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Analyst
Jared Levine
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q3 (7 quarters; questions recorded in 5).
- Questions
- 8on tracked calls
- Challenge rate
- 13%1 of 8 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 8 of 8 questions from 2 companies
ADPADP4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
I wanted to start in terms of the implied 4Q guidance. I know you're not guiding FY '27 at this time, but anything to call out
Show response
Peter addressed directly, noting FX tailwind will moderate in Q4 but expressed confidence in trajectory exiting the fiscal year.
good to hear about the record 3Q Employer Services retention rate. Can you dig into if that was broad-based or specific any areas
Show response
Maria confirmed broad-based strength across international, compliance, enterprise, and small business. Return and services hit a new quarterly record.
Calendar 2025 Q3
in terms of the PEO July 1 enrollment period, can you talk about your performance there? Did you witness any change in participation rates
Show response
Maria said PEO enrollment participation rates are at highest levels in 4 years, substantiating that they're selling to right industries that value benefits as part of employer value proposition.
I just want to confirm that actually came in line with your expectations for 1Q. And I guess what drives the confidence that you can accelerate that growth
Show response
Peter confirmed WSE growth came in slightly above expectations. The ramp in H2 is bookings-driven, not PPC-driven, with continued investment in the PEO team.
PAYXPaychex4 questions · 3 reporting periods · 1 of 4 challenging
Calendar 2026 Q3
for the full year you were previously assuming about 70, 75 bps. Any update expectations there?
Show response
John held the prior synergy assumption and pointed to Perks momentum (450,000+ employees, double-digit growth, now launched into Paycor) as evidence synergies are on track.
Calendar 2026 Q2
I wanted to dig in, in terms of the implied Paycor ex-slow growth right around 4% based on my math here in 4Q.
Show response
Schrader called the Paycor-standalone comparison apples-to-oranges and pivoted to high-single-digit enterprise growth; partial.
Calendar 2025 Q1
Can you discuss how you currently partner with benefits brokers across both the flex and PEO business and how that might evolve over time with Paycor a part of your business?
Show response
Gibson said broker referrals up double digits YoY in both PEO and HCM. Major strategic partner program refresh launching in coming weeks covering brokers, CPAs, banks, and strategic advisors. Combining best practices from both companies.
ignoring the at-risk health insurance, has there been any change in the demand environment relative to last quarter? Even if you kind of look at the past few weeks, there with more of the, call it,...
Show response
Gibson said demand remains consistent with historical levels. Q3 proposal activity slightly below prior year but year-to-date still ahead. No recession signals. Client retention improved in Q3, losses down YoY including out-of-business losses down double digits.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| ADP ADP | 4 | 0%none of 4 questions |
| PAYX Paychex | 4 | 25%1 of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 1 | 100%1 of 1 question | 1 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q21 question · challenge rate 100% (1 of 1 question) · 1 company
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand4
- M&A3
- Revenue Growth3
- Competitive Dynamics3
- Guidance Reliability1
- Macroeconomic1