The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: I guess my first one is kind of sticking with the technology theme from the responses to the first couple of questions, just as it relates to kind of
paying for that kind of talent, my sense is that engineering, software building talent is getting more and more expensive, has for some time. Just
wondering how you think about that, both from an expense perspective, but also a labor supply perspective as you move forward here through
the rest of the year and beyond?
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: That's helpful. And then just for my follow-up, a different topic. Just on the PEO Insurance business, could you maybe break down the PEO
performance versus Insurance performance in the quarter? I think your expectation last time we spoke was that insurance was going to be a bit
slower this year. Just wondering if that's played itself out to this point. And if second quarter helps speak to that any further there.
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DECEMBER 22, 2021 / 2:30PM, PAYX.OQ - Q2 2022 Paychex Inc Earnings Call
Question: Eugene M. Simuni - MoffettNathanson LLC - Analyst
: I wanted to ask first about Management Solutions, very impressive performance this quarter, outperforming, I think, everybody's, including your
expectations. You listed out a number of drivers that are behind that outperformance. Can you give us a little bit of color of which of these drivers
are more onetime kind of temporary in nature and which can be sustained as we're moving forward?
Question: Eugene M. Simuni - MoffettNathanson LLC - Analyst
: Got it. Got it. And then for my follow-up, I wanted to quickly ask about inflation impact. So with inflation being the word of the day. Could you just
remind us quickly of the kind of puts and takes of high inflation for your business?
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