參閱我們的投資者簡報和新聞稿。首先，我將介紹本季的一些關鍵亮點，然後我會就某些領域進行更詳細的闡述，最後回顧 2020 財年的展望。

As you saw, total revenue growth was 15% for the second quarter; Oasis contributed approximately a little bit less than 9% to this growth. Expenses increased 18% for the second quarter to $649 million. Similar to last quarter, increases in compensation-related costs, PEO direct insurance costs and amortization of intangible assets contributed total expense growth. Total expense growth was primarily driven by the acquisition of Oasis. Operating income increased 11% to $342 million.

正如你所看到的，第二季總營收成長了 15%；Oasis 對此成長的貢獻略低於 9%。第二季支出成長18%，達到6.49億美元。與上一季類似，薪酬相關成本、PEO 直接保險成本和無形資產攤銷的增加導致了總支出的成長。總支出成長主要由收購 Oasis 推動。營業收入成長11%，達到3.42億美元。

Operating margin was 34.5% for the second quarter, and EBITDA increased 16%, and EBITDA margin was approximately 40% for the quarter. The EBITDA margin increased slightly compared to a year ago, while operating margin declined due to the amortization of intangibles associated with the Oasis acquisition, as you all know.

第二季營業利益率為 34.5%，EBITDA 成長 16%，EBITDA 利潤率約 40%。如大家所知，由於與 Oasis 收購相關的無形資產攤銷，EBITDA 利潤率較上年同期略有增長，而營業利潤率則有所下降。

Other expense net for the second quarter of $5 million includes interest expense of approximately $8 million related to long-term borrowings.

第二季其他淨支出為 500 萬美元，其中包括與長期借款相關的約 800 萬美元利息支出。

As a reminder, we borrowed $800 million bonds to fund a portion of the Oasis purchase price. The effective tax rate was 23.2% for the second quarter compared to 23.8% for the same period last year. Net income increased 10% to $259 million and adjusted net income increased 8% to $254 million. Diluted earnings per share were up 11% to $0.72 for the second quarter, and adjusted diluted earnings per share increased 8% to $0.70.

再次提醒大家，我們借入了 8 億美元的債券來支付 Oasis 收購款的一部分。第二季實際稅率為23.2%，去年同期為23.8%。淨利潤成長 10% 至 2.59 億美元，調整後淨利成長 8% 至 2.54 億美元。第二季稀釋後每股盈餘成長 11% 至 0.72 美元，調整後稀釋後每股盈餘成長 8% 至 0.70 美元。

We received a little over $0.01 of benefit from stock-based comp payments during the second quarter, which is included for GAAP, but we exclude it for adjusted diluted EPS.

第二季度，我們從股票選擇權補償金中獲得了略高於 0.01 美元的收益，這筆收益已計入 GAAP，但我們在調整後的稀釋每股收益中將其排除在外。

Let me provide some additional color in certain areas. Total service revenue was up, as I said, to $971 million, 15%. Within service revenue, management solutions revenue increased 6% to $727 million, and PEO and insurance services increased 57% to $244 million. Management solutions revenue growth of 6%, which actually exceeded our expectations, included a contribution from Oasis of slightly less than 1%. The remaining growth was primarily driven by increases in our client bases across many of our services, along with growth in revenue per client. Revenue per client improved as a result of higher price realization and increased penetration of our suite of solutions, particularly time and attendance, retirement services and HR outsourcing, and this has been a focus of our efforts over the last several years. And if you chart our growth in revenue per client, you've seen a pretty steady increase. Retirement services revenue also benefited from an increase in asset fee revenue earned on the asset value participant funds. PEO and insurance services revenue growth of 57% was largely due to the acquisition of Oasis, which contributed 47% to this growth.

讓我再補充一些細節。正如我所說，服務總收入成長了 9.71 億美元，增幅達 15%。在服務收入方面，管理解決方案收入成長 6% 至 7.27 億美元，PEO 和保險服務收入成長 57% 至 2.44 億美元。管理解決方案收入成長 6%，實際上超出了我們的預期，其中 Oasis 的貢獻略低於 1%。剩餘的成長主要得益於我們眾多服務領域客戶群的成長，以及每位客戶收入的成長。由於價格實現率提高以及我們的一系列解決方案（特別是考勤、退休服務和人力資源外包）的滲透率提高，每位客戶的收入有所改善，這也是我們過去幾年努力的重點。如果你繪製出我們每位客戶收入的成長圖表，你會發現成長相當穩定。退休服務收入也受益於參與者資金資產價值所產生的資產費用收入的增加。PEO 和保險服務收入成長 57%，這主要歸功於對 Oasis 的收購，該收購貢獻了 47% 的成長。

In addition, the increase reflects growth in clients and client worksite employees across our existing PEO business. Insurance services revenue benefited from an increase in the number of health and benefit applicants, partially offset by the impact of softness in workers' compensation premiums, as we've been discussing all year.

此外，這項成長也反映了我們現有 PEO 業務中客戶和客戶現場員工數量的成長。保險服務收入受益於健康和福利申請人數的增加，但部分被工傷賠償保險費疲軟的影響所抵消，正如我們今年一直在討論的那樣。

Interest on funds held for clients increased 9% for the second quarter to $20 million, primarily as a result of higher realized gain, average investment balances and interest rates. Funds held for clients' average investment balances were impacted by wage inflation and increases within our base, offset by changes in client base mix and timing of collections and remittances.

第二季度，客戶資金利息增加 9%，達到 2,000 萬美元，主要原因是已實現收益、平均投資餘額和利率的提高。客戶平均投資餘額所持有的資金受到薪資通膨和我們客戶群成長的影響，但被客戶群結構的變化以及收款和匯款時間的變化所抵消。

Turning to our investment portfolio. We continue to invest in high credit quality securities. Our long-term portfolio has an average yield now of 2.1%, average duration of 3.1 years. Our combined portfolios earned an average rate of return of 2% for the second quarter, up from 1.9% last year.

接下來我們來看看我們的投資組合。我們將繼續投資於高信用等級的證券。我們長期投資組合目前的平均報酬率為 2.1%，平均久期為 3.1 年。我們綜合投資組合第二季的平均報酬率為 2%，高於去年同期的 1.9%。

Quickly looking at year-to-date results, total revenues up 15% to $2 billion. Service revenue, up 15% to $1.9 billion, with management solutions reflecting growth of 6% to $1.5 billion. PEO and insurance is reflecting growth of 57% to $491 million. Interest on funds has grown 14% to $40 million. Operating income, up 10% to $691 million and net income and diluted earnings per share each increased 9% to $523 million and $1.45 per share, respectively. Adjusted net income increased 7% to $511 million and adjusted diluted earnings per share increased 8% to $1.42 per share.

快速瀏覽今年迄今的業績，總收入成長 15%，達到 20 億美元。服務收入成長 15% 至 19 億美元，其中管理解決方案成長 6% 至 15 億美元。PEO和保險業務成長了57%，達到4.91億美元。資金利息增加了 14%，達到 4,000 萬美元。營業收入成長 10% 至 6.91 億美元，淨收入和稀釋後每股收益分別成長 9% 至 5.23 億美元和 1.45 美元。經調整後的淨利成長7%至5.11億美元，經調整後的稀釋每股盈餘成長8%至每股1.42美元。

Let me walk through the highlights of our financial position. It remains strong with cash, restricted cash, total corporate investments of $708 million. As of the end of the quarter, funds held for clients were $3.7 billion compared to $3.8 billion as of the end of last year, May 31, 2019. Funds held for clients, as you know, very widely on a day-to-day basis, and averaged $3.7 billion for the second quarter.

讓我來簡單介紹一下我們的財務狀況。公司現金、受限現金和公司總投資達 7.08 億美元，實力依然強勁。截至本季末，為客戶持有的資金為 37 億美元，而截至去年年底（2019 年 5 月 31 日）為 38 億美元。如您所知，我們每天為客戶持有的資金非常廣泛，第二季平均為 37 億美元。

Total available-for-sale investments, including corporate investments and funds held for clients reflected net unrealized gains of $39 million as of the end of the quarter compared with $20 million as of the end of last year, May 31, 2019. Total stockholders' equity was $2.6 billion as of November 30, 2019, reflecting $444 million in dividends paid and $172 million of shares repurchased during the first 6 months. Return on equity for the past 12 months has been a stellar 42%.

截至本季末，可供出售投資總額（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 3,900 萬美元，而截至去年年底（2019 年 5 月 31 日）則為 2,000 萬美元。截至 2019 年 11 月 30 日，股東權益總額為 26 億美元，其中上半年支付了 4.44 億美元的股息，回購了 1.72 億美元的股票。過去 12 個月的股本回報率高達 42%。

Cash flows from operations were $565 million for the first 6 months, a robust increase of 14% from the same period last year. So strong performance on cash flow. The increase was primarily driven by higher net income and noncash adjustments. Increase in noncash adjustments was primarily due to higher amortization expense, largely driven by intangible assets acquired through the acquisition of Oasis.

前六個月的營運活動現金流量為 5.65 億美元，比去年同期強勁成長 14%。現金流表現強勁。成長主要由淨收入增加和非現金調整推動。非現金調整增加主要是因為攤銷費用增加，而攤銷費用增加主要是因為收購 Oasis 所獲得的無形資產所致。

Let me talk about 2020 guidance. I remind you that our outlook is based on our current view of economic conditions continuing with no significant changes. Though we have reflected the impact of the 3 interest rate cuts that have already occurred this fiscal year, I'll provide our current outlook and some color on a couple of areas.

讓我談談2020年的指導。我提醒各位，我們的展望是基於我們對當前經濟狀況持續不變的預期。儘管我們已經反映了本財年已經發生的 3 次降息的影響，但我將提供我們目前的展望，並就幾個方面進行一些詳細說明。

We provided update to the guidance, as you saw. Our management solutions revenue has been trending positively. And now, we anticipate it to grow in the range of 5% to 5.5%. This is raised from the previous guidance of approximately 5% growth, and we're doing well in almost all of the buckets that comprise that revenue stream.

如您所見，我們已對指南進行了更新。我們的管理解決方案收入一直呈上升趨勢。現在，我們預計其成長率將在 5% 到 5.5% 之間。這一數字高於先前約 5% 的成長預期，而且我們在構成該收入來源的幾乎所有領域都表現良好。

PEO and insurance services are now anticipated to grow in the range of 25% to 30%. As Marty previously mentioned, we got off to a slow start with the Oasis, slower than we anticipated. We still maintain a strong long-term outlook and continue to execute on our plans to integrate our PEO business. Interest on funds held for clients is now anticipated to grow approximately 4%, modified from a range of 4% to 8% we started the year, and this simply reflects the most recent federal fund rate cuts. And diluted earnings per share growth has been increased to a range of 9% to 10% growth, raised from our guidance of approximately 9%. Other guidance remains unchanged as followed: total revenue, 10% to 11%; operating income as a percent of total revenue, approximately 36%; EBIT margin for the full year expected to be approximately 41%; effective income tax rate expected to be in the range of 24% to 24.5%; net income, adjusted net income and adjusted diluted earnings per share are all expected to grow at approximately 9% for fiscal 2020.

PEO 和保險服務預計將成長 25% 至 30%。正如馬蒂之前提到的，我們在綠洲項目上的開局很慢，比我們預期的要慢。我們依然保持著強勁的長期發展前景，並將繼續執行整合 PEO 業務的計畫。目前預計客戶資金利息將增加約 4%，較年初的 4% 至 8% 的預期有所調整，這僅反映了最近聯邦基金利率的下調。稀釋後每股盈餘成長預期已從我們先前約 9% 的預期上調至 9% 至 10%。其他績效指引維持不變，具體如下：總收入成長 10% 至 11%；營業收入佔總收入的百分比約為 36%；全年息稅前利潤率預計約為 41%；實際所得稅率預計在 24% 至 24.5% 之間；2020 財年淨利潤、調整後淨利潤和調整後將增加每股收益。

Now let me provide a little color on the back half of the year. As I indicated, PEO and insurance revenues are now anticipated to grow in the range of 25% to 30%. While the second quarter results were within the range provided, 56% to 60%, we have taken a more conservative approach for the back half of the year given our current trends. In particular, we've continued to experience lower compensation -- lower workers' compensation insurance rate that have moderate our insurance -- moderated our insurance services growth. We anticipate that this trend will likely ease as we enter the next fiscal year. We're also seeing modestly lower at-risk insurance attachment in the PEO.

現在讓我來為大家介紹一下下半年的情況。正如我之前提到的，預計 PEO 和保險收入將成長 25% 至 30%。雖然第二季業績在預期範圍內（56% 至 60%），但鑑於目前的趨勢，我們對下半年的業績採取了更保守的做法。具體而言，我們持續面臨較低的補償金——較低的工傷賠償保險費率抑制了我們的保險業務成長。我們預計，隨著下一個財政年度的到來，這種趨勢可能會有所緩解。我們也發現，PEO 的風險保險附加率略有下降。

In addition, this change reflects impacts from the slower start from the Oasis acquisition. We now anticipate that growth for the third quarter of PEO and insurance will be approximately 10%. Management solutions guidance was increased to a range of 5%, 5.5% growth from our previous guidance of approximately 5% due to favorable trends that we've seen in the first half of fiscal 2020. This incorporates the higher-than-anticipated growth achieved in the second quarter and assumes that third quarter will come in the full year range.

此外，這項變更也反映了 Oasis 收購初期進展緩慢所帶來的影響。我們現在預計 PEO 和保險業第三季的成長率約為 10%。由於我們在 2020 財年上半年看到了有利的趨勢，管理解決方案的成長預期從先前的約 5% 提高到 5% 至 5.5%。這包含了第二季高於預期的成長，並假設第三季將達到全年水準。

I refer you to Slide 16 in our investor presentation, which shows the impact of the reclass in the fourth quarter of fiscal 2019 of an immaterial amount of Oasis revenue. Please note that the as-adjusted numbers on this slide represent the base on which we apply the growth rates we are guiding to in management solutions and PEO and insurance revenues. And the reason I call that out is when I look at your models, 2/3 of you do it that way, and 1/3 have split between third and fourth quarter. Please look at that number, so that you can adjust your models correctly.

請參考我們投資者簡報中的第 16 頁，其中顯示了 2019 財年第四季度 Oasis 收入微不足道金額的重新分類的影響。請注意，本投影片上的調整後數字代表了我們應用管理解決方案、PEO 和保險收入成長率指引值的基礎。我之所以指出這一點，是因為我查看了你們的模型，發現你們中有 2/3 的人是這樣做的，而 1/3 的人則將第三季度和第四季度分開計算。請查看該數字，以便正確調整您的模型。

Operating margins, which for the full year anticipated -- for the full year, are anticipated to be approximately 36%, do vary quarterly. Our margins for the second quarter exceeded the guidance we provided in the last call, which was a range of 33% to 34%. That beat was impacted by delays in hiring related to the tight labor market. We still anticipate margins of approximately 38% for the back half of the year. We expect to continue to invest significantly in sales and marketing in the back half of the year while still achieving our target of a full year operating margin of approximately 36%.

預計全年營業利潤率約為 36%，但各季度的營業利潤率會有所不同。第二季的利潤率超過了我們在上次電話會議上給出的預期，即 33% 至 34%。受勞動力市場緊張導致的招聘延遲影響，這一節拍受到影響。我們仍然預計下半年利潤率約為 38%。我們預計在下半年將繼續大力投資銷售和行銷，同時仍將實現全年營業利潤率約 36% 的目標。

And with all that, I'll turn the call back over to Martin.

綜上所述，我將把電話交還給馬丁。

Thank you, Efrain. We'll now open the call to questions, please.

謝謝你，埃弗雷恩。現在開始接受提問。

(Operator Instructions) Your first question comes from the line of Ramsey El-Assal from Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Ramsey El-Assal。

I wanted to ask about the trend and the lower workers' comp insurance rates, and I just was trying to get an idea of your visibility to how those rates trend. How do you -- what gives you confidence about those rates over time going into next year? I think you indicated sort of becoming more favorable. What type of reads do you gain on that rate?

我想詢問一下工傷賠償保險費率下降的趨勢，我只是想了解一下您對這些費率趨勢的掌握程度。您如何—是什麼讓您對這些利率在明年的長期走勢充滿信心？我覺得你的意思似乎變得更有利了。在這種閱讀速度下，你能獲得哪些類型的閱讀量？

Well, I'd say a couple things. One is that because we had an insurance agency and our pricing policies on a virtually daily basis, we get a sense -- a pretty clear sense of where that pricing is trending. That's one part. The second is it's influenced by what state Workers' Compensation Board, where they're setting pricing, and we know we have a pretty good sense of what states are contemplating or have contemplated changes in workers' compensation insurance. So I think the combination of those, and then the final thing is we're looking at the mix of revenue quarter-by-quarter, and we know that we started the year with a strong compare, and it starts to ease as we get into the back half year a little bit.

嗯，我想說幾點。一是因為我們幾乎每天都與保險代理商合作，了解我們的定價政策，所以我們能夠相當清楚地了解價格的趨勢。這是其中一部分。第二點是，它受到各州工人賠償委員會的影響，他們負責制定價格，而且我們知道，我們對各州正在考慮或已經考慮過工人賠償保險的改革有相當清晰的了解。所以我認為，綜合以上因素，最後一點是，我們要逐季度地觀察收入組成，我們知道年初的業績比較強勁，但隨著下半年的到來，業績開始有所放緩。

Got it. Okay. And then could you talk about your retention trends and the degree to which those trends are, I would imagine, moving in the right direction, giving you confidence in terms of raising the management solutions segment guidance for the year?

知道了。好的。那麼，您能否談談您的客戶留存趨勢，以及這些趨勢在多大程度上正朝著正確的方向發展，從而讓您有信心提高今年的管理解決方案業務預期？

Yes. We're continuing to see pretty much near-record levels on retention across both small and midsized clients. We're seeing very good retention numbers, and so they've been very solid. And you know how conservative we are, as we look forward, we still think they're going to -- we're going to maintain that going forward. So we feel that the value of the products, obviously, and along with the needs of the clients during this -- particularly this kind of tight labor market, I think are really keeping the retention. And we're not seeing out of businesses really increase either. So all -- both from an environment and from our performance, I think are both keeping our retention numbers at record levels.

是的。我們看到，無論是小型客戶或中型客戶，其客戶留存率都持續保持在接近歷史最高水準。我們看到用戶留存率非常高，所以他們的表現一直很穩定。你知道我們有多保守，展望未來，我們仍然認為他們會——我們將繼續保持這種看法。因此，我們認為產品的價值，以及顧客在當前這種勞動市場緊張時期的需求，顯然是維持員工留任率的關鍵因素。而且我們也沒有看到企業倒閉的數量真正增加。因此，無論是從環境還是從我們的表現來看，我認為所有這些因素都使我們的客戶留存率保持在歷史最高水平。

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

你的下一個問題來自瑞士信貸的 Kevin McVeigh。

Seems like the organic growth, particularly in managed services, is settling in at higher levels despite much tough comps. Can you just frame out like how much of that is retention? Because -- and Marty, I know you mentioned kind of maintaining those levels. Is it possible you kind of set a new level based on more the SaaS offering as opposed to the traditional service? So maybe just the sensitivity on SaaS for service, and what that can do to the retention over the course of time?

儘管面臨許多嚴峻的競爭形勢，但有機成長，尤其是在託管服務領域，似乎已經穩定在較高水準。你能具體說明一下其中有多少是留存率嗎？因為——還有馬蒂，我知道你提到要維持這些水準。是否有可能基於 SaaS 產品而非傳統服務，樹立新的標竿？所以，或許只是人們對 SaaS 服務的敏感性，以及這種敏感性會隨著時間的推移對用戶留存率產生什麼影響？

Yes. I think it certainly does. I think we're appealing to the clients the way they want to be served, as I mentioned earlier, and their employees. The employees are playing a pretty strong role these days, more than, I think, ever in the past. As you see the mobile app, 70% of the usage of the mobile app is the employee of the client. And so they're having a bigger impact on retention, and we started talking about that a couple of years ago.

是的。我認為確實如此。我認為我們正在以客戶及其員工希望的方式為他們提供服務，正如我之前提到的那樣。如今，員工們發揮著非常重要的作用，我認為比以往任何時候都更重要。如您所見，行動應用程式的 70% 用戶是客戶的員工。因此，它們對用戶留存率產生了更大的影響，而我們幾年前就開始討論這個問題了。

So I think that, that does have an opportunity. The issue, though, is still when you see improvement, particularly on the small client bases, there are so many businesses that go out of business every year, and we've been in this a long time, and it hasn't changed that dramatically. So what I think where you do have room for improvement is certainly from a service value standpoint. I think the need for clients' small businesses, midsized businesses to have software-as-a-service, to have mobile apps, to have self-service available to their employees, all those things are making them more valuable and stickier, I would say, to a client.

所以我認為這確實是一個機會。不過，問題在於，即使你看到情況有所改善，尤其是在小型客戶群方面，每年也有很多企業倒閉，而我們從事這個行業已經很久了，這種情況並沒有發生太大的變化。所以我認為你們還有提升空間的地方，肯定是在服務價值上。我認為，客戶的中小型企業需要軟體即服務、行動應用程序，以及為員工提供自助服務，所有這些都使他們對客戶更有價值、更有黏性。

So we certainly see some -- we're optimistic, but we still also know that so many businesses start-up and go out of business on the small end.

所以我們當然看到了一些——我們很樂觀，但我們也知道，很多小型企業開辦後又倒閉。

And then just to follow up on that, Marty, real quick. If it's -- if you're bumping up at that 82% level, any sense of how much of that is failures versus maybe other parts that are driving the attrition?

然後，馬蒂，我還要快速補充一點。如果──如果你把流失率提高到 82%，你能大概了解一下其中有多少是故障造成的，又有多少是其他因素造成的嗎？

I think if you put all together, kind of no employees, out of business, bought or acquired, it's typically been 50%-plus a little bit. So that accounts for about half of it, and a little bit more even sometimes, and then the other pieces are price and it's still just as competitive as it's always been, hasn't really increased. But that number has been pretty consistent and then service value kind of stuff. So I'd say 50% to 60%, if you rolled all those things together, are kind of out-of-control type of thing.

我認為，如果把所有因素加起來，例如沒有員工、倒閉、被收購或合併，通常都會超過 50%。所以這佔了大約一半，有時甚至更多，而其他因素是價格，價格仍然像以前一樣具有競爭力，並沒有真正上漲。但這個數字一直相當穩定，還有服務價值之類的因素。所以我覺得，如果把所有這些因素加在一起，有 50% 到 60% 的可能性是失控的。

Your next question comes from the line of James Berkley with Wolfe Research.

你的下一個問題來自 James Berkley 和 Wolfe Research 的研究團隊。

So just a quick question on the PEO side. Would it be possible just to break out in more detail, just kind of that segment, PEO and insurance separately? How bookings have been trending on the PEO side? And maybe how much of the guidance drop was attributable to Oasis, which you expect to turn around?

關於PEO方面，我有個小問題。能否更詳細地分析一下，分別談談 PEO 和保險這部分業務？PEO方面的預訂趨勢如何？或許，業績預期下調有多少是由於 Oasis 的影響？您預計 Oasis 的業績會好轉。

Well, let me start, and I'll have Efrain jump in. I think what we've seen there is, one, we have our -- we think the market is still very strong for PEO in particular. So the demand continues to be strong. You're still seeing a very tight labor market, so they're looking for help in recruiting and retaining employees. They're looking for benefit packages that will retain employees and HR, kind of mobile app and strength to not only recruit but retain in that mid-market -- small-ended market. The other thing is that the integration of Oasis certainly has impacted this somewhat. We got off to a slower start. We mentioned it in the first quarter last year. We really began the active integration around June, so about 6 months ago. And once we started aligning underwriting procedures, sales comp models, service processes and those things, it kind of slowed our sales cadence down at Oasis, and it was definitely impacted by underwriting. We've always been very tight on the underwriting side. We wanted the processes to be very tight, and so that gave a slower ramp-up to the sales, and then we had to ramp up the sales headcount, and that was a little slower than we expected. Now we're at that full -- near that full ramp-up of the sales headcount, and also, we got through a couple of insurance renewals. It's always important to kind of see where we're coming out for the first time with a major integration like that with insurance renewals, and we came through fine. But that and the underwriting, I think certainly, it impacted some existing clients. Now that all -- we're that -- we're through that, we have a much better sense of the first year of Oasis and where we're going to come out for this first fiscal year -- the remainder of the first fiscal year. We think the market is very strong. Our organic PEO business, non-acquisition, was very strong year-to-date. And so we feel still very strong about it. We just got off to a slower start than we thought, and that's going to impact the full year's performance.

那我就先開始吧，然後讓埃弗雷恩插話。我認為我們已經看到的是，第一，我們認為 PEO 市場仍然非常強大。因此，需求依然強勁。目前勞動力市場依然非常緊張，因此他們正在尋求幫助以招募和留住員工。他們正在尋找能夠留住員工的福利方案和人力資源部門，以及一款行動應用程序，並希望在中階市場（小型企業市場）中不僅能夠招募到人才，還能留住人才。另一方面，Oasis 的整合無疑對此產生了一定影響。我們開局比較慢。我們在去年第一季就提過這件事。我們真正開始積極整合是在六月左右，也就是大約六個月前。一旦我們開始調整承保程序、銷售佣金模式、服務流程等等，Oasis 的銷售節奏就慢了下來，這肯定受到了承保的影響。我們在承保方面一直非常嚴格。我們希望流程非常嚴謹，因此銷售額的成長速度較慢，然後我們不得不增加銷售人員數量，而這比我們預期的要慢一些。現在我們的銷售人員數量已經接近全面恢復，而且，我們也完成了幾項保險續約工作。對於像保險續保這樣重大的首次整合，了解我們的最終結果總是很重要的，而我們最終順利完成了任務。但我認為，這一點以及核保方面的問題，肯定會對一些現有客戶產生影響。現在一切都結束了，我們對 Oasis 的第一年以及我們第一個財政年度（即第一個財政年度剩餘時間）的最終結果有了更清晰的認識。我們認為市場非常強勁。今年迄今，我們的有機 PEO 業務（非收購業務）表現非常強勁。所以我們對此仍然充滿信心。我們的開局比預期慢，這將影響全年的業績。

I guess asked another way, if it's okay, would -- if you didn't do the Oasis acquisition, would have organic PEO growth been in line with expectations? Like would that have been unchanged?

換個方式問，如果可以的話，如果沒有收購 Oasis，PEO 的有機成長是否會符合預期？難道情況會維持不變嗎？

I think it would have been pretty much unchanged. I mean when you look -- because we feel very -- we're actually performing -- sales have been stronger than we expected in our organic PEO business. And so yes, I think it would have been stronger. I mean this is -- we really feel like this is kind of around first part of the integration, and although we've had the company -- we purchased the company in December, we kind of let the fiscal year play out. We had a number of things we were organizing around, running some synergies than in our beginning of our fiscal year, we kind of put new processes in place. And frankly it had a little bit stronger impact than we thought in slowing things down from a sales and even retention perspective. Now we've kind of got that turned around, and we just wanted to make sure we're conservative kind of on the rest of the year and how that'll come out. But we feel very good about the market, and yes, it would have been stronger. If you just look at without the integration, we certainly would have been above, I think, our expectations on PEO-only side.

我認為它應該基本上不會改變。我的意思是，當你看到——因為我們感覺到——我們的實際表現——有機 PEO 業務的銷售額比我們預期的要強勁。所以，是的，我認為它會更強。我的意思是，我們真的覺得這算是整合的第一部分，雖然我們已經收購了這家公司——我們在 12 月收購了這家公司，但我們還是讓這個財政年度過去了。在本財年伊始，我們圍繞著一些事項進行組織，以發揮一些協同效應，並制定了一些新的流程。坦白說，它對銷售甚至客戶留存的影響比我們預想的要大一些，減緩了銷售速度。現在我們已經扭轉了局面，我們只是想確保對今年剩餘的時間以及最終結果保持保守態度。但我們對市場感覺非常好，而且是的，市場原本會更強勢。如果只看不考慮整合，我認為，就 PEO 本身而言，我們肯定會超出預期。

That's great to hear. And obviously doing really well on the merchant -- I mean on the management solutions side as well. And so just last question on that point. Just given the tight labor market, any thoughts -- incremental thoughts on kind of where we are in the economic cycle? How you think about things like labor participation rate, how much slack there might be left in that? And room for you guys to run on the small business side?

聽到這個消息真是太好了。而且顯然在商家方面也做得非常好——我的意思是，在管理解決方案方面也是如此。那麼，關於這一點，最後一個問題。鑑於目前勞動市場緊張，大家對我們目前所處的經濟週期階段有什麼看法？您如何看待勞動參與率之類的問題，以及這方面還有多少提升空間？你們在小企業方面還有發展空間嗎？

Yes. I think we're still feeling pretty strongly about how the market is -- how the market outlook is. The optimism still, it bounces around a little bit, business optimism, but what we're seeing is the wage increases are the highest, as I said, since 2011, from small businesses under 50 employees. This is what's in that watch. And the hours worked are up also for the highest in like 3 years. So we look at that as demand for the employees. So the business is -- the toughest thing for small, in particular, small, but midsize businesses right now is, I can't find the people to finish -- to get the work done for the demand I have. That, to me, points to a pretty strong economy still, and that's how it feels to us. When hours worked are up and the wages are up, it's because, hey, I've got the demand and -- from client -- from customers that want that. So I think that's very good. The tariffs and the trade issues, we've seen impact roughly 1/3, maybe 25% to 1/3 of small businesses. Most of those are much more regional, and so they're not going to be impacted by that. The 1/3 -- 25% or 1/3 that are impacted by tariffs and so forth have had a harder time, but most small businesses are not impacted by that.

是的。我認為我們仍然對市場現狀——市場前景——有著相當強烈的感受。儘管樂觀情緒有所波動，但商業樂觀情緒依然存在，正如我所說，我們看到的是，員工人數少於 50 人的小型企業的工資漲幅是自 2011 年以來最高的。這就是那隻手錶裡的東西。而且工作時長也達到了近三年來的最高水準。所以我們認為這是對員工的需求。所以，目前對小型企業，尤其是中小型企業來說，最困難的是找不到人來完成工作，以滿足我的需求。在我看來，這顯示經濟依然相當強勁，我們也是這麼認為的。工作時間增加，薪水上漲，是因為，嘿，我有需求，而且──來自客戶──來自顧客的需求。所以我認為這非常好。我們看到，關稅和貿易問題對大約三分之一到 25% 的小企業造成了影響。其中大部分都具有更強的區域性，因此不會受到影響。受關稅等因素影響的1/3至25%或1/3的企業處境較為艱難，但多數小企業並未受到影響。

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

你的下一個問題來自 Evercore ISI 的 David Togut。

Good to see the strength in bookings in the quarter. Could you perhaps dimension the rate of growth that you've seen, Marty, both in the small business managed solutions market and also mid-market? And then you called out strength from a macro standpoint. Any additional color about which solutions are getting the most traction, where you think you might be gaining market share?

很高興看到本季預訂量表現強勁。馬蒂，您能否具體描述一下​​您在小型企業管理解決方案市場和中型市場所觀察到的成長速度？然後你從宏觀角度指出了它的優點。關於哪些解決方案最受歡迎，以及您認為您可能會在哪些方面獲得市場份額，您還有什麼補充說明嗎？

Yes. I think one, retirement continues to be very strong, and I think the SECURE Act, I think most of you probably know, got through the House yesterday and it's headed for the Senate. If that gets approved, that's giving tax credits for new retirement plans. And I think that would continue to be a boost for small businesses starting retirement plans. And we continue to be just very solid on retirement services, both what we would call large market and small market, generally are doing very well. Time and attendance, when you think about the overtime changes that have been recently made in providing overtime to more, it's hitting more employees of our clients. Time and attendance continues to be very strong double-digit growth as well. And we're -- we try to stay -- we've really stayed, I think, ahead of even the market from a technology standpoint. So it's not just the old punch cards, it's finger scan, which has now gone to eye scan, which has gone to face scan, and now wearables, we'll be introducing very soon that you can punch in and punch out on your on your watch. And these are all things that are being demanded by clients. So I think time and attendance, retirement, certainly HR overall, and the technology that goes with that, meaning I want to see data analytics that help me as a small or midsized business compared to other businesses. We have that database that other clients -- our other businesses don't have. We can use data from 600,000-plus clients that say, hey, here's what your turnover looks like compared to others, here's what your wages look like. So I think data analytics in HR and all of those things all are pretty strong. And so overall, we see pretty good growth. Now we're heading into -- we're in the selling season, so it's too early. We really need third quarter to kind of give us that look on sales. But so far, year-to-date sales have been good, and particularly in the mid-market, we feel very strong about the pickup that the products have done in the marketplace.

是的。我認為，第一，退休保障依然非常強勁；第二，我認為《安全退休法案》（SECURE Act），我想你們大多數人可能都知道，昨天已經在眾議院獲得通過，現在正準備提交參議院審議。如果這項提案獲得批准，那麼新的退休計畫將獲得稅收抵免。我認為這將繼續促進小型企業開展退休計畫。我們在退休服務方面依然非常穩健，無論是大型市場還是小型市場，整體而言都發展得非常好。考慮到最近為更多人提供加班機會而進行的加班制度改革，考勤制度受到了我們客戶更多員工的影響。出勤率也持續保持強勁的兩位數成長。而且我們——我們努力保持——我認為，從技術角度來看，我們一直都領先於市場。所以，現在不只是以前的打卡機，還有指紋掃描，現在又發展到眼部掃描，再到臉部掃描，我們很快就會推出可穿戴設備，你可以用手錶打卡上下班。這些都是客戶提出的要求。所以我認為，考勤、退休、人力資源以及相關的技術，這意味著我希望看到數據分析能夠幫助像我這樣的中小型企業與其他企業相比更具優勢。我們擁有其他客戶—我們其他業務部門所沒有的資料庫。我們可以使用來自 60 多萬名客戶的數據，這些數據會告訴我們，嘿，這是你的營業額與其他公司相比的情況，這是你的薪資情況。所以我認為人力資源領域的數據分析等等都非常強大。所以總體而言，我們看到了相當不錯的成長。現在正值銷售旺季，所以現在談論這個還為時過早。我們真的需要第三季的銷售數據來給我們一個明確的答案。但到目前為止，今年迄今的銷售情況良好，尤其是在中端市場，我們對產品在市場上的表現非常有信心。

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

你的下一個問題來自摩根士丹利的史蒂文·沃爾德。

So just maybe going through the pieces of the revenue guide. I know you guys didn't change the overall revenue guidance. But if I look at your adjusted numbers, I believe, Efrain, we talked about this after last quarter, the 2 different adjustments you made there and sort of map out those pieces of your segment guidance. Sort of getting to a 9% to 11% range, at the bottom and top end of those pieces added together, is that generally how we should be thinking about it? It sort of seems like at the midpoint, you'd be at the low end of your prior 10% to 11% guidance, that's not changed.

所以，或許應該仔細研讀一下收入指南的各個部分。我知道你們沒有改變整體營收預期。但是，如果我看一下你調整後的數據，我相信，埃弗雷恩，我們在上個季度結束後討論過這個問題，你在那裡做了兩次不同的調整，並大致規劃了你各業務板塊的業績指引。如果把這些部分加起來，最終結果大致在 9% 到 11% 之間，也就是這些部分的下限和上限總和，我們是不是應該這樣考慮呢？看起來，中間值應該會處於之前 10% 到 11% 指導範圍的下限，這一點沒有改變。

Yes. I don't think you're far off, Steven. I think that, that's fair.

是的。史蒂文，我覺得你猜得沒錯。我覺得很公平。

Okay. Cool. I just wanted to make sure I understood that. And then -- because I know this caused some questions last quarter. The Oasis components, I know that you reclassified a piece of it last quarter as to how to think about it. But I think in the press release, you said it added about 1% to the management solution. So should we think about it as Oasis minus $7 million to $8 million is all in the PEO and the rest goes into management solutions?

好的。涼爽的。我只是想確認我理解了。然後——因為我知道這在上個季度引起了一些疑問。我知道，上個季度你對 Oasis 組件中的一些部分進行了重新分類，以改變我們對它的理解方式。但我認為你在新聞稿中說過，它為管理解決方案增加了大約 1%。所以我們該這樣理解嗎：Oasis 減去 700 萬到 800 萬美元，全部都投入到 PEO 中，剩下的都投入管理解決方案？

Yes. I'd have to -- I'm doing mental math really quickly. I think it's a little bit lower, maybe $6 million to $7 million, but I'm not looking at the detail, but I don't think that's far off.

是的。我必須這麼做──我正在快速進行心算。我認為實際數字會略低一些，可能是 600 萬到 700 萬美元，但我沒有仔細研究細節，不過我覺得應該差不多。

Okay. Yes. Just wanted to make sure I was clear on those things.

好的。是的。我只是想確認一下我是否理解了這些事情。

Yes.

是的。

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

你的下一個問題源自安德魯·尼古拉斯和威廉·布萊爾的那條線索。

Just wanted to talk a little bit about technology in the PEO business. I was wondering if you could talk maybe about your plans for Oasis, and maybe even HROI from a tech perspective. Are both businesses still running on a third-party software? Or are there plans to transition to an internal proprietary software in the near to medium term? And then maybe relatedly, I was just wondering if you could maybe speak to big tech capabilities of your PEO business relative to the competition?

想和大家聊聊PEO產業的技術應用。我想請您談談您對 Oasis 的發展規劃，以及從技術角度來看 HROI 的情況。這兩家公司目前是否仍在使用第三方軟體？或者，公司是否有計劃在近期或中期內過渡到內部專有軟體？另外，我還想問一下，您能否談談貴公司在大型技術能力上與競爭對手相比的優勢？

Yes. I think the capabilities -- well, first of all, yes, they're both on third party and license software. And so far, that seems to be going very well. So we're watching that closely, but we're not looking to necessarily move to any quick integration or client conversion to disrupt the base or anything like that.

是的。我認為這些功能——首先，是的，它們都依賴第三方軟體和授權軟體。目前來看，一切進展順利。所以我們正在密切關注此事，但我們並不打算迅速進行任何整合或客戶轉換，以免擾亂現有客戶群或類似的事情。

So we think that the third-party software is doing fine, and in fact, gets upgraded pretty consistently, and so we feel good about that. The integration, we're tying it in as much as possible to our products as well.

所以我們認為第三方軟體運作良好，而且實際上也得到了相當持續的升級，因此我們對此感到滿意。在整合方面，我們也盡可能地將它與我們的產品連結起來。

So I think the technology that we're focused on with the HROI and Oasis is how to tie it into our -- for our retirement integration, into our retirement, time and attendance and so forth, so that they can benefit most from those products, and that's going well. And so we'll determine over time whether it makes sense to get them to our PEO in-house product or not. I think you never want to necessarily move clients through a conversion if you don't have to and if that's taking care of it, we're still continuing to watch that. It's not a focus right now. Our technology on the PEOs that we feel is very competitive. We can see, as I said, the demand is good in the street, and we're selling well, particularly on the organic side, if you look kind of non-acquisition and integration, we're doing very well on the organic PEO, and in fact, are ahead of sales. So I think our product is performing very well competitively in the marketplace.

所以我認為，我們目前在 HROI 和 Oasis 方面關注的技術是如何將其與我們的退休金整合、退休時間考勤等系統聯繫起來，以便他們能夠從這些產品中獲得最大的益處，而這方面進展順利。因此，我們會隨著時間的推移來判斷，讓他們使用我們內部的 PEO 產品是否有意義。我認為，如果沒有必要，就永遠不要強迫客戶完成轉化，如果轉換已經解決了問題，我們仍然會繼續觀察。目前這不是重點。我們認為，我們在PEO（專業雇主組織）領域的技術非常有競爭力。正如我所說，我們可以看到市場上的需求很好，我們的銷售情況也不錯，尤其是在有機成長方面。如果你看看非收購和整合方面，我們在有機PEO方面做得非常好，事實上，銷售額已經超過了預期。所以我認為我們的產品在市場上具有很強的競爭力。

Just to add a little bit more color there, Andrew. So our -- we run on both the Flex platform for our PEO business and we also run on a third-party software, which many of you know what it is. But it's a customized instance of that software. So there have been a lot of upgrades and adjustments -- enhancements made to that system. And I think the challenge, as Marty mentioned, is with those customizations and enhancements over time, we want to figure out what the right decision is in terms of bringing all one -- on our internal platform, and that will take a little time to sort out.

安德魯，我只是想為那裡增添一些色彩。所以，我們的 PEO 業務既使用 Flex 平台，也使用第三方軟體，你們很多人都知道這是什麼。但這是一款客製版的軟體。因此，該系統進行了許多升級和調整——改進。正如馬蒂所提到的那樣，我認為挑戰在於隨著時間的推移，隨著這些定制和增強功能的不斷完善，我們希望找到一個正確的決定，將所有這些整合到我們的內部平台上，而這需要一些時間來理清思路。

Makes sense. That's very helpful. And then maybe sticking with the PEO space. Just wondering if you could update us on your appetite for M&A there. And maybe more broadly, how you would characterize pricing in this space? And last thing there would be, does some of the slower-than-expected start with Oasis tied to kind of integration issues change that appetite at all?

有道理。那很有幫助。然後或許會繼續留在PEO領域。想問問您能否介紹一下您在那邊的併購意圖。更廣泛地說，您會如何描述這個領域的定價？最後一點是，Oasis 的開局比預期慢，這與一些整合問題有關，這是否會改變人們對它的興趣？

Yes. Let me start at the end and go back. I think, yes, with any integration, when you update -- and they -- and remember, Oasis has had a number of companies as well, and so we had to go across the number of companies that they had acquired as well. We wanted to be sure that we felt comfortable with all the underwriting processes, the sales comp models, getting tighter process on service. When we pull all that stuff together, you have some consternation that goes on and some slower ramp-up of hiring of the sales folks, et cetera. And we really think that was tied to just getting things all aligned, and we really didn't push those things until about June into the summer, and so that put us a little bit behind this year as far as starting out. So think it was really geared around that.

是的。讓我從結尾開始倒敘。我認為，是的，在任何整合過程中，當你更新時——而且他們——記住，Oasis 也擁有多家公司，所以我們也必須考慮他們收購的公司數量。我們希望確保我們對所有承保流程、銷售佣金模式以及更嚴格的服務流程都感到滿意。當我們把所有這些因素綜合起來考慮時，就會出現一些混亂，銷售人員的招募速度也會放緩等等。我們認為這與協調各項事宜有關，而我們直到六月夏天才真正開始推進這些事情，因此今年我們在起步階段稍微落後了一些。所以我覺得它確實是圍繞著這個主題展開的。

M&A, still very interested. Certainly always looking at what opportunities are there. From a -- when you talk about pricing, if it's pricing of the M&A, the valuations are still, I think, pretty high, but it all depends. There's so many PEOs, it's such a fragmented environment, but there's a lot of opportunity, I think, out there, and we're just trying to make sure that we get the right valuations. From a pricing -- from the market standpoint, I think we're extremely competitive. I don't think the competition in that market has changed very much, and I think we're very competitive, and we're seeing that by being above sales -- our sales forecast in the first part of the year with our organic PEO. So where there's no distractions or anything at the beginning of the first half of the year, we've seen very good sales results from our organic PEO.

併購領域，我仍然非常感興趣。當然，我始終都在關注有哪些機會。從定價的角度來看——如果是併購定價，我認為估值仍然很高，但這也要視情況而定。PEO公司太多了，市場環境非常分散，但我認為也存在著許多機會，我們只是想確保獲得正確的估值。從價格方面－從市場角度來看，我認為我們極具競爭力。我認為該市場的競爭格局並沒有發生太大變化，而且我認為我們非常有競爭力，這一點從我們今年上半年有機 PEO 的銷售額超出預期就能看出。因此，在今年上半年的初期，沒有任何干擾或事情發生，我們的有機 PEO 產品取得了非常好的銷售表現。

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

你的下一個問題來自美國銀行的傑森·庫柏伯格。

I wanted to ask a follow-up, just on Oasis. Just so we have the numbers right. I think originally, the expectation was for Oasis to generate $335 million to $375 million in revenue this year. Can you just help us get a sense of what the new range would look like, obviously just given the integration challenges that you talked about?

我想問一個後續問題，就關於 Oasis 而言。為了確保數字正確。我認為最初的預期是 Oasis 今年的營收將達到 3.35 億至 3.75 億美元。您能否幫我們大致描述一下新產品系列的外觀，當然，這其中也考慮到了您剛才提到的整合方面的挑戰？

I think, Jason, we're still in that range, but we're certainly towards the lower end of that range.

傑森，我認為我們仍然在這個範圍內，但我們肯定已經接近這個範圍的下限了。

Okay. Got it. And then just on the sales force side of Oasis. I mean, I guess as you went through the integration process, was there any unexpected uptick in voluntary turnover among Oasis salespeople?

好的。知道了。然後就是 Oasis 的銷售團隊方面。我的意思是，我想問的是，在你們進行整合的過程中，Oasis 銷售人員的自願離職率是否出現了意料之外的上升？

Yes, Jason, I think we lost a few. It was a very -- we started making changes to underwriting process and sales comp and things like that at the beginning. It's pretty minor number. But we lost a few, because at the same time you had some PE firms buying up a couple of other small companies that were trying to attract sales reps. So I think we lost a few. I wouldn't say it was -- it was not a big number, and then that put us a little behind ramping up the sales force to the number that we wanted, which we're back at now. So that's a bit of what we encountered at the beginning.

是的，傑森，我想我們損失了一些人。一開始，我們就開始對承保流程、銷售佣金等進行改革。這是一個很小的數字。但我們損失了一些人，因為同時，一些私募股權公司收購了幾家其他的小公司，而這些小公司正試圖吸引銷售代表。所以我覺得我們損失了一些人。我不會說這是一個很大的數字——這個數字並不大，這也導致我們在將銷售團隊擴充到我們想要的規模方面稍微落後了一些，不過我們現在已經恢復正常了。以上就是我們最初遇到的一些情況。

Okay. And then just a final clarification, Efrain. Just on the EPS side, I know, because there's a couple of EPSs out there. So diluted EPS, you did uptick, but your adjusted EPS growth expectations are unchanged, correct? And I think that's the number you focus on more.

好的。最後還有一個問題需要澄清，埃弗雷恩。就 EPS 而言，我知道，因為市面上有一些 EPS 產品。所以稀釋後每股盈餘確實有所成長，但您調整後的每股盈餘成長預期保持不變，對嗎？我認為你應該更關注這個數字。

That's correct. Because -- yes, that's reflecting -- well, we focused on both, Jason, but that's reflecting taxes. I mean look, I get the question frequently, why do you guys call that out? I think in an effort to be transparent about what we think is underlying operating performance and what's underlying financial performance. Underlying operating performance, we exclude the impact of stock comp. Not everyone does, we do. And then financial performance is what it is. So that's what we're trying to be clear on.

沒錯。因為——是的，這反映了——嗯，我們兩者都關注了，傑森，但這反映了稅收。我的意思是，你看，我常被問到這個問題，你們為什麼要指出這一點？我認為，我們應該努力做到透明，明確我們認為什麼是實際經營業績，什麼是實際財務表現。基本經營績效方面，我們排除了股票價格調整的影響。不是每個人都這樣做，但我們這樣做。財務業績就是這樣。所以，這就是我們想要弄清楚的事情。

Your next question comes from the line of Tien-Tsin Huang with JP Morgan.

你的下一個問題來自黃天心與摩根大通的合作。

The ancillary services. Can you give us an update on penetration from the services like time attendance and retirement services? How much more room is there to go?

輔助服務。能否提供一下考勤服務和退休服務等服務的滲透率最新情況？還有多大的發展空間？

Tien-Tsin, sorry for the mispronunciation, but for some reason, at the beginning of the question, we didn't -- you didn't come in.

天心，很抱歉發音錯誤，但不知何故，在問題開始時，我們沒有——你沒有進來。

You cut out. Yes.

你退出了。是的。

So we didn't hear the full question. So to answer it, if you -- could you repeat it? You mind repeating it?

所以我們沒聽到完整的問題。所以為了回答這個問題，如果你──你能再說一次嗎？你介意再說一次嗎？

Yes. No, happy to. Hopefully, this is a little better. Just the penetration rate of some of the ancillary services? Like time and attendance, retirement services, I think both were called out as being positive. Where are you in that?

是的。不，我很樂意。希望這樣稍微好一點。只是一些輔助服務的滲透率？就像考勤制度和退休服務一樣，我認為這兩項都被稱讚為積極的方面。你在其中扮演什麼角色？

Yes. We're definitely picking up. We don't give detailed penetration rates on those, but we definitely are picking up penetration across the baseline time and attendance, retirement continues to go up. The other thing on retirement that has been very helpful to us is in the mobile app, we've not -- we have released probably 6 months ago, where you could sign up on the mobile app, I think I've talked about it before, as opposed to all of the paper that employees of our clients would go through. So the participation rate is up and that's now retaining more 401(k) clients that otherwise would have dropped out because they didn't have the correct participation of their employee base. So we're -- not only are the sales stronger, but the retention of 401(k) and retirement is stronger as well. Health and benefit insurance up -- ticking up a bit as well. Of course, we're still strong on the insurance side, and we've linked the PEO to our agency. Being a top-20 agency we have -- if you don't qualify for underwriting in the PEO, we take you over to the insurance agency to write you. We have a very unique offering at that point by the ability to do that. So I think all have picked up pretty strongly. Those are certainly the best that I can think of right off hand right now.

是的。我們肯定正在好轉。我們沒有提供這些方面的詳細滲透率，但我們確實看到，在基準時間和出席率方面，滲透率正在上升，退休人數也持續增加。退休方面，還有一件對我們非常有幫助的事情，那就是我們大約 6 個月前推出的行動應用程式。用戶可以透過應用程式註冊，我想我之前也提到過，這樣就省去了我們客戶員工需要填寫的所有紙本文件。因此，參與率提高了，現在留住了更多 401(k) 客戶，否則這些客戶會因為員工參與率不足而退出。因此，不僅銷售額更高，而且 401(k) 和退休金的保留率也更高。健康保險和福利保險費用上漲—也略有上漲。當然，我們在保險方面仍然實力雄厚，我們已經將 PEO 與我們的代理商聯繫起來。作為排名前 20 名的代理機構，如果您不符合 PEO 的承保條件，我們會將您轉介到保險公司為您辦理保險。憑藉這種能力，我們在這一點上擁有非常獨特的優勢。所以我覺得所有產品都賣得相當不錯。這些確實是我現在能想到的最好的方法。

Yes. So Tien-Tsin, we fully update those at year-end. But I think just to underscore what Marty said, we're trending above where we ended last year. And if you look at it from a revenue standpoint and break out the revenue on each of those areas that we called out time and attendance, HR and retirement services, those are trending above where management solutions as a whole is growing. So we're experiencing good results. And by the way, just want to make sure that it's clear. That is our strategy. Our strategy is to approach a client and sell them on the full bundle, which is why we present the revenue in the way we do.

是的。所以天心，我們會在年底全面更新這些數據。但我認為，正如馬蒂所說，我們目前的趨勢比去年年底的水平要好。從收入的角度來看，如果我們把我們提到的考勤、人力資源和退休服務等各個領域的收入分開來看，就會發現這些領域的成長趨勢高於整個管理解決方案的成長趨勢。所以，我們取得了不錯的成果。順便問一下，我只是想確認一下是否清楚。這就是我們的策略。我們的策略是接近客戶並向他們推銷全套服務，這就是我們以這種方式呈現收入的原因。

Right. Yes. No, it's been clear you want to drive up revenue per. So I get that. So just as a quick follow-up then. And I know, Marty, you mentioned -- I remember last quarter you talked about improving enrollment on 401(k), what have you. So sensitivity to AUM and asset value, given some of the move up here, I'm curious is there an update or any rule of thumb we can use? Because the equity market has been strong, it sounds like that that's helping you quite a bit here, maybe.

正確的。是的。不，很明顯你想提高每單位收入。我明白了。那麼，我再簡單跟進一下。我知道，馬蒂，你提到過——我記得上個季度你談到了提高 401(k) 計劃的參與率等等。鑑於資產管理規模和資產價值的敏感性，以及這裡的一些上漲行情，我很好奇是否有更新的資訊或任何經驗法則可以使用？由於股市表現強勁，這聽起來或許對你有很大的幫助。

Yes. That's a good question. So it's really assets under administration, Tien-Tsin. We'll have to come back. It's not a huge number, so we wouldn't anticipate a significant change. But in the back half of the year, as we get into -- thinking a little bit about next year, we'll talk about it. Right now, I don't think it would be a significant -- unless it was something dramatic in the market, wouldn't be significant, in the order of pennies in terms of EPS, but we'll update as we go through the year.

是的。這是個好問題。所以，這其實是受託管理的資產，天心。我們得再來一次。這個數字並不大，所以我們預計不會有重大變化。但到了下半年，當我們開始思考明年的時候，我們會討論這個問題。目前來看，我認為這不會造成重大影響——除非市場出現劇烈波動，否則對每股收益的影響不會很大，可能只有幾美分，但我們會隨著年內的發展進行更新。

Your question comes from the line of Bryan Keane with Deutsche Bank.

你的問題來自德意志銀行的布萊恩‧基恩。

Yes, to me, it sounds like the Oasis, a little bit of an integration challenges, more onetime in nature. So I'm trying to think about what the normalized organic growth rate for Oasis might be post 1 year out?

是的，在我看來，這聽起來像是綠洲，有點融合方面的挑戰，更像是一次性的。所以我想問大家，Oasis 一年後的正常有機成長率可能是多少？

Yes. So when we bought them, people asked me this, they were growing kind of mid- to upper-single digits organically. That's where they were. They -- we expect that we will be able to bump that growth rate with additional salespeople. Obviously, as Marty mentioned, we're off to a slow start there. But our expectation is we can get it growing above those rates in the future. We've got to get through this year, get through the disruption of this year.

是的。所以當我們買下它們的時候，人們問我這個問題，它們的自然成長率大概在個位數中高段位。他們當時就在那裡。我們預計，透過增加銷售人員，我們將能夠提高成長率。顯然，正如馬蒂提到的那樣，我們開局緩慢。但我們預期未來其成長率可以超過這些水準。我們必須挺過今年，挺過今年的種種動盪。

Yes. Guessing that the growth rate this year will be a little bit below their historical average as a result?

是的。我猜今年的成長率會因此略低於歷史平均？

Yes. It will.

是的。會的。

Yes. And then 1 follow-up I had on the revenue per client increase. It also sounded like you're getting a little bit of higher price realization. Just trying to figure, is that normal higher prices? Or is that something that you're seeing a little bit different, a little bit more pricing power than usual?

是的。然後，我又跟進了一次關於每位客戶收入成長的問題。聽起來你的成交價似乎也略高一些。我只是想弄清楚，這是正常的高價嗎？或者說，你觀察到的情況略有不同，供應商的定價權比以往更大？

I think we've had a little bit more pricing power this year than other years. I think that we do a lot of work on the analytics side to understand how to price each client. I think we've done a good job on the pricing side to do that. So you hope every year, there's opportunities to do it. Obviously, we hope to hold that kind of pricing power, but every year brings another set of challenges. And it also depends on competition. So while I think the level of competitive intensity remains high, it certainly has dramatically increased. And one thing we haven't talked about, Bryan, which I think is important is we're having a really good year to begin the year in our mid-market business, which also helps management solutions. So a continuation of those trends in the back half of the year going into next year then has a solid, I was going to say buoyant effect. That's a little bit too strong, but a positive effect on management solutions revenue.

我認為我們今年的定價權比往年更大。我認為我們在分析方面做了很多工作，以了解如何為每位客戶定價。我認為我們在定價方面做得很好。所以你希望每年都有機會這樣做。顯然，我們希望維持這樣的定價權，但每年都會帶來新的挑戰。這也取決於競爭情況。所以，雖然我認為競爭強度仍然很高，但肯定已經大幅提高了。布萊恩，還有一件事我們還沒談到，我認為很重要，那就是我們在中端市場業務方面開局非常好，這也有助於管理解決方案的發展。因此，如果這些趨勢在下半年延續到明年，那麼將會產生強勁的，我本來想說是提振作用。這有點太強了，但對管理解決方案收入有正面影響。

I think the investments are really paying off that we've made in the product and the technology on the HR side, the mobile app, those things are paying off. And as Efrain said, mid-market is really coming on strong. We've had a couple of years where it wasn't as strong as we would have liked, but we're feeling this year -- well, certainly, we're seeing this year, the first half of the year, and now -- we can tell you more after this quarter, but it feels really solid about the performance there on the sales side and retention side.

我認為我們在產品和人力資源方面的技術投入，以及行動應用程式的投入，都正在取得成效。正如埃弗雷恩所說，中端市場發展勢頭強勁。過去幾年，我們的業績沒有達到預期，但我們感覺今年——當然，我們指的是今年上半年，以及現在——我們可以在本季度結束後告訴你更多信息，但就銷售和客戶留存方面而言，我們的業績感覺非常穩健。

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

你的下一個問題來自北海岸研究公司的 Kartik Mehta。

Efrain, just to maybe get a little bit more color on the pricing comments you made for the payroll business. I'm wondering, from a competition standpoint, have you seen a change, are your competitors getting less aggressive? Or is this strictly a Paychex issue where you're able to raise prices? And maybe the competition for new business is still the same?

Efrain，我想就你之前對薪資業務定價的評論再補充一些細節。我想知道，從競爭的角度來看，您是否注意到變化？您的競爭對手是否變得不那麼咄咄逼人了？或者這只是 Paychex 的一個問題，你們有權利提高價格？或許，爭奪新創事業的競爭格局依然如故？

I think it's primarily internal. I think we have -- I think our algorithms internally get better and better every year. And I think we understand what clients are okay with certain price increases and what clients are not. I think you have to be very -- do it with a great -- a lot of care. If you raise prices carelessly, you end up creating shopping behavior. I think the other part is that there are -- I think the strength of our model permits us to understand because of the level of customer intimacy we have, permits us to understand what segments of the client base we can get better pricing out of. So I think it's more internal than it is external, but I think it's important in that equation that the rest of the market is not acting irrationally from a price standpoint.

我認為這主要是內部問題。我認為我們——我認為我們內部的演算法每年都在不斷改進。我認為我們了解哪些客戶可以接受一定的價格上漲，哪些客戶不能接受。我認為你必須非常——非常——非常謹慎地去做。如果隨意提價，最終會造成消費者的購物行為。我認為另一部分是——我認為我們模式的優勢在於，由於我們與客戶建立了密切的聯繫，我們能夠了解我們可以從哪些客戶群中獲得更優惠的價格。所以我認為這更多是內部因素而非外部因素，但我認為在這個等式中，市場其他部分在價格方面沒有表現出非理性行為是很重要的。

And then, Marty, just on the PEO M&A question, I know you said obviously, valuations are everywhere. But just from a Paychex standpoint, you said Oasis, you want to get this integration done, maybe it didn't go as smoothly in the beginning as you wanted. Has that slowed down, maybe M&A? Would you wait a little while and get Oasis running to the point you want before you acquire another PEO? Or do you think you're in a position where, if an asset came up, you'd be -- you're ready to acquire it?

還有，Marty，關於 PEO 併購的問題，我知道你說過，估值顯然無所不在。但就 Paychex 而言，你提到了 Oasis，你想完成這次整合，也許一開始進展得不像你希望的那樣順利。這種趨勢是否已經放緩，或許是因為併購活動？您能否稍等一段時間，讓 Oasis 的營運達到您想要的水平後再考慮收購另一家 PEO？或者，您是否認為自己處於這樣的位置：如果有合適的資產出現，您已經準備好收購它？

No. I think, Kartik, we're very much in position, and we really feel like Oasis is in good shape now. It was really this kind of first half of the year that was most of the integration, kind of just a lot of changes that we had to make that always cause some slowdown. But I think, no, we're very much ready. And in fact, looking at a number of things today that are out there and available. And no, I think from a management leadership standpoint and our organization. Now we're very much ready. Remember how large -- Oasis was the largest private PEO in the country. So you knew you were going to have some integration there that we had to do more, but as far as everything else from HROI to all the acquisitions we've done, we've had a very solid track record from integrating and then hitting or beating the numbers that we expected from those acquisitions.

不。卡爾蒂克，我覺得我們現在處境非常有利，我們真的感覺綠洲樂團現在狀態很好。今年上半年主要是整合階段，我們必須進行許多變革，這總是會導致一些進展放緩。但我認為，不，我們已經做好了充分的準備。事實上，看看如今市面上許多可用的產品和服務。不，我認為從管理領導的角度來看，以及從我們組織的角度來看都是如此。現在我們已經做好了充分的準備。還記得它有多大嗎？ Oasis 曾是全美最大的私人 PEO 公司。所以你知道我們需要進行一些整合工作，但就其他方面而言，從人力資源投資回報率到我們所做的所有收購，我們在整合方面都有著非常可靠的記錄，並且達到了甚至超過了我們對這些收購的預期目標。

Your next question comes from the line of Lisa Ellis with MoffettNathanson.

你的下一個問題來自 Lisa Ellis 與 MoffettNathanson 的對話。

First one for me is on the rollout of the Pay-on-Demand product. You called out, I think that you just launched one of them in in the prepared remarks. But if I recall correctly, I think you're launching 2, right, one that's more targeted toward employers and one targeted at employees? Can you just give us a little more color on the exact timing and the monetization models for those 2 products?

對我來說，首要任務是推出按需付費產品。我認為你剛才在準備好的演講稿中提到了其中一個問題。但如果我沒記錯的話，你們好像要推出兩款產品，對吧？一款面向雇主，一款針對員工？能否詳細介紹一下這兩款產品的具體上市時間和獲利模式？

Yes. Sure, Lisa. The one we rolled out this month, a few weeks ago, was the one for employees. That was the basically Pay-on-Demand. And as I mentioned, it's an expanded, we think options better than most have out there. This is -- you can not only select when you want the money but not only -- and not only put it in your bank account, but you can put it on a pay card if you want. You can put it in your Amazon account, you can put it in your PayPal account. We think this has the broadest selection of options and flexibility that we've seen in the marketplace and we get a percentage. Obviously, we're doing that with a third party, and we get a percentage of that back into the business. And we think, for the most part, though, that the monetization of that is really in the retention of the clients and their employees that we're adding another thing to get to employees that's going to want them to stay with Paychex, stay with the mobile app, stay with the pay flexibility, et cetera, which is going to be good for the clients in a very tight labor market. In the real-time payments, which is really more geared toward the clients, as you mentioned, that's geared toward the end of the first quarter of the calendar year, as it consistently has. It's right on track, and we feel that we'll be one of the first to offer real-time payments. There will be a charge for that, as we've mentioned in the past. We're still working through all of that in looking at the marketplace and so forth. But as we get closer to rolling that out, on schedule, then we'll -- we can talk about the monetization of it.

是的。當然可以，麗莎。我們本月推出的版本，也就是幾週前推出的版本，是針對員工的。那基本上就是按需付費模式。正如我之前提到的，這是一個擴展的、我們認為比市面上大多數產品更好的選擇。這意味著——你不僅可以選擇何時要錢，而且不僅可以存入你的銀行帳戶，如果你願意，還可以存入支付卡。你可以把它存入你的亞馬遜帳戶，也可以存入你的PayPal帳戶。我們認為這是市場上我們所見過的選擇範圍最廣、彈性最高的產品，而且我們還能從中獲得一定比例的效益。顯然，我們是透過第三方來完成這項工作的，我們會從中獲得一定比例的收益用於公司營運。不過我們認為，在很大程度上，其獲利模式的真正價值在於留住顧客及其員工。我們正在增加一項新舉措，以吸引員工繼續使用 Paychex、行動應用程式和靈活的支付方式等等，這在勞動力市場非常緊張的情況下對客戶來說是件好事。正如您所提到的，即時支付實際上更側重於客戶，而且一直以來都是在日曆年第一季末進行的。一切進展順利，我們相信我們將成為首批提供即時支付服務的公司之一。正如我們之前提到的，這將收取費用。我們仍在研究市場等各個方面，並努力理清所有這些問題。但是，隨著我們按計劃逐步推出這項服務，到那時我們就可以討論它的獲利模式了。

Terrific. And then second one for me. Maybe, Marty, can you comment on how the new -- it looks like this, the AB5 law impacting gig workers in California is going to go into effect. Can you comment just on how you see that type of law impacting Paychex? And what -- how you'd handicap your expectation that, that spreads across the country?

了不起。然後是我的第二個。馬蒂，你能否談談這項新的——看起來是這樣——影響加州零工勞動者的 AB5 法案將如何生效？您能否談談您認為這類法律會對 Paychex 產生怎樣的影響？那麼——你如何評估這種預期在全國蔓延的可能性呢？

Yes. I think -- it's funny, 2 years ago, the gig economy was very big and expected to kind of take over employment, and then it really has kind of quieted down to a certain degree. I think those laws and similar ones will come up. I think it's the flexibility that we want to give employees. I think it'll be picked up by states, like you said, like California and New York, places like that first. I think we'll be ready to handle that. And I think, frankly, having a mobile app, having Pay-on-Demand, having flexible retirement plans things like that, we're very well -- we're pretty well geared for that, and we're continuing to look at our product set to see how we can do things more -- even more around an employee versus an employer, which has obviously been our model for many years. So I'd say it's still early stages, but it's still pretty early on the gig economy too, that seem to be the -- it was going to be the wherewithal -- it was going to be everything a few years ago, but it's quieted down. I think we're able to handle some of that now, and we're continuing to look at our product set with our Head of Product to see what else we can do to make it easy and to be able to comply with any new employment laws that come out.

是的。我覺得——這很有趣，兩年前，零工經濟規模非常大，人們預期它會取代傳統就業，但現在它在某種程度上已經平靜下來了。我認為這些法律以及類似的法律都會被提出來。我認為這是我們想要給予員工的彈性。我認為它會像你說的，首先被加利福尼亞州和紐約州等州採用。我認為我們能夠應對這種情況。坦白說，我認為，有了行動應用程式、按需支付、靈活的退休計劃等等，我們已經做得非常好了——我們在這方面已經做好了充分的準備，我們正在繼續審視我們的產品組合，看看我們如何做得更好——更加圍繞員工而不是雇主，這顯然是我們多年來的模式。所以我覺得現在還處於早期階段，零工經濟也還處於相當早期的階段，它似乎——幾年前它本應是萬能的——它本應是一切，但現在卻平靜了下來。我認為我們現在已經能夠處理其中的一些問題了，我們正在和產品負責人一起繼續審視我們的產品組合，看看我們還能做些什麼來簡化操作，並遵守任何新出台的勞動法規。

Okay. Great. Yes, and I guess just to like completely clarify. I think this law impacts like workers that'll be classified as like W-2 full-time employees versus ones that are classified as contractors. But you currently essentially cover or process payroll for both of those, right? I mean, does this...

好的。偉大的。是的，我想徹底澄清一下。我認為這項法律會影響到那些被歸類為 W-2 全職員工的工人，以及那些被歸類為合約工的工人。但目前你們基本上負責這兩者的工資發放或處理，對嗎？我的意思是，這樣做…

Yes.

是的。

Yes. Yes. So it's sort of a neutral effect?

是的。是的。所以這算是一種中性影響嗎？

Yes. Correct. Neutral effect right now. Yes, that we -- I was thinking more of a wider look at that issue of the whole gig economy, and there's a real opportunity there. But you're right, yes, we cover both of those now, whether they're contractors, 1099s or W-2s, either way.

是的。正確的。目前影響中性。是的，我當時想的是從更廣泛的角度來看待整個零工經濟問題，那裡確實存在著一個機會。但你說得對，是的，我們現在涵蓋這兩種情況，無論是承包商、1099 表格還是 W-2 表格，都一樣。

Your next question comes from the line of Bryan Bergin with Cowen.

你的下一個問題來自 Bryan Bergin 與 Cowen 的對話。

Wanted to ask on margins, so the maintained margin guide following a good first half here, is there a ramp in the investments absorbing this somewhat in the second half? Or maybe is it a function of just getting Oasis back on the path you expected? Or is it more broad than that? If you can just go into some of the moving pieces?

我想問利潤率方面的問題，鑑於上半年業績良好，利潤率指導方針保持不變，那麼下半年投資是否會逐步增加以部分吸收這部分利潤率的影響？或者，這或許只是讓 Oasis 重回正軌，走上你預期的道路？還是它的範圍更廣？如果可以的話，請您詳細講解其中的一些環節？

I think, Bryan, when you look at first half versus back -- I'm sorry, second half versus first half, the key thing that occurs is that in Q4, you have your highest margin quarter. So you have expenses that are -- that don't ramp anymore because now you've anniversaried Oasis. And so expense growth is more moderate, but then revenue is higher, particularly in the third quarter where margins typically are going -- approaching or above 40%. So I think that's what drives it. That quarter is unique in terms of the amount of revenue that it has, and then the fourth quarter also has a high revenue and expenses aren't ramping along with the revenue in driving margins higher.

我認為，布萊恩，當你比較上半年和下半年——抱歉，是下半年和上半年——你會發現關鍵在於第四季度，這是利潤率最高的季度。所以你的支出不再像以前那樣不斷增加，因為你現在已經慶祝了 Oasis 週年紀念日。因此，支出成長較為溫和，但收入卻更高，尤其是在第三季度，利潤率通常會達到或超過 40%。所以我認為這就是驅動它的原因。該季度收入數額龐大，實屬特殊；而第四季收入也很高，但支出卻沒有隨著收入的增長而相應增加，從而導致利潤率上升。

Okay. I wanted to follow up then also on the on-demand pay product. Can you just talk about some of the early adoption levels on the employee side? And how should we think about the funding mechanisms of these pay products and any potential impacts to the full portfolio?

好的。我當時還想跟進一下按需付費產品的狀況。能談談員工方面早期採用情況的一些情況嗎？我們應該如何看待這些支付產品的融資機制以及對整個產品組合可能產生的任何影響？

No, it's all done through third parties. So there won't be any impacts on our float. We're not taking any of the risk on it or anything else. We're just getting a percentage of the fees that are paid. And it's very early -- Bryan, it's very early in the adoption. I mean we've heard certainly the demand for it, but it just -- we rolled it out a few weeks ago. So it's really too early to say. But there seems to be a great demand for it. And again, I think this is the most full-featured from our full flexibility from an opportunity. So we're anxious to see how it goes. I'd be able to give you a better read after the next quarter.

不，這一切都是透過第三方完成的。所以不會對我們的浮標造成任何影響。我們不承擔任何風險，也不承擔任何其他風險。我們只能獲得所支付費用的一部分。現在還處於非常早期的階段——布萊恩，收養這件事還處於非常早期的階段。我的意思是，我們當然聽到了市場對它的需求，但是——我們幾週前才推出它。所以現在下結論還太早。但似乎市場對它的需求很大。再次強調，我認為這是我們提供的最大彈性中最全面的機會。所以我們很想看看結果如何。下個季度結束後，我應該能給你更精確的解讀。

Okay. That's fair. And Efrain, just a last one on Oasis. You lapped acquisition over, I guess part of the third quarter. Anything to call out in the expected contribution of Oasis to 3Q? Anything seasonal in that mix between the 2 segments to note here?

好的。這很合理。還有埃弗雷恩，這是關於綠洲的最後一件事。我猜你們的收購工作是在第三季的一部分時間完成的。Oasis對第三季業績的預期貢獻有什麼需要特別指出的嗎？這兩個部分混合在一起，有什麼需要注意的季節性因素嗎？

Nothing that's not contemplated in the guidance. Yes, nothing significant.

指南中已考慮到的所有事項。是的，沒什麼大事。

Your next question comes from the line of Samad Samana with Jefferies.

你的下一個問題來自 Samad Samana 與 Jefferies 的合作。

So the company has mentioned mid-market strength multiple times in the call this morning. I was curious if maybe you can give us an idea of what the average number of employees for new deals in the quarter look like? Just to see if it's -- how much it's impacting the mix versus the historical average closer to about 16 employees? And then I have 1 follow-up question.

所以，該公司在今天早上的電話會議中多次提到了中端市場的強勁表現。我想請問您能否大概介紹一下本季新交易的平均員工人數？只是想看看它對員工組成的影響有多大——與歷史平均水平（約 16 名員工）相比？我還有一個後續問題。

It definitely is much larger than that. So it would pull that mix up. We don't normally give that number out, Samad. But I mean it's much -- it's -- I would say look, somewhere between probably 50 to 150, give you a wide range, but the average is somewhere under 100 kind of thing on a client ID perspective. So it's much larger than that 15 or 16. That's what pulls that up.

它肯定比那大得多。這樣它就能把那個混音版本調出來。薩馬德，我們通常不會透露那個號碼。但我的意思是，這個數字很大——我估計大概在 50 到 150 之間，範圍比較廣，但從客戶端 ID 的角度來看，平均值應該在 100 以下。所以它比15或16大得多。就是它把那個結果調出來的。

Yes. I guess I was wondering more about what the overall average then would have been for this quarter? Just to kind of get a sense of how much it's pulling up the overall average?

是的。我當時更想知道的是，這個季度的整體平均值會是多少？只是想大致了解一下它對整體平均的拉升幅度有多大？

It's -- right now, it's pretty consistent. So I don't think it's moving it enough. I think we -- I don't know if we really give that out other than annual, if that. But it has some -- I think it would have some adjustment, but not much, pretty consistent.

目前來看，情況相當穩定。所以我覺得它推進得還不夠。我想我們——我不知道除了每年一次之外，我們是否真的會發放這種東西，如果有的話。但我覺得它需要一些調整，但不多，相當穩定。

Okay. And then maybe just as a follow-up, as I think about the sales headcount investments that you're making. Is there -- other than the products that you guys have rolled out, as I think about the mid-market, are you also hiring reps that are more geared toward selling to that 50 to 150 employee type of customer? And should we see, as we think about the ramping investments in the back half, should we continue to see that trend in terms of the type of salesperson you're hiring as well?

好的。然後，作為後續補充，我想談談你們在銷售人員方面的投資。除了你們已經推出的產品之外，就中階市場而言，你們是否也在招募更適合向擁有 50 到 150 名員工的客戶銷售產品的銷售代表？那麼，當我們考慮下半年加大投資力道時，我們是否也應該看到這種趨勢延續到你們招募的銷售人員類型呢？

Yes, I think we definitely are. We're promoting some from within and from a career path standpoint, and we're always excited about that. And by the way, that market goes anywhere -- I don't want to get you the sense that, that's only to what that market is. That market goes anywhere from 20 -- frankly, 20 or 30 employees these days to 1,000. But I would say it's primarily in that 20 to 500 space, but it goes pretty broad. Yes, we're hiring people with more experience, some from competitors, some from other industries and then promoting some as well from internally, and we'll continue to invest in that. We're pretty much up to full -- up to full hires where we are now, but we're always looking for good people and I think success is helping us, from that standpoint, recruit as well. That always helps.

是的，我認為我們肯定是。我們正在從內部提拔一些人才，從職涯發展的角度出發，我們對此總是感到很興奮。順便說一句，這個市場可以去任何地方——我不想讓你們覺得，這個市場僅限於此。這個市場的規模從 20 人（坦白說，現在可能只有 20 或 30 名員工）到 1000 人不等。但我認為主要集中在 20 到 500 之間，但範圍相當廣泛。是的，我們正在招募更有經驗的人才，有些來自競爭對手，有些來自其他行業，同時也會從內部提拔一些人，我們將繼續在這方面進行投資。我們目前的人員配備基本上已經飽和，但我們一直在尋找優秀的人才，我認為從這個角度來看，成功也有助於我們的招募工作。那總是有幫助的。

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

你的下一個問題來自 BMO 資本市場的 Jeff Silber。

I know the call has been going long. I just had a quick follow-up actually for Efrain. I know you don't give a fiscal '21 guidance. But at least in terms of tax rate, is the tax rate that we're using or you're guiding for this year, is that something we should use for next year as well?

我知道通話已經持續很久了。我其實只是想快速跟進一下埃弗雷恩的情況。我知道你們不提供 2021 財年的業績指引。但至少就稅率而言，我們今年採用的或你們指導的稅率，明年也該繼續採用嗎？

Yes, Jeff, look, I'm going to say right now, I don't see significant things that would change it. State taxes and stock comp expense move it, but it's probably not a bad proxy right now.

是的，傑夫，聽著，我現在就要說，我看不出有什麼重大的事情會改變這種情況。州稅和股票補償支出會影響它，但就目前而言，它可能是一個不錯的替代指標。

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

你的下一個問題來自大衛·格羅斯曼與史蒂費爾的合作系列。

So each of the PEOs reported some issue in the most recent quarter, and while each was different, there was typically some element of health insurance involved. So can you provide some context to -- in contrast to what you're experiencing and what may or may not be happening industry wide?

因此，每個 PEO 在最近一個季度都報告了一些問題，雖然每個問題都不相同，但通常都涉及健康保險方面的一些問題。那麼，您能否提供一些背景信息，將您目前的經歷與整個行業可能正在發生或尚未發生的事情進行對比？

Yes. I guess I'd say, I don't think -- when we look at it, if you looked at retention in particular, and now we're through a couple of renewals, I would say it was a pretty fair -- I think there's always a combination of underwriting and tightening up where we want our performance to be from a medical loss ratio, and we're pretty conservative and careful on that and what we're -- and our underwriting standards. And so I think that had some impact on retention. But I don't think we had any necessarily abnormal impact on the rates that we got themselves. I think we got pretty fair renewals overall from the carriers, and then we have our own self-insured plan. I think we're performing pretty well there, and I don't think the carriers gave us anything that was that difficult. I think we just -- we have a little bit tighter underwriting standard that we wanted to put in place or, I guess, tighter than what -- at least what it was, and that had some impact on some clients. On the other hand, David, the nice thing about us is we can take some of them over then to the insurance agency and write them through the carriers as opposed to taking the underwrite -- or the -- some of the risk on ourselves. So I don't think -- I think in contrast, I don't think we saw anything. I don't feel like we saw really anything that abnormal from the carriers in the renewals themselves, which bodes -- to me and for us, I think bodes well for the future. There was no abnormality there that should continue or anything.

是的。我想說，我認為——當我們審視這個問題時，特別是如果你看一下續保率，現在我們已經完成了幾次續保，我認為這是一個相當不錯的結果——我認為總是存在承保和收緊我們想要達到的醫療損失率水平的雙重因素，我們在這方面以及我們的承保標準都非常保守和謹慎。所以我認為這對顧客留存率產生了一定影響。但我認為我們並沒有對我們自身獲得的利率產生任何異常影響。我認為我們從保險公司得到的續保金額總體上還算合理，而且我們還有自己的自保計劃。我認為我們在那裡的表現相當不錯，而且我認為航空公司並沒有給我們任何太難的任務。我認為我們只是——我們想實施一個更嚴格的承保標準，或者說，比以前的標準更嚴格一些，這對一些客戶產生了一定的影響。另一方面，大衛，我們的優勢在於我們可以把其中一些項目交給保險公司，透過保險公司進行承保，而不是自己承擔承保風險。所以我覺得──相反，我覺得我們什麼也沒看到。我覺得在續保過程中，運營商方面並沒有出現任何異常情況，這對我個人和我們來說，都是一個好兆頭，預示著美好的未來。那裡沒有任何異常情況應該持續下去。

Got it. And then just going over into the mid-market, and I know that has come up several times. But if you just had to isolate one thing that's changed most that may have impacted the momentum in that business, what do you think that is? And do you think you're gaining share? Or you just think you're doing a better job of retaining your clients as they migrate into that kind of mid-market category?

知道了。然後就進入中端市場，我知道這個問題已經被討論過好幾次了。但如果要找出對該業務發展動能影響最大的一件事，你認為那是什麼？你認為你的市佔率正在成長嗎？或者你只是認為，隨著客戶向中端市場轉型，你在留住客戶方面做得更好？

Yes. I think the one thing is definitely the technology investment. I mean look, we had a solid sales force and great sales leadership there and operational and service performance. And -- but I think the biggest change has been the technology investment over many years now, but it's really come to fruition the last few years, in particular, as everything has come together, the mobile app, the HR administration, the data analytics, the artificial intelligence work, everything that has come together now. We have a fully integrated solution for a mid-market that is very simple to use. And we're -- I think that has really shown in the sales performance, particularly this year, but we could start it the last half of last year and then the first half of this year, the sales performance is better and the retention as well. But I really think it's the technology on top of good sales and operations leadership and performance. And by -- and just to tell you, I think we are taking some share. But I -- you do know -- as you know, that is a growing market for all players, and we just haven't gotten as much of our fair share in the last few years, in my opinion, as we should have, and we had to get the technology really to all pull together. We kept introducing good products, but now we pulled it together. And we also now have moved to say, hey, if you want a product integration, if you want something, if you have the best HR, time and attendance that you think is better than ours, we'll build the product integration for you as well, or we have the product integration already through APIs. And so I think all of that has really helped, but I think the technology would be the #1 biggest thing.

是的。我認為關鍵一點肯定是技術投資。我的意思是，你看，我們當時擁有一支強大的銷售團隊和優秀的銷售領導團隊，而且營運和服務績效也很好。而且——但我認為最大的變化是多年來的技術投資，尤其是在最近幾年，隨著所有技術的融合，行動應用程式、人力資源管理、數據分析、人工智慧工作，所有的一切現在都融合在一起，這些技術才真正結出了果實。我們為中階市場提供了一套完全整合的解決方案，使用起來非常簡單。我認為這一點在銷售業績中得到了充分體現，尤其是今年。但從去年下半年和今年上半年開始，銷售業績和客戶留存率都有所提升。但我真的認為，關鍵在於優秀的銷售和營運領導及業績之上的技術。順便說一句，我認為我們正在取得一些市場份額。但是，正如你所知，這是一個對所有參與者來說都在不斷增長的市場，在我看來，過去幾年我們並沒有獲得應有的份額，我們必須真正掌握技術，才能齊心協力。我們一直都在推出好產品，但現在我們終於把它們整合起來了。我們現在也開始說，嘿，如果您需要產品集成，如果您有其他需求，如果您擁有您認為比我們更好的人力資源、考勤系統，我們也可以為您構建產品集成，或者我們已經通過 API 實現了產品集成。所以我覺得這一切都起到了很大的幫助，但我認為技術才是最重要的。

Right. And just can you help size it for us? Or just give us some context so that we can think about how impactful it can be to the overall growth rate?

正確的。您能幫我們量一下尺寸嗎？或者，能否提供一些背景訊息，以便我們思考它對整體成長率的影響程度？

What do you mean, in terms of revenue, David?

大衛，就收入而言，你指的是什麼？

Yes. Yes.

是的。是的。

Yes. So mid-market revenue, if you look at it in terms of total payroll revenue. And we give you payroll, so I'm not giving you a number you can't figure out. It's been running about 25% or so of our overall payroll revenue. So you can figure out management solutions, you know what percentage is management solutions. You can get a sense of that bucket within management solutions. So if it accelerates, it's helpful. And I think that where it is helpful, and I think there was a discussion earlier about this. If you see continued trends, then over time, you see average client size go up, and that's positive. But also you have more opportunity to attach ancillaries when you get those clients.

是的。所以，如果你從總薪資收入的角度來看，那就是中端市場收入。我們會給你薪水單，所以我給你的數字你一定能算出來。它約占我們整體薪資收入的 25% 左右。這樣你就能找出管理解決方案，你就知道管理解決方案佔多大比例了。您可以透過管理解決方案來了解這個範疇。所以如果它加速，那就很有幫助。我認為這樣做是有幫助的，而且我認為之前也討論過這個問題。如果這種趨勢持續下去，隨著時間的推移，你會發現平均客戶規模不斷擴大，這是件好事。但當你獲得這些客戶時，你也有更多機會附加輔助服務。

Your next question comes from the line of Mark Marcon with Baird.

你的下一個問題來自 Mark Marcon 與 Baird 的對話。

Just a few follow-ups. First, just on the PEO side. When you talked about the carriers and what you're doing in terms of your own self-insurance on the health care cost, what rate of increase are you typically seeing as you go into next year for a like-for-like type plan?

還有一些後續問題。首先，就 PEO 這邊而言。當您談到保險公司以及您在醫療保健費用方面的自保措施時，對於類似的計劃，您通常會看到明年的成長率是多少？

Yes. I think, Mark, I would say, no one's giving you the exact increase. I would say it's pretty competitive with the market, in some cases, a little bit below. So part of -- following up on what Marty was saying, because we try to manage the book very conservatively, we ensure that we manage those losses tightly so that we can go out to market with rates that are competitive in the market.

是的。馬克，我覺得，沒有人會告訴你確切的漲幅。我認為它在市場上很有競爭力，在某些情況下，甚至略低於市場平均。所以，接著馬蒂剛才說的，因為我們努力以非常保守的方式管理帳簿，所以我們確保嚴格控制這些損失，以便我們能夠以具有市場競爭力的利率進入市場。

Right. I appreciate that. And then with (inaudible) I'm not sure if you're hearing that.

正確的。我很感激。然後（聽不清楚）我不確定你是否聽到了。

Yes.

是的。

Yes. You cut out a little bit there, Mark. Go ahead.

是的。馬克，你剛才漏掉了一點。前進。

With regards to the percentage of the clients that you're -- what percentage of your PEO clients actually are taking your insurance where you're self-insured for it?

關於您客戶的比例－您的 PEO 客戶中實際有多少比例的人選擇了您自行投保的保險？

Yes. So I'll flip it around. We don't give the exact clients. But if you look at PEO revenue, PEO revenue includes at-risk revenue of 35% to 40% of that revenue, and you can get to that because we give you a breakout [front row] as with any cost. So that gives you a sense. We don't break it out by specific client.

是的。所以我把它反過來。我們不會透露確切的客戶資訊。但如果你查看 PEO 收入，你會發現 PEO 收入中包含 35% 到 40% 的風險收入，你可以了解這一點，因為我們會像對待任何成本一樣，為你提供一份細分清單 [前排]。這樣你就能大概了解了。我們不按具體客戶進行細分。

Got it. And then with regards to the mid-market, you're obviously doing really well there. Can -- in terms of the new sales, is there any change, Marty, in terms of the composition of who you're getting those new clients from? Or how we should think about that with regards to -- there's still some -- a surprising number of companies out there with really old legacy systems versus some that have transitioned to newer systems. What's the composition look like in terms of the new sales that you're getting?

知道了。至於中端市場，你們顯然做得非常好。馬蒂，就新銷售而言，新客戶的組成是否有任何變化？或者我們應該如何看待這個問題——目前仍有相當數量的公司在使用非常老舊的遺留系統，而有些公司已經過渡到較新的系統。從新銷售來看，構成情況如何？

Yes. I think it's been a combination of taking some from competitors. And I would say I think it's probably this year, I would guess, it's run 50-50 on old legacy systems going to -- moving into a new platform, a software-as-a-service platform of ours and really moving up the technology, and then probably the other half is more something they didn't like from a competitive standpoint. So I think we're taking some from market share and then some from -- as the market expands itself, and it's probably roughly around half and half, I'd say, at least this year-to-date kind of thing. Because you know, that market, it does continue to expand and it's growing across -- it's -- the market itself is growing of those who just see the need, particularly in this tight labor market to have something that's going to help them hire and onboard with all of that, doing it paperlessly, then retaining them with integrated benefits and a mobile app and retirement plans, and so they're seeing a need that they have to go up that it's -- it definitely is more critical to them in a tight labor market to move onto a more modern system. And I think ours is appealing to a number of those prospects.

是的。我認為這是多種因素共同作用的結果，包括從競爭對手那裡借鑒一些東西。我認為今年大概有 50% 的用戶還在使用舊的遺留系統，而有 50% 的用戶正在遷移到我們自己的軟體即服務平台，真正實現技術升級；而另一半用戶可能更多是出於競爭方面的考慮，他們不喜歡某些東西。所以我認為，一部分來自市場份額，一部分來自市場擴張，大概各佔一半吧，至少今年到目前為止是這樣。因為你知道，這個市場一直在擴張，而且正在不斷增長——市場本身也在增長，尤其是在當前勞動力市場緊張的情況下，那些看到需要某種工具來幫助他們招聘和入職員工，實現無紙化操作，然後通過整合福利、移動應用程序和退休計劃來留住員工的人，因此他們意識到，在勞動力市場緊張的情況下，升級到更現代化的系統對他們來說至關重要。我認為我們的方案對許多潛在客戶都很有吸引力。

Okay, fully appreciate that. And then 2 longer-term questions. One would basically be, you started off the whole presentation basically by talking about some of the effectiveness that you're seeing in terms of your sales and marketing efforts coming through and sales, SG&A actually ended up declining as a percentage of revenue despite the strong sales growth. So I'm wondering if you can talk a little bit about the longer-term implications for the increased efficacy with regards to your sales efforts and what you're seeing there. That's the first question. And then the second question is basically, how we should think about the effective yield for next year through the float balance and the duration?

好的，完全理解。然後還有兩個更長期的問題。其中一個例子是，你在整個演示開始時基本上談到了你在銷售和營銷工作方面所看到的一些有效性，以及銷售額，儘管銷售額強勁增長，但銷售、一般及行政費用佔收入的百分比實際上最終下降了。所以我想知道您能否談談提高銷售效率對您銷售工作的長期影響，以及您在這方面觀察到的情況。這是第一個問題。第二個問題基本上是，我們應該如何透過浮動餘額和久期來考慮明年的有效收益率？

Okay. Let me take the first one and then Efrain will take the next one.

好的。我先拿第一個，然後埃弗雷恩再拿第二個。

Yes. Yes. That's fine.

是的。是的。沒關係。

I think, Mark, the interesting thing is, it's a sales and marketing kind of combined look and you're seeing, as we've talked about, I think before, a shift more toward marketing. Many times today, most people are buying or making their decision, they're 70% or 75% of the way through the decision before they ever talk to anyone, and they're looking for much more online approach. They're being marketed to online, the way you market to them, the way you get leads the way you nurture leads and then the way you sell. And we're trialing a number of things that will make us even more efficient from that standpoint, where you're spending marketing dollars because a lot of the marketing is really the sales now. We certainly still have a lot of field reps that we count on that are building relationships and getting referrals in the field and talking to clients, but particularly the smallest clients who are starting up businesses are going online and looking to look, buy -- demo and buy -- and even buy online, and we're preparing for all of that. So I think we're looking for efficiency, but even more so, what's the best way to market and sell to a prospect or an existing client that's in business and try to be as efficient as we can. But it's really looking at how is that shifting from web to -- from live person to web, telephonic to e-commerce and positioning ourselves well for the future on that. And I think I think we have a pretty good handle on it, and we're trialing a number of things now that seem to be successful.

馬克，我覺得有趣的是，它融合了銷售和行銷的元素，而且正如我們之前討論過的，你會看到一種向行銷方向轉變的趨勢。如今，許多人在購買或做決定時，在與任何人交談之前，就已經完成了 70% 或 75% 的決定，而且他們更傾向於在線方式。他們正在透過人脈進行行銷，你如何向他們行銷，你如何獲取潛在客戶，你如何培養潛在客戶，以及你如何進行銷售。我們正在嘗試一些方法，從這個角度來看，這些方法將使我們在行銷支出方面更加高效，因為現在很多行銷實際上就是銷售。我們當然仍然有很多值得信賴的現場代表，他們在實地建立人脈、獲取推薦並與客戶交談，但尤其是那些正在創業的小型客戶，他們正在上網尋找、購買——演示和購買——甚至在線購買，我們正在為此做好準備。所以我認為我們追求的是效率，但更重要的是，如何以最佳方式向潛在客戶或現有企業客戶進行行銷和銷售，並盡可能提高效率。但實際上，我們是在思考這種轉變是如何發生的——從真人到網絡，從電話到電子商務，並以此為未來做好充分準備。我認為我們已經很好地掌握了情況，現在我們正在嘗試一些似乎很成功的方法。

Great. Mark, on the yield question, I'd say that the yield, we go out this year, this meaning the fiscal year is probably the yield that we have -- we will plan for next year, given that, apparently, the Fed has decided that it wants to hold. We do have a little bit of play there in terms of float balances, which have been increasing slowly. And we do have a little bit of play with duration. So but for planning assumptions, that's what I would assume.

偉大的。馬克，關於收益率問題，我想說，就我們今年的收益率而言，這裡指的是本財年，這很可能就是我們目前的收益率——我們會為明年做計劃，因為顯然美聯儲已經決定要維持現狀。就浮動餘額而言，我們確實有一些操作空間，浮動餘額一直在緩慢增加。我們確實對時長做了一些調整。所以，除了規劃假設之外，這就是我的假設。

Just to be clear, the yield year on is basically the year -- is basically what we should plan on for next year, not the average for this year?

需要明確的是，年比收益率基本上是指我們明年應該預期的收益率，而不是今年的平均值？

Yes. I think it's going to be slightly lower. But I'm just saying the back -- the yield we have in the back half of the year is probably -- is the yield we go into next year with. So I can't -- and we have a little bit of play with duration. You saw this year -- this quarter duration was 3.1. We can extend it further, but it'll depend a little bit on the -- or it'll depend on the shape of the yield curve, how far we want to go out.

是的。我認為價格會略低一些。但我的意思是，下半年的收益率——我們下半年的收益率很可能就是我們明年的收益率。所以我不能——而且我們在時長方面也有一些發揮空間。你看到了，今年——本季持續時間為 3.1。我們可以進一步延長，但這在一定程度上取決於殖利率曲線的形狀，以及我們想要延長到什麼程度。

We have time for one final question, and that question comes from the line of Matt O'Neill with Autonomous Research.

我們還有時間回答最後一個問題，這個問題來自 Autonomous Research 的 Matt O'Neill。

I know it's a long call. Most of the things have been asked and answered. I was just curious, has there been any noticeable evolution in the kind of lead-gen sources, maybe moving a little bit all away from the CPA channels and more towards the online channels? And sort of as a follow-up, if that's true, is that something that drives kind of more price-sensitive customers or not really any change on that side of it?

我知道通話時間很長。大部分問題都已經被問過並得到了解答。我只是好奇，潛在客戶開發來源是否有任何明顯的演變，例如是否逐漸減少 CPA 管道，更多地轉向線上管道？如果情況屬實，那麼這會促使價格敏感型顧客增加，還是說這方面不會有任何改變？

No. I think, Matt, it definitely has moved some. I mean we still rely a lot on being out in the field and building those CPA relationships. They're good partners with us as well as current clients, but definitely, as I said, a lot of -- today, everybody is doing their research online. Even if you're giving a referral, in the old days, you'd just call us. And today, you're going online, you're searching our website. Our investments have been in the website and in being able to demo the product, whether it's -- you can demo it right on your mobile app, if you download the mobile app. And so it has been about how do you get those leads, and we put a lot of investment in that from a marketing standpoint as well as how do you then nurture those leads, if they're not ready. That's different than it used to be. That's a whole nurturing piece that we have put in place for the last few years now about how to get information to clients and make sure when they're ready, they come to us. And then we're moving to more of an -- even in e-commerce, where you can buy online, particularly with SurePayroll or other options you can buy online. That also lowers some costs, it increases marketing costs, but sales costs come down and balance a lot of that out as you're selling either online or through telephonic means, you're giving them more tools telephonically to help demo a product to a client and then sell it to them. So we're definitely seeing that change, and I think that will shift cost from marketing -- or from sales to marketing, they become all kind of one pot of cost that you look at to be the most efficient. But it really is about how do you best sell to clients, and they are definitely searching, demoing and even thinking about or buying online, and we're into that already, and we're looking -- we might -- we'll find ways to expand that as well.

不。馬特，我覺得它肯定移動了一些。我的意思是，我們仍然非常依賴實地考察和建立與註冊會計師的關係。他們既是我們的優秀合作夥伴，也是我們目前的客戶，但正如我所說，現在很多人都在網路上進行研究。即使是推薦病人，以前你也會直接打電話給我們。今天，您上網搜尋我們的網站。我們的投資主要集中在網站和產品演示方面，例如，如果您下載了行動應用程序，就可以直接在行動應用程式上演示產品。所以，關鍵在於如何獲得這些潛在客戶，我們從行銷的角度投入了大量資源，以及如果這些潛在客戶還沒有準備好，該如何培養他們。這和以前不一樣了。這是我們在過去幾年建立的一整套客戶培育機制，旨在讓客戶了解相關信息，並確保當他們準備好時，他們會來找我們。然後，我們正在朝著更…的方向發展——即使在電子商務領域，你也可以在線購買，特別是使用 SurePayroll 或其他在線購買選項。這也能降低一些成本，增加行銷成本，但銷售成本會下降，從而在很大程度上抵消這些成本，因為你是透過網路或電話方式銷售的，你會給他們提供更多電話工具來幫助向客戶演示產品，然後向他們銷售產品。所以我們確實看到了這種變化，我認為這將把成本從行銷轉移到銷售，或者從銷售轉移到行銷，它們會變成一個整體的成本池，你需要從中尋找最有效的方法。但關鍵在於如何更好地向客戶銷售產品，他們肯定會在網路上搜尋、試用產品，甚至考慮購買，我們已經涉足這一領域，並且正在尋找——我們可能會——我們會找到方法來擴展這一領域。

Operator, so I think that's the last question, correct?

操作員，我想這是最後一個問題了吧？

Yes. That's correct.

是的。沒錯。

At this point, we will close the call. If you're interested in replaying the webcast of this conference call, it'll be archived for approximately 30 days. Thank you for taking the time to participate in our second quarter press release conference call and for your interest in Paychex. We appreciate it. We wish you all a happy holiday season. Thank you.

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。感謝您抽出時間參加我們第二季的新聞發布電話會議，也感謝您對 Paychex 的關注。我們很感激。祝大家節日快樂。謝謝。

This does conclude today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。