Ceridian HCM Holding Inc. (“Ceridian”) (NYSE:CDAY) (TSX:CDAY), a
global leader in human capital management (HCM) technology, today
announced its financial results for the fourth quarter and fiscal
year ended December 31, 2022.
“We delivered another strong period of financial
and operating performance in the fourth quarter, growing Dayforce
recurring revenue at 34.7% on a constant currency basis,” said
David Ossip, Chair and Co-CEO of Ceridian. “The combination of the
quality of our team, our differentiated technology, and just the
sheer size of the addressable global HCM market, gives me
tremendous confidence in our ability to deliver value to our
stakeholders both in the near and longer term.”
“Our company is efficiently managed and the
results are noteworthy,” said Leagh Turner, Co-CEO of Ceridian. “I
am proud of the continued momentum across the organization and the
relentless focus of our team on making our customers more efficient
and enabling their success.”
“Our fourth quarter results exceeded our guidance
across all metrics," said Noemie Heuland, CFO of Ceridian. “We
ended the year with strong Dayforce recurring revenue momentum,
operating profit expansion, and significantly increased cash-flow
generation. This gives us great confidence entering 2023 and sets
us up to make meaningful progress towards our mid-term commitment
of profitable growth.”
Financial Highlights for the Fourth
Quarter 20221
- Total revenue was $336.1 million, an increase of 19.1%, or
23.0% on a constant currency basis.
- Dayforce recurring revenue was $224.5 million, an increase of
31.7%, or 34.7% on a constant currency basis. Excluding float
revenue, Dayforce recurring revenue was $198.3 million, an increase
of 21.5%, or 24.3% on a constant currency basis.
- Cloud recurring gross margin was 74.0%, compared to 72.2%.
Adjusted cloud recurring gross margin was 76.2%, compared to
73.8%.
- Operating profit was $3.3 million, or 1.0% of revenue, compared
to $2.6 million, or 0.9% of revenue. Adjusted operating profit was
$51.7 million, or 15.4% of revenue, compared to $23.4 million, or
8.3% of revenue.
- Net loss was $5.2 million, compared to $9.5 million. Adjusted
net income was $35.9 million, compared to $13.9 million.
- Adjusted EBITDA was $67.7 million, compared to $38.7
million.
- Diluted net loss per share was $0.03, compared to $0.06.
Adjusted diluted net income per share was $0.23, compared to
$0.09.
- Net cash provided by operating activities was $41.8 million,
compared to net cash used in operating activities of $0.1
million.
Financial Highlights for the Full Year
20221
- Total revenue was $1,246.2 million, an increase of 21.7%, or
24.0% on a constant currency basis.
- Cloud annualized recurring revenue ("ARR") was $1,041.3
million, an increase of 33.5%, or $261.5 million.2
- Dayforce recurring revenue was $815.2 million, an increase of
30.1%, or 31.7% on a constant currency basis. Excluding float
revenue, Dayforce recurring revenue was $752.8 million, an increase
of 26.1%, or 27.7% on a constant currency basis.
- Cloud recurring gross margin was 72.0%, compared to 72.3%.
Adjusted cloud recurring gross margin was 75.7%, compared to
73.9%.
- Operating loss was $25.8 million, or 2.1% of revenue, compared
to $35.5 million, or 3.5% of revenue. Adjusted operating profit was
$196.2 million, or 15.7% of revenue, compared to $110.6, or 10.8%
of revenue.
- Annual Dayforce revenue retention rate was 97.1% for the full
year of 2022, compared to 97.1%.2
- Net loss was $73.4 million, compared to $75.4 million. Adjusted
net income was $120.5 million, compared to $64.3 million.
- Adjusted EBITDA was $250.4 million, compared to $162.5
million.
- Diluted net loss per share was $0.48, compared to $0.50.
Adjusted diluted net income per share was $0.77, compared to
$0.41.
- Net cash provided by operating activities was $132.6 million,
compared to $48.8 million.
- Cash and equivalents were $431.9 million as of
December 31, 2022, compared to $367.5 million as of
December 31, 2021.
Supplemental Detail
- 5,993 Dayforce customers were live on the Dayforce platform as
of December 31, 2022, an increase of 145 customers since
September 30, 2022 and an increase of 559 customers since December
31, 2021 or 10.3% year-over-year.2
- 5.95 million global employees were live on the Dayforce
platform as of December 31, 2022, up 17.1% compared to 5.08
million global employees as of December 31, 2021.2
- Dayforce recurring revenue per customer was $121,425 for the
trailing twelve months ended December 31, 2022, an increase of
11.8%.3
- The average float balance for Ceridian's customer funds during
the quarter increased 6.3% to $4,284.4 million and the average
yield on Ceridian's float balance was 3.01%, an increase of 200
basis points year over year. On a constant currency basis, the
average float balance for Ceridian's customer funds increased 8.9%.
As a result, float revenue from invested customer funds was $32.8
million. The allocation of float revenue to Dayforce and Cloud
revenue was $26.2 million and $30.5 million, respectively.
- Effective December 1, 2022, as a result of reviewing its
customer lifecycle analysis, Ceridian increased the expected period
of benefit of its deferred sales commissions from five years to ten
years. This change in accounting estimate and related customer
period of benefit is largely attributable to new evidence of longer
customer relationships such as increases in proportion of new
customer contracts greater than three years as well as Ceridian's
continued high customer retention rates. The change was made on a
prospective basis, and as a result, reduced commissions expense by
$3.2 million for the three and twelve months ended December 31,
2022. This change in estimate will also impact future periods.
- In fiscal year 2022, the average U.S. dollar to Canadian dollar
foreign exchange rate was $1.36 and $1.30, with a daily range of
$1.32 to $1.39 and $1.25 to $1.39 for the three and twelve months
ended December 31, 2022 compared to $1.26 and $1.25, with a
daily range of $1.23 to $1.29 and $1.20 to $1.29 for the three and
twelve months ended December 31, 2021. To present the
performance of the business excluding the effect of foreign
currency rate fluctuations, Ceridian presents revenue on a constant
currency basis, which it believes is useful to management and
investors. Revenue was calculated on a constant currency basis by
applying the average foreign exchange rate in effect during the
comparable prior period.
| Summary of
Full Year 2022 FX Impact |
|
(Dollars in millions) |
Q1 |
Q2 |
|
Q3 |
|
Q4 |
|
FY22 |
|
|
Dayforce recurring revenue excluding float |
0.6 |
(2.4 |
) |
(2.9 |
) |
(4.6 |
) |
(9.3 |
) |
| Cloud
revenue |
0.3 |
(4.6 |
) |
(5.0 |
) |
(8.6 |
) |
(17.9 |
) |
| Total
revenue |
0.0 |
(6.1 |
) |
(6.8 |
) |
(10.9 |
) |
(23.8 |
) |
| Float
revenue |
0.0 |
(0.3 |
) |
(0.3 |
) |
(1.0 |
) |
(1.6 |
) |
1 The financial highlights are on a year-over-year
basis, unless otherwise stated. All financial results are reported
in U.S. dollars unless otherwise stated. 2 Excluding the 2021
acquisitions of Ascender HCM Pty Limited ("Ascender") and ATI ROW,
LLC and ADAM HCM MEXICO, S. de R.L. de C.V. (collectively, "ADAM
HCM"). 3 Excluding float revenue, the impact of lower employment
levels in 2021 due to the Coronavirus disease 2019 ("COVID-19")
pandemic, Ascender and ADAM HCM revenue and on a constant currency
basis.
Business Highlights
- Ceridian was named a Leader in the Human Capital Management –
Enterprise Data Quadrant by SoftwareReviews and selected as the
Best HRIS and Payroll Solution at the HRM Asia Readers’ Choice
Awards 2022.
- Ceridian was recognized as an employer of choice by
Computerworld as a 2023 Best Places to Work in IT, Newsweek as
America’s Most Responsible Companies 2023, and one of Greater
Toronto’s Top Employers 2023.
- Ceridian welcomed its customer community and a record number of
partners and prospects to INSIGHTS 2022, Ceridian’s global customer
conference, in Las Vegas.
Sales Highlights
- One of the world’s largest payment processing corporations
chose Dayforce to unify payroll and workforce management for 15,000
employees across more than 80 countries.
- A medical technology innovator headquartered in Germany
selected Dayforce for a modern pay experience for 18,000 employees
across the U.S. and Canada.
- A global auto parts manufacturer with approximately 40,000
employees in North America chose to further unify its workforce on
a single HCM platform with Dayforce.
- One of the world’s leading mining and infrastructure solutions
providers with operations in more than 40 countries, chose Dayforce
as its centralized platform for global managed payroll and
workforce management for more than 12,000 employees.
- A U.S. consumer goods manufacturer with 35,000 employees
globally chose Dayforce for its Latin America and Asia Pacific
operations, standardizing on a single global solution for payroll
and workforce management.
- To streamline operations and support its growth goals, a global
benefits administrator selected Dayforce to help service 35,000
pensioners across North America.
- A Canadian airline with more than 20,000 employees chose
Dayforce to modernize its workforce management operations while
streamlining operations and enhancing the employee experience.
- A multinational hotel and restaurant company based in the U.K.
selected the full Dayforce suite to fuel growth plans globally with
a modern, intuitive, and engaging experience for its 38,000
employees.
Customer Highlights
- A global professional services firm recently went live with
Dayforce – streamlining payroll for 55,000 employees in the U.S.
and Canada.
- One of the world’s largest express transportation and shipping
companies migrated to Dayforce for a modern pay experience for
12,000 employees.
- A leading global retailer successfully migrated to Dayforce for
HR, payroll, and workforce management for 10,000 employees in the
United Kingdom due to a successful collaboration with a Ceridian
system integrator partner.
- A major American cargo and passenger airline launched Dayforce
for payroll, time and attendance, and managed benefits to 7,400
employees.
- The largest provider of commercial restaurant equipment,
supplies, and solutions to the U.S. food services industry went
live with the full suite of Dayforce capabilities – streamlining HR
operations for 3,800 employees.
- A leading U.S. dental care provider implemented Dayforce for
payroll, benefits, time and attendance, and talent management, to
keep up with its fast-paced growth and to improve the employee
experience for 2,700 workers.
- One of the largest dental support organization’s in the Asia
Pacific Japan region went live with the full suite of Dayforce
capabilities for its 1,000 employees due to a successful
collaboration with a Ceridian system integrator partner.
Platform and Roadmap
Highlights
- Ceridian launched Dayforce Wallet in the United Kingdom, and
delivered a new Dayforce Wallet cash back program, Dayforce
Rewards, in the U.S. As of December 31, 2022, Ceridian had more
than 1,450 customers signed onto Dayforce Wallet with over 880
customers live on the product and an average registration rate
above 45% of all eligible employees and the typical wallet user
uses the wallet about 25 times per month.
- To support the largest global organizations, Ceridian enhanced
tax fulfillment services in Dayforce, and delivered on-demand pay
file services in Dayforce Wallet.
- At Ceridian INSIGHTS 2022, Ceridian introduced its customer and
partner community to new and forthcoming Dayforce features,
including: Mobile Benefits Enrollment, Experience Hub, People
Analytics, Agile Organization Management, and Ideal Talent
Marketplace.
- Ceridian advanced its global pay capabilities through the
availability of Dayforce Payroll in Malaysia, the Philippines,
Singapore, and Thailand.
- Ceridian expanded its strong partner ecosystem to more than 170
partners, including more than 30 system integrators, providing
enhanced choice, scale, and innovation to its customers.
Business Outlook
Based on information available as of February 8,
2023, Ceridian is issuing the following guidance for the first
quarter and full year of 2023 as indicated below. Comparisons are
on a year-over-year basis, unless stated otherwise.
First Quarter 2023 Guidance
- Total revenue of $359 million to $363 million, or an increase
of 22% to 24% on a GAAP basis and 25% to 26% on a constant currency
basis.
- Dayforce recurring revenue, excluding float of $222 million to
$224 million, or an increase of 23% to 24% on a GAAP basis and 25%
to 26% on a constant currency basis.
- Ceridian expects tax migration from the legacy Bureau
infrastructure to the same platform as Dayforce to contribute
approximately 550 basis points of growth in the first quarter of
2023.
- Float revenue of $45 million.
- Adjusted EBITDA of $92 million to $95 million.
Full Year 2023 Guidance
- Total revenue of $1,480 million to $1,500 million, or an
increase of 19% to 20% on a GAAP basis and 20% to 21% on a constant
currency basis.
- Dayforce recurring revenue, excluding float of $936 million to
$946 million, or an increase of 24% to 26% on a GAAP basis and 25%
to 27% on a constant currency basis.
- Ceridian expects tax migration from the legacy Bureau
infrastructure to the same platform as Dayforce to contribute
approximately 460 basis points of growth in fiscal year 2023.
- Float revenue of $150 million.
- Adjusted EBITDA of $360 million to $375 million.
Supplemental guidance details
|
First Quarter 2023 Guidance |
|
Supplemental Commentary and Factors |
|
Total Revenue |
|
$359 million to $363 million, an increase of 22% to 24% on a GAAP
basis and 25% to 26% on a constant currency basis. |
|
Ceridian expects Bureau recurring revenue excluding float to
decline greater than 40% on a GAAP basis and on a constant currency
basis as a result of tax migration and the sunsetting of certain
legacy products. Ceridian expects PowerPay recurring revenue
excluding float to remain flat on a GAAP basis and to increase 5 to
6% on a constant currency basis. |
|
Dayforce recurring revenue excluding float |
|
$222 million to $224 million, an increase of 23% to 24% on a GAAP
basis and by 25% to 26% on a constant currency basis. |
|
Ceridian expects employment levels to reflect a normalized seasonal
cadence. Ceridian expects tax migration from the legacy Bureau
infrastructure to the same platform as Dayforce to contribute
approximately 550 basis points of growth in the first quarter of
2023. |
|
Float revenue |
|
$45 million |
|
Float guidance reflects the near-term rate environment and the
rolling maturity of the laddered core portfolio. |
|
Adjusted EBITDA |
|
$92 million to $95 million |
|
Ceridian continues to make investments to expand its global HCM
footprint. |
|
Fiscal Year 2023 Guidance |
|
Supplemental Commentary and Factors |
|
Total Revenue |
|
$1,480 million to $1,500 million, an increase of 19% to 20% on a
GAAP basis and 20% to 21% on a constant currency basis. |
|
Ceridian expects Bureau recurring revenue excluding float to
decline greater than 38% on a GAAP basis and to decline greater
than 36% on a constant currency basis as a result of tax migration
and the sunsetting of certain legacy products. Ceridian expects
PowerPay recurring revenue excluding float to decline 1% to 2% on a
GAAP basis and to increase 1% on a constant currency basis. |
|
Dayforce recurring revenue excluding float |
|
$936 million to $946 million, an increase of 24% to 26% on a GAAP
basis and 25% to 27% on a constant currency basis. |
|
Ceridian expects employment levels to reflect a normalized seasonal
cadence. Ceridian expects tax migration from the legacy Bureau
infrastructure to the same platform as Dayforce to contribute
approximately 460 basis points of growth in fiscal year 2023. |
|
Float revenue |
|
$150 million |
|
Float guidance reflects the near-term rate environment and the
rolling maturity of the laddered core portfolio. |
|
Adjusted EBITDA |
|
$360 million to $375 million |
|
Ceridian continues to make investments to expand its global HCM
footprint. |
Ceridian has not reconciled the Adjusted EBITDA
range for the first quarter or full year of 2023 to the directly
comparable GAAP financial measure because applicable information
for the future period, on which this reconciliation would be based,
is not available without unreasonable efforts due to uncertainty
regarding, and the potential variability of, depreciation and
amortization, share-based compensation expense and related employer
taxes, changes in foreign currency exchange rates, and other
items.
Foreign Exchange
For the full year and first quarter of 2023,
Ceridian's guidance assumes an average U.S dollar to Canadian
dollar foreign exchange rate of $1.34, compared to an average rate
of $1.27 for the first quarter of 2022 and $1.30 for the full year
of 2022.
Conference Call Details
Ceridian will host a conference call to discuss
the fourth quarter and fiscal year 2022 earnings at 5:00 p.m.
Eastern Time on February 8, 2023. A live Zoom Video Webinar of the
event can be accessed at that time, through a direct registration
link at
https://ceridian.zoom.us/webinar/register/WN_1W2n3mQgSWK7YmHryPLegw.
Alternatively, the event can be accessed from the Events &
Presentations page on Ceridian’s Investor Relations website at
https://investors.ceridian.com. A replay and transcript will be
available after the conclusion of the live event on Ceridian’s
Investor Relations website.
About Ceridian HCM Holding
Inc.
Ceridian. Makes Work Life Better™.
Ceridian is a global human capital management
software company. Dayforce, the flagship cloud HCM platform,
provides human resources, payroll, benefits, workforce management,
and talent management functionality. The Dayforce platform is used
to optimize management of the entire employee lifecycle, including
attracting, engaging, paying, deploying, and developing people.
Ceridian has solutions for organizations of all sizes.
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to risks and uncertainties. All
statements other than statements of historical fact or relating to
present facts or current conditions included in this press release
are forward-looking statements. Forward-looking statements give
Ceridian’s current expectations and projections relating to its
financial condition, results of operations, plans, objectives,
future performance and business. Users can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. Forward-looking statements in this
press release include statements relating to the fiscal year of
2023, as well as those relating to future growth initiatives. These
statements may include words such as “anticipate,” “estimate,”
“expect,” “project,” “seek,” “plan,” “intend,” “believe,” “will,”
“may,” “could,” “continue,” “likely,” “should,” and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events but not all forward-looking statements contain these
identifying words. The forward-looking statements contained in this
press release are based on assumptions that Ceridian has made in
light of its industry experience and its perceptions of historical
trends, current conditions, expected future developments and other
factors that it believes are appropriate under the circumstances.
As users consider this press release, it should be understood that
these statements are not guarantees of performance or results.
These assumptions and Ceridian’s future performance or results
involve risks and uncertainties (many of which are beyond its
control). In particular:
- its inability to manage its growth effectively or execute on
its growth strategy;
- its failure to provide new or enhanced functionality and
features;
- its inability to successfully compete in the market in which
Ceridian operates and expand its current offerings into new markets
or further penetrate existing markets due to competition;
- its inability to offer and deliver high-quality technical
support, implementation and professional services;
- system breaches, interruptions or failures, including
cyber-security breaches, identity theft, or other disruptions that
could compromise customer information or sensitive company
information;
- its failure to comply with applicable privacy, security, data,
and financial services laws, regulations and standards, including
its ongoing consent order with the Federal Trade Commission
regarding data protection;
- its failure to properly update its solutions to enable its
customers to comply with applicable laws;
- its failure to manage its aging technical operations
infrastructure;
- its inability to maintain necessary third-party relationships,
and third-party software licenses, and identify errors in the
software it licenses;
- its inability to attract and retain senior management employees
and highly skilled employees;
- the impact of its outstanding debt obligations on its financial
condition, results of operations, and value of its common stock;
or
- the duration and scope of the COVID-19 pandemic, including the
uncertainty around the surge of different variants and the actions
that governmental authorities may take in all the jurisdictions
where Ceridian operates.
Although Ceridian has attempted to identify
important risk factors, additional factors or events that could
cause Ceridian’s actual performance to differ from these
forward-looking statements may emerge from time to time, and it is
not possible for Ceridian to predict all of them. Should one or
more of these risks or uncertainties materialize, or should any of
Ceridian’s assumptions prove incorrect, its actual financial
condition, results of operations, future performance and business
may vary in material respects from the performance projected in
these forward-looking statements. In addition to any factors and
assumptions set forth above in this press release, the material
factors and assumptions used to develop the forward-looking
information include, but are not limited to: the general economy
remains stable; the competitive environment in the HCM market
remains stable; the demand environment for HCM solutions remains
stable; Ceridian’s implementation capabilities and cycle times
remain stable; foreign exchange rates, both current and those used
in developing forward-looking statements, specifically USD to CAD,
remain stable at, or near, current rates; Ceridian will be able to
maintain its relationships with its employees, customers and
partners; Ceridian will continue to attract qualified personnel to
support its development requirements and the support of its new and
existing customers; and that the risk factors noted above,
individually or collectively, do not have a material impact on
Ceridian. Any forward-looking statement made by Ceridian in this
press release speaks only as of the date on which it is made.
Ceridian undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Ceridian HCM Holding Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
| |
December 31, |
|
|
December 31, |
|
| |
2022 |
|
|
2021 |
|
| |
(Dollars in
millions, except share data) |
|
|
ASSETS |
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
Cash and equivalents |
$ |
431.9 |
|
|
$ |
367.5 |
|
|
Restricted cash |
|
0.8 |
|
|
|
1.9 |
|
|
Trade and other receivables, net |
|
180.1 |
|
|
|
146.3 |
|
|
Prepaid expenses and other current assets |
|
98.0 |
|
|
|
92.6 |
|
|
Total current assets before customer funds |
|
710.8 |
|
|
|
608.3 |
|
|
Customer funds |
|
4,183.2 |
|
|
|
3,535.8 |
|
|
Total current assets |
|
4,894.0 |
|
|
|
4,144.1 |
|
| Right of use
lease asset |
|
24.3 |
|
|
|
29.4 |
|
| Property,
plant, and equipment, net |
|
174.9 |
|
|
|
128.2 |
|
|
Goodwill |
|
2,280.0 |
|
|
|
2,323.6 |
|
| Other
intangible assets, net |
|
281.6 |
|
|
|
332.5 |
|
| Other
assets |
|
262.4 |
|
|
|
208.4 |
|
|
Total assets |
$ |
7,917.2 |
|
|
$ |
7,166.2 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
Current portion of long-term debt |
$ |
7.8 |
|
|
$ |
8.3 |
|
|
Current portion of long-term lease liabilities |
|
10.0 |
|
|
|
11.3 |
|
|
Accounts payable |
|
54.3 |
|
|
|
51.7 |
|
|
Deferred revenue |
|
41.2 |
|
|
|
48.7 |
|
|
Employee compensation and benefits |
|
97.4 |
|
|
|
77.3 |
|
|
Other accrued expenses |
|
24.0 |
|
|
|
24.7 |
|
|
Total current liabilities before customer funds obligations |
|
234.7 |
|
|
|
222.0 |
|
|
Customer funds obligations |
|
4,298.8 |
|
|
|
3,519.9 |
|
|
Total current liabilities |
|
4,533.5 |
|
|
|
3,741.9 |
|
| Long-term
debt, less current portion |
|
1,213.4 |
|
|
|
1,124.4 |
|
| Employee
benefit plans |
|
17.7 |
|
|
|
20.7 |
|
| Long-term
lease liabilities, less current portion |
|
23.7 |
|
|
|
32.7 |
|
| Other
liabilities |
|
19.5 |
|
|
|
19.0 |
|
|
Total liabilities |
|
5,807.8 |
|
|
|
4,938.7 |
|
| Commitments
and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.01 par, 500,000,000 shares authorized, 153,856,645
and 151,995,031 shares issued and outstanding, respectively |
|
1.5 |
|
|
|
1.5 |
|
|
Additional paid in capital |
|
2,965.5 |
|
|
|
2,860.0 |
|
|
Accumulated deficit |
|
(372.6 |
) |
|
|
(309.2 |
) |
|
Accumulated other comprehensive loss |
|
(485.0 |
) |
|
|
(324.8 |
) |
|
Total stockholders’ equity |
|
2,109.4 |
|
|
|
2,227.5 |
|
|
Total liabilities and equity |
$ |
7,917.2 |
|
|
$ |
7,166.2 |
|
Ceridian HCM Holding Inc.
Condensed Consolidated Statements of
Operations
(Unaudited)
| |
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
| |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
(Dollars in
millions, except share and per share data) |
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
$ |
284.8 |
|
|
$ |
231.6 |
|
|
$ |
1,047.6 |
|
|
$ |
850.7 |
|
|
Professional services and other |
|
51.3 |
|
|
|
50.5 |
|
|
|
198.6 |
|
|
|
173.5 |
|
|
Total revenue |
|
336.1 |
|
|
|
282.1 |
|
|
|
1,246.2 |
|
|
|
1,024.2 |
|
| Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
|
75.0 |
|
|
|
71.3 |
|
|
|
309.4 |
|
|
|
262.4 |
|
|
Professional services and other |
|
66.1 |
|
|
|
53.7 |
|
|
|
238.7 |
|
|
|
194.6 |
|
|
Product development and management |
|
44.9 |
|
|
|
39.8 |
|
|
|
169.9 |
|
|
|
134.0 |
|
|
Depreciation and amortization |
|
15.0 |
|
|
|
13.4 |
|
|
|
55.0 |
|
|
|
50.9 |
|
|
Total cost of revenue |
|
201.0 |
|
|
|
178.2 |
|
|
|
773.0 |
|
|
|
641.9 |
|
| Gross
profit |
|
135.1 |
|
|
|
103.9 |
|
|
|
473.2 |
|
|
|
382.3 |
|
| Selling,
general, and administrative |
|
131.8 |
|
|
|
101.3 |
|
|
|
499.0 |
|
|
|
417.8 |
|
| Operating
profit (loss) |
|
3.3 |
|
|
|
2.6 |
|
|
|
(25.8 |
) |
|
|
(35.5 |
) |
|
Interest expense, net |
|
8.7 |
|
|
|
10.4 |
|
|
|
28.6 |
|
|
|
35.9 |
|
|
Other (income) expense, net |
|
(2.9 |
) |
|
|
2.7 |
|
|
|
8.5 |
|
|
|
18.9 |
|
| Loss before
income taxes |
|
(2.5 |
) |
|
|
(10.5 |
) |
|
|
(62.9 |
) |
|
|
(90.3 |
) |
| Income tax
expense (benefit) |
|
2.7 |
|
|
|
(1.0 |
) |
|
|
10.5 |
|
|
|
(14.9 |
) |
| Net
loss |
$ |
(5.2 |
) |
|
$ |
(9.5 |
) |
|
$ |
(73.4 |
) |
|
$ |
(75.4 |
) |
| Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.03 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.50 |
) |
|
Diluted |
$ |
(0.03 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.50 |
) |
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
153,680,044 |
|
|
|
151,465,292 |
|
|
|
152,940,299 |
|
|
|
150,402,321 |
|
|
Diluted |
|
153,680,044 |
|
|
|
151,465,292 |
|
|
|
152,940,299 |
|
|
|
150,402,321 |
|
Ceridian HCM Holding Inc.
Condensed Consolidated Statements of Cash
Flows
(Unaudited)
| |
Year Ended
December 31, |
|
| |
2022 |
|
|
2021 |
|
| |
(Dollars in
millions) |
|
|
Net loss |
$ |
(73.4 |
) |
|
$ |
(75.4 |
) |
| Adjustments
to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
Deferred income tax benefit |
|
(1.7 |
) |
|
|
(38.5 |
) |
|
Depreciation and amortization |
|
89.0 |
|
|
|
77.5 |
|
|
Amortization of debt issuance costs and debt discount |
|
4.6 |
|
|
|
16.9 |
|
|
Provision for doubtful accounts |
|
2.2 |
|
|
|
1.8 |
|
|
Net periodic pension and postretirement cost |
|
4.8 |
|
|
|
8.8 |
|
|
Share-based compensation |
|
144.8 |
|
|
|
113.4 |
|
|
Change in fair value of contingent consideration |
|
4.6 |
|
|
|
0.6 |
|
|
Gain on sale of assets |
|
— |
|
|
|
(19.1 |
) |
|
Lease abandonment costs |
|
— |
|
|
|
2.9 |
|
|
Other |
|
(0.2 |
) |
|
|
0.9 |
|
|
Changes in operating assets and liabilities excluding effects of
acquisitions and divestitures: |
|
|
|
|
|
|
Trade and other receivables |
|
(39.5 |
) |
|
|
(34.8 |
) |
|
Prepaid expenses and other current assets |
|
(11.4 |
) |
|
|
(12.3 |
) |
|
Accounts payable and other accrued expenses |
|
(0.2 |
) |
|
|
9.3 |
|
|
Deferred revenue |
|
(5.6 |
) |
|
|
5.5 |
|
|
Employee compensation and benefits |
|
21.2 |
|
|
|
2.3 |
|
|
Accrued interest |
|
0.2 |
|
|
|
0.4 |
|
|
Accrued taxes |
|
7.5 |
|
|
|
0.4 |
|
|
Other assets and liabilities |
|
(14.3 |
) |
|
|
(11.8 |
) |
| Net cash
provided by operating activities |
|
132.6 |
|
|
|
48.8 |
|
| Cash
Flows from Investing Activities |
|
|
|
|
|
| Purchase of
customer funds marketable securities |
|
(652.8 |
) |
|
|
(763.8 |
) |
| Proceeds
from sale and maturity of customer funds marketable securities |
|
404.8 |
|
|
|
488.0 |
|
| Expenditures
for property, plant, and equipment |
|
(20.2 |
) |
|
|
(11.5 |
) |
| Expenditures
for software and technology |
|
(74.3 |
) |
|
|
(52.2 |
) |
| Net proceeds
from sale of assets |
|
— |
|
|
|
37.9 |
|
| Acquisition
costs, net of cash and restricted cash acquired |
|
— |
|
|
|
(409.5 |
) |
| Net cash
used in investing activities |
|
(342.5 |
) |
|
|
(711.1 |
) |
| Cash
Flows from Financing Activities |
|
|
|
|
|
| Increase
(decrease) in customer funds obligations, net |
|
840.1 |
|
|
|
(195.7 |
) |
| Proceeds
from issuance of common stock under share-based compensation
plans |
|
38.4 |
|
|
|
95.4 |
|
| Repayment of
long-term debt obligations |
|
(8.4 |
) |
|
|
(7.8 |
) |
| Proceeds
from revolving credit facility |
|
— |
|
|
|
295.0 |
|
| Repayment of
revolving credit facility |
|
— |
|
|
|
(295.0 |
) |
| Proceeds
from issuance of convertible senior notes, net of issuance
costs |
|
— |
|
|
|
561.8 |
|
| Purchases of
capped calls related to convertible senior notes |
|
— |
|
|
|
(45.0 |
) |
| Payment of
debt refinancing costs |
|
— |
|
|
|
(1.2 |
) |
| Net cash
provided by financing activities |
|
870.1 |
|
|
|
407.5 |
|
|
Effect of exchange rate changes on cash, restricted cash,
and equivalents |
|
(8.1 |
) |
|
|
(20.9 |
) |
| Net increase
(decrease) in cash, restricted cash, and equivalents |
|
652.1 |
|
|
|
(275.7 |
) |
| Cash,
restricted cash, and equivalents at beginning of year |
|
1,952.8 |
|
|
|
2,228.5 |
|
| Cash,
restricted cash, and equivalents at end of year |
$ |
2,604.9 |
|
|
$ |
1,952.8 |
|
|
Reconciliation of cash, restricted cash, and equivalents to
the consolidated balance sheets |
|
|
|
|
|
| Cash and
equivalents |
$ |
431.9 |
|
|
$ |
367.5 |
|
| Restricted
cash |
|
0.8 |
|
|
|
1.9 |
|
| Restricted
cash and equivalents included in customer funds |
|
2,172.2 |
|
|
|
1,583.4 |
|
| Total cash,
restricted cash, and equivalents |
$ |
2,604.9 |
|
|
$ |
1,952.8 |
|
|
Supplemental Cash Flow Information: |
|
|
|
|
|
| Cash paid
for interest |
$ |
30.1 |
|
|
$ |
19.1 |
|
| Cash paid
for income taxes |
|
17.6 |
|
|
|
33.4 |
|
| Cash
received from income tax refunds |
|
8.0 |
|
|
|
3.3 |
|
Ceridian HCM Holding Inc.
Revenue Financial Measures
(Unaudited)
|
|
Three Months EndedDecember 31, |
|
Percentagechange
inrevenue
asreported |
|
Impact ofchanges
inforeigncurrency
(a) |
|
Percentagechange
inrevenue
onconstantcurrency basis
(a) |
|
|
|
2022 |
|
2021 |
|
2022 vs. 2021 |
|
|
|
2022 vs. 2021 |
|
|
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Dayforce recurring, excluding float |
$ |
198.3 |
|
$ |
163.2 |
|
21.5 |
% |
(2.8 |
)% |
24.3 |
% |
|
Dayforce float |
|
26.2 |
|
|
7.2 |
|
263.9 |
% |
(6.9 |
)% |
270.8 |
% |
|
Total Dayforce recurring |
|
224.5 |
|
|
170.4 |
|
31.7 |
% |
(3.0 |
)% |
34.7 |
% |
|
Powerpay recurring, excluding float |
|
22.4 |
|
|
22.6 |
|
(0.9 |
)% |
(6.7 |
)% |
5.8 |
% |
|
Powerpay float |
|
4.3 |
|
|
2.2 |
|
95.5 |
% |
(18.1 |
)% |
113.6 |
% |
|
Total Powerpay recurring |
|
26.7 |
|
|
24.8 |
|
7.7 |
% |
(7.6 |
)% |
15.3 |
% |
|
Total Cloud recurring |
|
251.2 |
|
|
195.2 |
|
28.7 |
% |
(3.6 |
)% |
32.3 |
% |
|
Dayforce professional services and other |
|
47.5 |
|
|
46.1 |
|
3.0 |
% |
(3.5 |
)% |
6.5 |
% |
|
Powerpay professional services and other |
|
0.3 |
|
|
0.1 |
|
200.0 |
% |
(— |
)% |
200.0 |
% |
|
Total Cloud professional services and other |
|
47.8 |
|
|
46.2 |
|
3.5 |
% |
(3.4 |
)% |
6.9 |
% |
|
Total Cloud revenue |
|
299.0 |
|
|
241.4 |
|
23.9 |
% |
(3.5 |
)% |
27.4 |
% |
|
Bureau recurring, excluding float |
|
31.3 |
|
|
35.7 |
|
(12.3 |
)% |
(5.0 |
)% |
(7.3 |
)% |
|
Bureau float |
|
2.3 |
|
|
0.7 |
|
228.6 |
% |
(14.3 |
)% |
242.9 |
% |
|
Total Bureau recurring |
|
33.6 |
|
|
36.4 |
|
(7.7 |
)% |
(5.2 |
)% |
(2.5 |
)% |
|
Bureau professional services and other |
|
3.5 |
|
|
4.3 |
|
(18.6 |
)% |
(9.3 |
)% |
(9.3 |
)% |
|
Total Bureau revenue |
|
37.1 |
|
|
40.7 |
|
(8.8 |
)% |
(5.6 |
)% |
(3.2 |
)% |
|
Total revenue |
$ |
336.1 |
|
$ |
282.1 |
|
19.1 |
% |
(3.9 |
)% |
23.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Dayforce |
$ |
272.0 |
|
$ |
216.5 |
|
25.6 |
% |
(3.1 |
)% |
28.7 |
% |
|
Powerpay |
|
27.0 |
|
|
24.9 |
|
8.4 |
% |
(7.7 |
)% |
16.1 |
% |
|
Total Cloud revenue |
$ |
299.0 |
|
$ |
241.4 |
|
23.9 |
% |
(3.5 |
)% |
27.4 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Dayforce, excluding float |
$ |
245.8 |
|
$ |
209.3 |
|
17.4 |
% |
(3.0 |
)% |
20.4 |
% |
|
Powerpay, excluding float |
|
22.7 |
|
|
22.7 |
|
(— |
)% |
(6.6 |
)% |
6.6 |
% |
|
Cloud revenue, excluding float |
|
268.5 |
|
|
232.0 |
|
15.7 |
% |
(3.4 |
)% |
19.1 |
% |
|
Cloud float |
|
30.5 |
|
|
9.4 |
|
224.5 |
% |
(9.5 |
)% |
234.0 |
% |
|
Total Cloud revenue |
$ |
299.0 |
|
$ |
241.4 |
|
23.9 |
% |
(3.5 |
)% |
27.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud recurring, excluding float |
$ |
220.7 |
|
$ |
185.8 |
|
18.8 |
% |
(3.3 |
)% |
22.1 |
% |
|
Bureau recurring, excluding float |
|
31.3 |
|
|
35.7 |
|
(12.3 |
)% |
(5.0 |
)% |
(7.3 |
)% |
|
Total recurring, excluding float |
|
252.0 |
|
|
221.5 |
|
13.8 |
% |
(3.5 |
)% |
17.3 |
% |
|
Total revenue, excluding float |
$ |
303.3 |
|
$ |
272.0 |
|
11.5 |
% |
(3.6 |
)% |
15.1 |
% |
(a) Ceridian has calculated revenue on a
constant currency basis by applying the average foreign exchange
rate in effect during the comparable prior period.
Ceridian HCM Holding Inc.
Revenue Financial Measures
(Unaudited)
|
|
Year Ended December 31, |
|
Percentage change in
revenue as reported |
|
Impact of changes in
foreign currency (a) |
|
Percentage change in
revenue on constant
currency basis (a) |
|
|
|
2022 |
|
2021 |
|
2022 vs. 2021 |
|
|
|
2022 vs. 2021 |
|
|
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Dayforce recurring, excluding float |
$ |
752.8 |
|
$ |
596.9 |
|
26.1 |
% |
(1.6 |
)% |
27.7 |
% |
|
Dayforce float |
|
62.4 |
|
|
29.7 |
|
110.1 |
% |
(3.0 |
)% |
113.1 |
% |
|
Total Dayforce recurring |
|
815.2 |
|
|
626.6 |
|
30.1 |
% |
(1.6 |
)% |
31.7 |
% |
|
Powerpay recurring, excluding float |
|
80.7 |
|
|
78.2 |
|
3.2 |
% |
(4.0 |
)% |
7.2 |
% |
|
Powerpay float |
|
12.5 |
|
|
8.1 |
|
54.3 |
% |
(7.4 |
)% |
61.7 |
% |
|
Total Powerpay recurring |
|
93.2 |
|
|
86.3 |
|
8.0 |
% |
(4.3 |
)% |
12.3 |
% |
|
Total Cloud recurring |
|
908.4 |
|
|
712.9 |
|
27.4 |
% |
(2.0 |
)% |
29.4 |
% |
|
Dayforce professional services and other |
|
181.7 |
|
|
159.3 |
|
14.1 |
% |
(2.5 |
)% |
16.6 |
% |
|
Powerpay professional services and other |
|
0.7 |
|
|
0.9 |
|
(22.2 |
)% |
(— |
)% |
(22.2 |
)% |
|
Total Cloud professional services and other |
|
182.4 |
|
|
160.2 |
|
13.9 |
% |
(2.5 |
)% |
16.4 |
% |
|
Total Cloud revenue |
|
1,090.8 |
|
|
873.1 |
|
24.9 |
% |
(2.1 |
)% |
27.0 |
% |
|
Bureau recurring, excluding float |
|
133.9 |
|
|
134.5 |
|
(0.4 |
)% |
(3.6 |
)% |
3.2 |
% |
|
Bureau float |
|
5.3 |
|
|
3.3 |
|
60.6 |
% |
(3.0 |
)% |
63.6 |
% |
|
Total Bureau recurring |
|
139.2 |
|
|
137.8 |
|
1.0 |
% |
(3.6 |
)% |
4.6 |
% |
|
Bureau professional services and other |
|
16.2 |
|
|
13.3 |
|
21.8 |
% |
(6.8 |
)% |
28.6 |
% |
|
Total Bureau revenue |
|
155.4 |
|
|
151.1 |
|
2.8 |
% |
(4.0 |
)% |
6.8 |
% |
|
Total revenue |
$ |
1,246.2 |
|
$ |
1,024.2 |
|
21.7 |
% |
(2.3 |
)% |
24.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Dayforce |
$ |
996.9 |
|
$ |
785.9 |
|
26.8 |
% |
(1.9 |
)% |
28.7 |
% |
|
Powerpay |
|
93.9 |
|
|
87.2 |
|
7.7 |
% |
(4.2 |
)% |
11.9 |
% |
|
Total Cloud revenue |
$ |
1,090.8 |
|
$ |
873.1 |
|
24.9 |
% |
(2.1 |
)% |
27.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Dayforce, excluding float |
$ |
934.5 |
|
$ |
756.2 |
|
23.6 |
% |
(1.7 |
)% |
25.3 |
% |
|
Powerpay, excluding float |
|
81.4 |
|
|
79.1 |
|
2.9 |
% |
(3.9 |
)% |
6.8 |
% |
|
Cloud revenue, excluding float |
|
1,015.9 |
|
|
835.3 |
|
21.6 |
% |
(2.0 |
)% |
23.6 |
% |
|
Cloud float |
|
74.9 |
|
|
37.8 |
|
98.1 |
% |
(4.0 |
)% |
102.1 |
% |
|
Total Cloud revenue |
$ |
1,090.8 |
|
$ |
873.1 |
|
24.9 |
% |
(2.1 |
)% |
27.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Cloud recurring, excluding float |
$ |
833.5 |
|
$ |
675.1 |
|
23.5 |
% |
(1.8 |
)% |
25.3 |
% |
|
Bureau recurring, excluding float |
|
133.9 |
|
|
134.5 |
|
(0.4 |
)% |
(3.6 |
)% |
3.2 |
% |
|
Total recurring, excluding float |
|
967.4 |
|
|
809.6 |
|
19.5 |
% |
(2.1 |
)% |
21.6 |
% |
|
Total revenue, excluding float |
$ |
1,166.0 |
|
$ |
983.1 |
|
18.6 |
% |
(2.3 |
)% |
20.9 |
% |
(a) Ceridian has calculated revenue on a
constant currency basis by applying the average foreign exchange
rate in effect during the comparable prior period.
Ceridian HCM Holding Inc.
Reconciliation of GAAP to Non-GAAP
Financial Measures
(Unaudited)
The following table presents a reconciliation of
the reported results to the non-GAAP financial measures EBITDA,
Adjusted EBITDA, and Adjusted EBITDA margin:
| |
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
| |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
(Dollars in
millions) |
|
|
Net loss |
$ |
(5.2 |
) |
|
$ |
(9.5 |
) |
|
$ |
(73.4 |
) |
|
$ |
(75.4 |
) |
|
Interest expense, net |
|
8.7 |
|
|
|
10.4 |
|
|
|
28.6 |
|
|
|
35.9 |
|
|
Income tax expense (benefit) |
|
2.7 |
|
|
|
(1.0 |
) |
|
|
10.5 |
|
|
|
(14.9 |
) |
|
Depreciation and amortization |
|
24.6 |
|
|
|
18.2 |
|
|
|
89.0 |
|
|
|
77.5 |
|
|
EBITDA |
|
30.8 |
|
|
|
18.1 |
|
|
|
54.7 |
|
|
|
23.1 |
|
|
Foreign exchange (gain) loss |
|
(3.8 |
) |
|
|
1.0 |
|
|
|
3.5 |
|
|
|
9.5 |
|
|
Share-based compensation (a) |
|
31.3 |
|
|
|
30.9 |
|
|
|
145.1 |
|
|
|
116.8 |
|
|
Severance charges (b) |
|
5.1 |
|
|
|
1.6 |
|
|
|
33.7 |
|
|
|
7.4 |
|
|
Restructuring consulting fees (c) |
|
2.6 |
|
|
|
2.8 |
|
|
|
7.7 |
|
|
|
16.7 |
|
|
Other non-recurring items (d) |
|
1.7 |
|
|
|
(15.7 |
) |
|
|
5.7 |
|
|
|
(11.0 |
) |
|
Adjusted EBITDA |
$ |
67.7 |
|
|
$ |
38.7 |
|
|
$ |
250.4 |
|
|
$ |
162.5 |
|
|
Net profit margin (e) |
|
(1.5 |
)% |
|
|
(3.4 |
)% |
|
|
(5.9 |
)% |
|
|
(7.4 |
)% |
|
Adjusted EBITDA margin |
|
20.1 |
% |
|
|
13.7 |
% |
|
|
20.1 |
% |
|
|
15.9 |
% |
- Represents share-based compensation expense and related
employer taxes.
- Represents costs for severance compensation paid to employees
whose positions have been eliminated or who have been terminated
not for cause. During the three months and year ended December 31,
2022, Ceridian incurred severance charges in conjunction with the
re-balancing of the workforce across its global footprint in the
amount of $2.4 million and $21.0 million, respectively, within cost
of recurring revenue.
- Represents consulting fees and expenses incurred during the
periods presented in connection with any acquisition, investment,
disposition, recapitalization, equity offering, issuance or
repayment of debt, issuance of equity interests, or
refinancing.
- Represents (1) the net impact of the abandonment of certain
leased facilities, resulting in a net gain of $0.3 million in 2022
and $17.2 million in 2021 primarily as a result of the $19.1
million gain on the sale of the St. Petersburg, Florida facility,
(2) the impact of $4.6 million and $0.6 million related to the fair
value adjustments of the DataFuzion HCM, Inc. ("DataFuzion")
contingent consideration in 2022 and 2021, respectively, and (3)
the difference of $1.4 million and $5.6 million in 2022 and 2021,
respectively, between the historical five-year average pension
expense and the current period actuarially determined pension
expense associated with the planned termination of the frozen U.S.
pension plan and related changes in investment strategy associated
with protecting the now fully funded status.
- Net profit margin is determined by calculating the percentage
that net loss is of total revenue.
The following tables present a reconciliation of
the reported results to the non-GAAP financial measures EBITDA,
Adjusted EBITDA, Adjusted operating profit, Adjusted net income,
and Adjusted diluted net income per share for all periods
presented:
| |
Three Months Ended December 31, 2022 |
| |
As reported |
|
|
Share-based compensation |
|
|
Severance charges |
|
|
Other (a) |
|
|
Adjusted (b) |
| |
(Dollars in
millions, except per share data) |
| Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud |
$ |
65.3 |
|
|
$ |
2.8 |
|
|
$ |
2.6 |
|
|
$ |
— |
|
|
$ |
59.9 |
|
Bureau |
|
9.7 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
8.6 |
|
Total recurring |
|
75.0 |
|
|
|
3.3 |
|
|
|
3.2 |
|
|
|
— |
|
|
|
68.5 |
|
Professional services and other |
|
66.1 |
|
|
|
3.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
62.7 |
|
Product development and management |
|
44.9 |
|
|
|
5.8 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
38.9 |
|
Depreciation and amortization |
|
15.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15.0 |
|
Total cost of revenue |
|
201.0 |
|
|
|
12.3 |
|
|
|
3.6 |
|
|
|
— |
|
|
|
185.1 |
| Sales and
marketing |
|
68.1 |
|
|
|
5.5 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
61.7 |
| General and
administrative |
|
63.7 |
|
|
|
13.5 |
|
|
|
0.6 |
|
|
|
12.0 |
|
|
|
37.6 |
| Operating
profit |
|
3.3 |
|
|
|
31.3 |
|
|
|
5.1 |
|
|
|
12.0 |
|
|
|
51.7 |
| Other
(income) expense, net |
|
(2.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3.5 |
) |
|
|
0.6 |
| Depreciation
and amortization |
|
24.6 |
|
|
|
— |
|
|
|
— |
|
|
|
(8.0 |
) |
|
|
16.6 |
| EBITDA |
|
30.8 |
|
|
|
31.3 |
|
|
|
5.1 |
|
|
|
0.5 |
|
|
|
67.7 |
| Interest
expense, net |
|
8.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.7 |
| Income tax
expense (c) |
|
2.7 |
|
|
|
— |
|
|
|
— |
|
|
|
(3.8 |
) |
|
|
6.5 |
| Depreciation
and amortization |
|
24.6 |
|
|
|
— |
|
|
|
— |
|
|
|
8.0 |
|
|
|
16.6 |
| Net (loss)
income |
$ |
(5.2 |
) |
|
$ |
31.3 |
|
|
$ |
5.1 |
|
|
$ |
4.7 |
|
|
$ |
35.9 |
| Net (loss)
income per share - basic (d) |
$ |
(0.03 |
) |
|
$ |
0.20 |
|
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
0.23 |
| Net (loss)
income per share - diluted (d) |
$ |
(0.03 |
) |
|
$ |
0.20 |
|
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
0.23 |
- Other includes amortization of acquisition-related intangible
assets, restructuring consulting fees, the impact of the fair value
adjustment for the DataFuzion contingent consideration, the
difference between the historical five-year average pension expense
and the current period actuarially determined pension expense
associated with the planned termination of the frozen U.S. pension
plan and related changes in investment strategy associated with
protecting the now fully funded status, the net impact related to
the abandonment of certain leased facilities, and foreign exchange
gain.
- The Adjusted column is a non-GAAP financial measure, adjusted
to exclude foreign exchange gains (losses), share-based
compensation expense and related employer taxes, severance charges,
restructuring consulting fees, amortization of acquisition-related
intangible assets, and other non-recurring items, all of which are
adjusted for the effect of income taxes.
- Income tax effects have been calculated based on the statutory
tax rates in effect in the U.S. and foreign jurisdictions during
the period.
- Both GAAP and Adjusted net income (loss) per share are
calculated by dividing either GAAP or Adjusted net income by the
basic or diluted weighted average common shares outstanding. When
adjusted diluted net income per share is positive, diluted weighted
average common shares outstanding incorporate the effect of
dilutive equity instruments. GAAP basic and diluted net loss per
share are calculated based upon 153,680,044 weighted-average shares
of common stock and Adjusted basic and diluted net income per share
are calculated based upon 153,680,044 and 156,536,175
weighted-average shares of common stock, respectively.
| |
Three Months Ended December 31, 2021 |
|
| |
As reported |
|
|
Share-based compensation |
|
|
Severance charges |
|
|
Other (a) |
|
|
Adjusted (b) |
|
| |
(Dollars in
millions, except per share data) |
|
| Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud |
$ |
54.3 |
|
|
$ |
2.8 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
51.2 |
|
|
Bureau |
|
17.0 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
16.5 |
|
|
Total recurring |
|
71.3 |
|
|
|
3.2 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
67.7 |
|
|
Professional services and other |
|
53.7 |
|
|
|
2.4 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
51.2 |
|
|
Product development and management |
|
39.8 |
|
|
|
4.8 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
34.9 |
|
|
Depreciation and amortization |
|
13.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.4 |
|
|
Total cost of revenue |
|
178.2 |
|
|
|
10.4 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
167.2 |
|
| Sales and
marketing |
|
64.0 |
|
|
|
3.7 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
60.0 |
|
| General and
administrative |
|
37.3 |
|
|
|
16.8 |
|
|
|
0.7 |
|
|
|
(11.7 |
) |
|
|
31.5 |
|
| Operating
profit |
|
2.6 |
|
|
|
30.9 |
|
|
|
1.6 |
|
|
|
(11.7 |
) |
|
|
23.4 |
|
| Other
expense (income), net |
|
2.7 |
|
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
|
|
(1.7 |
) |
| Depreciation
and amortization |
|
18.2 |
|
|
|
— |
|
|
|
— |
|
|
|
(4.6 |
) |
|
|
13.6 |
|
| EBITDA |
|
18.1 |
|
|
|
30.9 |
|
|
|
1.6 |
|
|
|
(11.9 |
) |
|
|
38.7 |
|
| Interest
expense, net |
|
10.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.4 |
|
| Income tax
(benefit) expense (c) |
|
(1.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.8 |
) |
|
|
0.8 |
|
| Depreciation
and amortization |
|
18.2 |
|
|
|
— |
|
|
|
— |
|
|
|
4.6 |
|
|
|
13.6 |
|
| Net (loss)
income |
$ |
(9.5 |
) |
|
$ |
30.9 |
|
|
$ |
1.6 |
|
|
$ |
(9.1 |
) |
|
$ |
13.9 |
|
| Net (loss)
income per share - basic (d) |
$ |
(0.06 |
) |
|
$ |
0.20 |
|
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
0.09 |
|
| Net (loss)
income per share - diluted (d) |
$ |
(0.06 |
) |
|
$ |
0.20 |
|
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
0.09 |
|
- Other includes net gain related to the abandonment of certain
leases, primarily as a result of the $19.1 million gain on the sale
of Ceridian's St. Petersburg, Florida facility, amortization of
acquisition-related intangible assets, foreign exchange loss,
restructuring consulting fees, the difference between the
historical five-year average run rate and the current period
actuarially determined pension expense resulting from the changes
in investment strategy associated with protecting the now fully
funded status of its largest U.S pension plan, and the impact of
the fair value adjustment for the DataFuzion contingent
consideration.
- The Adjusted column is a non-GAAP financial measure, adjusted
to exclude foreign exchange gains (losses), share-based
compensation expense and related employer taxes, severance charges,
restructuring consulting fees, amortization of acquisition-related
intangible assets, and other non-recurring items, all of which are
adjusted for the effect of income taxes.
- Income tax effects have been calculated based on the statutory
tax rates in effect in the U.S. and foreign jurisdictions during
the period.
- Both GAAP and Adjusted net income (loss) per share are
calculated by dividing either GAAP or Adjusted net income by the
basic or diluted weighted average common shares outstanding. When
adjusted diluted net income per share is positive, diluted weighted
average common shares outstanding incorporate the effect of
dilutive equity instruments. GAAP basic and diluted net loss per
share are calculated based upon 151,465,292 weighted-average shares
of common stock, and Adjusted basic and diluted net income per
share are calculated based upon 151,465,292 and 157,799,902
weighted-average shares of common stock, respectively.
| |
Year Ended December 31, 2022 |
|
| |
As reported |
|
|
Share-based compensation |
|
|
Severance charges |
|
|
Other (a) |
|
|
Adjusted (b) |
|
| |
(Dollars in
millions, except per share data) |
|
| Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud |
$ |
254.4 |
|
|
$ |
14.2 |
|
|
$ |
19.5 |
|
|
$ |
— |
|
|
$ |
220.7 |
|
|
Bureau |
|
55.0 |
|
|
|
1.5 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
50.5 |
|
|
Total recurring |
|
309.4 |
|
|
|
15.7 |
|
|
|
22.5 |
|
|
|
— |
|
|
|
271.2 |
|
|
Professional services and other |
|
238.7 |
|
|
|
13.7 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
224.3 |
|
|
Product development and management |
|
169.9 |
|
|
|
24.7 |
|
|
|
4.2 |
|
|
|
— |
|
|
|
141.0 |
|
|
Depreciation and amortization |
|
55.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55.0 |
|
|
Total cost of revenue |
|
773.0 |
|
|
|
54.1 |
|
|
|
27.4 |
|
|
|
— |
|
|
|
691.5 |
|
| Sales and
marketing |
|
251.5 |
|
|
|
24.4 |
|
|
|
4.2 |
|
|
|
— |
|
|
|
222.9 |
|
| General and
administrative |
|
247.5 |
|
|
|
66.6 |
|
|
|
2.1 |
|
|
|
43.2 |
|
|
|
135.6 |
|
| Operating
(loss) profit |
|
(25.8 |
) |
|
|
145.1 |
|
|
|
33.7 |
|
|
|
43.2 |
|
|
|
196.2 |
|
| Other
expense, net |
|
8.5 |
|
|
|
— |
|
|
|
— |
|
|
|
4.6 |
|
|
|
3.9 |
|
| Depreciation
and amortization |
|
89.0 |
|
|
|
— |
|
|
|
— |
|
|
|
(30.9 |
) |
|
|
58.1 |
|
| EBITDA |
$ |
54.7 |
|
|
$ |
145.1 |
|
|
$ |
33.7 |
|
|
$ |
16.9 |
|
|
$ |
250.4 |
|
| Interest
expense, net |
|
28.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.6 |
|
| Income tax
expense (benefit) (c) |
|
10.5 |
|
|
|
— |
|
|
|
— |
|
|
|
(32.7 |
) |
|
|
43.2 |
|
| Depreciation
and amortization |
|
89.0 |
|
|
|
— |
|
|
|
— |
|
|
|
30.9 |
|
|
|
58.1 |
|
| Net (loss)
income |
$ |
(73.4 |
) |
|
$ |
145.1 |
|
|
$ |
33.7 |
|
|
$ |
15.1 |
|
|
$ |
120.5 |
|
| Net (loss)
income per share - basic (d) |
$ |
(0.48 |
) |
|
$ |
0.95 |
|
|
$ |
0.22 |
|
|
$ |
0.10 |
|
|
$ |
0.79 |
|
| Net (loss)
income per share - diluted (d) |
$ |
(0.48 |
) |
|
$ |
0.93 |
|
|
$ |
0.22 |
|
|
$ |
0.10 |
|
|
$ |
0.77 |
|
- Other includes amortization of acquisition-related intangible
assets, restructuring consulting fees, the impact of the fair value
adjustment for the DataFuzion contingent consideration, foreign
exchange loss, the difference between the historical five-year
average pension expense and the current period actuarially
determined pension expense associated with the planned termination
of the frozen U.S. pension plan and related changes in investment
strategy associated with protecting the now fully funded status,
and the net impact of the abandonment of certain leased
facilities.
- The Adjusted column is a non-GAAP financial measure, adjusted
to exclude foreign exchange gains (losses), share-based
compensation expense and related employer taxes, severance charges,
restructuring consulting fees, amortization of acquisition-related
intangible assets, and other non-recurring items, all of which are
adjusted for the effect of income taxes.
- Income tax effects have been calculated based on the statutory
tax rates in effect in the U.S. and foreign jurisdictions during
the period.
- Both GAAP and Adjusted net income (loss) per share are
calculated by dividing either GAAP or Adjusted net income by the
basic or diluted weighted average common shares outstanding. When
adjusted diluted net income per share is positive, diluted weighted
average common shares outstanding incorporate the effect of
dilutive equity instruments. GAAP basic and diluted net loss per
share are calculated based upon 152,940,299 weighted-average shares
of common stock and Adjusted basic and diluted net income per share
are calculated based upon 152,940,299 and 155,802,557
weighted-average shares of common stock, respectively.
| |
Year Ended December 31, 2021 |
|
| |
As reported |
|
|
Share-based compensation |
|
|
Severance charges |
|
|
Other (a) |
|
|
Adjusted (b) |
|
| |
(Dollars in
millions, except per share data) |
|
| Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud |
$ |
197.7 |
|
|
$ |
11.0 |
|
|
$ |
0.5 |
|
|
$ |
— |
|
|
$ |
186.2 |
|
|
Bureau |
|
64.7 |
|
|
|
1.9 |
|
|
|
1.5 |
|
|
|
— |
|
|
|
61.3 |
|
|
Total recurring |
|
262.4 |
|
|
|
12.9 |
|
|
|
2.0 |
|
|
|
— |
|
|
|
247.5 |
|
|
Professional services and other |
|
194.6 |
|
|
|
9.5 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
184.9 |
|
|
Product development and management |
|
134.0 |
|
|
|
18.0 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
115.4 |
|
|
Depreciation and amortization |
|
50.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50.9 |
|
|
Total cost of revenue |
|
641.9 |
|
|
|
40.4 |
|
|
|
2.8 |
|
|
|
— |
|
|
|
598.7 |
|
| Sales and
marketing |
|
218.5 |
|
|
|
13.8 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
202.8 |
|
| General and
administrative |
|
199.3 |
|
|
|
62.6 |
|
|
|
2.7 |
|
|
|
21.9 |
|
|
|
112.1 |
|
| Operating
(loss) profit |
|
(35.5 |
) |
|
|
116.8 |
|
|
|
7.4 |
|
|
|
21.9 |
|
|
|
110.6 |
|
| Other
expense, net |
|
18.9 |
|
|
|
— |
|
|
|
— |
|
|
|
17.2 |
|
|
|
1.7 |
|
| Depreciation
and amortization |
|
77.5 |
|
|
|
— |
|
|
|
— |
|
|
|
(23.9 |
) |
|
|
53.6 |
|
| EBITDA |
|
23.1 |
|
|
|
116.8 |
|
|
|
7.4 |
|
|
|
15.2 |
|
|
|
162.5 |
|
| Interest
expense, net |
|
35.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35.9 |
|
| Income tax
(benefit) expense (c) |
|
(14.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
(23.6 |
) |
|
|
8.7 |
|
| Depreciation
and amortization |
|
77.5 |
|
|
|
— |
|
|
|
— |
|
|
|
23.9 |
|
|
|
53.6 |
|
| Net (loss)
income |
$ |
(75.4 |
) |
|
$ |
116.8 |
|
|
$ |
7.4 |
|
|
$ |
15.5 |
|
|
$ |
64.3 |
|
| Net (loss)
income per share - basic (d) |
$ |
(0.50 |
) |
|
$ |
0.78 |
|
|
$ |
0.05 |
|
|
$ |
0.10 |
|
|
$ |
0.43 |
|
| Net (loss)
income per share - diluted (d) |
$ |
(0.50 |
) |
|
$ |
0.74 |
|
|
$ |
0.05 |
|
|
$ |
0.10 |
|
|
$ |
0.41 |
|
- Other includes amortization of acquisition-related intangible
assets, net gain related to the abandonment of certain leases,
primarily as a result of the $19.1 million gain on the sale of
Ceridian's St. Petersburg, Florida facility, foreign exchange loss,
restructuring consulting fees, the difference between the
historical five-year average run rate and the current period
actuarially determined pension expense resulting from the changes
in investment strategy associated with protecting the now fully
funded status of its largest U.S pension plan, and the impact of
the fair value adjustment for the DataFuzion contingent
consideration.
- The Adjusted column is a non-GAAP financial measure, adjusted
to exclude foreign exchange gains (losses), share-based
compensation expense and related employer taxes, severance charges,
restructuring consulting fees, amortization of acquisition-related
intangible assets, and other non-recurring items, all of which are
adjusted for the effect of income taxes.
- Income tax effects have been calculated based on the statutory
tax rates in effect in the U.S. and foreign jurisdictions during
the period.
- Both GAAP and Adjusted net income (loss) per share are
calculated by dividing either GAAP or Adjusted net income by the
basic or diluted weighted average common shares outstanding. When
adjusted diluted net income per share is positive, diluted weighted
average common shares outstanding incorporate the effect of
dilutive equity instruments. GAAP basic and diluted net loss per
share are calculated based upon 150,402,321 weighted-average shares
of common stock, and Adjusted basic and diluted net income per
share are calculated based upon 150,402,321 and 156,842,934
weighted-average shares of common stock, respectively.
The following tables present a reconciliation of
the reported results to the non-GAAP financial measures Adjusted
Cloud recurring gross margin for all periods presented:
| |
Three Months EndedDecember 31, |
|
|
Year Ended December 31, |
|
| |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
(Dollars in
millions) |
|
|
Cloud recurring revenue |
$ |
251.2 |
|
|
$ |
195.2 |
|
|
$ |
908.4 |
|
|
$ |
712.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
revenue - Cloud recurring - as reported |
$ |
65.3 |
|
|
$ |
54.3 |
|
|
$ |
254.4 |
|
|
|
197.7 |
|
|
Share-based compensation |
|
2.8 |
|
|
|
2.8 |
|
|
|
14.2 |
|
|
|
11.0 |
|
|
Severance charges |
|
2.6 |
|
|
|
0.3 |
|
|
|
19.5 |
|
|
|
0.5 |
|
|
Cost of revenue - Cloud recurring - as adjusted (a) |
$ |
59.9 |
|
|
$ |
51.2 |
|
|
$ |
220.7 |
|
|
$ |
186.2 |
|
|
Gross margin - Cloud recurring - as reported |
|
74.0 |
% |
|
|
72.2 |
% |
|
|
72.0 |
% |
|
|
72.3 |
% |
|
Gross margin - Cloud recurring - as adjusted (a) |
|
76.2 |
% |
|
|
73.8 |
% |
|
|
75.7 |
% |
|
|
73.9 |
% |
(a) The Adjusted figures are non-GAAP
financial measures, adjusted to exclude share-based compensation
expense and related employer taxes, and severance charges.
Use of Non-GAAP Financial
Measures
Ceridian uses certain non-GAAP financial measures
in this release including EBITDA, Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted operating profit, Adjusted net income, Adjusted
diluted net income per share, revenue on a constant currency basis,
Cloud ARR, Annual Dayforce revenue retention rate, Dayforce
recurring revenue per customer, and Adjusted Cloud recurring gross
margin. Ceridian believes that these non-GAAP financial measures
are useful to management and investors as supplemental measures to
evaluate its overall operating performance including comparison
across periods and with competitors. Ceridian's management uses
these non-GAAP financial measures to assess operating performance
because these measures exclude the results of decisions that are
outside the normal course of its business operations, and are used
for internal budgeting and forecasting purposes both for short- and
long-term operating plans. Additionally, Adjusted EBITDA and
Adjusted EBITDA margin are components of Ceridian’s management
incentive plan.
Ceridian defines its non-GAAP financial measures
as follows:
- EBITDA is defined as net income (loss) before interest, taxes,
depreciation, and amortization, and Adjusted EBITDA as EBITDA, as
adjusted to exclude foreign exchange gains (losses), share-based
compensation expense and related employer taxes, severance charges,
restructuring consulting fees, and other non-recurring items.
- Adjusted EBITDA margin is determined by calculating the
percentage Adjusted EBITDA is of total revenue.
- Cloud recurring gross margin is defined as total Cloud
recurring revenue less cost of Cloud recurring revenue as a
percentage of total Cloud recurring revenue, which is exclusive of
any product development and management or depreciation and
amortization cost allocations. Adjusted Cloud recurring gross
margin is defined as total Cloud recurring revenue less cost of
Cloud recurring revenue, as adjusted to exclude share-based
compensation and severance charges, as a percentage of total Cloud
recurring revenue, which is exclusive of any product development
and management or depreciation and amortization cost
allocations.
- Adjusted operating profit is defined as operating profit
(loss), as adjusted to exclude foreign exchange gains (losses),
share-based compensation expense and related employer taxes,
severance charges, restructuring consulting fees, amortization of
acquisition-related intangible assets, and other non-recurring
items.
- Adjusted net income is defined as net income (loss), as
adjusted to exclude foreign exchange gains (losses), share-based
compensation expense and related employer taxes, severance charges,
restructuring consulting fees, amortization of acquisition-related
intangible assets, and other non-recurring items, all of which are
adjusted for the effect of income taxes.
- Adjusted diluted net income per share is calculated by dividing
adjusted net income by diluted weighted average common shares
outstanding. When adjusted diluted net income per share is
positive, diluted weighted average common shares outstanding
incorporate the effect of dilutive equity instruments.
- Revenue on a constant currency basis is calculated by applying
the average foreign exchange rate in effect during the comparable
prior period.
- Cloud ARR is calculated by starting with recurring revenue at
year end, excluding revenue from Ascender and ADAM HCM, subtracting
the once-a-year charges, annualizing the revenue for customers live
for less than a full year to reflect the revenue that would have
been realized if the customer had been live for a full year, and
adding back the once-a-year charges. Ceridian has not reconciled
Cloud ARR because there is no directly comparable GAAP financial
measure.
- Annual Dayforce revenue retention rate is calculated as a
percentage, excluding Ascender and ADAM HCM, where the numerator is
the Dayforce ARR for the prior year, less the Dayforce ARR from
lost Dayforce customers during that year; and the denominator is
the Dayforce ARR for the prior year. Ceridian has not reconciled
Annual Dayforce revenue retention rate because there is no directly
comparable GAAP financial measure.
- Dayforce recurring revenue per customer is an indicator of the
average size of Dayforce recurring revenue customers. To calculate
Dayforce recurring revenue per customer, Ceridian starts with
Dayforce recurring revenue on a constant currency basis by applying
the same exchange rate to all comparable periods for the trailing
twelve months and excludes float revenue, the impact of lower
employment levels in 2021 due to the COVID-19 pandemic, and
Ascender and ADAM HCM revenue. This amount is divided by the number
of live Dayforce customers at the end of the trailing twelve month
period, excluding Ascender and ADAM HCM. Ceridian has not
reconciled the Dayforce recurring revenue per customer because
there is no directly comparable GAAP financial measure.
Ceridian's presentation of EBITDA, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted operating profit, Adjusted
net income, Adjusted diluted net income per share, revenue on a
constant currency basis, Cloud ARR, Annual Dayforce revenue
retention rate, Dayforce recurring revenue per customer, and
Adjusted Cloud recurring gross margin are intended as supplemental
measures of Ceridian's performance that are not required by,
defined under, or presented in accordance with, GAAP. These
non-GAAP financial measures should not be considered as
alternatives to Ceridian's results as reported under GAAP, have
important limitations as analytical tools, and Ceridian's use of
these terms may not be comparable to similarly titled measures of
other companies in its industry. Ceridian's presentation of
non-GAAP financial measures should not be construed to imply that
future results will be unaffected by similar items to those
eliminated in this presentation.
Source: Ceridian HCM Holding Inc.
For further information, please
contact:
Investor Relations 1-844-829-9499
investors@ceridian.com
Public Relations 1-647-417-2117
teri.murphy@ceridian.com
Ceridian HCM (TSX:CDAY)
Historical Stock Chart
From Nov 2024 to Dec 2024
Ceridian HCM (TSX:CDAY)
Historical Stock Chart
From Dec 2023 to Dec 2024
