Paylocity Holding Corp (PCTY) 2025 Q3 法說會逐字稿

Hello, and welcome to Paylocity Holding Corporation third-quarter fiscal year 2025 earnings conference call. (Operator Instructions)

您好，歡迎您參加 Paylocity Holding Corporation 2025 財年第三季財報電話會議。（操作員指示）

I would now like to turn the conference over to Ryan Glenn. You may begin.

現在我想將會議交給瑞安格倫 (Ryan Glenn)。你可以開始了。

Good afternoon, and welcome to Paylocity's earnings results call for the third quarter of fiscal '25, which ended on March 31, 2025. I'm Ryan Glenn, Chief Financial Officer. And joining me on the call today are Steve Beauchamp, Executive Chairman; and Toby Williams, President and CEO of Paylocity.

下午好，歡迎參加 Paylocity 2025 財年第三季（截至 2025 年 3 月 31 日）收益結果電話會議。我是財務長 Ryan Glenn。今天與我一起參加電話會議的還有執行主席史蒂夫·博尚 (Steve Beauchamp) 和 Paylocity 總裁兼執行長 Toby Williams。

Today we will be discussing the results announced in our press release issued after the market closed. A webcast replay of this call will be available for the next 45 days on our website under the Investor Relations tab.

今天我們將討論市場收盤後發布的新聞稿中宣布的結果。本次電話會議的網路直播重播將在未來 45 天內在我們網站的「投資者關係」標籤下提供。

Before beginning, we must caution you that today's remarks, including statements made during the question-and-answer session, contain forward-looking statements. These statements are subject to numerous important factors, risks and uncertainties which could cause actual results to differ from the results implied by these or other forward-looking statements.

在開始之前，我們必須提醒您，今天的講話，包括在問答環節中發表的聲明，包含前瞻性陳述。這些聲明受到許多重要因素、風險和不確定性的影響，可能導致實際結果與這些或其他前瞻性聲明所暗示的結果不同。

Also, these statements are based solely on the present information and are subject to risks and uncertainties that can cause actual results to differ materially from those projected in the forward-looking statements. For additional information, please refer to our filings with the Securities and Exchange Commission for the risk factors contained therein and other disclosures. We do not undertake any duty to update any forward-looking statements.

此外，這些聲明僅基於當前訊息，並受風險和不確定性的影響，可能導致實際結果與前瞻性聲明中預測的結果有重大差異。如需更多信息，請參閱我們向美國證券交易委員會提交的文件，以了解其中包含的風險因素和其他披露。我們不承擔更新任何前瞻性陳述的義務。

Also, during the course of today's call, we will refer to certain non-GAAP financial measures. We believe that non-GAAP measures are more representative of how we internally measure the business. and there is a reconciliation schedule detailing these results currently available in our press release, which is located on our website at paylocity.com under the Investor Relations tab and filed with the Securities and Exchange Commission.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們認為，非公認會計準則 (Non-GAAP) 衡量標準更能代表我們內部衡量業務的方式。我們的新聞稿中目前提供有詳細說明這些結果的對帳表，該新聞稿位於我們網站 paylocity.com 的「投資者關係」標籤下，並已向美國證券交易委員會提交。

Please note that we are unable to reconcile any forward-looking non-GAAP financial measure to their directly comparable GAAP financial measure because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.

請注意，我們無法將任何前瞻性的非 GAAP 財務指標與其直接可比較的 GAAP 財務指標進行協調，因為目前如果不付出不合理的努力就無法獲得完成協調所需的資訊。

In regard to our upcoming conference schedule, we will be attending the Cowen Annual Technology Media and Telecom Conference, the BMO Virtual Software Conference, the Jefferies Software Conference, the William Blair Annual Growth Stock Conference and the Mizuho Tech Conference. Please let me know if you'd like to schedule time with us at any of these events.

關於我們即將舉行的會議日程，我們將參加 Cowen 年度技術媒體和電信會議、BMO 虛擬軟體會議、Jefferies 軟體會議、William Blair 年度成長股會議和瑞穗科技會議。如果您想與我們一起安排時間參加這些活動，請告訴我。

With that, let me turn the call over to Steve.

說完這些，讓我把電話轉給史蒂夫。

Thanks, Ryan, and thanks to all of you for joining us on our third quarter fiscal '25 earnings call. Q3 represented another quarter of strong results with recurring and other revenue growth of 15%, driven by our differentiated value proposition of providing the most modern software in the industry continuing to resonate in the market.

謝謝，瑞安，也謝謝大家參加我們的 25 財年第三季財報電話會議。第三季再次取得強勁業績，經常性收入和其他收入增長 15%，這得益於我們提供業內最現代化軟體的差異化價值主張繼續在市場上引起共鳴。

Total revenue grew 13% over Q3 of last year. Our sustained multiyear investment in R&D has resulted in continued product differentiation and a significant expansion of our product suite, which has helped drive durable recurring revenue growth and continued expansion of our average revenue per client.

總營收比去年第三季成長了13%。我們對研發持續多年的投入，帶來了持續的產品差異化和產品套件的顯著擴展，這有助於推動持久的經常性收入成長和每位客戶平均收入的持續擴大。

In addition to our entrance into the Office of the CFO with the acquisition of Airbase, and the introduction of headcount planning, we have continued to build on our HCM industry leadership position on AI with a focus on driving a better client and user experience.

除了透過收購 Airbase 進入財務長辦公室並引入員工人數規劃之外，我們還繼續鞏固我們在人工智慧領域的 HCM 行業領導地位，重點是推動更好的客戶和用戶體驗。

For example, our AI assistant can now leverage a client's employee handbook to answer policy-related questions such as, what is my organization's PTO policy. Additionally, our AI assistant is able to reference publicly available resources to answer common compliance-related questions like, what sick pay laws apply to my organization. These automated instantaneous solutions are examples of the early AI use cases that we believe will drive tangible efficiency gains for our clients.

例如，我們的人工智慧助理現在可以利用客戶的員工手冊來回答與政策相關的問題，例如，我所在組織的 PTO 政策是什麼。此外，我們的人工智慧助理能夠參考公開資源來回答常見的合規相關問題，例如哪些病假工資法適用於我的組織。這些自動化的即時解決方案是早期人工智慧用例的例子，我們相信它們將為我們的客戶帶來實際的效率提升。

We also recently launched several new features to connect and streamline the employee recruiting and onboarding process. Clients can now embed background checks and skill assessments from third-party vendors into our recruiting module through seamless API integrations. We believe continued investment in our broad ecosystem of third-party partners will provide our clients with the tools needed to run and grow their business.

我們最近也推出了幾項新功能來連結和簡化員工招募和入職流程。客戶現在可以透過無縫 API 整合將第三方供應商的背景調查和技能評估嵌入到我們的招募模組中。我們相信，對廣泛的第三方合作夥伴生態系統的持續投資將為我們的客戶提供營運和發展業務所需的工具。

Combined with our ongoing investments in both HCM and finance, we are confident we will continue to drive higher average revenue per client over time, which is now how we think about the economic opportunity associated with our product growth given that not all of our new products will be priced in a PEPY model, but all of our products will contribute to a higher average revenue per client over time.

結合我們在 HCM 和金融方面的持續投資，我們有信心隨著時間的推移，我們將繼續提高每位客戶的平均收入，這也是我們現在對與我們的產品增長相關的經濟機會的看法，因為並非所有新產品都會以 PEPY 模型定價，但隨著時間的推移，我們所有的產品都將為提高每位客戶的平均收入做出貢獻。

Our commitment to product development also continues to be recognized in the market with Paylocity recently being named to TrustRadius' List of Best Loved Software for 2025, and an overall leader in 10 HCM product categories in G2's Spring 2025 Grid Reports. Additionally, Airbase by Paylocity was named a Visionary in the 2025 Gartner Magic Quadrant for Accounts Payable Applications.

我們對產品開發的承諾也持續獲得市場的認可，Paylocity 最近被列入 TrustRadius 2025 年最受歡迎軟體名單，並在 G2 2025 年春季網格報告中的 10 個 HCM 產品類別中位居領先地位。此外，Paylocity 的 Airbase 也被 Gartner 2025 年應付帳款應用魔力像限評為「遠見者」。

I would now like to pass the call to Toby to provide further color on the quarter.

現在我想將電話轉給托比，以便進一步介紹本季的情況。

Thanks, Steve. Solid sales and operational execution continued in our busiest time of the year, helping to drive another quarter of strong recurring revenue growth and increased revenue and profitability guidance for fiscal '25. Recurring and other revenue of $421.1 million grew 15% over Q3 of last year and beat the high end of our guidance by $6.1 million. We remain pleased with our sales execution and our strong competitive position in the market, and we continue to see our product strategy resonating with clients and prospects.

謝謝，史蒂夫。在我們一年中最繁忙的時期，穩健的銷售和營運執行繼續保持強勁，幫助推動另一個季度的強勁經常性收入成長，並提高 25 財年的收入和獲利預期。經常性收入和其他收入為 4.211 億美元，較去年第三季成長 15%，超出我們預期的最高值 610 萬美元。我們對我們的銷售表現和在市場上的強大競爭地位感到滿意，並且我們繼續看到我們的產品策略引起客戶和潛在客戶的共鳴。

We also saw another strong quarter of channel performance as channel referrals, primarily from benefit brokers and financial advisers, once again represented more than 25% of new business for the third quarter as we continue to leverage the strong source of referrals.

我們也看到通路表現又一個強勁的季度，因為通路推薦（主要來自福利經紀人和財務顧問）再次佔第三季新業務的 25% 以上，因為我們繼續利用強大的推薦來源。

The sustained success of our broker channel continues to be driven by our modern platform, third-party integration and API capabilities and because we do not compete against our broker partners by selling insurance products. We remain committed to investing in and supporting the broker channel going forward with the goal of continuing to deliver real value and true partnership and support to our referring brokers and clients.

我們的經紀人管道的持續成功繼續受到我們現代平台、第三方整合和 API 功能的推動，並且因為我們不會透過銷售保險產品與我們的經紀人合作夥伴競爭。我們將繼續致力於投資和支援經紀人管道，目標是繼續為我們的推薦經紀人和客戶提供真正的價值和真正的合作夥伴關係和支援。

While still in the early days, the Airbase team is now fully integrated within Paylocity, and we're pleased with the progress we've made towards integrating the platforms from both a product and go-to-market perspective. The value proposition of having a single pane of glass through which all payroll and nonpayroll related spend can be managed, with a robust set of integrations with third-party systems, is resonating with existing and prospective clients.

雖然仍處於早期階段，但 Airbase 團隊現已完全融入 Paylocity，我們對從產品和上市角度整合平台所取得的進展感到滿意。透過單一管理平台管理所有工資和非工資相關支出，並與第三方系統進行強大的集成，這一價值主張引起了現有客戶和潛在客戶的共鳴。

We expect this area will serve as a meaningful point of competitive differentiation, continue to build off the workforce planning capabilities offered as a part of our head count planning solution, and help to expand our average revenue per client going forward.

我們預計這一領域將成為一個有意義的競爭差異點，繼續建立作為我們員工人數規劃解決方案的一部分所提供的勞動力規劃能力，並有助於擴大我們未來每位客戶的平均收入。

Lastly, Q3 represents our busiest time of year as we work to support our clients through all their year-end processing and annual tax form filing needs. I'd like to say a huge thank you to our more than 6,500 employees who live and represent our key values every day and who work hard to support our clients.

最後，第三季是我們一年中最忙碌的時候，因為我們要努力為客戶提供所有年終處理和年度稅務表格申報方面的支援。我要向我們 6,500 多名員工表示衷心的感謝，他們每天都實踐和體現我們的核心價值觀，並努力為我們的客戶提供支持。

The strong culture at Paylocity continues to be recognized externally as we were recently named by Newsweek as One of America's Greatest Workplaces for Women.

Paylocity 的強大文化繼續得到外界的認可，我們最近被《新聞周刊》評為美國最適合女性的工作場所之一。

I would now like to pass the call to Ryan to review the financial results in detail and provide updated fiscal '25 guidance.

現在我想將電話轉給瑞安，讓他詳細審查財務結果並提供更新的 25 財年指引。

Thanks, Toby. Q3 recurring and other revenue was $421.1 million, an increase of 15%, with total revenue up 13% from the same period last year. Our Q3 results were primarily driven by another solid quarter for our sales team, allowing us to come in $10.5 million above the top end of our total revenue guidance and resulting in a raise to our fiscal year guidance by more than our quarterly beat for the third consecutive quarter this year.

謝謝，托比。第三季經常性等收入為4.211億美元，成長15%，總營收較去年同期成長13%。我們的第三季業績主要得益於我們銷售團隊又一個強勁的季度表現，這使我們的總收入比預期的最高值高出 1050 萬美元，並導致我們今年連續第三個季度將財政年度預期提高到高於季度預期的水平。

Our adjusted gross profit was 77% for Q3, an increase of 110 basis points from Q3 of last fiscal year as we continue to focus on scaling our operational costs while maintaining industry-leading service levels.

我們第三季的調整後毛利為 77%，比上一財年第三季增加了 110 個基點，因為我們繼續專注於降低營運成本，同時保持業界領先的服務水準。

We continue to make significant investments in research and development. And to understand our total investment in R&D, it is important to combine both what we expense and what we capitalize. On a dollar basis, our year-over-year investment in total R&D increased by 14.6% when compared to the third quarter of fiscal '24. And we remain focused on making investments in R&D as we continue to build out the Paylocity platform to serve the needs of the modern workforce.

我們繼續在研發方面進行大量投資。為了了解我們在研發方面的總投資，重要的是將我們的支出和資本化結合起來。以美元計算，與 24 財年第三季相比，我們的研發總投資年增了 14.6%。我們將繼續專注於對研發的投資，並繼續建立 Paylocity 平台以滿足現代勞動力的需求。

In regards to our go-to-market activities on a non-GAAP basis, sales and marketing expenses were 18.2% of revenue in Q3. On a non-GAAP basis, G&A costs were 8.4% of revenue in the third quarter.

就我們非公認會計準則下的行銷活動而言，第三季的銷售和行銷費用佔收入的 18.2%。依照非公認會計準則，第三季的一般及行政管理費用佔收入的 8.4%。

Our adjusted EBITDA for the third quarter was $197.1 million or 43.4% of revenue for the quarter and well exceeded the high end of our guidance, while adjusted EBITDA excluding the impact of interest income on funds held for clients was $163.6 million, also significantly exceeding our guidance for Q3.

我們第三季的調整後 EBITDA 為 1.971 億美元，佔本季營收的 43.4%，遠遠超過了我們預期的高端，而不包括利息收入對客戶持有資金影響的調整後 EBITDA 為 1.636 億美元，也大大超過了我們對第三季的預期。

Briefly covering our GAAP results. For Q3, gross profit was $324.7 million, operating income was $127 million and net income was $91.5 million.

簡要介紹我們的 GAAP 結果。第三季毛利為 3.247 億美元，營業收入為 1.27 億美元，淨收入為 9,150 萬美元。

In regard to the balance sheet, we ended the quarter with $477.8 million in cash, cash equivalents and invested corporate cash and $243.8 million outstanding on our credit facility related to the Airbase acquisition, with approximately $81 million repaid on our outstanding balance in Q3.

就資產負債表而言，本季末我們擁有 4.778 億美元的現金、現金等價物和投資公司現金，以及 2.438 億美元與空軍基地收購相關的信貸額度未償還餘額，第三季度償還了約 8,100 萬美元的未償還餘額。

Additionally, given the confidence we have in our business and our strong cash flows, we continue to utilize our share repurchase program, with $84.9 million or approximately 429,000 shares of common stock repurchased in Q3 at an average price of $198.13 per share. In total, through April 30, we have repurchased $150 million or approximately 800,000 shares of common stock this fiscal year at an average price of $190.16 per share.

此外，鑑於我們對業務的信心和強勁的現金流，我們繼續利用我們的股票回購計劃，第三季以每股 198.13 美元的平均價格回購了 8,490 萬美元或約 429,000 股普通股。整體而言，截至 4 月 30 日，本財年我們已回購價值 1.5 億美元或約 80 萬股普通股，平均價格為每股 190.16 美元。

As a reminder, we have approximately $200 million remaining under our current share repurchase program and anticipate continuing to execute against the repurchase program going forward.

提醒一下，我們目前的股票回購計畫還剩餘約 2 億美元，預計未來將繼續執行該回購計畫。

In regard to client held fund and interest income, our average daily balance of client funds was $3.6 billion in Q3. We are estimating the average daily balance will be approximately $3.1 billion in Q4, with an average annual yield of approximately 350 basis points, representing approximately $27.4 million of interest income in Q4.

在客戶持有資金及利息收入方面，第三季我們的客戶資金日均餘額為36億美元。我們估計第四季的平均每日餘額約為 31 億美元，平均年收益率約為 350 個基點，相當於第四季的利息收入約為 2,740 萬美元。

On a full year basis, we are estimating the average daily balance will be approximately $3 billion with an average yield of approximately 400 basis points, representing approximately $120 million of interest income.

從全年來看，我們估計日均餘額約為 30 億美元，平均收益率約為 400 個基點，相當於利息收入約 1.2 億美元。

In regard to interest rates, our guidance reflects all Fed cuts to date, with an additional 25 basis points rate cut assumed in next week's FOMC meeting.

關於利率，我們的指引反映了聯準會迄今的所有降息，並假設下週的聯邦公開市場委員會會議將再降息 25 個基點。

Finally, I'd like to provide our financial guidance for Q4 and full fiscal '25. Note that as a result of our strong third quarter, we are increasing our fiscal '25 recurring and other revenue guidance by $12.5 million and our total revenue guidance by $19.5 million at the midpoint, which includes the full impact of our guidance beat in Q3 and a further increase in Q4 revenue guidance.

最後，我想提供我們 2025 年第四季和全年的財務指引。請注意，由於我們第三季度表現強勁，我們將 25 財年的經常性收入和其他收入預期上調 1250 萬美元，並將總收入預期中位數上調 1950 萬美元，這包括了第三季度超出預期的全部影響以及第四季度收入預期的進一步上調。

Additionally, we continue to realize success driving increased profitability across our business, resulting in increased adjusted EBITDA guidance, which includes the full impact of our guidance beat in Q3 and increased profitability expectations for fiscal '25. We continue to be pleased with our ability to drive operating leverage in our business with our updated guidance reflecting 100 basis points of adjusted EBITDA leverage, excluding interest income on funds held for clients, versus fiscal '24, and representing approximately 200 basis points of organic operating leverage in fiscal '25, well more than offsetting the approximately 100 basis points headwind in fiscal '25 from the Airbase acquisition.

此外，我們繼續成功推動整個業務的盈利能力提升，從而提高了調整後的 EBITDA 指引，其中包括第三季度超出指引的全部影響以及 25 財年盈利能力預期的提高。我們對我們推動業務營運槓桿的能力繼續感到滿意，我們的最新指引反映了調整後的 EBITDA 槓桿率（不包括為客戶持有的資金的利息收入）與 24 財年相比為 100 個基點，並代表 25 財年的有機運營槓桿率約為 200 個基點，遠遠超過了 25 財年因收購的 Airbase 而產生阻力

With that said, for the fourth quarter of fiscal '25, recurring and other revenue is expected to be in the range of $358.1 million to $363.1 million or approximately 11% growth over fourth quarter of fiscal '24 recurring and other revenue. And total revenue is expected to be in the range of $385.5 million to $390.5 million or approximately 9% growth over fourth quarter fiscal '24 total revenue.

話雖如此，25 財年第四季的經常性收入和其他收入預計在 3.581 億美元至 3.631 億美元之間，比 24 財年第四季的經常性收入和其他收入增長約 11%。預計總營收將在 3.855 億美元至 3.905 億美元之間，比 24 財年第四季總營收成長約 9%。

Adjusted EBITDA is expected to be in the range of $118.7 million to $122.7 million. And adjusted EBITDA, excluding interest income on funds held for clients is expected to be in the range of $91.3 million to $95.3 million.

調整後的 EBITDA 預計在 1.187 億美元至 1.227 億美元之間。調整後的 EBITDA（不包括為客戶持有的資金的利息收入）預計在 9,130​​ 萬美元至 9,530 萬美元之間。

And for fiscal year '25, we are increasing all aspects of our guidance as follows. Recurring other revenue is now expected to be in the range of $1.460 billion to $1.465 billion or approximately 14% growth over fiscal '24 recurring and other revenue.

對於 25 財年，我們將增加以下各方面的指導。目前預計經常性其他收入將在 14.60 億美元至 14.65 億美元之間，或比 24 財年的經常性收入和其他收入增長約 14%。

Total revenue is expected to be in the range of $1.580 billion to $1.585 billion or approximately 13% growth over fiscal '24. Adjusted EBITDA is expected to be in the range of $571 million to $575 million. And adjusted EBITDA, excluding interest income on funds held for clients is expected to be in the range of $451 million to $455 million.

預計總收入將在 15.80 億美元至 15.85 億美元之間，比 24 財年增長約 13%。調整後的 EBITDA 預計在 5.71 億美元至 5.75 億美元之間。調整後的 EBITDA（不包括為客戶持有的資金的利息收入）預計在 4.51 億美元至 4.55 億美元之間。

In conclusion, we are pleased with our Q3 results and the momentum we have across our sales and operations teams as we head into the final quarter of the year. Operator, we are now ready for questions.

總而言之，我們對第三季的業績以及進入今年最後一個季度以來銷售和營運團隊的強勁勢頭感到滿意。接線員，我們現在可以回答問題了。

(Operator Instructions) Scott Berg, with Needham & Company.

（操作員指示）Scott Berg，來自 Needham & Company。

Really nice quarter here. My first question, Steve, is about a comment that you made around future modules, maybe not being in a PEPY kind of model. I guess, how does that change your conversations with customers? HR -- and I know you're starting to do more outside of just the traditional HR role, but I think about how HR managers kind of think about manage their budget, historically been a very much a per-employee basis conversation. Do some of the things that you're bringing in the market today, does it really change that conversation? Is it something that they're kind of accustomed to? Maybe help us think about how that might be different.

這裡真是個好地方。史蒂夫，我的第一個問題是關於你對未來模組的評論，也許它不屬於 PEPY 類型的模型。我想，這會如何改變您與客戶的對話？人力資源——我知道你們開始在傳統人力資源角色之外做更多的事情，但我考慮人力資源經理如何管理他們的預算，從歷史上看，這在很大程度上是針對每個員工的對話。您今天在市場上推出的一些東西真的能改變這種對話嗎？這是他們已經習慣的事嗎？也許可以幫助我們思考這可能會有何不同。

Yes. It's a good question, Scott. I think you're right. The HR buyers are definitely used to per employee per month translating to a per employee per year model. And if you look at our HCM portfolio, that is the way we priced it historically and that's the way we're going to continue to price it going forward.

是的。這是個好問題，史考特。我認為你是對的。人力資源採購員肯定習慣將每位員工每月轉化為每位員工每年的模式。如果你看一下我們的 HCM 產品組合，你會發現這就是我們歷史上的定價方式，也是我們未來將繼續採用的定價方式。

I think the call-out is as we move into Office of the CFO, you often see per user model there may be certain features in there that have transactional fees associated with it. And so our goal is to replicate pricing that the personas are used to, whether that's a CFO or an HR leader, and make sure that we've got a competitive solution not only with features, but from a pricing perspective. And that will require different pricing models for different solutions and different personas.

我認為，當我們進入財務長辦公室時，您經常會看到每個使用者模型中可能存在某些與交易費用相關的功能。因此，我們的目標是複製角色習慣的定價，無論是財務長還是人力資源主管，並確保我們不僅在功能上而且在定價方面都有競爭力的解決方案。這將需要針對不同的解決方案和不同的角色制定不同的定價模型。

I don't think it's a problem from a go-to-market perspective because it's really a land-and-expand strategy that we're executing. And so our existing sales force will certainly be leading with the HCM products. We will leverage the additional products from a differentiation perspective, but I think the bigger opportunity is to sell back to the client base with those products, which would be a different sales force.

從市場進入的角度來看，我認為這不是一個問題，因為我們實際上執行的是登陸和擴張策略。因此，我們現有的銷售團隊肯定會在 HCM 產品方面處於領先地位。我們將從差異化的角度來利用附加產品，但我認為更大的機會是將這些產品賣給客戶群，這將是一支不同的銷售團隊。

Understood. Helpful. And then, Ryan, your operating expenses were I don't know, much lower than I would have expected in the quarter even with your typical kind of outperformance cadence. Was there any one thing or onetime items that kind of contributed in the quarter to kind of drive that? Because operating expenses were basically flat quarter-over-quarter, and that's not your typical Q2 to Q3 seasonality.

明白了。很有幫助。然後，瑞安，我不知道，即使您本季的表現一如既往地出色，您的營運費用也比我預期的要低得多。本季度是否有任何一件事或一次性項目對此做出了貢獻？因為營運費用與上一季相比基本持平，這並不是典型的第二季到第三季的季節性現象。

Yes, Scott, nothing that I'd call out particularly onetime. I think you can always get a little bit of timing within the fiscal year relative to some of the hiring, but in some of the nonlabor expenses as well. I think if you look at for the first nine months of the year, R&D spend is up really consistent with revenue growth in the low teens. Sales and marketing spend, I think, is about 12% first nine months of the year. So a little bit of timing. I wouldn't read into that other than just about when the costs may come in throughout the fiscal year.

是的，史考特，沒有什麼是我特別想說的。我認為你總是可以在財政年度內獲得一些與招聘相關的時間安排，但也可以獲得一些非勞動力費用相關的時間安排。我認為，如果你看一下今年前九個月，你會發現研發支出的成長與收入的成長是一致的，而且都維持在百分之十幾。我認為，今年前九個月的銷售和行銷支出約為 12%。所以需要一點時間。除了了解整個財政年度中成本何時會出現之外，我不會對此進行深入解讀。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

Maybe from a macro perspective you can talk to what you're seeing in real time?

也許從宏觀角度來看，您可以談論您即時看到的事情？

Yes. Brad, it's Toby. I mean I think from a macro standpoint, we've seen things be -- I think if you go back to the end of last fiscal year, we would have said things were starting to stabilize. And I think that was the case in the first two quarters of this fiscal year. I think what we started to see in Q3 was probably some continuation of that stability.

是的。布萊德，我是托比。我的意思是，我認為從宏觀角度來看，我們已經看到情況——我想如果你回顧上個財年末，我們會說情況開始穩定下來。我認為本財年前兩個季度的情況就是如此。我認為我們在第三季開始看到的可能是這種穩定性的延續。

But I think there's definitely starting to be some reflection of that in some of the deals. And I think that goes back to a little bit of what we would have seen last year where you just started to see a little bit of pause entering into the mindset of buyers. And I think I wouldn't lean into that too far, but I think that's some of what we're starting to see again in the market. But I think in Q3, I mean, still strong performance, and I think had a really good January and pleased with overall with how the team executed through the course of the quarter and up to this point in the year.

但我認為一些交易肯定已經開始反映這一點。我認為這有點像我們去年看到的情況，你開始看到買家的心態出現一些停頓。我認為我不會對此進行過多的分析，但我認為這是我們在市場上再次看到的一些現象。但我認為在第三季度，表現仍然強勁，我認為一月份表現非常好，並且對球隊在整個季度以及今年到目前為止的表現總體感到滿意。

Great color. And with that as the backdrop, any sense how that might impact your hiring plans for quota-carrying capacity as you head into fiscal '26?

顏色很棒。以此為背景，您是否認為這會對您在進入 26 財年時的配額承載能力招募計畫產生什麼影響？

Well, we haven't -- we certainly haven't finalized the plans for heading into '26 yet. But I think we're watching pretty closely what we're seeing on a day-to-day basis across the business and certainly with respect to our go-to-market efforts.

嗯，我們還沒有——我們當然還沒有最終確定 26 年的計劃。但我認為，我們正在密切關注整個業務的日常發展，當然也關注我們的市場推廣工作。

I mean I think -- if you think about how we came into this fiscal year, the situation wasn't entirely different. And I think we came in with a focus on slightly lower headcount growth and the view that we'd be able to drive productivity throughout the course of the year. And I think that's really what we've been able to do so far in the first three quarters of fiscal '25, and I think our mindset is probably in a similar spot, at least at this point at the very start of Q4.

我的意思是，我認為——如果你想想我們是如何進入這個財政年度的，情況並沒有完全不同。我認為，我們關注的是略低的員工人數成長，並認為我們能夠在全年提高生產力。我認為這確實是我們在 2025 財年前三個季度迄今為止所能做到的，而且我認為我們的心態可能處於類似的狀態，至少在第四季度剛開始時是如此。

But like I said, we're kind of going through the cycle right now of putting the plans together. And I think overall, I would just say I feel pretty good about how we've executed from a go-to-market perspective throughout the course of the first three quarters.

但就像我說的，我們現在正處於製定計畫的階段。我認為總體而言，我對我們在前三個季度的市場表現感到非常滿意。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Just adding my congrats on the strong quarter. So Toby, I wanted to follow up on some of the macro commentary. Is there anything that you're seeing that's separate depending on certain size of your customer base, if it's larger or smaller customers? Or just any more color on what you could say if people are maybe hitting the pause button a little bit.

我只是想對本季的強勁表現表示祝賀。所以托比，我想跟進一些宏觀評論。您是否發現，根據客戶群的具體規模（客戶數量較大還是較小）存在差異？或者，如果人們可能稍微按下暫停鍵，您可以說些什麼？

No. I mean I think it's -- I think we are starting to see the very beginnings of things like that. I don't think -- I wouldn't call it out in any other way really. I mean I think last year, -- when we got into Q1 and Q2, we started to see more thoughtful decision-making, probably taking a little bit longer, particularly in the enterprise space.

不。我的意思是，我認為——我認為我們開始看到這樣的事情的開始。我不認為——我真的不會以任何其他方式說出這一點。我的意思是，我認為去年，當我們進入第一季和第二季時，我們開始看到更深思熟慮的決策，可能需要更長的時間，特別是在企業領域。

I mean, I think coming through the end of last fiscal year and into this fiscal year, I think we have shored up some of our execution. And I think the investments that we've made, particularly in the enterprise part of the market for us have really been paying off. And I think you saw a lot of that coming through in the strength that we had in January.

我的意思是，我認為從上個財政年度結束到本財政年度，我們已經鞏固了一些執行力。我認為我們所做的投資，特別是在企業市場部分的投資確實獲得了回報。我想，你們已經從我們一月份所展現的實力中看到了這一點。

But I think it's -- we're kind of in no the early days of what I described, and no other real comments.

但我認為——我們還沒有進入我所描述的早期階段，也沒有其他真正的評論。

Brian, the only thing I would add relative to the client base is we're seeing a lot of stability. So as I look at client workforce levels, they're actually up a touch year-over-year. We're seeing some of the same seasonal growth that we would see in a normal cycle where some of the clients that have seasonal employees are hiring in that April and May, June timeframe.

布萊恩，關於客戶群，我唯一想補充的是，我們看到了很大的穩定性。因此，當我查看客戶員工水準時，發現他們實際上比去年同期略有上升。我們看到了一些與正常週期相同的季節性成長，一些擁有季節性員工的客戶在四月、五月和六月期間招募員工。

So I agree with Toby's point, but I think at the same time, within the client base, we are seeing a lot of stability and seeing some of that natural seasonal movement that we would typically see.

所以我同意托比的觀點，但我認為同時，在客戶群中，我們看到了很多穩定性，也看到了一些我們通常會看到的自然季節性波動。

Got it. And maybe just a follow-up, Ryan, on the margins. Like as we think about the longer-term lens given what you guys just did with the 2 to 3 points of margin expansion, excluding float, what's the right way to think about that cadence of margin expansion longer term?

知道了。瑞安，也許這只是邊緣問題的後續。就像我們從長期角度考慮一樣，考慮到你們剛才將利潤率擴大了 2 到 3 個點（不包括浮動資金），那麼從長期來看，如何正確思考利潤率擴大的節奏呢？

Yes. I think we obviously have been really pleased with the first nine months of this year, the ability to take up the guidance. And as I said in my prepared remarks, guiding operating adjusted EBITDA, so ex float to 100 basis points of leverage, which is really north of 200 when you factor in the headwind from Airbase. And that's on the back of fiscal '24 where we had 280 basis points of operating EBITDA leverage.

是的。我認為，我們顯然對今年前九個月的表現感到非常滿意，能夠達到預期。正如我在準備好的發言中所說的那樣，指導調整後的運作 EBITDA，因此不包括浮動至 100 個基點的槓桿率，如果考慮到來自空軍基地的阻力，這實際上會在 200 以上。這是在 24 財年的基礎上，我們的營業 EBITDA 槓桿率為 280 個基點。

So tremendous amount of leverage we've driven across the business, particularly over the last 24 months. Would certainly not expect to drive that level of overperformance in the normal cycle. And I think we've always thought about this on really a multiyear basis. So you may enter periods where you have a little bit of incremental investment across the business, especially when you significantly overperformed. So we'll keep all of those elements in mind as we think about what '26 and beyond would look like.

我們在整個業務中運用了巨大的槓桿，特別是在過去的 24 個月。在正常週期內肯定不會期望達到如此程度的超額表現。我認為我們多年來一直在思考這個問題。因此，您可能會進入對整個業務進行少量增量投資的時期，尤其是當您的表現明顯超出預期時。因此，當我們思考 26 年及以後的情況時，我們會將所有這些因素牢記在心。

But no question, over the medium and long term, we continue to have a lot of confidence in our ability to drive adjusted EBITDA and free cash flow margins higher as the business continues to scale.

但毫無疑問，從中期和長期來看，隨著業務規模的不斷擴大，我們仍然對提高調整後 EBITDA 和自由現金流利潤率的能力充滿信心。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Maybe first, just -- I know the company has been very, very consistent in the approach to the guidance framework. But I just wanted to ask some context given some of the answers you've given in the Q&A, which is -- because the increase being more than the beat is obviously a great sign. But is that point in time based on what you've already experienced -- or does it incorporate some of the early signs maybe that you're pointing out that may have been a -- shows maybe a touch of weakness maybe out there. Just help us understand how you guys kind of qualitatively thought about the guidance.

也許首先，只是——我知道公司在指導框架方面一直採取非常非常一致的做法。但我只是想根據您在問答中給出的一些答案詢問一些背景信息，因為增幅超過節拍顯然是一個好兆頭。但是，這個時間點是否基於您已經經歷過的事情 - 或者它是否包含了您所指出的一些早期跡象，這些跡象可能表明可能存在一些弱點。只是幫助我們了解你們對指導的質性思考。

Yes, I think we -- as you said, we have had a lot of consistency and we think about guidance, and we have the same approach for Q4, So I think, my comments a minute ago, we're seeing a lot of stability in the client base. I agree with Toby's comments that we're certainly seeing the volatility out there, there's some level of uncertainty, but would not say that there's been any material impact to the momentum we've seen in the business for the first nine months of the year.

是的，我認為我們——正如你所說，我們保持了很大的一致性，我們考慮了指導，我們對第四季度也採取了同樣的做法，所以我認為，正如我剛才的評論，我們看到客戶群非常穩定。我同意托比的評論，我們確實看到了波動，存在一定程度的不確定性，但不會說這對我們在今年前九個月看到的業務勢頭產生了任何實質影響。

So I feel like we've taken all the factors into account and feel really good about the Q4 guidance. And I think similar setup to how we've talked about the first 3 quarters of the year, which is feel like that's a prudent level of guidance. And if the team continues to deliver strong results, we'd be in a position to potentially beat and raise.

所以我覺得我們已經考慮了所有因素，並且對第四季度的預測感到非常滿意。我認為這與我們談論今年前三個季度的情況類似，感覺這是一個審慎的指導水平。如果球隊持續取得強勁成績，我們就有可能超越並提高成績。

Great. And then maybe just a follow-up. I know Scott asked about just the seasonal trend in OpEx. But if I zoom out, as a follow-up, sales and marketing expense has actually been relatively flat or it's only slightly melted up since March of '24, right? And I think that's pretty impressive given what you guys have been putting in terms of top line numbers.

偉大的。然後也許只是後續行動。我知道斯科特只是詢問了營運支出的季節性趨勢。但如果我放大來看，作為後續行動，銷售和行銷費用實際上一直相對持平，或者自 24 年 3 月以來僅略有上漲，對嗎？而我認為，考慮到你們在營收數字方面所取得的成績，這是相當令人印象深刻的。

So how much of that is the focus on productivity that you guys have called out? Obviously, sales team seems to be doing a great job there versus you guys deploying maybe some of these new AI technologies internally to be more efficient or offset maybe headcount growth there. Just help us understand given that it has really plateaued over the last several quarters.

那麼你們所說的對生產力的關注程度有多少呢？顯然，銷售團隊似乎做得很好，而你們可能在內部部署一些新的人工智慧技術來提高效率或抵消員工人數的成長。請幫助我們理解，因為過去幾季它確實已經趨於平穩。

Fairly broad question there, Samad. I mean I think overall, I would just step back and say -- go back to a few comments that I made a minute ago. I mean I think what you're seeing from us is a focus on really being able to drive productivity. And I think part of -- a big part of the sales and marketing line is certainly our sales headcount and we came into this year with a lower level of growth in overall head count year-to-year than we would have the prior few years.

這是一個相當廣泛的問題，薩馬德。我的意思是，我認為總的來說，我只需要退一步說——回到我剛才發表的幾條評論。我的意思是，我認為您從我們這裡看到的是真正專注於提高生產力。我認為，銷售和行銷線的很大一部分肯定是我們的銷售人員數量，而今年我們的總員工人數同比增長水平低於前幾年。

And I think our ability to hold that line from an expense standpoint and produce the results that we're putting up for the first three quarters of the year are broadly reflective of our focus this year just on trying to drive a higher level of productivity.

我認為，我們能夠從費用角度保持這一水平，並在今年前三個季度取得我們所期望的業績，這在很大程度上反映了我們今年的重點是努力提高生產力水平。

So I know there's a few parts to your question, but that would be the overall sort of sentiment in terms of how we came into the year, the investments that we were making and what we thought we'd be able to produce with those investments.

所以我知道你的問題有幾個部分，但這將是關於我們今年的情況、我們所做的投資以及我們認為我們能夠透過這些投資產生什麼結果的整體情緒。

Mark Marcon, Robert W. Baird.

馬克馬孔、羅伯特W貝爾德。

Let me add my congratulations for the really strong results. You mentioned early in the call that Airbase is fully integrated and the value is resonating. I'm wondering -- I know it's really small, but can you talk a little bit about what you're seeing qualitatively in terms of discussions?

讓我對取得的優異成績表示祝賀。您在通話開始時提到，Airbase 已完全整合，其價值正在引起共鳴。我想知道——我知道這真的很小，但您能否從討論的角度稍微談談您所看到的定性情況？

And can you quantify a little bit what the contribution is from a top line perspective? I know it's small, but just wondering what rate of growth you're seeing, how confident you're starting to feel about the future, how we should think about that from a longer-term perspective.

您能否從營收角度稍微量化一下其貢獻？我知道這很小，但我只是想知道您看到的成長率是多少，您對未來有多大信心，我們應該如何從更長遠的角度來考慮這個問題。

Yes. I think the most important part for us to focus on is how do we feel about the product and that resonating in the marketplace? As you know, it typically will take us 12 or 18 months before we phase in an integrated offering. And we're making good progress on that front and we're excited about that opportunity.

是的。我認為我們要關注的最重要的部分是我們對產品的感受如何以及它在市場上的反應如何？如您所知，我們通常需要 12 到 18 個月才能逐步推出綜合產品。我們在這方面取得了良好的進展，我們對這個機會感到非常興奮。

But the great part about Airbase is it's a great product on a stand-alone basis. And so we've been able to continue to sell that in the market. In some cases, those are Paylocity customers. In other cases, they're not Paylocity -- existing Paylocity customers. And so that has gone probably slightly better than our expectations.

但 Airbase 的優點在於它是一款出色的獨立產品。因此我們能夠繼續在市場上銷售它。在某些情況下，這些人是 Paylocity 的客戶。在其他情況下，他們不是 Paylocity——現有的 Paylocity 客戶。因此，結果可能比我們的預期要好一些。

At the same time, we think the bigger opportunity still stands in front of us. And that's as we complete integration, which will certainly happen in phases, the value proposition becomes even stronger because we start to leverage the data set across the combined portfolio.

同時，我們認為更大的機會還在我們面前。隨著我們完成整合（這肯定會分階段進行），價值主張將變得更加強大，因為我們開始利用合併後的投資組合中的資料集。

And as we've had conversations and some of those sales going back to the client base, the idea of being able to have all of your spend in a single spot and track it and manage it with the same workflows, leveraging employee of record, all of that message is resonating.

正如我們所討論的那樣，一些銷售回饋給了客戶群，能夠將所有支出集中在一個地方，並使用相同的工作流程進行追蹤和管理，利用記錄員工，所有這些資訊都引起了共鳴。

So I would tell you, we're probably waiting to push too hard on that until we get past this first phase of integration. That will happen over several phases. But early signs in terms of are we happy with the product that we bought, is it resonating the market? The answer is absolutely yes.

所以我想告訴你，我們可能正在等待完成第一階段的整合後再大力推進。這將分幾個階段進行。但早期跡象表明，我們對所購買的產品是否滿意，它是否引起市場共鳴？答案是肯定的。

That's great. And then you dedicated a little bit more space both in terms of the press release as well as your comments with regards to the broker channel and what you're seeing there. I'm wondering, are you seeing any sort of evidence given the recent competitive moves that there's even more brokers that are looking to work with you? Or what are you seeing from that front?

那太棒了。然後，您在新聞稿以及有關經紀人管道和您在那裡看到的內容的評論方面都投入了更多的空間。我想知道，鑑於最近的競爭態勢，您是否看到任何證據表明有更多的經紀人希望與您合作？還是你從那方面看到了什麼？

Yes. I mean I think, Mark, as you know, we've always had a really substantial focus in our business on the broker channel and try to develop broad and deep partnerships with referring brokers across the US. And I think that's been -- the value that we've been able to bring to the broker channel has, I think, helped make that sustainable at the level that we've been able to maintain over the course of the last decade plus.

是的。我的意思是，馬克，正如你所知，我們的業務一直非常注重經紀人管道，並嘗試與美國各地的推薦經紀人建立廣泛而深入的合作夥伴關係。我認為，我們為經紀人管道帶來的價值有助於我們在過去十多年中保持可持續發展的水平。

And I think our strategy around being a really good and value-added partner to brokers is no different today than it's ever been. I think you've seen us remain committed to our investments in those channels. to our investments with those brokers. And I think our message to the broker community has been one of consistency and one of true partnership, whether that's from a technology perspective or otherwise.

我認為，我們成為經紀人真正優秀且具有增值的合作夥伴的策略與以往沒有任何不同。我想你已經看到我們仍然致力於在這些管道上的投資，以及與這些經紀人的投資。我認為我們向經紀人社群傳達的訊息是一致性和真正的合作關係，無論是從技術角度還是其他角度。

And I think that message has continued to resonate in the market in the face of some industry events with consolidation where they might face different challenges or some disruption. And I think we're sort of the steady hand in all that to partner with them throughout whatever it is they might experience. And I think that's broadly been our message to the market. That's been our message to brokers. And I think that has resonated particularly well over the last handful of months.

我認為，面對一些行業整合事件，這一訊息在市場上繼續引起共鳴，他們可能會面臨不同的挑戰或一些混亂。我認為，無論他們經歷什麼，我們都會與他們合作，成為他們的穩定力量。我認為這基本上就是我們向市場傳達的訊息。這是我們向經紀人傳達的訊息。我認為，在過去的幾個月裡，這一點引起了特別強烈的共鳴。

Daniel Jester, BMO Capital Markets.

丹尼爾‧傑斯特 (Daniel Jester)，BMO 資本市場。

Steve, in the beginning of your prepared remarks, you touched on all of the AI innovations that you've launched. I guess I'd love a little more color about sort of the engagement with your customers with those innovations. Have they gotten more comfortable, more enthusiastic about it? And how should we be thinking about sort of the broad strokes of adoption maybe as this year progresses? .

史蒂夫，在你準備好的發言開始時，你談到了你所推出的所有人工智慧創新。我想，我希望能夠更詳細地了解這些創新如何與客戶互動。他們是否對此更加適應、更加熱情了？那麼，隨著今年的進展，我們該如何考慮採用的整體想法呢？。

Yes, it's a great question. We really look at the opportunity from an AI is really embedding use cases across product that will make our customers more efficient, add additional context and insight easier to find their way across the applications. There's just so many use cases.

是的，這是一個很好的問題。我們真正看到的是人工智慧帶來的機遇，即在產品中嵌入用例，這將使我們的客戶更加高效，增加額外的背景和洞察力，使他們更容易在應用程式中找到自己的方式。有太多的用例了。

And so we are definitely seeing an increase in the number of use cases. I mentioned a couple in the prepared remarks in terms of use cases, where they can get answers to things that they might have to hunt for in a handbook and have that instantaneously available on a chatbot type interaction.

因此我們確實看到用例數量的增加。我在準備好的評論中提到了一些用例，他們可以從中獲得可能需要在手冊中尋找的問題的答案，並在聊天機器人類型的互動中立即獲得這些答案。

We're also seeing pretty significant increase in utilization just in our chat bot utilization, which is really the clients themselves, asking questions, using it for way finding, finding insights. And we're also excited about bringing third-party data into the equation, so we can deliver additional insights. So employees can reference compliance-oriented information rather than going online, they can do it right in our product in another type of interaction.

我們也看到聊天機器人的使用率顯著提高，實際上客戶自己會提出問題，用它來尋找方向，尋找見解。我們也很高興將第三方數據引入其中，這樣我們就可以提供更多的見解。因此，員工可以參考合規性導向的訊息，而不必上網，他們可以在我們的產品中以另一種類型的互動方式正確地完成此操作。

And so you'll see this across our platform, whether it's in scheduling cost and prepopulating schedules. Our strategy is to embed AI in as many use cases as possible. And we think that's the right way to approach a modern platform. And it also doesn't create angst and anxiety when you do it that way. It's not like you've got the side AI thing that is an overlay.

因此，您會在我們的平台上看到這一點，無論是在調度成本還是在預先填充時間表方面。我們的策略是將人工智慧嵌入盡可能多的用例中。我們認為這是接近現代平台的正確方法。而且這樣做也不會產生焦慮和不安。這並不像您擁有覆蓋的側面 AI 事物。

It's actually embedded in things that you do, and it makes their everyday lives easier. And for us, that we think that's a big opportunity.

它實際上融入你所做的事情中，並使他們的日常生活變得更加輕鬆。對我們來說，我們認為這是一個巨大的機會。

Great. And then just on the comment about growth in average revenue per client is certainly a key driver going forward. Is that -- should we interpret that as maybe an incremental push upmarket? Or is this moving more horizontally and capturing more wallet share for the customer across HCM and also the CFO?

偉大的。然後，關於每位客戶平均收入的成長無疑是未來發展的關鍵驅動力。那麼我們是否應該將其解讀為對高端市場的逐步推動？或者這是更橫向的發展，並為 HCM 和 CFO 的客戶贏得更多的錢包份額？

Yes. I think if you look at our history, we've had a really good success if you take average revenue per customer and you look how that has grown and how that is correlated to the amount of total product that we've had available, we've always characterized that as total PEPY. And that's because we price it on a per employee per month so it's pretty easy to understand.

是的。我認為，如果你回顧我們的歷史，你會發現我們確實取得了巨大的成功，如果你計算一下每位客戶的平均收入，看看這個數字是如何增長的，以及它與我們現有的產品總量之間的關係，我們一直將其描述為總 PEPY。這是因為我們按每位員工每月定價，所以這很容易理解。

I think what we're trying to emphasize here is the actual growth in average revenue per client becomes an even more important metric for us going forward because not all of our products are actually going to be priced on a PEPY basis. And so that will happen with this horizontal expansion into other areas.

我認為我們在這裡試圖強調的是，每個客戶的平均收入的實際成長將成為我們未來更重要的指標，因為實際上並非所有產品都會以 PEPY 定價。隨著我們向其他領域的橫向擴張，這種情況也會隨之發生。

But by no means do we think that takes away from the opportunity for us to further expand both existing products into HCM as well as add new SKUs to HCM. So really we're going to try to do both of those things.

但我們絕不認為這會剝奪我們進一步將現有產品擴展到 HCM 以及為 HCM 增加新 SKU 的機會。所以我們確實會嘗試做這兩件事。

Jared Levine, TD Cowen.

賈里德·萊文 (Jared Levine)，TD Cowen。

I wanted to double-click on the margins here too, but more focused on the gross margin side here. So year-to-date, you have had some strong expansion within that ex float gross margin here. Can you detail what are the primary drivers there specifically? And then any reasons why that 4Q gross margin ex float should be different than the 1Q levels here in the first half levels?

我也想雙擊這裡的利潤率，但更關注這裡的毛利率方面。因此，今年迄今為止，您的浮動毛利率已經實現了強勁成長。您能詳細說明一下那裡的主要驅動因素是什麼嗎？那麼，第四季的浮動毛利率為何與上半年第一季的水準不同呢？有什麼原因嗎？

Yes, Jared, I think we continue to execute against the playbook that we've talked about for the last handful of years, which is to say that as we continue to grow, we think we can drive scale and efficiencies across the entirety of our operational spend while at the same time continuing to invest in those teams to be able to drive strong client retention. And I think we've as I said, executed on that playbook.

是的，賈里德，我認為我們將繼續按照過去幾年來討論的策略執行，也就是說，隨著我們的不斷發展，我們認為我們可以提高整個營運支出的規模和效率，同時繼續投資於這些團隊，以實現強大的客戶保留率。我認為我們已經按照我所說的執行了這一計劃。

So it is everything from being able to take advantage of economies of scale with third party and software spend as our business grows, being able to reduce manual effort, being able to make sure that we're really putting the dollars to the best use. And obviously, having strong revenue performance as well helps gross margin too. So I feel good about the progress we made. I feel like there's the ability to continue to drive margin forward as well.

因此，隨著我們業務的成長，我們可以利用第三方和軟體支出的規模經濟，減少人工，確保資金得到最佳利用。顯然，強勁的營收表現也有助於提高毛利率。所以我對我們所取得的進展感到滿意。我覺得還有能力繼續提高利潤率。

Got it. And then in terms of Airbase, how could the recent increase in macro uncertainty impact the near-term growth outlook for that business? I know part of that business is transaction fee driven. Are you kind of seeing any softness to date in terms of this increasing macro uncertainty? Has it been pretty consistent there in terms of what you're seeing on the transaction side of that business?

知道了。那麼就 Airbase 而言，近期宏觀不確定性的增加將如何影響該業務的近期成長前景？我知道部分業務是由交易費驅動的。就日益增加的宏觀不確定性而言，您是否看到迄今為止的任何疲軟跡象？就您所看到的該業務的交易情況而言，情況是否相當一致？

Yes. I think one of the key messages is how we can save our customers' time, save them money and make them more efficient, which I think does resonate when there's uncertainty in the market large the majority of the revenue really in Airbase is software-oriented revenue. So we don't necessarily see any material impact at the moment from any macro changes. And of course, we haven't really seen macro changes yet.

是的。我認為其中一個關鍵訊息是我們如何節省客戶的時間、節省他們的錢並提高他們的效率，我認為當市場存在不確定性時，這確實會引起共鳴，因為 Airbase 的大部分收入實際上是面向軟體的收入。因此，我們目前不一定會看到任何宏觀變化帶來任何實質影響。當然，我們還沒有真正看到宏觀變化。

So I think overall, both HCM and Airbase, we've sold in different markets, whether that's growth markets or whether you got flat markets or whether you've got recession. I think the value proposition historically has resonated, and I'm pretty confident that Airbase will as well.

所以我認為整體而言，無論是 HCM 還是 Airbase，我們都在不同的市場上銷售，無論是成長市場、平穩市場還是衰退市場。我認為這個價值主張在歷史上引起了共鳴，而且我非常有信心 Airbase 也會產生同樣的效果。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

This is Sheldon McMeans on for Raimo. Another one on the macro, perhaps from a slightly different angle. It does seem like we're at all operating in a tougher and more uncertain macro, particularly relative to last year, and you've been through various cycles in the past. And probably, could you speak to any learnings that you've had on what resonates more in this sort of environment? And given the slightly heightened focus on cost control for your customers?

這是 Sheldon McMeans 為 Raimo 主持的節目。另一個是關於宏觀的，可能角度略有不同。看起來我們確實正處於一個更加艱難和不確定的宏觀環境中，特別是與去年相比，而且我們過去已經經歷過各種週期。或許您能談談在這種環境下什麼能引起更大的共鳴嗎？並且考慮到您對客戶成本控制的關注度略有提高？

Do you see an opportunity to lean more heavily on the office of the CFO side? And are you making any minor adjustments to your sales script here to account for that?

您是否看到了進一步依賴財務長辦公室的機會？您是否對銷售腳本做了一些細微的調整來解決這個問題？

Yes. I think we've always tried to balance the message with our customers between kind of innovation, engaging with employees, driving the right culture to be able to retain them, but at the same time giving them a platform that just fundamentally makes them more efficient. . And so do you lean sometimes a little bit more on the engagement side versus the efficiency? You certainly do.

是的。我認為，我們一直試圖在創新、與員工互動、推動正確的文化以留住員工之間平衡向客戶傳達的訊息，但同時為他們提供一個從根本上提高效率的平台。。那麼，您是否有時更傾向於參與度而不是效率呢？你當然會這麼做。

Different customers have different priorities. But we're in a great position because we can really help them solve either and/or both. And so you do see sometimes with certain customers where they are maybe more focused on the ROI, that they're going to get the efficiency. We don't feel like we have to make changes from a scripting or sales force training. I think we're pretty equipped to do that. That's something that we do on a regular basis.

不同的客戶有不同的優先事項。但我們處於有利地位，因為我們確實可以幫助他們解決其中一個問題或兩個問題。因此，有時你確實會看到某些客戶可能更專注於投資報酬率，他們希望獲得效率。我們不覺得我們必須對腳本或銷售人員培訓做出改變。我認為我們有能力做到這一點。這是我們經常做的事情。

As you mentioned, we've seen different cycles in our past. I think it's one of the great things about what we offer is. You've got value even if the market is a little bit soft because everyone is looking to be more efficient, and we can help them do that.

正如您所提到的，我們過去經歷過不同的週期。我認為這是我們提供的服務的一大優點。即使市場有點疲軟，你仍然有價值，因為每個人都在尋求提高效率，我們可以幫助他們做到這一點。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Great. This is Austin Cole on for Pat. I guess -- this has been a good Q&A. Just I guess stepping back, Toby, as you look ahead to FY26 here, if you were to boil down to one thing, what do you think it will be that's most important for Paylocity to get right?

偉大的。這是奧斯汀·科爾 (Austin Cole) 代替帕特 (Pat) 上場。我想——這是一次很好的問答。托比，我想退一步來說，當你展望 26 財年時，如果要歸結為一件事，你認為對 Paylocity 來說最重要的是什麼？

Well, I think we've been able to execute, I think, better and better over the course of the last year or so from both a go-to-market perspective and from an ops perspective. And I'm really proud of our teams and how they've delivered over the course of the first three months -- or first three quarters of this year. And I think we're on a good trajectory in terms of how we have guided the close of the year. And I think that sets us up to continue to deliver in both of those groups as we tee up fiscal '26.

嗯，我認為，在過去一年左右的時間裡，無論是從市場進入的角度還是從營運的角度來看，我們都能夠執行得越來越好。我為我們的團隊以及他們在今年前三個月或前三個季度所取得的成績感到非常自豪。我認為，就我們今年年底的規劃而言，我們的進展順利。我認為這為我們在迎接 26 財年時繼續在這兩個領域取得成就奠定了基礎。

And then I think when you overlay a lot of the comments that Steve has made with respect to our product momentum, whether that's in the context of some of our really exciting AI initiatives or whether that's in the context of being able to lean into Airbase and that product set more as we get into fiscal '26, and I think that's probably the combination that is -- that's the opportunity that's before us to continue delivering in fiscal '25 and the path that we've been on. But then I think probably lean into some of those things a little bit harder yet as we kick off '26. So I think that's what's in front of us.

然後，我認為，當你疊加史蒂夫對我們的產品勢頭所做的許多評論時，無論是在我們一些真正令人興奮的人工智能計劃的背景下，還是在我們進入 26 財年時能夠依靠 Airbase 和該產品系列的背景下，我認為這可能是兩者的結合——這是我們在 25 財年繼續交付產品的機會，也是我們一直走的道路。但我認為，隨著 26 年的到來，我們可能會更加努力地處理其中的一些事情。所以我認為這就是我們面臨的問題。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

This is Bobby Dee on for Terry. Just one two-parter from me again on the products. Curious to get an update on how you're thinking about the add-on product innovation/development cadence for the rest of the year? And separately, on recent product launches, what's moving the needle at the point of sale at this point?

這是 Bobby Dee 代替 Terry 上場的。我再次就產品發表兩部分看法。想知道您對今年剩餘時間附加產品創新/開發節奏的看法嗎？另外，就最近推出的產品而言，目前的銷售情況如何？

Yes, I'll take the last part first. So if you look at kind of maybe the wave of products that we have released, they continue to increase adoption rates, both back to the base to customers as well as our sell-through rate on the front end. And so pretty happy with things like rewards and recognition, employee voice, scheduling plus, learning plus, really some of these enhancements that we've made to the core HCM platform that really helps our clients gather feedback and engage with employees, driving culture and higher retention.

是的，我先講最後一部分。因此，如果你看我們發布的一系列產品，你會發現它們的採用率不斷提高，既包括回到客戶群，也包括我們前端的銷售率。我們對獎勵和認可、員工聲音、排班、學習等功能感到非常滿意，這些改進確實對核心 HCM 平台有所幫助，可以幫助我們的客戶收集回饋並與員工互動，推動文化並提高員工留任率。

Those have all continued to do well at higher penetration rates over time. I think we're very early on some of the newest products when you think about the Office of the CFO. So I think FY26 becomes a year where we start to measure greater success as we start to roll out integration between the two platforms. But overall, we've really been happy with the increase in average revenue per customer that we've been able to drive across our portfolio.

隨著時間的推移，這些產品都以更高的滲透率持續表現良好。當您想到財務長辦公室時，我認為我們剛剛推出一些最新產品。因此，我認為，隨著我們開始在兩個平台之間進行整合，26 財年將成為我們開始衡量更大成功的一年。但總體而言，我們對於我們整個投資組合中每位客戶平均收入的成長感到非常高興。

Siti Panigrahi with Mizuho.

瑞穗的 Siti Panigrahi。

This is Phil on for Siti. I just wanted to circle back on Airbase. I guess once you guys complete the integration, is it going to be like -- are you going to have one sales team that's selling both the HCM payroll offering and the Airbase? Or will it be separate Airbase focused reps?

這是 Phil 代替 Siti 發言。我只是想回到空軍基地。我想，一旦你們完成整合，情況會是這樣的——你們會有一個銷售團隊同時銷售 HCM 薪資產品和空軍基地嗎？或者會是專門針對空軍基地的單獨代表嗎？

Sure. Yes. So we have had a model historically where our outside sales force is largely in charge of landing new customers and new units. We get them implemented, we get them onboarded, hopefully, with as many products as they need. And then over time, those customers often find that they're very comfortable with Paylocity, doing a great job from a service perspective and they add additional products over time.

當然。是的。因此，我們歷史上一直有一個模式，就是我們的外部銷售人員主要負責吸引新客戶和新單位。我們幫助他們實施，讓他們加入，希望能夠提供他們所需的盡可能多的產品。隨著時間的推移，這些客戶通常會發現他們對 Paylocity 非常滿意，從服務角度來看，Paylocity 做得很好，並且他們會隨著時間的推移添加其他產品。

We will really, from an Airbase perspective, look for both opportunities. So we will look for our sales team to identify need upfront, and then we'll have experts that will be inside that will help navigate that purchase process for the customer. And then at the same time, we'll have those same folks be calling back into the customer and then being able to add that on.

從空軍基地的角度來看，我們確實會尋找這兩個機會。因此，我們會尋求銷售團隊事先確定需求，然後我們會安排專家來幫助客戶完成購買流程。然後同時，我們會讓這些人再次致電客戶，然後能夠添加這些內容。

We think that some of that purchase might happen at the same time, but realistically they'll probably have different implementation time frames. So you end up with some different expert resources, which is the same way we do things like PPA and other products. So it's a model that we've run for many years, and we feel very comfortable with.

我們認為部分購買可能會同時發生，但實際上它們可能有不同的實施時間框架。因此，您最終會獲得一些不同的專家資源，這與我們處理 PPA 和其他產品的方式相同。這是一個我們已經運行多年的模型，我們對此感到非常滿意。

Kevin McVeigh, UBS.

瑞銀的凱文·麥克維。

Any of the revenue outperformance in the quarter? Any change in terms of kind of competitive dynamics just given some of the consolidation that's been occurring in the industry?

本季的營收表現有何優異表現？鑑於產業內正在發生的一些整合，競爭動態方面有什麼變化嗎？

I don't think so. I mean I think really pleased with the execution that we saw from the go-to-market teams in the quarter, and certainly a big lift from both our implementation and service teams. But I think that was the main driver of the performance in the quarter from a revenue standpoint versus anything that we would have seen specifically from a competitive landscape perspective.

我不這麼認為。我的意思是，我對本季行銷團隊的執行情況感到非常滿意，而且我們的實施和服務團隊也取得了巨大的進步。但我認為，從營收的角度來看，這是本季業績的主要驅動力，而不是從競爭格局的角度來看。

And then it sounds like the fundamentals are obviously still really, really strong. But any of the client, I don't know if it's caution or just kind of initial change at the margin, is that any particular segment or is it across more mid- to down market as opposed to up? Any thoughts around that?

聽起來基本面顯然仍然非常非常強勁。但是對於任何客戶，我不知道這是謹慎還是只是邊際的初步變化，是任何特定的部分還是跨越中低端市場而不是高端市場？對此有什麼想法嗎？

Yes. I think as Toby said, I think we would put this in the qualitative bucket. As we talk to some of the sales reps and we're looking for some decisions, they would have examples here and there where people are, based on uncertainty in the overall macro market, it's been sometimes a little bit harder to get decision. It's a fairly recent comment. You obviously don't see any of that in our results, and we feel pretty confident that is not going to impact our next quarter.

是的。我認為如托比所說，我們會把它放在定性範疇內。當我們與一些銷售代表交談並尋求做出一些決定時，他們會提供一些例子，在這些例子中，基於整個宏觀市場的不確定性，人們有時會更難做出決定。這是一則相當新的評論。您顯然在我們的結果中看不到任何這些情況，我們非常有信心這不會影響我們的下個季度。

But I think it's just natural with, I think, some of the uncertainty in the market, that you would hear that. But we certainly don't think that that has any impact to the results so far or the guidance that we gave.

但我認為，由於市場存在一些不確定性，聽到這些消息是很自然的。但我們當然不認為這會對迄今為止的結果或我們給出的指導產生任何影響。

George Kurosawa, Citi.

花旗銀行的喬治‧黑澤明 (George Kurosawa)

This is -- I'm on for Steve Enders. Just wanted to kind of circle back on that last comment about some of the cautious tone from customers being more qualitative at this point. I mean does that kind of hold true across the metrics that you guys are looking at? I'm thinking about maybe some more forward-looking indicators like top of funnel. Have you seen any indications of incremental softness in April in any of those type of indicators?

這是——我支持史蒂夫·恩德斯。我只是想回到最後一則評論，關於此時客戶的謹慎語氣更加定性。我的意思是，根據你們所觀察的指標來看，這種說法正確嗎？我正在考慮一些更具前瞻性的指標，例如漏斗頂部。您是否看到任何四月份此類指標出現逐漸疲軟的跡象？

No. We really have not. I think it's really a qualitative comment that certainly might be isolated, but it's one that we watch. And I think it's I think prudent for us to at least mention. But we feel pretty good about the momentum that we've got in the business even if we look at the pipeline from top of funnel all the way through.

不。我們確實沒有。我認為這確實是一個定性評論，當然可能是孤立的，但我們會關注它。我認為我們至少應該謹慎地提一下。但即使我們從漏斗頂部一直觀察整個過程，我們對業務的發展勢頭仍然感到非常滿意。

Okay. That's helpful. And then you guys called out some relative strength in the broker channel. Maybe you could just talk through kind of the investments and initiatives you have there. It sounds like you're leaning into that space. So just anything where you guys are putting dollars to work.

好的。這很有幫助。然後你們在經紀人通路中喊出了一些相對強勢。也許您可以談談您在那裡進行的投資和舉措。聽起來你正傾向於那個空間。所以，只要你們投入資金，就可以做任何事。

Yes. I think you see a lot of consistency in our approach there. So probably call out in the moment, I think the consistency in our approach has been one of adding value to brokers by being a great technology partner to them, one that doesn't compete with them for their insurance business. And I think you see a steady set of investments from us over time that are focused on building those relationships and making sure that we stand by them and support them in partnership and continuing to invest in the technology that adds value to them and to their clients.

是的。我認為你會發現我們的做法非常一致。所以現在可能要說的是，我認為我們的方法始終如一，即成為經紀人的優秀技術合作夥伴，為經紀人增加價值，而不是與他們爭奪保險業務。我認為，您會看到我們長期以來進行的一系列穩定投資，這些投資專注於建立這些關係，並確保我們支持他們並與他們合作，並繼續投資於為他們及其客戶增加價值的技術。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yes. Congrats on the great results. With this being the largest recurring revenue beat of the year in Q3, could you talk about what drove even that incremental outperformance this quarter? Was that more related to some of the broker channel comments that you've been making or maybe the better-than-expected uptake of Airbase? Would love to just kind of flesh out what drove even the even higher upside this quarter.

是的。恭喜您取得如此優異的成績。這是今年第三季經常性收入最大的成長，您能否談談是什麼推動了本季如此優異的表現？這是否與您一直以來發表的一些經紀人管道評論有關，或者可能與 Airbase 的接受度好於預期有關？很想弄清楚是什麼推動了本季更高的上漲。

Yes. I mean I think building off some of the comments that we've mentioned so far, I mean, I think we saw really strong execution across the business. I think that started with coming into the year with a fair amount of momentum from a go-to-market perspective.

是的。我的意思是，我認為，根據我們迄今為止提到的一些評論，我認為我們看到了整個業務的強勁執行力。我認為這一切始於今年，從進入市場的角度來看，我們擁有相當大的發展動能。

I think the sales team did a great job in selling season. I think you saw really strong performance from our ops teams in terms of getting new business started in January, and supporting our clients in the busiest time of their years, from the December, January perspective.

我認為銷售團隊在銷售季節表現出色。我認為，從 12 月和 1 月的角度來看，我們的營運團隊在 1 月份開展新業務以及在一年中最繁忙的時期為客戶提供支援方面表現非常出色。

And I think that all came together to produce what we saw in the quarter, which again, I think we feel really good about in terms of how we're executing across the business.

我認為所有這些因素共同作用，才造就了我們在本季度所看到的結果，而且，我認為，就整個業務的執行情況而言，我們對這一結果感到非常滿意。

Okay. That's helpful. And then it sounds like things have been going fairly well for Airbase thus far. I know you're still largely selling that on a stand-alone basis. But for some of the cross-sell logos that you've already landed, could you talk about what's working well, either from a go-to-market player perspective or just from a customer profile that it may be resonating with? That would be helpful.

好的。這很有幫助。聽起來到目前為止空軍基地的一切都進展得相當順利。我知道你們仍然主要以獨立方式銷售該產品。但是對於您已經獲得的一些交叉銷售標識，您能否從市場進入者的角度或僅從可能引起共鳴的客戶資料的角度來談談哪些方法有效？那將會很有幫助。

Yes, sure. So I think there's various parts to the value proposition that resonate. So there is this opportunity for them to manage their spend, provide the rules and automation so that all of that spend can be managed. And there's an ROI on that, right? They can manage that spend down.

是的，當然。所以我認為價值主張的各個部分都能夠引起共鳴。因此，他們有機會管理他們的支出，提供規則和自動化，以便可以管理所有支出。並且有投資報酬率，對嗎？他們可以控制支出。

I think there's also efficiencies that can be gained in terms of closing their books, integrating into their general ledger. We integrate a lot with general ledger from a payroll perspective, so this is obviously a different type of transaction, but that has also really been valuable. And then there's an employee experience component to it, which is virtual cards and card payment and being able to make sure that that's super easy and easy for them to then create expense reports.

我認為在結帳、整合總帳方面也可以提高效率。從薪資的角度來看，我們將許多內容與總帳進行整合，因此這顯然是一種不同類型的交易，但這也確實很有價值。然後還有一個員工體驗組件，即虛擬卡和卡片支付，並能夠確保他們能夠非常輕鬆地建立費用報告。

And so I think those are probably maybe the three highlights that I would surface when we got feedback from our sales team who are having these conversations with the customers. And I think in many cases, all of those value propositions get even better as we integrate the platforms.

因此，我認為這些可能是我們在從與客戶對話的銷售團隊那裡得到回饋時提出的三個亮點。我認為在很多情況下，隨著我們整合平台，所有這些價值主張都會變得更好。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Perfect. And maybe just on the workforce levels. It sounds like it was up a touch in the quarter and you're seeing stability in the base and seasonal hiring. Maybe can you just remind us what the expectation is for workforce levels contemplated in the Q4 guide?

完美的。或許只是在勞動力層面。聽起來本季有所上升，基礎招募和季節性招募趨於穩定。或許您能提醒我們一下第四季指南中對勞動力水準的期望是什麼嗎？

Yes. So consistent approach with how we've approached guidance in the first three quarters, which is flat workforce levels in Q4. And I think as we've said, for the first nine months, if that would turn incrementally positive, then that would be a touch of upside. But we have assumed flat workforce levels and I think we feel good about that assumption and feel good about where the base is from workforce levels through the time of the call.

是的。因此，我們採取的方法與前三個季度的指導方針一致，即第四季度的勞動力水準持平。我認為，正如我們所說的那樣，對於前九個月，如果情況能夠逐漸好轉，那麼這將是一個好處。但我們假設勞動力水準保持平穩，我認為我們對這一假設感到滿意，並且對通話期間勞動力水準的基礎感到滿意。

Okay. Thanks, Ryan. And then I acknowledge it's probably premature given the backdrop, but when I look at your implied Q4 recurring guide and if we strip out Airbase, it implies an exit of like 10% organic for recurring. Is that a good place to start as we think about next year? Or is it still just too hard to say?

好的。謝謝，瑞安。然後我承認，考慮到當時的背景，現在下結論可能為時過早，但當我看到你隱含的第四季度經常性指南時，如果我們去掉 Airbase，這意味著經常性業務的有機退出率為 10%。當我們考慮明年的時候，這是一個好的起點嗎？還是說這還是太難說？

Yes, still early. So on next earnings call, we'll obviously give formal guidance for Q1 of '26 and full year. But I think as we've talked about in prior years, that's, at this point, a reasonable proxy to potentially think about how next year may set up. And obviously, we have a different level of prudence when you think about what an annual guide might look like versus a near-term quarter. But I think similar to how we played out this year, we will take all those data points into account over the next handful months and provide you more detail on the Q4 call.

是的，還早。因此，在下次財報電話會議上，我們顯然會為 26 年第一季和全年提供正式指導。但我認為，正如我們在前幾年所討論的那樣，這是一個合理的代理，可以用來潛在地思考明年可能會如何安排。顯然，當你考慮年度指南與近期季度指南時，我們的謹慎程度是不同的。但我認為與今年的情況類似，我們將在接下來的幾個月內考慮所有這些數據點，並在第四季度電話會議上為您提供更多詳細資訊。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

This is Jason on for Alex. So I want to touch on the pricing dynamics a little bit. And how are you approaching the integration of CFO Office products into the broader platform from a pricing perspective given the different pricing models involved? And how confident do you feel about your current pricing structure against competitive offerings and potentially market uncertainties around the backlog?

這是 Jason 為 Alex 表演的。所以我想稍微談談定價動態。考慮到所涉及的不同定價模型，從定價角度來看，您如何將 CFO Office 產品整合到更廣泛的平台中？您對目前的定價結構相對於競爭產品以及積壓訂單的潛在市場不確定性有多大信心？

Sure. So I think just overall pricing, the market is competitive. Certainly, it has been for a long time. I wouldn't call it any change to that competitive environment, and we haven't seen anything abnormal from a pricing perspective. And so we feel good about the price point and the value that we're offering to customers. And I would call it no change there.

當然。所以我認為就整體定價而言，市場是有競爭力的。當然，這種情況已經持續很久了。我不會稱之為競爭環境的任何變化，而且從定價角度來看我們也沒有看到任何異常情況。因此，我們對向客戶提供的價格和價值感到滿意。我認為那裡沒有變化。

I think the reason that we mentioned this in the prepared remarks is, in Airbase, those products are definitely priced differently than HCM products. So our goal is to replicate a competitive pricing model when we approach Office of the CFO, just like our competitors would have, versus trying to force-fit something into an HCM pricing model. We are already doing that. It's in market that is resonating pretty well.

我認為我們在準備好的評論中提到這一點的原因是，在 Airbase，這些產品的定價肯定與 HCM 產品的定價不同。因此，我們的目標是在與財務長辦公室接洽時複製一個具有競爭力的定價模型，就像我們的競爭對手一樣，而不是試圖將某些東西強行塞進 HCM 定價模型中。我們已經在這麼做了。它在市場上引起了很好的反響。

And then as we integrate the platform, you would just end up with HCM pricing that would be by module on a per employee per month basis, and then potentially a different pricing model depending on the product set in the Office of the CFO, is something that we feel fairly comfortable being able to manage and already have had these conversations with customers because you have different bio personas, and it's the way they expect it to be priced, it has gone relatively smooth.

然後，當我們整合平台時，您最終會得到按模組按每個員工每月計算的 HCM 定價，然後根據首席財務官辦公室設定的產品，可能會採用不同的定價模型，這是我們感到相當舒適能夠管理的事情，並且已經與客戶進行了這些對話，因為您有不同的生物角色，而且這是他們期望的定價方式，它進展相對順利。

That's very helpful. And one quick follow-up on the sales rep capacity. Could you update us on the sales rep hiring progress, if we plan incremental hiring for the selling season? And how is the overall sales productivity trending comparing to maybe 90 days ago?

這非常有幫助。並對銷售代表的能力進行一次快速跟進。如果我們計劃在銷售季節增加招聘，您能否向我們通報銷售代表的招聘進度？與 90 天前相比，整體銷售生產力趨勢如何？

Yes. We came into this fiscal year with about 8% rep headcount growth. And I think our focus at the time that we described was coming in feeling good about the new hire class that we had in, and really believing that we had an opportunity to drive efficiency and productivity across the sales team. I think that's what we've been able to deliver so far throughout the course of the fiscal year.

是的。進入本財年，我們的銷售代表人數增加了約 8%。我認為我們當時的重點是，對新招募的員工感到滿意，並真正相信我們有機會提高整個銷售團隊的效率和生產力。我認為這就是我們在整個財政年度迄今所能實現的目標。

And I think our general viewpoint would be very similar as a starting point, is we're still finalizing the plans of how we would go into fiscal '26. But I wouldn't call out any major change in terms of how we're thinking about that approach.

我認為，從起點來看，我們的整體觀點非常相似，那就是我們仍在最終確定如何進入 26 財年的計劃。但就我們對這種方法的看法而言，我不會提出任何重大改變。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Congrats on the strong quarter here. I wanted to just ask a quick follow-up to Jason's question about growth rates on a go-forward basis. Are you looking to have the same level of beat and raise cadence in fiscal '26 as you initially set fiscal '25 guidance to have? And then I got a quick follow-up.

恭喜本季業績強勁。我只是想快速跟進一下傑森關於未來成長率的問題。您是否希望在 26 財年實現與您最初設定的 25 財年指導相同的節拍和成長節奏？然後我得到了快速的跟進。

Yes. Allan, I think the way -- we're pleased with how fiscal '25 has played out. Obviously, as we've talked about through the now three earnings calls of this fiscal year, we've had a lot of sales momentum overperformance from that team. And you've seen that result in upwards of $50 million increase to recurring revenue guidance from what we provided today versus August. Obviously, a piece of that is Airbase, but the majority of that is going to be overperformance in the sales team.

是的。艾倫，我認為——我們對 25 財年的業績感到滿意。顯然，正如我們在本財年的三次財報電話會議上所討論的那樣，該團隊的銷售勢頭表現非常出色。並且您已經看到，與 8 月相比，我們今天提供的經常性收入預期增加了 5,000 萬美元以上。顯然，其中一部分是 Airbase，但主要歸功於銷售團隊的出色表現。

So wouldn't necessarily start a fiscal year expecting that level of overperformance. But if you step back and think about guidance philosophy, yes, we would expect to have a very similar cadence in next fiscal year. As I mentioned on my earlier comment, you have more visibility to the near-term quarter, so that one may result in slightly higher guidance. And then when you're thinking about guiding 12 months out, you obviously have an incremental level of prudence or conservatism because of the uncertainty that comes with guiding further out. So we, again, we'll take all those into account and provide more detail on the next call.

因此，在財政年度開始時，我們不一定會期望出現這種超額表現。但如果你退一步思考指導理念，是的，我們預期下一財年會有非常相似的節奏。正如我在之前的評論中提到的那樣，您對近期季度有了更多的了解，因此可能會導致略高的指導。然後，當您考慮指導 12 個月後的情況時，您顯然會更加謹慎或保守，因為指導更長時間會帶來不確定性。因此，我們會再次考慮所有這些因素，並在下次通話中提供更多詳細資訊。

Perfect. That's helpful. And then on Airbase, you previously mentioned about 2/3 of the $22 million fiscal '25 recurring revenue guide increase was attributed to Airbase. So about $15 million. Is that still an expectation for Airbase revenue this year? And maybe can you just opine on what kind of outperformance you've seen this year relative to that expectation, if there has been any?

完美的。這很有幫助。然後關於空軍基地，您之前提到 25 財年 2200 萬美元的經常性收入指南增長中約有 2/3 歸功於空軍基地。約1500萬美元。這仍然是今年空軍基地收入的預期嗎？也許您能否就今年相對於該預期而言您所看到的表現發表意見，如果有的話？

Sure. So I don't think we provided a specific dollar amount for Airbase. I think we've characterized it as roughly 1% of revenue this year. And I would continue to believe it would be in that range. So feel good about the progress as we talked about throughout this call, but yes, still roughly 1% of revenue for the year.

當然。所以我認為我們沒有為空軍基地提供具體的金額。我認為我們將其定性為今年收入的約 1%。我仍然相信它會在這個範圍內。因此，正如我們在整個通話過程中所討論的那樣，對進展感到滿意，但是，這仍然佔今年收入的 1% 左右。

Zachary Gunn, FT Partners.

FT Partners 的 Zachary Gunn。

I also just wanted to ask on Airbase here quickly. I appreciate it's a great product, a large opportunity. I just want to understand what gives you the confidence in competing against likes of large players, Brex, Ramp? American Express also just made a big acquisition in the space. So just trying to understand what gives Airbase the right to win in the space?

我也只是想在這裡快速詢問空軍基地的狀況。我很欣賞這是一款出色的產品，一個巨大的機會。我只是想了解什麼讓您有信心與 Brex、Ramp 等大型公司競爭？美國運通也剛剛在該領域進行了一項大規模收購。那麼，您只是想了解是什麼賦予了空軍基地在太空中獲勝的權利嗎？

Yes. So I think it's, on a stand-alone basis, a very strong product set that has gotten good feedback in the marketplace. It's definitely targeted at much more of our average-sized customer. So if you think of our average-size customer being over 100 employees, and obviously, we have different segments. But the overlay of their customer base really is at the core of our market.

是的。因此我認為，從獨立的角度來看，這是一套非常強大的產品，並且在市場上獲得了良好的回饋。它的目標客戶肯定是更多的是我們的中型客戶。因此，如果您認為我們的客戶平均擁有超過 100 名員工，那麼顯然我們有不同的細分市場。但他們的客戶群覆蓋確實是我們市場的核心。

And they've got the feature sets associated with that customer size in terms of things that CFOs would be looking for, efficiencies that it drives, some of the rules that can be more complex. So we feel really good about that.

他們擁有與客戶規模相關的功能集，包括財務長所尋求的功能、它所推動的效率以及一些可能更複雜的規則。所以我們對此感到非常高興。

I think the other thing is there's an employee experience element to this. So employees are using the cards. They're accessing this information. They're providing -- they're submitting for approvals. More and more spend is being driven at an employee level.

我認為另一件事是這其中存在著員工體驗因素。所以員工們都在使用這些卡片。他們正在訪問這些資訊。他們正在提供——他們正在提交審批。員工層面的支出越來越多。

We have a ton of utilization on our mobile app already for core things like either punching in, checking your check, PTO. So when you can really mirror this employee experience with all the features that exist with Airbase and then be able to, on the back end, give them that single pane of glass from a reporting perspective, we think that actually ends up being a pretty unique value proposition as we complete all the phases of integration, and we start to sell it more as a unified platform.

我們的行動應用程式已廣泛應用於各種核心事務，例如打卡、檢查支票、PTO。因此，當你能夠透過 Airbase 現有的所有功能真正反映員工體驗，然後能夠在後端從報告角度為他們提供單一管理平台時，我們認為，隨著我們完成所有整合階段，這實際上會成為一個非常獨特的價值主張，我們開始將其作為統一平台進行銷售。

Thank you. Ladies and gentlemen, I am showing no further questions in the queue. I would now like to turn the call back to management for closing remarks.

謝謝。女士們、先生們，隊列中沒有其他問題了。現在我想請管理階層做最後發言。

We just want to say thanks to everybody for your interest in Paylocity. Thanks for joining the call. And I wanted to say a special thank you to all of our employees for all of their efforts to take care of our clients during the busiest time of the year, and thank you for supporting a great Q3. Have a good night.

我們只想感謝大家對 Paylocity 的關注。感謝您參加電話會議。我要特別感謝我們所有的員工，感謝他們在一年中最繁忙的時候為照顧客戶所做的一切努力，也感謝你們對第三季度取得圓滿成功提供支持。祝你晚安。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。