<p>藥明康德（Paychex (PAYX)）已舉行第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>藥明康德最新的財報電話會議描繪了在創新支撐下的強勁增長，儘管管理層承認每位客户的收入和某些業務線存在一些疲軟。管理層的語氣充滿信心，強調了強勁的收入和利潤增長、Paycor 收購的有效整合，以及來自人工智能投資的早期實質性好處，同時對管理解決方案、Paycor 的獨立增長和保險業務的挑戰保持透明。</p>
<h2>強勁的收入和營業收入增長</h2>
<p>藥明康德交出了出色的季度業績，收入同比增長 18% 達到 16 億美元，調整後的營業收入增長 21%。管理層將此歸功於更高的生產力、嚴謹的執行和效率提升，其中許多是由技術和人工智能整合驅動的。這種強勁的收入擴張和更快的利潤增長的結合表明運營槓桿的改善，並支持公司在人力資本管理和薪資領域作為更具韌性的企業之一的定位。</p>
<h2>人工智能和創新進展</h2>
<p>電話會議的一個核心主題是藥明康德在人工智能方面的快速進展。公司強調推出了一款基於 GenAI 的就業法律和合規平台，旨在簡化客户的複雜法規，以及一款正在申請專利的人工智能驅動的知識網格系統，增強信息在業務中的訪問和使用方式。管理層將這些工具視為競爭差異化因素和內部生產力的驅動因素，旨在在結構上降低服務成本的同時提供更好的客户結果。</p>
<h2>Paycor 整合成功</h2>
<p>Paycor 收購正在成為一個關鍵的戰略支柱，管理層強調整合進展超出計劃。藥明康德已經超過了其成本協同目標，並預計在 2026 財年實現約 1 億美元的成本協同，同時也在朝着收入協同目標邁進。合併平台旨在擴大藥明康德的覆蓋範圍，擴展其產品組合，並創造交叉銷售機會，儘管 Paycor 本身在短期內的增長有所放緩，但仍支持長期增長的敍述。</p>
<h2>強勁的 PEO 業務表現</h2>
<p>藥明康德的 PEO 業務仍然是一個亮點，工作場所員工實現中個位數增長，客户留存率接近創紀錄水平。管理層提到對捆綁的人力資源、福利和合規服務的強勁需求，推動了穩健的收入增長和改善的可見性。PEO 部門的表現提供了多樣化和穩定性，幫助抵消保險等更具週期性或利率敏感領域的波動，並強化了公司為尋求全方位人力資源解決方案的小型和中型僱主提供的價值主張。</p>
<h2>提高盈利預期</h2>
<p>儘管某些領域存在疲軟，藥明康德提高了其盈利展望。調整後的稀釋每股收益預計將增長 10-11%，將範圍從之前的 9-11% 上調。儘管本季度 GAAP 稀釋每股收益下降 4% 至 1.10 美元，但調整後的稀釋每股收益增長 11% 至 1.26 美元，反映出在排除整合和其他非經常性項目後強勁的基礎表現。更高的指引表明管理層對運營效率和協同實現將超過當前逆風的信心。</p>
<h2>每位客户的收入疲軟</h2>
<p>電話會議上提到的一個擔憂是每位客户的收入低於預期。管理層將此主要歸因於較小的交易規模和銷售時初始產品附加率較低。儘管客户基礎依然穩固，但在當前環境中，獲取每位客户更多的消費份額已證明具有挑戰性。藥明康德旨在通過增強交叉銷售努力、改善前線銷售執行以及利用其人工智能驅動的工具來展示更多價值，鼓勵客户逐步採用更廣泛的服務組合來解決這一問題。</p>
<h2>管理解決方案中的挑戰</h2>
<p>在管理解決方案中，作為核心收入驅動因素，每位客户的收入增長也因同樣的小交易和前期產品附加較少而略顯疲軟。這表明，儘管對基本薪資和人力資源服務的需求健康，但客户在初期對附加更多模塊持謹慎態度。投資者將關注藥明康德是否能夠在這一領域重新激活追加銷售，並將初始關係轉化為更深入、更高利潤的合作關係，隨着經濟條件的演變。</p>
<h2>Paycor 增長擔憂</h2>
<p>儘管 Paycor 整合正在帶來協同效益，但 Paycor 自身的有機增長略低於之前的預期，預計增長為 8-9%。管理層將情況描述為複雜，指出整合相關的干擾和客户流動是導致因素。儘管這一略微放緩的軌跡值得關注，但藥明康德強調交易的長期戰略邏輯依然完好，協調平台和市場策略最終應支持合併實體的更健康、更可持續的增長。</p>
<h2>保險代理表現拖累</h2>
<p>保險代理業務對業績造成了顯著拖累，受到工人賠償率疲軟和健康福利業務量下降的壓力。這些市場驅動的逆風減少了收入，並抑制了整體業務部門的表現。雖然這並不是 Paychex 故事的核心，但保險部門的疲軟凸顯了公司對費率環境和福利趨勢的暴露，並強化了高增長的 PEO 和技術驅動的人力資源服務在推動整體公司業績方面的重要性。</p>
<h2>指引與前瞻展望</h2>
<p>展望未來，Paychex 重申了其 2026 財年的展望，並對其發展軌跡表示信心。管理層預計今年與 Paycor 相關的成本協同效應約為 1 億美元，並繼續瞄準通過交叉銷售和平台整合實現的收入協同效應。調整後的稀釋每股收益增長現已預計為 10-11%，得益於本季度 18% 的收入增長、管理解決方案收入的 21% 增長，以及調整後營業收入的 21% 增加。公司認為其人工智能舉措，包括知識網格系統和 GenAI 合規平台，是未來提高效率和創造客户價值的關鍵槓桿，使 Paychex 在某些業務線面臨短期壓力的情況下仍能實現可持續增長。</p>
<p>總之，Paychex 的財報電話會議將強勁的執行力與對當前挑戰的審慎現實相結合。收入和調整後的利潤以健康的速度增長，Paycor 的整合超出計劃交付了協同效應，人工智能投資也開始重塑運營。同時，客户每單位收入的疲軟、Paycor 增長略顯乏力以及保險業務的逆風仍然是需要關注的領域。總體而言，語氣樂觀，管理層依靠創新和整合帶來的好處來支持持續的盈利增長和長期的股東價值。</p>

沛齊

<p>Paychex 第二季度的財報電話會議強調了儘管收入有所疲軟，但仍然受益於人工智能和創新的強勁增長。收入增長了 18%，達到 16 億美元，營業收入增長了 21%。會議強調了人工智能的進步和成功的 Paycor 整合。PEO 業務表現強勁，盈利預期上升。面臨的挑戰包括每位客户的收入下降和 Paycor 的增長放緩。管理層對通過運營效率和協同效應的實現來克服這些障礙保持信心</p>

<p>Paychex ((PAYX)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>藥明康德（Paychex (PAYX)）已舉行第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
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</div><p>Paychex’s latest earnings call painted a picture of robust growth underpinned by innovation, even as management acknowledged pockets of softness in revenue per client and certain business lines. Management’s tone was confident, emphasizing strong top- and bottom-line gains, effective integration of the Paycor acquisition, and tangible early benefits from AI investments, while remaining transparent about challenges in Management Solutions, Paycor’s standalone growth, and insurance operations.</p>
<div class="lb-trans"><p>藥明康德最新的財報電話會議描繪了在創新支撐下的強勁增長，儘管管理層承認每位客户的收入和某些業務線存在一些疲軟。管理層的語氣充滿信心，強調了強勁的收入和利潤增長、Paycor 收購的有效整合，以及來自人工智能投資的早期實質性好處，同時對管理解決方案、Paycor 的獨立增長和保險業務的挑戰保持透明。</p>
</div><h2>Strong Revenue and Operating Income Growth</h2>
<div class="lb-trans"><h2>強勁的收入和營業收入增長</h2>
</div><p>Paychex delivered a standout quarter, with revenue up 18% year-over-year to $1.6 billion and adjusted operating income climbing 21%. Management credited higher productivity, disciplined execution, and efficiency gains, many of them driven by technology and AI integration. This combination of strong revenue expansion and even faster profit growth suggests improving operating leverage and supports the company’s positioning as one of the more resilient names in the human capital management and payroll space.</p>
<div class="lb-trans"><p>藥明康德交出了出色的季度業績，收入同比增長 18% 達到 16 億美元，調整後的營業收入增長 21%。管理層將此歸功於更高的生產力、嚴謹的執行和效率提升，其中許多是由技術和人工智能整合驅動的。這種強勁的收入擴張和更快的利潤增長的結合表明運營槓桿的改善，並支持公司在人力資本管理和薪資領域作為更具韌性的企業之一的定位。</p>
</div><h2>AI and Innovation Advancements</h2>
<div class="lb-trans"><h2>人工智能和創新進展</h2>
</div><p>A central theme of the call was Paychex’s rapid progress in artificial intelligence. The company highlighted the launch of a GenAI-powered employment law and compliance platform designed to simplify complex regulations for clients, as well as a patent-pending AI-powered knowledge mesh system that enhances how information is accessed and used across the business. Management framed these tools as both a competitive differentiator and a driver of internal productivity, aiming to deliver better client outcomes while structurally lowering cost-to-serve over time.</p>
<div class="lb-trans"><p>電話會議的一個核心主題是藥明康德在人工智能方面的快速進展。公司強調推出了一款基於 GenAI 的就業法律和合規平台，旨在簡化客户的複雜法規，以及一款正在申請專利的人工智能驅動的知識網格系統，增強信息在業務中的訪問和使用方式。管理層將這些工具視為競爭差異化因素和內部生產力的驅動因素，旨在在結構上降低服務成本的同時提供更好的客户結果。</p>
</div><h2>Successful Paycor Integration</h2>
<div class="lb-trans"><h2>Paycor 整合成功</h2>
</div><p>The Paycor acquisition is emerging as a key strategic pillar, and management stressed that integration is tracking ahead of plan. Paychex has already exceeded its cost synergy targets and now expects about $100 million in cost synergies in fiscal 2026, while also progressing toward its revenue synergy goals. The combined platform is intended to broaden Paychex’s reach, expand its product suite, and create cross-sell opportunities, supporting the longer-term growth narrative despite some near-term growth moderation at Paycor itself.</p>
<div class="lb-trans"><p>Paycor 收購正在成為一個關鍵的戰略支柱，管理層強調整合進展超出計劃。藥明康德已經超過了其成本協同目標，並預計在 2026 財年實現約 1 億美元的成本協同，同時也在朝着收入協同目標邁進。合併平台旨在擴大藥明康德的覆蓋範圍，擴展其產品組合，並創造交叉銷售機會，儘管 Paycor 本身在短期內的增長有所放緩，但仍支持長期增長的敍述。</p>
</div><h2>Strong PEO Business Performance</h2>
<div class="lb-trans"><h2>強勁的 PEO 業務表現</h2>
</div><p>Paychex’s PEO business remained a bright spot, posting mid-single-digit growth in worksite employees and near-record client retention. Management cited strong demand for bundled HR, benefits, and compliance services, which drove solid revenue growth and improved visibility. The PEO segment’s performance provides diversification and stability, helping offset volatility in more cyclical or rate-sensitive areas such as insurance, and reinforces the company’s value proposition for small and mid-sized employers seeking full-service HR solutions.</p>
<div class="lb-trans"><p>藥明康德的 PEO 業務仍然是一個亮點，工作場所員工實現中個位數增長，客户留存率接近創紀錄水平。管理層提到對捆綁的人力資源、福利和合規服務的強勁需求，推動了穩健的收入增長和改善的可見性。PEO 部門的表現提供了多樣化和穩定性，幫助抵消保險等更具週期性或利率敏感領域的波動，並強化了公司為尋求全方位人力資源解決方案的小型和中型僱主提供的價值主張。</p>
</div><h2>Increased Earnings Expectations</h2>
<div class="lb-trans"><h2>提高盈利預期</h2>
</div><p>Despite some areas of softness, Paychex raised its earnings outlook. Adjusted diluted earnings per share are now expected to grow between 10–11%, nudging the range higher from the prior 9–11% outlook. While GAAP diluted EPS for the quarter dipped 4% to $1.10, adjusted diluted EPS rose 11% to $1.26, reflecting strong underlying performance after excluding integration and other non-recurring items. The higher guidance signals management’s confidence that operational efficiencies and synergy realization will more than offset current headwinds.</p>
<div class="lb-trans"><p>儘管某些領域存在疲軟，藥明康德提高了其盈利展望。調整後的稀釋每股收益預計將增長 10-11%，將範圍從之前的 9-11% 上調。儘管本季度 GAAP 稀釋每股收益下降 4% 至 1.10 美元，但調整後的稀釋每股收益增長 11% 至 1.26 美元，反映出在排除整合和其他非經常性項目後強勁的基礎表現。更高的指引表明管理層對運營效率和協同實現將超過當前逆風的信心。</p>
</div><h2>Softer Revenue Per Client</h2>
<div class="lb-trans"><h2>每位客户的收入疲軟</h2>
</div><p>One concern flagged on the call was softer-than-expected revenue per client. Management attributed this mainly to smaller deal sizes and lower initial product attachment at the point of sale. While the client base remains solid, capturing more wallet share per client has proved challenging in the current environment. Paychex aims to address this by enhancing cross-sell efforts, improving front-line sales execution, and leveraging its AI-driven tools to demonstrate more value and encourage clients to adopt a broader suite of services over time.</p>
<div class="lb-trans"><p>電話會議上提到的一個擔憂是每位客户的收入低於預期。管理層將此主要歸因於較小的交易規模和銷售時初始產品附加率較低。儘管客户基礎依然穩固，但在當前環境中，獲取每位客户更多的消費份額已證明具有挑戰性。藥明康德旨在通過增強交叉銷售努力、改善前線銷售執行以及利用其人工智能驅動的工具來展示更多價值，鼓勵客户逐步採用更廣泛的服務組合來解決這一問題。</p>
</div><h2>Challenges in Management Solutions</h2>
<div class="lb-trans"><h2>管理解決方案中的挑戰</h2>
</div><p>Within Management Solutions, which remains a core revenue driver, revenue per client growth was also slightly softer due to the same mix of smaller deals and less product attachment upfront. This suggests that while demand for basic payroll and HR services is healthy, clients are being more cautious about layering on additional modules at the outset. Investors will be watching whether Paychex can reinvigorate upselling in this segment and convert initial relationships into deeper, higher-margin engagements as economic conditions evolve.</p>
<div class="lb-trans"><p>在管理解決方案中，作為核心收入驅動因素，每位客户的收入增長也因同樣的小交易和前期產品附加較少而略顯疲軟。這表明，儘管對基本薪資和人力資源服務的需求健康，但客户在初期對附加更多模塊持謹慎態度。投資者將關注藥明康德是否能夠在這一領域重新激活追加銷售，並將初始關係轉化為更深入、更高利潤的合作關係，隨着經濟條件的演變。</p>
</div><h2>Paycor Growth Concerns</h2>
<div class="lb-trans"><h2>Paycor 增長擔憂</h2>
</div><p>Although the Paycor integration is delivering synergy benefits, Paycor’s own organic growth has come in a bit below prior expectations, with estimated growth of 8–9%. Management described the situation as complex, citing integration-related disruption and client movement as contributing factors. While this slightly slower trajectory is a watch item, Paychex emphasized that the long-term strategic logic of the deal remains intact, and that harmonizing platforms and go-to-market strategies should ultimately support healthier, more sustainable growth from the combined entity.</p>
<div class="lb-trans"><p>儘管 Paycor 整合正在帶來協同效益，但 Paycor 自身的有機增長略低於之前的預期，預計增長為 8-9%。管理層將情況描述為複雜，指出整合相關的干擾和客户流動是導致因素。儘管這一略微放緩的軌跡值得關注，但藥明康德強調交易的長期戰略邏輯依然完好，協調平台和市場策略最終應支持合併實體的更健康、更可持續的增長。</p>
</div><h2>Insurance Agency Performance Drag</h2>
<div class="lb-trans"><h2>保險代理表現拖累</h2>
</div><p>The insurance agency business was a notable drag on results, pressured by weaker workers’ compensation rates and lower volumes in health and benefits. These market-driven headwinds reduced revenue and tempered overall segment performance. While not central to the Paychex story, the insurance unit’s softness underscores the company’s exposure to rate environments and benefits trends, and reinforces the importance of the higher-growth PEO and technology-led HR services to drive overall company performance.</p>
<div class="lb-trans"><p>保險代理業務對業績造成了顯著拖累，受到工人賠償率疲軟和健康福利業務量下降的壓力。這些市場驅動的逆風減少了收入，並抑制了整體業務部門的表現。雖然這並不是 Paychex 故事的核心，但保險部門的疲軟凸顯了公司對費率環境和福利趨勢的暴露，並強化了高增長的 PEO 和技術驅動的人力資源服務在推動整體公司業績方面的重要性。</p>
</div><h2>Guidance and Forward-Looking Outlook</h2>
<div class="lb-trans"><h2>指引與前瞻展望</h2>
</div><p>Looking ahead, Paychex reaffirmed its fiscal 2026 outlook and expressed confidence in its trajectory. Management expects around $100 million in Paycor-related cost synergies for the year and continues to target revenue synergies from cross-selling and platform integration. Adjusted diluted EPS growth is now projected at 10–11%, supported by 18% revenue growth this quarter, 21% growth in Management Solutions revenue, and a 21% increase in adjusted operating income. The company sees its AI initiatives, including the knowledge mesh system and GenAI compliance platform, as key levers for future efficiency gains and client value creation, positioning Paychex for durable growth despite near-term pressure in certain lines of business.</p>
<div class="lb-trans"><p>展望未來，Paychex 重申了其 2026 財年的展望，並對其發展軌跡表示信心。管理層預計今年與 Paycor 相關的成本協同效應約為 1 億美元，並繼續瞄準通過交叉銷售和平台整合實現的收入協同效應。調整後的稀釋每股收益增長現已預計為 10-11%，得益於本季度 18% 的收入增長、管理解決方案收入的 21% 增長，以及調整後營業收入的 21% 增加。公司認為其人工智能舉措，包括知識網格系統和 GenAI 合規平台，是未來提高效率和創造客户價值的關鍵槓桿，使 Paychex 在某些業務線面臨短期壓力的情況下仍能實現可持續增長。</p>
</div><p>In summary, Paychex’s earnings call mixed strong execution with measured realism about current challenges. Revenue and adjusted profits are growing at a healthy clip, the Paycor integration is delivering ahead-of-plan synergies, and AI investments are beginning to reshape operations. At the same time, softer revenue per client, slightly underwhelming Paycor growth, and insurance headwinds remain areas to monitor. Overall, the tone was optimistic, with management leaning on innovation and integration benefits to support continued earnings growth and long-term shareholder value.</p>
<div class="lb-trans"><p>總之，Paychex 的財報電話會議將強勁的執行力與對當前挑戰的審慎現實相結合。收入和調整後的利潤以健康的速度增長，Paycor 的整合超出計劃交付了協同效應，人工智能投資也開始重塑運營。同時，客户每單位收入的疲軟、Paycor 增長略顯乏力以及保險業務的逆風仍然是需要關注的領域。總體而言，語氣樂觀，管理層依靠創新和整合帶來的好處來支持持續的盈利增長和長期的股東價值。</p>
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沛齊的財報電話會議重點強調了增長、人工智能和協同效應