Core Viewpoint - Dayforce, a leader in human capital management technology, has agreed to be acquired by Thoma Bravo in an all-cash transaction valued at US$12.3 billion, providing stockholders with US$70 per share, a 32% premium over the unaffected share price prior to the announcement [1][2]. Company Overview - Dayforce is recognized for its commitment to improving work life and aims to enhance customer value and AI leadership in the HCM sector through this acquisition [3][4]. - The company operates a single AI-powered platform that supports various HR functions, benefiting thousands of customers and millions of employees globally [7]. Transaction Details - The acquisition is expected to close in early 2026, pending stockholder approval and regulatory clearances. Post-transaction, Dayforce will no longer be publicly traded [5]. - The transaction includes a significant minority investment from the Abu Dhabi Investment Authority [2]. Strategic Intent - Thoma Bravo aims to leverage Dayforce's differentiated platform and global scale to accelerate growth and innovation in the HCM market, particularly in the context of AI advancements [4][8]. - Dayforce's leadership believes the transaction will deliver immediate and substantial value to its stockholders while enhancing its operational capabilities [3]. Advisory and Financing - Evercore is the exclusive financial advisor for Dayforce, while Goldman Sachs & Co. LLC is providing financing for the transaction. Thoma Bravo is advised by J.P. Morgan Securities LLC [6].

About Dayforce Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on enabling thousands of customers and millions of employees around the world do the work they're meant to do. With our single AI-powered people platform for HR, Pay, Time, Talent, and Analytics, organizations of all sizes and industries are benefiting from simplicity at scale with Dayforce to help unlock their full workforce potential, operate with confidence, and realize quantifiable value. To ...

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Software stock Dayforce Inc (NYSE:DAY) was last seen up 25.3% to trade at $66.24, after Bloomberg reported that private equity firm Thoma Bravo is in talks to buy the company, which is valued at $8.4 billion. Bloomberg also noted the potential for a bidding war, however, as well as other factors that could stall a deal. Today's bull gap has DAY trading at its highest level since February, on track for its largest single-day percentage gain on record. Breaking above pressure at the $60 level for the first ti ...

人力资源管理软件提供商Dayforce(DAY.US)股价大涨超26%。私募巨头Thoma Bravo正在就收购该公司进行深入谈判 阶段，交易估值超90亿美元。知情人士称，该收购方计划将Dayforce私有化，交易可能在未来几周内宣布。尽管谈判 已进入深入阶段，但仍可能延迟或破裂，且不排除出现其他竞购者的可能性。 ...

过去12个月，Dayforce在纽约交易的股价下跌约5%，公司市值约为84亿美元。该公司股票同时在多伦 多证券交易所上市交易。 Thoma Bravo四月同意以106亿美元现金收购波音公司飞行导航部门及其他数字资产，七月又以20亿美 元达成收购餐厅软件制造商Olo Inc.的交易。该机构还就潜在收购Verint Systems Inc.进行过洽谈。 知情人士称，该收购方计划将Dayforce私有化，交易可能在未来几周内宣布。尽管谈判已进入深入阶 段，但仍可能延迟或破裂，且不排除出现其他竞购者的可能性。 根据其官网信息，去年从Ceridian HCM Holding Inc.更名的Dayforce提供人工智能驱动的招聘、薪酬管理 和员工职业发展软件，客户涵盖医疗保健、零售、酒店及金融服务等行业。彭博汇编数据显示，该公司 目前负债约12亿美元，企业价值超过90亿美元。 智通财经APP获悉，据知情人士透露，私募股权公司Thoma Bravo正就收购人力资源管理软件提供商 Dayforce(DAY.US)进行谈判。 在私募股权公司面临资本配置挑战的市场环境下，由联合创始人奥兰多·布拉沃领导的Thoma Bravo今年 ...

Summary of Dayforce (DAY) Conference Call - August 11, 2025 Company Overview - **Company**: Dayforce (DAY) - **Industry**: Human Capital Management (HCM) Software Key Points Demand and Revenue Performance - Dayforce is experiencing strong demand with three consecutive quarters of over 40% bookings growth, starting from Q4 of the previous year [4] - Current recurring revenue growth is at approximately 14% in constant currency, indicating a disparity between bookings and revenue growth [4][5] - Forecast for Q3 recurring revenue growth is expected to be between 13% to 16%, and for Q4, between 16% to 19% [6] Customer Dynamics - The company has a gross retention rate of 98% for enterprise customers, while smaller customers experience higher churn rates [12] - The average revenue per customer is currently $170,000, with expectations for this figure to increase as larger customers are onboarded [13] - Add-on sales constitute 40% of total sales, with managed services accounting for 17% [7] Product and Technology Advancements - Dayforce has launched an AI assistant that enhances user experience by allowing employees to query company-specific information [24][25] - The AI assistant has been attached to 50% of sales year-to-date, indicating strong market resonance [26] - Future plans include launching 30 AI agents to automate various tasks for users [27] Market Position and Competitive Landscape - Dayforce is positioned as a competitor to Workday and ADP, focusing on larger enterprise customers [37] - The company has successfully secured contracts with significant clients, including the Government of Canada and a large U.S. Federal agency [35][36] - Dayforce aims to replace multiple vendor solutions with its comprehensive platform, which is seen as a competitive advantage [38] Financial Performance and Projections - Free cash flow margin has improved to 13.5% to 14%, with a target of reaching $1 billion in free cash flow by 2031 [42][43] - The company aims to expand free cash flow margins by 100 to 200 basis points annually, with confidence in controlling costs and improving cash realization [44][45] Additional Insights - The company emphasizes the importance of AI in the industry, viewing it as a critical factor for future success [29] - Dayforce's strategy includes focusing on larger customers while maintaining strong relationships with systems integrators [32][33] This summary encapsulates the key insights and data points from the Dayforce conference call, highlighting the company's current performance, future outlook, and strategic initiatives.

Core Insights - Dayforce (DAY) reported Q2 2025 earnings of 61 cents per share, exceeding the Zacks Consensus Estimate of 52 cents, marking a 27.1% year-over-year increase [1] - Revenues reached $464.7 million, surpassing the Zacks Consensus Estimate by 1.5%, and increased by 9.8% year-over-year [1] - Shares experienced a decline of 1.02% at the time of reporting [1] Revenue Details - Recurring revenues, which constitute 84.6% of total revenues, grew by 7.7% year-over-year to $393.1 million [2] - Excluding float revenues, recurring revenues totaled $315.5 million, reflecting a robust 13.6% year-over-year growth [2] - Total revenues, excluding float, were $417.3 million, an increase of 11.5% year-over-year [1] Customer Metrics - Recurring revenue per customer was $171,075 for the trailing 12 months ending June 30, 2025, showing a year-over-year increase of 10.4% [3] - The number of live customers on the Dayforce platform reached 6,984, representing a year-over-year growth of 4.9% [3] - Powerpay's recurring revenues remained unchanged year-over-year at $19.9 million [3] Operating Performance - Selling and marketing expenses in Q2 2025 were $83.7 million, up 1.6% year-over-year [4] - General and Administrative expenses decreased by 0.2% year-over-year to $58.9 million [4] - Adjusted EBITDA was $147.2 million, reflecting a 26.6% year-over-year increase, with an adjusted EBITDA margin of 31.7%, up 420 basis points [4] Financial Position - As of June 30, 2025, cash and cash equivalents were $625.2 million, an increase from $557.3 million as of March 31 [5] - Cash provided by operating activities was $112.7 million, up from $49.6 million in the prior quarter [5] - Free cash flow was reported at $87.1 million, compared to $19.5 million in the previous quarter [5] Guidance - For Q3 2025, Dayforce expects total revenues of $476-$486 million, with total revenue excluding float projected between $434 million and $444 million [8] - The company anticipates adjusted EBITDA margin to be between 30% and 30.5% for Q3 2025 [8] - For the full year 2025, total revenues are expected to be between $1.935 billion and $1.955 billion [9] Future Projections - Total revenues, excluding float, are projected to be in the range of $1.749 billion to $1.769 billion, indicating a year-over-year increase of approximately 12.1% to 13.4% [9] - Recurring revenues, excluding float, are expected to be between $1.324 billion and $1.344 billion, reflecting a growth of approximately 14.2% to 15.9% [9] - Float revenues for 2025 are anticipated to be $186 million [9]

Financial Data and Key Metrics Changes - Dayforce reported a total revenue of $465 million, representing a 10% increase year-over-year, with recurring revenue excluding float growing by 14% to $315.5 million [24][25] - Adjusted EBITDA increased by 27% to $147.2 million, achieving a margin of 31.7%, which is an expansion of 420 basis points [25][26] - Free cash flow for the quarter was $87.1 million, or 18.7% of revenue, with year-to-date free cash flow rising to $106.6 million, up 500 basis points from the previous year [6][7][26] Business Line Data and Key Metrics Changes - Professional services revenue grew by 23% to $71.6 million, indicating strong demand for implementation services [25] - New client bookings across all segments performed well, with bookings growing over 40% year-to-date [9][10] - Sales to existing customers increased by over 50% in the second quarter, representing 40% of total bookings [10] Market Data and Key Metrics Changes - The demand environment remains strong, with year-to-date bookings growth exceeding 40% [26] - Employment levels at customer organizations have shown moderate growth of approximately 1% [26][81] - Foreign exchange rates improved during the quarter, positively impacting guidance [26] Company Strategy and Development Direction - The company aims to grow Dayforce recurring revenue above 15% and has increased free cash flow margin guidance from 12% to between 13.5% and 14% [7][28] - Dayforce is focusing on a single data model to enhance AI capabilities and streamline operations, which is expected to drive higher sales productivity and profitability [19][70] - The company is actively hiring additional sales personnel to capitalize on market opportunities and improve conversion rates [102] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $1 billion in free cash flow by 2031, supported by strong operational efficiencies and favorable legislative changes [7][31][32] - The company anticipates solid growth in the fourth quarter, driven by revenue from go-lives related to strong bookings from previous quarters [29] - Management noted that the market demand for a single system is strong, driven by the need for efficiency and better decision-making capabilities [70][74] Other Important Information - The company is in the final stages of terminating legacy pension plans, which is expected to impact cash flow guidance positively [32] - Dayforce's AI roadmap includes the introduction of over 30 AI agents, enhancing the platform's capabilities [18][50] Q&A Session Summary Question: Sales growth from SI partners - Management reported that SI-led sales were up 80% for the first half of the year, with strong full suite attachment rates across segments [36][38] Question: Bookings translating to revenue - Management indicated that it typically takes about 12 months to onboard new clients, with add-ons occurring faster than new client implementations [42][43] Question: Updates on AI products - Management highlighted the introduction of various AI products, with significant potential for upselling to existing clients [47][50] Question: Free cash flow guidance - Management confirmed that the increase in free cash flow margin is primarily driven by tax changes, alongside underlying operational efficiencies [89][90] Question: Phasing of the Government of Canada contract - Management stated that the contract is progressing well, with revenue recognition expected to phase through the back half of the year [98][99]

Financial Data and Key Metrics Changes - Dayforce's recurring revenue excluding float grew by 14% on a constant currency basis, reaching $315.5 million [5][25] - Adjusted EBITDA margin increased by 420 basis points to 31.7%, with adjusted EBITDA at $147.2 million, up 27% [5][25] - Free cash flow for the quarter was $87.1 million, representing 18.7% of revenue, and year-to-date free cash flow increased by 500 basis points to $106.6 million [5][6][25] Business Line Data and Key Metrics Changes - Professional services revenue rose by 23% to $71.6 million, indicating strong demand for services [25] - New client bookings across all segments performed well, with bookings growing over 40% year-to-date [8][27] - Back to base sales strategy saw sales to existing customers grow over 50%, representing 40% of total bookings [9] Market Data and Key Metrics Changes - The demand environment remains strong, with year-to-date bookings growth over 40% [27] - Employment levels at customers have shown moderate growth, estimated at just under 1% [27][81] - Foreign exchange rates improved against the U.S. Dollar in Canada, the UK, and Australia, positively impacting guidance [27] Company Strategy and Development Direction - The company aims to grow Dayforce recurring revenue above 15% and has increased free cash flow margins guidance from 12% to between 13.5% to 14% [6][29] - Dayforce is focusing on consolidating an average of 12 systems into one, enhancing customer value and operational efficiency [7][19] - The company is positioning itself as an AI leader, integrating AI across its suite and enhancing product offerings [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $1 billion in free cash flow by 2031, supported by strong operational performance and market demand [6][32] - The company noted that the macroeconomic environment remains favorable for its business, particularly in sectors like hospitality and retail [81] - Management highlighted the importance of a single data model for AI capabilities, which differentiates Dayforce from competitors [19][72] Other Important Information - The company repurchased $20.8 million of common stock during the second quarter, bringing the year-to-date total to $51.2 million [26] - The government of Canada selected Dayforce for HR and payroll transformation, marking a significant contract win [14][49] Q&A Session Summary Question: Sales growth from system integrator partners - System integrator-led sales were up 80% for the first half of the year, with strong full suite attachment rates [36][39] Question: Bookings translating to revenue and go-live initiatives - Onboarding a new client typically takes about 12 months, with add-ons happening quicker than new clients [42][43] Question: AI product introduction and pricing - The company is launching around 30 AI agents, with significant potential to reintroduce these to current clients [47][50] Question: Impact of the One Big Beautiful Bill Act on R&D - The act allows immediate expensing of domestic R&D costs, providing a cash tax benefit of $40 million to $50 million this year [56][58] Question: Phasing of the Government of Canada contract - The contract is expected to phase through the back half of the year, with about half of the revenue recognized so far [96][97] Question: Sales strategy and hiring plans - The company is leaning into hiring additional sellers to capitalize on strong sales momentum [100]