Dayforce Q2 2022 Earnings Report
Key Takeaways
Ceridian reported a 20.3% increase in total revenue, reaching $301.2 million. Dayforce recurring revenue increased by 29.0% to $194.3 million. The company's cloud recurring gross margin was 72.2%, and adjusted net income was $33.0 million, or $0.21 per share.
Total revenue increased by 20.3% year-over-year, reaching $301.2 million.
Dayforce recurring revenue grew by 29.0% year-over-year, amounting to $194.3 million.
Cloud revenue increased by 25.5% year-over-year, totaling $262.9 million.
Adjusted net income was $33.0 million, or $0.21 per share.
Dayforce
Dayforce
Dayforce Revenue by Segment
Forward Guidance
Ceridian provided guidance for the third quarter of 2022 and updated its full-year 2022 outlook. The outlook reflects a revised average U.S. dollar to Canadian dollar foreign exchange rate of $1.29. Dayforce recurring revenue, cloud revenue, total revenue and Adjusted EBITDA are expected to increase.
Positive Outlook
- Dayforce recurring revenue, excluding float revenue, of $188 million to $190 million or an increase of 23% to 24% on a GAAP basis, and 24% to 26% on a constant currency basis.
- Cloud revenue of $269 million to $272 million, or an increase of 22% to 24% on a GAAP basis and 24% to 26% on a constant currency basis.
- Total revenue of $304 million to $307 million, or an increase of 18% to 19% on a GAAP basis and 20% to 21% on a constant currency basis.
- Float revenue of $17.5 million, an increase of 77% on a GAAP basis, and 79% on a constant currency basis.
- Adjusted EBITDA of $48 million to $50 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income