Dayforce Q1 2022 Earnings Report
Key Takeaways
Ceridian reported a strong start to the year with Dayforce recurring revenue excluding float up 31% year-over-year and Adjusted EBITDA exceeding the high end of guidance. Total revenue increased by 25.1% to $293.3 million.
Total revenue increased by 25.1% year-over-year to $293.3 million.
Dayforce recurring revenue, excluding float, grew by 31% year-over-year.
Adjusted EBITDA reached $57.4 million, surpassing the high end of guidance.
5,609 Dayforce customers were live on the platform, an increase of 11%.
Dayforce
Dayforce
Dayforce Revenue by Segment
Forward Guidance
Ceridian is issuing guidance for the second quarter and full year of 2022. Second Quarter 2022 Guidance includes Dayforce recurring revenue, excluding float revenue, of $182 million to $184 million, Cloud revenue of $258 million to $260 million, and Total revenue of $293 million to $296 million. Full Year 2022 Guidance indicate Dayforce recurring revenue, excluding float revenue of $751 million to $762 million, Cloud revenue of $1,067 million to $1,083 million, and Total revenue of $1,208 million to $1,230 million.
Positive Outlook
- Dayforce recurring revenue, excluding float revenue, of $182 million to $184 million, or an increase of 27% to 29% on a GAAP basis and 28% to 29% on a constant currency basis.
- Cloud revenue of $258 million to $260 million, or an increase of 23% to 24% on a GAAP basis and 24% to 25% on a constant currency basis.
- Total revenue of $293 million to $296 million, or an increase of 17% to 18% on a GAAP basis and 18% to 19% on a constant currency basis.
- Float revenue of $13 million, an increase of 25% on a GAAP and constant currency basis.
- Adjusted EBITDA of $45 million to $47 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income