Earnings Announcement - Dayforce, Inc. will release its first quarter 2025 financial results before the market opens on May 7, 2025 [2] - A live webcast and conference call will be held at 8:00 a.m. Eastern Time on the same day to discuss the financial results [3] Investor Conferences - Dayforce management will participate in several upcoming investor conferences, including: - J.P. Morgan Global Technology, Media and Communications Conference on May 13, 2025 [7] - Baird Global Consumer, Technology and Services Conference on June 3, 2025 [7] - BMO Virtual Software Conference on June 9, 2025 [7] - Mizuho Technology Conference on June 10, 2025 [7] Company Overview - Dayforce is a global leader in human capital management (HCM) technology, focused on improving work life for customers and employees [5] - The company offers a single, global people platform for HR, Pay, Time, Talent, and Analytics, aimed at unlocking workforce potential [5]

Core Insights - Dayforce, Inc. has expanded its partnership with the Tampa Bay Buccaneers to enhance employee experience and modernize HR processes in professional sports [1][2][4] Company Overview - Dayforce is a global leader in human capital management (HCM) technology, focused on improving work for customers and employees worldwide [5] - The company offers a comprehensive, all-in-one HCM solution that unifies HR, payroll, benefits, recruiting, and workforce management [3] Partnership Details - The Buccaneers will integrate Dayforce Performance Management and Compensation Management into their existing Dayforce suite, demonstrating their commitment to leveraging advanced technology [2] - Since implementing Dayforce in 2019, the Buccaneers have achieved significant efficiencies, including optimized workforce scheduling and streamlined operations [3] Employee Experience - The Dayforce platform has empowered over 850 full-time and seasonal employees with HR self-service tools available on a mobile app, enhancing the overall employee experience [3] - The platform's automation, reporting capabilities, and self-service features have been described as game-changers for the Buccaneers [3] Industry Context - Professional sports teams face challenges such as compliance and workforce management, necessitating efficient and innovative solutions [4] - Leading franchises like the Buccaneers rely on Dayforce to simplify operations and maximize workforce potential [4]

Core Viewpoint - Dayforce (DAY) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system reflects changes in earnings estimates, which are strongly correlated with near-term stock price movements, particularly due to institutional investors adjusting their valuations based on these estimates [4][6]. - For Dayforce, the rising earnings estimates and the rating upgrade suggest an improvement in the company's underlying business, likely leading to increased stock prices [5][10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Dayforce is expected to earn $2.30 per share, representing a 16.8% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Dayforce has increased by 6.9%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimate revisions, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, suggesting a strong potential for market-beating returns [9][10]. - Dayforce's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a favorable position for potential price increases in the near term [10].

Revenue Growth and Market Position - Revenue from Cloud solutions has grown substantially, with a significant portion of market capitalization depending on sustaining this growth trajectory [60]. - The company has experienced significant growth in user numbers, transactions, and data transmission volume, necessitating the maintenance of sufficient operational infrastructure capacity [79]. - The company has experienced substantial revenue growth from its Cloud solutions, which is critical for sustaining its market capitalization [60]. - The company’s ability to grow revenue from existing customers and penetrate new markets is uncertain, which could adversely affect its financial performance [62]. Risks and Challenges - The company faces risks related to disruptions in payroll-related transactions, which could lead to significant losses and reputational harm [63]. - The aging software infrastructure and technology may lead to increased costs and vulnerabilities to cyber-attacks, impacting financial condition and operations [65]. - International expansion poses risks, including costs of establishing market presence and compliance with local laws, which could adversely affect operations [73]. - The company is exposed to risks from reliance on third-party vendors for payroll processing, which could disrupt fund movement and lead to financial consequences [63]. - The company faces risks related to the inability to maintain software licenses from third parties, which could lead to increased costs or reduced service levels [81]. - The company is exposed to credit risk from option counterparties related to its hedging activities, which could impact stock value [132]. - The company faces significant cybersecurity risks, including potential breaches that could adversely affect its business and financial condition [95]. - The company is subject to audits and tax proceedings in multiple jurisdictions, which could materially affect its financial condition [158]. Strategic Growth Initiatives - The company is focused on an aggressive growth strategy, which requires consistent enhancements to systems and operational procedures to meet global demands [66]. - The company may pursue growth through acquisitions, which requires effective integration of acquired technologies and customer transition to new platforms [75]. - The company may pursue acquisitions to enhance growth, but such activities could divert management attention and lead to increased debt or dilution of stockholder equity [91]. - The company is focused on developing new products and enhancing existing functionalities, particularly incorporating AI and machine learning technologies [61]. Financial Management and Capital Structure - The company does not intend to pay cash dividends in the foreseeable future, focusing instead on reinvestment for growth [64]. - The company has authorized a share repurchase program of up to $500 million for its common stock, which may increase stock price volatility and affect liquidity [138]. - The company’s outstanding indebtedness may limit its operational flexibility and increase vulnerability to economic changes, potentially affecting its financial condition [126]. - A downgrade in the company's debt ratings could negatively impact its access to capital markets and increase borrowing costs, adversely affecting its financial condition [129]. - The company may face challenges in generating sufficient cash flows to meet its debt service obligations, which could adversely impact its business [126]. Compliance and Regulatory Environment - The company faces increasing regulatory scrutiny regarding privacy and data protection laws, which could lead to significant costs and operational burdens [109]. - Compliance with evolving laws and regulations is critical, as failure to do so could adversely affect the company's financial condition and customer relationships [114]. - The company is subject to evolving legal frameworks around AI, which could adversely affect its business and financial condition if compliance is not met [123]. - The company has implemented policies to monitor compliance with anti-corruption and anti-money laundering laws, which may impact sales processes due to the need for additional information gathering [118]. Operational Risks - The company relies on third-party service providers for critical operations, and any disruption or decline in service quality from these providers could adversely affect business performance [80]. - High-quality support services are essential for customer retention, and any failure in this area could result in lost recurring revenue and damage to the company's reputation [82]. - Customer dissatisfaction with implementation services could lead to revenue loss and negative publicity, impacting future business opportunities [83]. - The company faces risks related to the performance of its applications, with potential material defects or errors that could harm its reputation and financial condition [77]. Cybersecurity and Data Protection - Cybersecurity risks pose a threat to the integrity and availability of the company's IT systems, potentially impacting business operations and financial reporting [95]. - The company operates under a shared responsibility model for data security, which may expose it to cybersecurity risks if customers do not implement sufficient security controls [97]. - The company has acquired firms with cybersecurity vulnerabilities, increasing operational and financial risks, and requiring significant resources for mitigation [98]. - The evolving landscape of privacy laws, including the EU General Data Protection Regulation and California Consumer Protection Act, imposes additional compliance costs and operational burdens [109]. Economic and Market Conditions - Economic conditions, including potential recessions and increased interest rates, could adversely affect the company's business and revenue [149]. - Disruptions in financial markets could affect credit availability and liquidity, making it difficult for the company to execute its business strategy [130]. - Catastrophic events, such as pandemics or natural disasters, could disrupt operations and adversely affect financial results [155]. - Tariffs and export controls may impact the company's ability to operate and monetize products like Dayforce [151].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $465.2 million, up 16.4% on a GAAP basis and 17% on a constant currency basis [28] - Full-year total revenue was $1.76 billion, up 16.3% on a GAAP basis and 16.7% on a constant currency basis [30] - Adjusted EBITDA margin for Q4 was 27.8%, expanding 300 basis points, while full-year adjusted EBITDA margin was 28.5%, expanding 140 basis points [29][32] - Free cash flow for the full year was $171.5 million, up 63.2%, representing 9.7% of revenue, expanding 280 basis points [33] Business Line Data and Key Metrics Changes - Dayforce recurring revenue excluding float for Q4 was $307.6 million, up 20% on a GAAP basis [28] - Professional services and other revenue for Q4 was $71.5 million, up 18% on a GAAP basis [29] - Adjusted cloud recurring gross margin was 80.4%, expanding 230 basis points [29] Market Data and Key Metrics Changes - Dayforce recurring revenue per customer increased by 11% [22] - Gross retention rate improved from 97.1% to 98% [22] - The company secured several key new business wins, including a 60,000 employee grocery chain and an 18,000 employee space exploration company [13] Company Strategy and Development Direction - The company is focusing on higher margin areas while phasing out legacy segments, expecting recurring revenue growth of 15% to 17% in 2025 [10] - The product roadmap emphasizes compliance, IT simplification, data, and experience, with significant innovations in AI and automation [15][20] - The company aims for sustained revenue growth at levels similar to 2025 while targeting a free cash flow margin above 20% [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sales momentum, with Q4 and January sales both showing strong growth [50] - The company anticipates total revenue growth in 2025 of 14% to 15% excluding float and on a constant currency basis [40] - Management noted that the impacts from contract amendments and lower employee volumes in Q4 were one-time items and do not affect future performance [53] Other Important Information - The company plans to repurchase more than a million shares in 2025, effectively doubling its 2024 purchases [46] - The company is launching a repricing deal for its existing $650 million term loan B to reduce interest rates [47] Q&A Session Summary Question: Could you elaborate on the points that impacted the miss in Dayforce recurring revenue? - Management noted three main factors: lower employee volumes, reduced printing and tax filing fees, and contract amendments that shifted revenue to professional services [55] Question: What factors are assumed in the confidence for sustained revenue growth? - Management highlighted strong sales momentum and a record month in December, with continued strength into January [60] Question: How do you view the impact of recent M&A activity in the industry? - Management stated that they do not compete with Paychex or Paycor, and expect consolidation in the down market, but do not foresee any impact on Dayforce [70] Question: Can you discuss the assumptions for 2025 regarding employment and rate cuts? - Management expects low single-digit growth in employment levels and anticipates several rate cuts in Canada and the US throughout the year [128] Question: What are the expectations for professional services revenue growth? - Management expects professional services revenue to grow slightly faster than Dayforce recurring revenue excluding float in 2025 [41]

Revenue Performance - Dayforce's recurring revenue for Q4 2024 reached $347.9 million, a 19% increase year-over-year[1] - Total revenue for Q4 2024 was $465.2 million, up 16% year-over-year, with a constant currency increase of 17%[4] - For the full year 2024, Dayforce's total revenue was $1,760.0 million, reflecting a 16.3% increase year-over-year[8] - Total revenue for the year ended December 31, 2024, was $1,760.0 million, representing a 16.3% increase from $1,513.7 million in 2023[39] - Dayforce recurring revenue, excluding float, increased by 20.4% to $1,159.7 million in 2024 from $962.9 million in 2023[39] - Total revenue, excluding float, is projected to be between $421 million and $427 million, representing an increase of approximately 13.5% to 15% on a GAAP basis[22] - Dayforce recurring revenue, excluding float, is expected to be between $1,315 million and $1,340 million, reflecting an increase of approximately 13.4% to 15.5% on a GAAP basis[22] Profitability Metrics - Adjusted EBITDA for Q4 2024 was $129.2 million, with an adjusted EBITDA margin of 27.8%, up 3 percentage points year-over-year[4] - The EBITDA for Q4 2024 was reported at $66.6 million, reflecting a margin of 27.8%[46] - The EBITDA for the year ended December 31, 2024, was $288.0 million, with a margin of 28.5%[53] - The net income for Q4 2024 is reported at $10.8 million, down from $45.6 million in Q4 2023[31] - The net income for the year ended December 31, 2024, was $18.1 million, a decrease of 67.0% compared to $54.8 million in 2023[33] - The company reported a diluted net income per share of $0.07 for Q4 2024, compared to $0.29 for Q4 2023[49] Cash Flow and Liquidity - Dayforce's net cash provided by operating activities for the full year 2024 was $281.1 million, a 28% increase from the previous year[8] - Total cash provided by operating activities for the year ended December 31, 2024, was $281.1 million, up from $219.5 million in 2023[33] - For Q4 2024, Dayforce reported net cash provided by operating activities of $81.0 million, down from $89.9 million in Q4 2023[59] - Dayforce's free cash flow margin for Q4 2024 was 11.7%, down from 16.0% in the same quarter last year, reflecting reduced cash generation relative to revenue[59] - For the year ended December 31, 2024, Dayforce's free cash flow was $171.5 million, significantly higher than $105.1 million in 2023, showing a strong improvement in cash generation[59] - The company projects free cash flow for the year ending December 31, 2025, to be between $229 million and $234 million, indicating expected growth in cash generation[59] Operational Efficiency - The operating cash flow margin for Q4 2024 was 17.4%, compared to 22.5% in Q4 2023, indicating a decline in operational efficiency[59] - The operating profit was $28.5 million for Q4 2024, representing a margin of 6.1%[46] - For the year ended December 31, 2024, the operating profit was $104.1 million, with a margin of 5.9%[53] - The cost of Cloud recurring revenue for Q4 2024 was $75.2 million, resulting in a gross margin of 80.0%[46] - The cost of Cloud recurring revenue for the year 2024 was $303.7 million, leading to a gross margin of 78.9%[53] Strategic Initiatives - Dayforce launched its first mass advertising campaign and established the Dayforce Partner Network to enhance customer experience[13] - Dayforce introduced several new AI capabilities and product enhancements to improve operational efficiency and customer experience[15] - The company continues to focus on strategic opportunities and investments to enhance its business operations and market position[62] - Dayforce anticipates maintaining its high Cloud solutions growth rate and expanding its market presence despite potential risks and uncertainties[24] Assets and Liabilities - The company has a total of $9,117 million in assets as of December 31, 2024, compared to $9,010.9 million in 2023[29] - Total liabilities amount to $6,570.7 million, a slight decrease from $6,612.7 million in the previous year[29] - The company’s goodwill increased to $2,336.7 million from $2,293.9 million year-over-year[29] Employee Metrics - The number of global employees on the Dayforce platform increased by 11.4% to 7.62 million as of December 31, 2024[8] Shareholder Returns - Share-based compensation expense for the year ended December 31, 2024, was $156.6 million, compared to $137.1 million in 2023, reflecting a 14.5% increase[44] - Cash paid for interest in 2024 was $45.3 million, down from $52.4 million in 2023[33] - Capital expenditures for Q4 2024 were $26.8 million, slightly up from $26.1 million in Q4 2023, indicating ongoing investment in growth[59] Non-GAAP Measures - The company emphasizes the importance of non-GAAP financial measures, such as free cash flow, to assess liquidity and operational performance[62] - Dayforce's annualized retention rate and recurring revenue per customer metrics are critical for understanding customer loyalty and revenue stability, although specific figures were not provided[63]

Core Insights - Dayforce, Inc. reported a total revenue of $465.2 million for Q4 2024, reflecting a 16% year-over-year increase, while recurring revenue reached $347.9 million, up 19% year-over-year [1][6][11] - The company achieved a full-year net cash provided by operating activities of $281.1 million, marking a 28% increase compared to the previous year [1][11] - Dayforce maintained a strong annual gross revenue retention rate of 98% for 2024, indicating robust customer loyalty and satisfaction [1][11] Financial Highlights for Q4 2024 - Total revenue was $465.2 million, an increase of 16.4% year-over-year, or 17.0% on a constant currency basis [6] - Dayforce recurring revenue was $347.9 million, up 19.1% year-over-year, or 19.5% on a constant currency basis [6] - Operating profit for the quarter was $28.5 million, down from $38.8 million in the previous year, while adjusted operating profit rose to $103.3 million from $78.9 million [6][11] - Net income for Q4 was $10.8 million, compared to $45.6 million in the same quarter last year [6][11] Financial Highlights for Full Year 2024 - Total revenue for the year was $1,760.0 million, a 16.3% increase year-over-year [11] - Dayforce recurring revenue reached $1,339.9 million, up 20.6% year-over-year [11] - Adjusted EBITDA for the year was $501.5 million, with an adjusted EBITDA margin of 28.5%, an increase from 27.1% [11] - Free cash flow for the year was $171.5 million, compared to $105.1 million in the previous year [11] Business Highlights - Dayforce launched its first mass advertising campaign in the U.S. and introduced the Dayforce Partner Network to enhance customer experience [12] - The company received multiple accolades, including being named a Leader in various HCM technology assessments and recognized as one of the Top 100 Most Loved Workplaces in America [12] - Dayforce achieved record attendance at its annual customer conference, Dayforce Discover 2024, showcasing its commitment to customer engagement [13] Product and Innovation Highlights - Dayforce introduced several new product capabilities, including AI-enhanced features to streamline workflows and improve decision-making [23] - The company launched Dayforce Wallet updates, providing new functionalities for direct-to-bank payments and on-demand pay access [23] - New intelligence capabilities were added to the Dayforce suite, enhancing customer experience and operational efficiency [23] Customer and Sales Highlights - Dayforce reported a significant increase in the number of global employees using its platform, reaching 7.62 million, up 11.4% year-over-year [11] - The company expanded its customer base, with 6,876 customers live on the Dayforce platform, an increase of 7.6% year-over-year [11] - Notable new partnerships included large organizations across various sectors, such as retail, manufacturing, and public services, adopting the full Dayforce suite [17]

Dayforce (DAY) is set to report its fourth-quarter 2024 results on Feb. 5.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.DAY expects fourth-quarter 2024 revenues between $452 million and $457 million, indicating growth between 13% and 14% on a GAAP basis and between 13% and 15% on a constant-currency basis.The Zacks Consensus Estimate for DAY’s fourth-quarter earnings is currently pegged at 46 cents per share, unchanged over the past 90 days, and indicating a year-over-year decline o ...

Financial Data and Key Metrics Changes - Dayforce recurring revenue reached $333 million, up 19% year-over-year, with total revenue of $440 million increasing by 17% [6][10] - Cloud recurring gross margin improved to 79%, up 200 basis points, while adjusted cloud recurring gross margin was 79.9%, up 160 basis points [6][11] - Adjusted EBITDA was $126 million, reflecting an 18% increase, with an adjusted EBITDA margin of 28.7%, up 30 basis points [6][11] - Year-to-date operating cash flow was $200 million, up 54%, and free cash flow was $117 million, up 184% [7][11] Business Line Data and Key Metrics Changes - Powerpay recurring revenue, excluding float, was $20.2 million, up 3.1% on a GAAP basis [11] - Professional services and other revenue increased to $64.1 million, up 23% [11] - Add-on sales comprised approximately 37% of total bookings in the quarter, with solid growth across the Talent Intelligence suite [8][46] Market Data and Key Metrics Changes - The company ended the third quarter with 6,730 customers live on the Dayforce platform, with average recurring revenue per customer up 15% [7] - The float balances increased by 12% year-over-year, despite a slight decrease in yield rate [25] Company Strategy and Development Direction - The company is focused on healthy growth combined with profitability metrics and cash flow generation, emphasizing the competitive advantage of the Dayforce platform [6][7] - The strategy includes expanding the Dayforce platform to include a broad set of HCM offerings and targeting larger customers [8] - The company aims for long-term ambitions of $5 billion in revenue and $1 billion in free cash flow as a leader in the HCM space [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fourth quarter guidance, supported by strong go-live plans and a robust sales pipeline [8][15] - The company anticipates a normalization of deal timelines as macroeconomic conditions stabilize [25] - Initial guidance for 2025 indicates total revenue growth, excluding float, between 14% and 15% on a constant currency basis, with adjusted EBITDA margin above 31% [15][66] Other Important Information - The company executed a receivables securitization facility, selling $30.1 million of Wallet receivables to optimize cash movements [14] - A new brand campaign was launched to position the company more as an HR technology provider, focusing on the Dayforce product [36] Q&A Session Summary Question: What gave the confidence to offer the initial 2025 guidance? - Management highlighted the high degree of certainty based on recurring revenue and go-live forecasts [18] Question: Can you discuss major wins from the past quarter? - Management noted competitive processes for major deals, emphasizing the value proposition of simplifying HR stacks [24] Question: How do you see the partner channel evolving? - Management reported positive engagement with partners, leveraging them for sales and implementation [53] Question: What are the expectations for float revenue in 2025? - Management indicated a potential headwind of $25 million to $30 million for float revenue next year [48] Question: Can you elaborate on the Wallet's growth potential? - Management projected Wallet revenue to exceed $30 million this year, with expectations for continued growth [62]

Financial Performance - Total revenue for Q3 2024 was $440.0 million, representing a 16.6% increase from $377.5 million in Q3 2023[101] - Cloud recurring revenue increased to $357.6 million, up 17.8% from $303.6 million in the same period last year[101] - Total recurring revenue reached $375.9 million, a 15.5% increase compared to $325.4 million in Q3 2023[101] - Professional services and other revenue grew by 23.0% to $64.1 million from $52.1 million year-over-year[101] - Gross profit for Q3 2024 was $201.3 million, reflecting a 25.4% increase from $160.5 million in Q3 2023[101] - Net income for Q3 2024 was $2.0 million, a significant improvement from a net loss of $3.8 million in Q3 2023, marking a 152.6% increase[101] - Total revenue increased by $62.5 million, or 16.6%, to $440.0 million for the three months ended September 30, 2024, compared to $377.5 million for the same period in 2023[103] - Total revenue increased by $180.8 million, or 16.2%, to $1,294.8 million for the nine months ended September 30, 2024, compared to $1,114.0 million for the same period in 2023[121] - Net income was $7.3 million for the nine months ended September 30, 2024, compared to $9.2 million for the same period in 2023[137] Customer Metrics - The number of live Dayforce customers increased by 6.1% to 6,730 at September 30, 2024, from 6,346 at September 30, 2023[103] - Dayforce recurring revenue per customer grew to $159,496 for the trailing twelve months ended September 30, 2024, compared to $138,838 for the comparable period in 2023[103] - The company estimates it takes approximately two years to recover implementation and customer acquisition costs for new Dayforce customer contracts[94] - Dayforce recurring revenue per customer is monitored quarterly, reflecting the average size of the customer base and potential for future revenue growth[98] Expenses and Costs - Total cost of revenue for the three months ended September 30, 2024, was $238.7 million, an increase of $21.7 million, or 10.0%, compared to the same period in 2023[105] - Selling and marketing expense increased by $24.6 million, or 39.8%, for the three months ended September 30, 2024, compared to the same period in 2023[112] - General and administrative expense increased by $21.9 million, or 30.3%, for the three months ended September 30, 2024, compared to the same period in 2023[113] - Professional services and other cost of revenue increased by $9.0 million, or 13.6%, for the three months ended September 30, 2024, compared to the same period in 2023[106] - Total cost of revenue for the nine months ended September 30, 2024, was $701.3 million, an increase of $64.0 million, or 10.0%, compared to the same period in 2023[123] - Selling and marketing expenses increased by $71.0 million, or 40.0%, for the nine months ended September 30, 2024, compared to the same period in 2023[130] - General and administrative expenses rose by $64.5 million, or 31.5%, for the nine months ended September 30, 2024, primarily due to higher amortization of intangible assets[131] Profitability Metrics - Operating profit was $20.8 million for the three months ended September 30, 2024, compared to $26.5 million for the same period in 2023[114] - Operating profit decreased to $75.6 million for the nine months ended September 30, 2024, down from $94.3 million in the same period of 2023[132] - Operating profit for Q3 2024 was $103.2 million, reflecting an operating profit margin of 23.5%[156] - The net income for the nine months ended September 30, 2024, was $218.7 million, with an Adjusted net profit margin of 16.9%[158] Cash Flow and Investments - Net cash provided by operating activities was $200.1 million for the nine months ended September 30, 2024, compared to $129.6 million for the same period in 2023[144] - Net cash provided by operating activities for Q3 2024 was $91.8 million, compared to $36.6 million in Q3 2023, representing a significant increase[161] - Free cash flow for Q3 2024 was $63.4 million, up from $4.8 million in the same period last year, indicating improved cash generation[161] - Net cash used in investing activities was $458.1 million for the nine months ended September 30, 2024, significantly higher than $14.9 million in the same period of 2023[145][146] - Net cash used in financing activities was $1,067.6 million for the nine months ended September 30, 2024, compared to a net cash provided of $345.3 million in the same period in 2023[147][148] Shareholder Actions - The company announced a share repurchase program authorized to purchase up to $500 million of common stock, with $30 million spent to repurchase 0.5 million shares in Q3 2024[91] Market and Economic Factors - The average U.S. dollar to Canadian dollar exchange rate was $1.36 for Q3 2024, compared to $1.34 in Q3 2023, impacting revenue on a constant currency basis[99] - The company expects a 100 basis point decrease in market investment rates to result in approximately $26 million decrease in float revenue over the next twelve months[166] - A 100 basis point decrease in applicable reference rates would lead to an estimated $6 million decrease in interest expense over the next twelve months[167] Pension and Benefits - The pension plan for certain U.S. employees was terminated effective September 30, 2024[170] - The effective discount rate used for pension obligations in 2023 ranged from 4.52% to 4.65%[170] - The expected rate of return on plan assets for qualified pension benefits in 2024 is projected to be 4.80%[170]