NYSE$DAY
Dayforce Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Dayforce reported a strong first quarter with growth in revenue and operating profit, exceeding guidance across key metrics. The company rebranded from Ceridian HCM Holding Inc. to Dayforce, Inc.
Dayforce reported strong Q1 2024 results, with total revenue of $431.5 million, up 16.4%, and Dayforce recurring revenue of $337.2 million, up 24.3%. Operating profit increased to $40.7 million, and the company raised its guidance across all key metrics.
- Total revenue increased by 16.4% to $431.5 million.
- Dayforce recurring revenue grew by 24.3% to $337.2 million.
- Operating profit was $40.7 million, representing 9.4% of total revenue.
- Net income was $7.1 million, with adjusted net income reaching $68.0 million.
Headline financials
Revenue & EPS history
Dayforce · Revenue · Quarterly
$432M
Revenue by segment
Dayforce · $378M total across 4 segments · Q3 2023
- Dayforce recurring$280M+34.6%74.1%
- Professional services$52.1M+0.6%13.8%
- Powerpay recurring$24M+6.2%6.4%
- Other recurring$21.8M-34.7%5.8%
Forward guidance
Dayforce provided guidance for the second quarter and full year of 2024. Total revenue is expected to be $414 million to $419 million for Q2 and $1.73 billion to $1.74 billion for the full year. Dayforce recurring revenue, excluding float, is projected to be $276 million to $279 million for Q2 and $1.163 billion to $1.168 billion for the full year.
Tailwinds
- Total revenue is expected to increase by 13% to 15% in Q2 2024.
- Total revenue is expected to increase by 14% to 15% for the full year 2024.
- Dayforce recurring revenue, excluding float, is expected to increase by 19% to 21% in Q2 2024.
- Dayforce recurring revenue, excluding float, is expected to increase by 21% for the full year 2024.
- Adjusted EBITDA is projected to be $108 million to $113 million for Q2 2024.
Headwinds
- Guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.37 for Q2 2024, compared to $1.34 in Q2 2023.
- Guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.35 for the full year 2024, consistent with 2023.
- The company has not reconciled the Adjusted EBITDA ranges for the second quarter or full year of 2024 to the directly comparable GAAP financial measures.
- Uncertainty regarding depreciation and amortization could impact future periods.
- Share-based compensation expense and related employer taxes could impact future periods.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 15 quarterly earnings reports · overlaid with Q1 2024
-1.1%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.4%
Avg return
30 days after
42%
14 / 33 earnings
Positive
+17.4%
Q2 2022
Best reaction
-15.4%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | +0.0% | +0.2% | +1.1% | |
| Q2 2025 | +0.5% | -6.0% | +29.9% | |
| Q1 2025 | -5.9% | +2.7% | +4.1% | |
| Q4 2024 | -8.0% | -8.4% | -22.8% | |
| Q3 2024 | +8.9% | +15.6% | +22.4% | |
| Q2 2024 | +5.4% | -1.4% | +6.4% | |
| Q1 2024 | -5.9% | -5.3% | -19.4% | |
| Q4 2023 | -1.8% | +2.1% | -6.2% | |
| Q3 2023 | +4.8% | +2.0% | +7.7% | |
| Q2 2023 | +1.5% | +4.0% | +3.7% | |
| Q1 2023 | -9.9% | -7.6% | +2.3% | |
| Q4 2022 | +3.6% | +3.4% | -9.5% | |
| Q3 2022 | -3.1% | -12.3% | +6.4% | |
| Q2 2022 | +17.4% | +19.3% | +5.0% | |
| Q1 2022 | -1.2% | -4.0% | -3.6% | |
| Q4 2021 | -0.6% | -9.5% | -20.6% | |
| Q3 2021 | -6.7% | — | — | |
| Q2 2021 | +1.2% | — | — | |
| Q1 2021 | -1.1% | — | — | |
| Q4 2020 | -10.8% | — | — | |
| Q3 2020 | +2.3% | — | — | |
| Q2 2020 | -9.6% | — | — | |
| Q1 2020 | +7.4% | — | — | |
| Q4 2019 | -15.4% | — | — | |
| Q3 2019 | +9.6% | — | — | |
| Q2 2019 | +2.3% | — | — | |
| Q1 2019 | -6.9% | — | — | |
| Q4 2018 | -0.3% | — | — | |
| Q3 2018 | +0.2% | — | — | |
| Q3 2017 | +0.2% | — | — | |
| Q2 2018 | -10.0% | — | — | |
| Q4 2017 | -1.1% | — | — | |
| Q1 2018 | -3.4% | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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