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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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