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]
Ceridian(DAY) - 2024 Q4 - Annual Results