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    Jared Levine • TD Cowen

    Jared Levine's questions to Paycom Software Inc (PAYC) leadership

    Jared Levine's questions to Paycom Software Inc (PAYC) leadership • Q2 2025

    Question

    Jared Levine of TD Cowen asked about the significant sequential increase in CapEx, specifically PP&E, and when that spending might taper off. He also inquired about the productivity of the back-to-base sales from Client Relations Representatives (CRRs) year-to-date.

    Answer

    CEO Chad Richison and CFO Bob Foster explained the CapEx increase is for AI infrastructure to support products like iWant, as Paycom hosts its own platforms. They view it as a growth opportunity and are reinvesting margin gains, expecting the spend to be front-end loaded and transitory. On sales, Richison noted that CRRs are more successful this year than last and that iWant should help them drive full-solution adoption.

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    Jared Levine's questions to Paycom Software Inc (PAYC) leadership • Q1 2025

    Question

    Jared Levine noted limited sequential growth in S&M spending and fewer TV commercials, asking about the advertising strategy's impact on FY25 margins. He also asked for the rationale behind Q4 having the highest expected recurring revenue growth.

    Answer

    CEO Chad Richison explained that Paycom is still investing in brand advertising but is also deploying more direct marketing initiatives, which can affect the timing of spend. He stated that the lighter Q1 marketing spend will be followed by higher spending in subsequent quarters. He attributed the stronger Q4 growth to factors like additional year-end payroll runs, a trend also observed in the prior year, and the fact that Q1 growth is moderated by the slower-growing forms business.

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    Jared Levine's questions to Paycom Software Inc (PAYC) leadership • Q4 2024

    Question

    Jared Levine asked if plans for additional sales office openings in 2025 are contemplated in the current guidance. He also requested the specific revenue benefit in Q4 from the pull-forward of an extra payroll processing day from Q1.

    Answer

    CEO Chad Richison confirmed that any potential office openings for the year are already factored into the guidance, though specific plans have not been disclosed. He addressed the payroll day question by stating that on a normalized basis, the business strength from the second half of 2024 is continuing and accelerating into 2025.

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    Jared Levine's questions to Dayforce Inc (DAY) leadership

    Jared Levine's questions to Dayforce Inc (DAY) leadership • Q2 2025

    Question

    Jared Levine of TD Cowen asked for more detail on the professional services revenue outlook, which contributed to a reduction in the total revenue ex-float guidance, seeking reasons for the change and confidence in future visibility.

    Answer

    Executive VP & CFO Jeremy Johnson and Chairman & CEO David Ossip explained that the trend is a positive indicator, driven by greater success with the SI partner strategy. As SIs lead more implementations (45% of new projects vs. 35% last year), more of that services revenue is recognized by the partners instead of Dayforce. They view this as a leading indicator of future recurring revenue success, as it expands implementation capacity.

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    Jared Levine's questions to Dayforce Inc (DAY) leadership • Q1 2025

    Question

    Jared Levine asked for details on the recently announced efficiency plan, specifically which expense lines would benefit, the size of associated charges, and the amount of savings planned for reinvestment.

    Answer

    CFO Jeremy Johnson detailed that the plan would yield approximately $65 million in savings in 2025 and $80 million on an annualized basis, with about $10 million being reinvested. A one-time restructuring charge of $29.2 million was incurred in Q1. He expects to see the most leverage in G&A expenses, with continued scale benefits in product, sales, and marketing.

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    Jared Levine's questions to Paylocity Holding Corp (PCTY) leadership

    Jared Levine's questions to Paylocity Holding Corp (PCTY) leadership • Q4 2025

    Question

    Jared Levine of TD Cowen asked about the current stage of AI investments for internal operations and the timeline to see a net benefit. He also inquired about the directional trend of client retention for fiscal 2025.

    Answer

    Executive Chairman Steve Beauchamp described the company as being in the 'early innings' of leveraging internal AI, viewing it as a gradual, long-term driver of both client experience and margin enhancement. CFO Ryan Glenn confirmed that revenue retention remained strong at 'greater than 92%' for fiscal 2025, consistent with prior years, with no material changes in churn.

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    Jared Levine's questions to Paylocity Holding Corp (PCTY) leadership • Q3 2025

    Question

    Jared Levine asked about the primary drivers of gross margin expansion (excluding float income) and the potential impact of macroeconomic uncertainty on the Airbase business.

    Answer

    CFO Ryan Glenn explained that gross margin improvement stems from scaling operational spend, gaining efficiencies with vendors, reducing manual effort, and strong revenue performance. Executive Chairman Steven Beauchamp added that Airbase's value proposition of efficiency resonates in any environment and that its revenue is primarily software-based, limiting sensitivity to macro trends.

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    Jared Levine's questions to Paylocity Holding Corp (PCTY) leadership • Q2 2025

    Question

    Jared Levine from TD Cowen asked about client interest in Paylocity's generative AI functionalities and the potential for future monetization. He also requested an update on client retention performance through the key January period.

    Answer

    Executive Chairman Steven Beauchamp highlighted strong adoption of the new AI chatbot and other embedded features, stating the near-term focus is on differentiation and efficiency rather than direct monetization. President and CEO Toby Williams expressed satisfaction with the service and implementation teams' performance during the busy year-end period, indicating a positive start to the quarter.

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    Jared Levine's questions to Paylocity Holding Corp (PCTY) leadership • Q1 2025

    Question

    Jared Levine inquired about the extent to which the Airbase acquisition expands Paylocity's Total Addressable Market (TAM) and asked about the materiality of revenue from the partner Marketplace.

    Answer

    President and CEO Toby Williams described the Airbase acquisition as a significant TAM expansion into the office of the CFO. Executive Chairman Steven Beauchamp added that Airbase offers a more meaningful revenue-per-customer opportunity than any previous module. Regarding the Marketplace, Mr. Williams emphasized its strategic value for client satisfaction and channel partner referrals, which drive over 25% of new business.

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    Jared Levine's questions to Asure Software Inc (ASUR) leadership

    Jared Levine's questions to Asure Software Inc (ASUR) leadership • Q2 2025

    Question

    Jared Levine of TD Cowen questioned whether any revenue synergies from the Latham acquisition were included in the updated guidance. He also asked for the reasons behind the effective organic revenue guide down, given that the total guidance increase was less than the expected contribution from Latham.

    Answer

    CFO John Pence and CEO Pat Goepel clarified that no significant revenue synergies from Latham are included in the 2025 guidance, as the focus is on integration, with synergies expected in 2026 and 2027. Goepel attributed the reduction in the core business outlook to three factors: phased rollouts of large enterprise deals, the lingering impact of the HR compliance/ERTC headwind, and a slight revenue slippage from the net-margin model of AssurePay.

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    Jared Levine's questions to Asure Software Inc (ASUR) leadership • Q3 2024

    Question

    Jared Levine inquired about the underlying assumptions in the fiscal 2025 revenue guidance, including contributions from M&A and macro factors. He also asked about the primary drivers for the significant adjusted EBITDA margin expansion forecasted for 2025.

    Answer

    CFO John Pence clarified the 2025 guidance includes one pending Q4 acquisition but assumes no further M&A. He noted the main macro assumption is a headwind from falling interest rates, modeling a potential $1 million per quarter negative impact on float income. CEO Patrick Goepel added that employment growth is modeled as flat. Pence stated that margin expansion is driven by the scalability of the business, as incremental revenue from large tax deals does not carry a proportional increase in costs. Goepel also highlighted technology initiatives that are improving operational efficiency.

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    Jared Levine's questions to TriNet Group Inc (TNET) leadership

    Jared Levine's questions to TriNet Group Inc (TNET) leadership • Q2 2025

    Question

    Jared Levine inquired about the trends in top-of-funnel sales activity and client decision-making since Q1, asking about the relative impacts from macro uncertainty versus healthcare cost inflation. He also asked about sales headcount trends and whether the company still targets modest growth for the year.

    Answer

    President & CEO Mike Simonds acknowledged that both macro factors and pricing increases have lengthened the sales cycle at the proposal stage. He expressed confidence that new health plan offerings and go-to-market capabilities will improve new business momentum in the second half. Regarding headcount, Simonds noted that while absolute rep numbers are slightly down, strong retention of tenured, more productive reps provides sufficient capacity for the key fall selling season.

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    Jared Levine's questions to TriNet Group Inc (TNET) leadership • Q1 2025

    Question

    Jared Levine inquired about the demand environment, asking what underpins the confidence in improving sales performance despite macro uncertainty, and also asked for an update on the HRIS platform wind-down and efforts to retain those clients with the ASO offering.

    Answer

    President and CEO Michael Simonds attributed confidence in future sales to a strong pipeline, a more disciplined pricing strategy compared to the prior year, investments in sales force productivity, and new initiatives planned for the fall. Regarding the HRIS transition, Mr. Simonds noted that the upsell rate to the ASO product is tracking in line with or slightly ahead of plans. CFO Kelly Tuminelli confirmed that while the financial headwind assumption for 2025 remains unchanged, they are pleased with the client conversion rates so far.

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    Jared Levine's questions to TriNet Group Inc (TNET) leadership • Q4 2024

    Question

    Jared Levine asked about the specific duration of the 'medium-term' financial targets, the mix of volume and pricing in the 4-6% revenue growth outlook, and the drivers behind the 2025 Insurance Cost Ratio (ICR) guidance being slightly higher than prior commentary. He also inquired about any further strategic changes.

    Answer

    CEO Michael Simonds explained that the 'medium-term' timeline was left flexible to adapt to 2025's performance. He expressed high confidence in managing the ICR back to its target range over the next three years, which will be a key revenue driver, with volume growth expected to contribute more significantly after 2025. Simonds clarified that while the ICR guide is slightly higher, there's no material change in underlying trends, and the issue is confined to a specific 15% of the business. He affirmed the company is confident in its current strategic plan with no additional major changes planned.

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    Jared Levine's questions to TriNet Group Inc (TNET) leadership • Q3 2024

    Question

    Jared Levine of TD Cowen inquired about the shortfall in sales headcount growth against the 20% target, the reasons for lower PEO booking conversions, and the outlook for Q1 health enrollment discussions.

    Answer

    CEO Mike Simonds acknowledged sales headcount growth was 14% but emphasized a strategic shift towards improving the productivity of more tenured reps. He attributed lower pipeline conversion rates to macro caution among prospects and TriNet's own disciplined, risk-based pricing. He confirmed that Q1 renewal discussions are proceeding similarly to Q4, as the underlying cost pressures are a market-wide phenomenon.

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    Jared Levine's questions to Paychex Inc (PAYX) leadership

    Jared Levine's questions to Paychex Inc (PAYX) leadership • Q3 2025

    Question

    Jared Levine asked about Paychex's partnership with benefits brokers and how it might evolve with Paycor, and also inquired about any recent changes in the demand environment.

    Answer

    CEO John Gibson highlighted that the broker referral program grew by double digits and that a major strategic partner program refresh, incorporating best practices from both Paychex and Paycor, will launch in the coming weeks for brokers, CPAs, and banks. He stated that underlying PEO demand remains strong with double-digit bookings, and while Q3 demand was slightly softer than the prior year, the year-to-date view shows a stable environment with no signs of recession.

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    Jared Levine's questions to Genpact Ltd (G) leadership

    Jared Levine's questions to Genpact Ltd (G) leadership • Q3 2024

    Question

    Jared Levine inquired about improvements in short-cycle projects and advisory work over the last 90 days and sought an update on partnership-sourced revenue, including key and fast-growing partners.

    Answer

    CEO Balkrishan Kalra stated that strong execution in a stable business environment is driving results. CFO Michael Weiner added that Data-Tech-AI growth is fueled by advanced tech and AI initiatives. Regarding partnerships, Kalra identified hyperscalers like AWS, Microsoft, and Google, as well as ServiceNow and Salesforce, as crucial. Weiner noted that revenue from partnerships is still relatively low, presenting a significant growth opportunity.

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