Ceridian(US:CDAY)2024-05-01 11:00Dayforce Platform Performance - Dayforce platform had 6,575 live customers as of March 31, 2024, a 6.4% year-over-year increase from March 31, 2023[1] - Dayforce recurring revenue reached $337.2 million, up 24.3% year-over-year, with $282.4 million excluding float revenue, up 23.0%[13] - Dayforce recurring revenue per customer was $150,362 for the trailing twelve months ended March 31, 2024, a 19.2% increase[15] - Dayforce Wallet had over 1,960 customers signed on, with more than 1,200 live customers as of March 31, 2024, and an average registration rate above 65%[18] - Dayforce Co-Pilot, an AI-enhanced feature, was introduced to boost recruiter productivity and improve employee access to company FAQs[6] - Dayforce completed 160+ global compliance updates to enhance year-end requirements, reporting functionalities, and tax rates[6] - Dayforce recurring revenue increased by 24.3% to $337.2 million, with Dayforce float revenue growing by 31.7% to $54.8 million[43] - The average float balance for Dayforce's customer funds during the quarter was $5.56 billion, with an average yield of 4.4%, generating $60.7 million in float revenue[61] Financial Performance - Operating profit was $40.7 million, or 9.4% of total revenue, compared to $38.4 million, or 10.4% of total revenue in the previous year[14] - Total revenue increased by 16.4% to $431.5 million, with recurring revenue contributing $382.7 million[43] - Total revenue for Q1 2024 was $431.5 million, a 16.4% increase year-over-year, or 16.5% on a constant currency basis[59] - Total revenue of $431.5 million, up 16.4%[91] - Net income decreased to $7.1 million in Q1 2024 from $9.9 million in Q1 2023, reflecting higher operating expenses[39] - Net income was $7.1 million, compared to $9.9 million[93] - Adjusted net income was $68.0 million, compared to $49.3 million[93] - Adjusted diluted net income per share was $0.31, compared to $0.06 on a GAAP basis[46] - Adjusted diluted net income per share was $0.43, compared to $0.31 in the previous year[57] Cash Flow and Investments - Cash flows from operating activities were $9.1 million, down from $11.3 million in the prior year period[39] - Net cash provided by operating activities was $9.1 million, compared to $11.3 million in the previous year[60] - Net cash used in investing activities was $290.7 million, primarily due to acquisitions and marketable securities purchases[39] - Dayforce's cash, restricted cash, and equivalents stood at $4,899.2 million at the end of Q1 2024, compared to $5,341.4 million in Q1 2023[39] Guidance and Projections - Dayforce issued Q2 2024 guidance with total revenue expected to be $414 million to $419 million, a 13% to 15% increase year-over-year[20] - Full-year 2024 guidance projects total revenue of $1,730 million to $1,740 million, a 14% to 15% increase year-over-year[20] Adjusted Metrics and Margins - Adjusted EBITDA for Q1 2024 was $105.4 million, representing a 28.4% margin[46] - Adjusted EBITDA for Q1 2024 was $129.9 million, representing a 30.1% margin[77] - Adjusted EBITDA was $129.9 million, compared to $105.4 million[90] - Cloud recurring gross margin was 79.0%, compared to 77.3%[92] - Adjusted cloud recurring gross margin was 80.0%, compared to 78.7%[92] - Operating profit of $40.7 million[90] - Adjusted operating profit of $109.1 million[90] Total Assets and Revenue Growth - Total assets increased to $10,775.2 million as of March 31, 2024, compared to $9,010.9 million as of December 31, 2023[11] - Total Cloud recurring revenue grew by 23.0% to $363.2 million, driven by strong performance in Dayforce and Powerpay segments[43] - Cloud recurring revenue was $382.7 million, up from $317.9 million in the previous year[81] Share-Based Compensation - Share-based compensation expense was $38.0 million, slightly lower than the $40.2 million recorded in Q1 2023[39] Corporate Developments - The company acquired eloomi A/S, a learning experience platform software provider[75] - Dayforce changed its legal name and brand from Ceridian HCM Holding Inc. to Dayforce, Inc., and its ticker symbol to "DAY"[75] - The company released its 2024 ESG Report, detailing its sustainability strategy across five pillars[75]