The employer retention tax credit (ERTC) distorts the ARPU calculation, it helped in 22/23 but hurt in 24/25. They’ve been pretty consistent about a roughly 3-point tailwind to revenue growth for a long time. Doesn’t mean pricing power can’t change in the future but it hasn’t so far in my opinion.
The employer retention tax credit (ERTC) distorts the ARPU calculation, it helped in 22/23 but hurt in 24/25. They’ve been pretty consistent about a roughly 3-point tailwind to revenue growth for a long time. Doesn’t mean pricing power can’t change in the future but it hasn’t so far in my opinion.
Thank you for the clarification.