Financial Data and Key Metrics Changes - Total revenue increased by 17% year-over-year to $1.5 billion [14] - Adjusted diluted EPS grew by 5% to $1.22, while diluted EPS decreased by 10% to $1.06 [15] - Total expenses rose by 29% to $998 million, primarily due to the Paycor acquisition [15] - Cash flow from operations was $718 million for the first quarter [15] - The company returned $549 million to shareholders through dividends and share repurchases [15] Business Line Data and Key Metrics Changes - Management Solutions revenue increased by 21% to $1.2 billion, driven by the addition of Paycor and higher revenue per client [14] - PEO and Insurance Solutions revenue grew by 3% to $329 million, supported by an increase in average PEO worksite employees [14] - Interest on funds held for clients rose by 27% to $48 million due to the inclusion of Paycor balances [14] Market Data and Key Metrics Changes - The PEO business experienced mid-single-digit worksite employee growth, with strong demand and retention performance [11] - The small business employment environment remains stable, with no signs of recession and moderating wage inflation [11][12] Company Strategy and Development Direction - The integration of Paycor is on track, with targeted revenue synergies and cost synergies expected to exceed initial estimates [4][5] - The company is focusing on cross-selling opportunities, particularly in retirement, ASO, and PEO solutions to Paycor's client base [5][6] - The Partner Plus program for brokers has seen nearly double enrollment, indicating strong momentum in referral channels [7][8] - New product offerings, such as Bill Pay Powered by BILL, aim to enhance service delivery for small and mid-sized businesses [8][9] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the resilience of small businesses and expects renewed business confidence due to clarity on tariffs, taxes, and inflation [11][12] - The company anticipates total revenue growth for fiscal 2026 to be between 16.5% and 18.5%, with Management Solutions expected to grow by 20%-22% [16][17] - Adjusted operating income margin is projected to be approximately 43% [16] Other Important Information - The company has launched AI-driven tools to enhance client experiences and operational efficiency [9][10] - The integration of Paycor is expected to provide additional growth opportunities and improve overall service offerings [4][5] Q&A Session Summary Question: Update on demand environment and employer size segments - Demand remains consistent with historical trends, with increased activity and solid RPO bookings [20][21] Question: Paycor recurring revenue growth - Recurring revenue growth for Paycor is expected to be double digits for the full year, with Q1 performance in line with expectations [22][23] Question: PEO environment characterization - PEO continues to perform well with mid-single-digit worksite employee growth and record retention [25][26] Question: Direct expenses and SG&A comparison - Direct expenses showed strong leverage, while SG&A expenses were impacted by integration costs [31][32] Question: Paycor integration and recurring revenue - Integration is progressing well, with high retention rates and strong sales performance [38][39] Question: EPS increase drivers - EPS guidance was raised due to strong retention and confidence in achieving cost and revenue synergies [47][48] Question: PEO market competitiveness - The competitive environment remains stable, with a focus on value proposition rather than aggressive pricing [59][60] Question: Bill.com partnership and customer profile - The partnership aims to enhance payment capabilities for small businesses, integrating with existing platforms [65][66] Question: Regulatory environment impact - The company does not expect significant impacts from regulatory changes, with small businesses remaining resilient [82][83]

Group 1 - The company, Aoke Co., Ltd. (300082), is currently in the application research and development stage for its PEO (Polyethylene Oxide) [1] - Aoke has laboratory samples of 400,000 molecular weight PEO, but further modification and development work is required for its use in solid-state electrolytes [1]

奥克股份（300082.SZ）9月12日在投资者互动平台表示，公司PEO处于应用研发阶段，40万分子量PEO 有实验室样品，用于固态电解质尚需做改性开发等相关大量工作，暂未有您所说的性能测试验证。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：1.公司此前已披露具备合成 20~40 万分子量 PEO 的能 力，并正在开发更高分子量的 PEO。请问公司目前是否已成功小批量合成超过 40 万分子量的 PEO 样 品？ 2.公司研发的 PEO 样品是否已在固态电解质体系中开展相关电导率等性能测试？ 3.公司研发的 PEO 样品是否已提供给科研机构或下游电池企业，用于固态电池体系的性能验证？ ...