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Mar 31, 2021
Dayforce Q1 2021 Earnings Report
Ceridian delivered strong first quarter results, executing well across all geographies and exceeding financial expectations.
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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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