2023-05-03 17:05:42 ET
- Ceridian HCM press release ( NYSE: CDAY ): Q1 Non-GAAP EPS of $0.31 misses by $0.01 .
- Revenue of $370.6M (+26.4% Y/Y) beats by $9.39M .
- Adjusted EBITDA was $105.4 million, compared to $57.4 million.
- Net cash provided by operating activities was $11.3 million, compared to $5.5 million.
- Adjusted operating profit was $88.5 million, or 23.9% of revenue, compared to $44.4 million, or 15.1% of revenue.
- Dayforce recurring revenue up 43.8% year-over-year, or 46.0% on a constant currency basis.
- Second Quarter 2023 Guidance : Total revenue of $356 million to $360 million vs. consensus of $363.22M, an increase of 18% to 20% or 20% to 22% on a constant currency basis.
- Dayforce recurring revenue, excluding float of $223 million to $225 million, an increase of 22% to 23% or 23% to 24% on a constant currency basis.
- Tax migration from legacy infrastructure to the same platform as Dayforce is expected to contribute approximately 400 basis points of growth in the second quarter of 2023.
- Float revenue of $38 million.
- Adjusted EBITDA of $87 million to $90 million.
- Full Year 2023 Guidance: Total revenue of $1,480 million to $1,500 million vs. consensus of $1.49B, an increase of 19% to 20% or 20% to 21% on a constant currency basis.
- Dayforce recurring revenue, excluding float of $939 million to $949 million, an increase of 25% to 26% or 26% to 27% on a constant currency basis.
- Tax migration from legacy infrastructure to the same platform as Dayforce is expected to contribute approximately 460 basis points of growth in fiscal year 2023.
- Float revenue of $150 million.
- Adjusted EBITDA of $366 million to $379 million.
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Ceridian HCM reports mixed Q1 earnings; initiates Q2 and FY23 outlook