Dayforce Q1 2021 Earnings Report
Key Takeaways
Ceridian reported strong first quarter results with Dayforce recurring revenue of $145.3 million, up 13.4% year-over-year. Total revenue was $234.5 million, an increase of 5.3%. The company expects total revenue in 2021 to exceed $1 billion.
Dayforce recurring revenue was $145.3 million, an increase of 13.4% year-over-year.
Excluding float revenue, Dayforce recurring revenue was $137.6 million, up 20.7% year-over-year.
Total revenue was $234.5 million, an increase of 5.3% year-over-year.
Cash and equivalents were $339.6 million as of March 31, 2021.
Dayforce
Dayforce
Dayforce Revenue by Segment
Forward Guidance
Ceridian has issued the following guidance for the second quarter of 2021: Dayforce recurring revenue of $148 million to $149 million. Total revenue of $236 million to $240 million.
Positive Outlook
- Dayforce recurring revenue is expected to grow approximately 28% to 29%.
- Dayforce revenue is expected to grow approximately 24% to 25%.
- Cloud revenue is expected to grow approximately 23% to 25%.
- Total revenue is expected to grow approximately 25% to 27%.
- Adjusted EBITDA of $27 million to $31 million.
Challenges Ahead
- Float revenue of approximately $7 million within Dayforce revenue.
- Float revenue of approximately $9 million within Cloud revenue.
- Float revenue of approximately $10 million within total revenue.
- Ceridian expects a negative impact of approximately $0.10 to EPS.
- Ceridian expects a negative impact of approximately $0.10 to Adjusted EPS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income