morning Carlos everyone. and good Thank you,
Carlos our QX results significantly with Bookings. and execution As exception our in not New mentioned, were we COVID-XX, pleased of the were impacted generally Business by with financial
expect We I challenging will guidance. when on go this QX, be And I our to a fronts. however, cover through few
in our reported constant currency quarter’s X% line organic This revenue was growth and of with expectations.
associate included global a X-K points assistance to related ago. basis million the adjusted of disclosed margin in to XXXX, of it which even COVID-XX fiscal payment cost quarter third up Our a though we $XX weeks an several was compared EBIT XX
as our to savings performance further to transformation of ahead continued pass-through to combination a and expenses COVID-XX. and lower well benefit offset as amortization compensation was well expense, benefits by partially and margin initiatives efficiencies, our our certain were this, as incentive expenses These than zero-margin related of other growth from even PEO expenses. expectations related in Excluding benefits cost as operating expected
ago. quarter to basis the tax effective to adjusted compared margin third shares fewer revenue XXXX, year adjusted earnings expansion, increased a by growth increased as $X.XX of driven outstanding compared and per points X% to Our share well to XX rate as fiscal and diluted XX.X%
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our affect me factors specific year. assumptions discussing to for we evolving make operating available by to and the using our on currently to clearly caveat by situation macro driven we're our remainder I'll we're which I'll an of financial are that the Let start that outlook reasonable some us data uncertain guidance. saying the now and of in basing turn performance.
going not. be government providing our quarter is retention we're help we full-year no be running operating, an a our QX have building points to on Based of whom and we're continue indicators, fourth losses elevated losses, although certain impacted whom points these such losses of result year-to-date a strain retention at in to and companies base federal by out-of-business XX as our some indicators; some outlook out-of-business expectations stimulus additional their guidance ahead with and seeing companies despite will in will many expectation to of payroll, client leading expect running basis the our in First XX on clear to for we basis are observed and operations restart inactive basis. lowering down experience we point, but expect leading on our our as
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expect size the investments factors, now all we client's average expected a which the fund in payroll match To a our implies tax quarter. result balance client to of volumes. growth As full X% the and these fourth double-digit year, low of for adjust in changes decline
we completed and in April And in reinvestment of suspend This the $X.X purchases billion previously client portfolios. step long long in To new a our purchased reflects our not we securities represent forecast approximately in selling new previously QX halted decision strategy. portfolios. overnight forecasted. maturity contemplated suspension a and interest skew Beginning decisions be to these of clear, all the funds client new in income of guidance. is extended the tactical the and to adjustments to our our slightly than of greater rates and March, securities additional purchases means Both took change extended represent sale overall do of client
turn the outlook now segments. with revised our the to year Let's ES full for start and
interest guidance incremental to X% outlook by our revenue client business our new prior of fund at prior lowering retention up revenue X%, of down also to and to of control, expect mainly an versus due booking, are we We expectation now paid XX this versus and X% COVID-XX a growth segment lost per our the be comes Much outlook. our high as lower margin driven XX to to and basis services to employer related additional margins in costs result points.
earlier, and were expectation good for track in our furloughs additional out I March the acceleration through our momentum now layering we on and of PEO, we the layoffs end and exiting business mentioned year, losses. For of continued saw up for we are but believe as
percent revenues changes our earn As we a to worked hours our of head are the we payroll in count services directly gross and more segment. and in segment, client's a as compared PEO to as process our tied a employer as reminder result we
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basis points now we in basis fiscal be margin, points to expect down XXX XXXX. PEO to For XXX
calls, adjustment pressure favorable expect we points we in continues previous As this now about in pressure smaller expectation basis Indemnity XX previous from outlook points fiscal to noted compared XXXX, of basis include that but of to ADP compared fiscal our of XX reserve pressure. XXXX
benefit slight we So this still expect year. a
assume growth changes to revenue these slight our anticipate segment, about for of unfavorability XXXX XXXX. in This compared the X% now as to previous X%. outlook revenue With total fiscal we to outlook fiscal FX of continues
about outlook X.X% of mentioned, yield I client to anticipate growth to in client we be As previous investments compared earn expect our the average X.X%. average X% our and previous be our to our compared X% funds to outlook we balances about on funds of
$XXX to to million interest We funds income expect $XXX $XXX to strategy for million investment our and interest on client million $XXX be income be extended to million. from
to being basis adjusted due as incremental points, COVID-XX of our well now our revenue related transformation XX anticipate be associate in million loss to impact up payments. [ph procurement to EBIT workforce We initiatives XX [$XX] the as are of as global to margin down assistance benefits and offset optimization including by expected COVID-XX from expenses the the
effective does potential stock tax not benefits option include exercises. based stock The We compensation tax to related future stock exercises. estimated this to option adjusted includes tax quarters now anticipate unplanned It related any benefit rate to from rate be our further XX.X%.
fiscal the current uncertain that by a no and the we they set of light created the As we XXXX. headwinds at the and outlook, targets and out grow earnings global we circumstances. to to diluted X% X% situation evolving multiple now In XXXX to XXXX Investor in expect longer margin our XXXX revised of our are result revenue adjusted pandemic share lower Day this appropriate per are guidance fiscal as withdrawing and
strategy well to strategy. in to to continue believe positioned execute continue long-term we invest to and However, our this
sheet. talk to before I'd like conclude, and Finally, the balance I business strength about model of ADP’s
Solutions to We low our clients, critical and support like generative highly capital and have especially times HCM these. give HR cash functions, the management provide at with a we business
also a cash and In our with obligations to us product debt actions. and term we business having shareholder longer friendly aligned downturns to enables the our flow well between a our this modest free addition impact to as buffer spend, and of prioritize model absorb strategy resilient cash to our significant commitments to have and as continue investments our
growth although to times impacted be positions revenue our macro retention innovation at of clearly we and rate tough. when highlighted type our revenue by challenging can So model conditions, day continue the us even are recurring investments high our
meanwhile will manage to continue We our cost base prudently.
non-essential We preplanned recession have to on will such as of where self-adjust, eliminate and instituted hiring some a started we containment of areas set and will execute our defer our sales or and we and fiscal playbook see course results. with management uncertain incentives working expenses an our approach next year with our and our XXXX when we fourth staff. provide and of evolving report and expectations you We're we for formulating will for through outlook are situation quarter
be As approach. in our us balanced to always, expect
before it pass comments to for to we Q&A. will I Carlos go that, With some back
