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Sep 30, 2024
Dayforce Q3 2024 Earnings Report
Dayforce's Q3 2024 results were released, showcasing strong growth in recurring revenue and overall financial performance.
Key Takeaways
Dayforce reported a 17% increase in total revenue, reaching $440.0 million, and a 19% increase in Dayforce recurring revenue, amounting to $333.2 million. The company's net income was $2.0 million, with adjusted diluted net income per share at $0.47. Additionally, 6,730 customers were live on the Dayforce platform as of September 30, 2024.
Total revenue increased by 17% to $440.0 million.
Dayforce recurring revenue grew by 19% to $333.2 million.
Net income was $2.0 million, a significant improvement from the previous year's net loss.
The company repurchased approximately $30 million worth of shares.
Dayforce
Dayforce
Dayforce Revenue by Segment
Revenue by Segment
Dayforce recurring Revenue
CapyFin.comPowerpay recurring Revenue
CapyFin.comProfessional services Revenue
CapyFin.com Forward Guidance
Dayforce provided guidance for the fourth quarter and full year 2024, indicating continued revenue growth and adjusted EBITDA performance.
Positive Outlook
- Total revenue for 2024 is projected to be $1,747 million to $1,752 million, representing a 15% to 16% increase.
- Dayforce recurring revenue, excluding float, for 2024 is expected to be $1,163 million to $1,168 million, a 21% increase.
- Float revenue for 2024 is guided at $192 million.
- Adjusted EBITDA for 2024 is projected to be $492 million to $507 million.
- Total revenue growth, excluding float, between 14% and 15% for 2025.
Challenges Ahead
- Guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.38 for Q4 2024.
- Uncertainty regarding depreciation and amortization.
- Uncertainty regarding share-based compensation expense and related employer taxes.
- Uncertainty regarding changes in foreign currency exchange rates.
- Uncertainty regarding other items affecting Adjusted EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income