• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Dayforce Reports First Quarter 2025 Results¹

    5/7/25 7:00:00 AM ET
    $DAY
    Computer Software: Prepackaged Software
    Technology
    Get the next $DAY alert in real time by email

    Dayforce® recurring revenue, excluding float, of $323 million, up 14%, or 16% on a constant currency basis

    Total revenue of $482 million, up 12%, and excluding float, up 15%, or 17% on a constant currency basis

    Net cash provided by operating activities of $50 million

    MINNEAPOLIS and TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- Dayforce, Inc. ("Dayforce" or the "Company") (NYSE:DAY) (TSX:DAY), a global leader in human capital management ("HCM") technology, today announced its financial results for the first quarter ended March 31, 2025.

    "We kicked off the year with strong first quarter results and excellent sales momentum," said David Ossip, Chair and CEO of Dayforce. "The Dayforce value proposition of consolidating multiple separate technologies into the single Dayforce platform continues to resonate with organizations across a broad range of industries and sizes. Our first quarter sales growth builds on our already strong fourth quarter sales performance, reinforcing our optimism for continued momentum through 2025 and beyond as we further our HCM leadership position."

    "Our plan to deliver durable top line growth alongside increasing profitability and cash flow is progressing well," said Jeremy Johnson, CFO of Dayforce. "With cash from operating activities of nearly $50 million in the first quarter, we were able to repurchase approximately $30 million worth of shares during the quarter under our $500 million repurchase program. To date we have returned more than $66 million of capital to stockholders under this program."

    Financial Highlights for the First Quarter 20251

    • Total revenue was $481.8 million, an increase of 11.7%, or 13.6% on a constant currency basis. Excluding float, total revenue was $426.5 million, an increase of 15.0%, or 17.1% on a constant currency basis.
    • Dayforce recurring revenue, excluding float, was $323.1 million, an increase of 14.4%, or 15.9% on a constant currency basis.
    • Operating profit was $31.0 million, compared to $40.7 million. Adjusted operating profit was $132.3 million, compared to $109.1 million.
    • Net income was $14.9 million, compared to $7.1 million and net profit margin was 3.1%, compared to 1.6%. Adjusted net income was $93.9 million, compared to $68.0 million.
    • Adjusted EBITDA was $156.7 million, compared to $129.9 million. Adjusted EBITDA margin was 32.5%, compared to 30.1%.
    • Diluted net income per share was $0.09, compared to $0.04. Adjusted diluted net income per share was $0.58, compared to $0.43.
    • Net cash provided by operating activities was $49.6 million, compared to $9.1 million. Operating cash flow margin was 10.3%, compared to 2.1%.
    • Free cash flow was $19.5 million, compared to $(18.8) million. Free cash flow margin was 4.0%, compared to (4.4)%.

    Supplemental Detail

    • 6,929 customers were live on the Dayforce platform as of March 31, 2025, an increase of 5.4% year-over-year.2
    • Dayforce recurring revenue per customer was $167,600 for the trailing twelve months ended March 31, 2025, an increase of 11.5%.3
    • The average float balance for Dayforce's customer funds during the quarter was $5.86 billion and the average yield on Dayforce's float balance was 3.8%. Float revenue from invested customer funds was $55.3 million for the three months ended March 31, 2025.



    1 The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States ("U.S.") dollars and in accordance with accounting principles generally accepted in the U.S. ("GAAP"), unless otherwise stated.

    2 Excluding Ascender, ADAM HCM, and eloomi.

    3 Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the "Non-GAAP Financial Measures" section for discussion of percentage change in revenue on a constant currency basis.

    Recent Highlights

    • Announced an expanded partnership with Microsoft, making the Dayforce platform available in the Microsoft Azure Marketplace.
    • Named a Leader in the IDC MarketScape Worldwide Talent Acquisition 2025 Vendor Assessment and the Nucleus Research Enterprise HCM Value Matrix 2025.
    • Welcomed a large entertainment and leisure company that has chosen the complete Dayforce suite as its unified HCM solution to support 61,500 employees across North America. 
    • Welcomed a leading uniform and workplace solutions provider that selected the full Dayforce suite to support its 22,000 employees across North America.
    • Introduced Dayforce AI Assistant (formerly Dayforce Co-Pilot) on Mobile for support on iOS and Android; enhanced the Advanced Experience Hub with personalized updates; improved Dayforce Learning and Dayforce Recruiting workflows for intuitive, mobile-friendly talent management; launched new direct-to-bank capabilities for Dayforce Wallet, allowing employees to route their pay to any personal bank account, released Total Remuneration Package calculation for comprehensive compensation management; and delivered compliance enhancements for global statutory requirements in the United Kingdom, Singapore, Australia, and New Zealand.



    Business Outlook

    Based on information available as of May 7, 2025, Dayforce is issuing the following guidance for the second quarter and full year ("FY") of 2025 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

    Second Quarter 2025 Guidance

    • Total revenue of $454 million to $460 million.
    • Total revenue, excluding float, of $408 million to $414 million, an increase of approximately 8.9% to 10.6% on a GAAP basis, or approximately 10% to 11% on a constant currency basis.
    • Float revenue of $46 million.
    • Adjusted EBITDA margin of 30.5% to 31.5%.

    Full Year 2025 Guidance

    • Total revenue of $1,929 million to $1,944 million.
    • Total revenue, excluding float, of $1,749 million to $1,764 million, an increase of approximately 12.1% to 13.1% on a GAAP basis, or approximately 14% to 15% on a constant currency basis.
    • Dayforce recurring revenue, excluding float, of $1,317 million to $1,342 million, an increase of approximately 13.6% to 15.7% on a GAAP basis, or approximately 15% to 17% on a constant currency basis.
    • Float revenue of $180 million.
    • Adjusted EBITDA margin of 32%.
    • Free cash flow margin of 12%.

    Please refer to the "Reconciliation of GAAP to Non-GAAP Financial Measures" section for a reconciliation of Dayforce's free cash flow margin guidance. Dayforce has not reconciled the Adjusted EBITDA margin ranges for the second quarter and full year of 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations 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 second quarter and full year of 2025, Dayforce's guidance assumes an average U.S. dollar to key foreign currencies as follows:

      % of 2024 total revenue Foreign exchange rate assumed in Q2 2025 guidance Foreign exchange rate assumed in FY 2025 guidance Foreign exchange rate in Q2 2024 Foreign exchange rate in FY 2024
    U.S. dollar to Canadian dollar 21% 1.40 1.43 1.37 1.37
    U.S. dollar to Australian dollar 4% 1.59 1.60 1.51 1.52
    U.S. dollar to Great British pound 3% 0.76 0.79 0.79 0.78



    Conference Call Details

    Dayforce will host a live webcast and conference call to discuss the first quarter 2025 earnings at 8:00 a.m. Eastern Time on May 7, 2025. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

    About Dayforce

    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on enabling thousands of customers and millions of employees around the world do the work they're meant to do. With our single AI-powered people platform for HR, Pay, Time, Talent, and Analytics, organizations of all sizes and industries are benefiting from simplicity at scale with Dayforce to help unlock their full workforce potential, operate with confidence, and realize quantifiable value. To learn more, visit dayforce.com.

    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 Dayforce'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 second quarter and full year of 2025, as well as those relating to future growth initiatives. These statements may include words such as "anticipate," "estimate," "expect," "assume", "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 Dayforce 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 Dayforce's future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

    • our ability to continue to sustain and grow revenue from our recurring services solutions;
    • any information security breach of our systems or the loss of, or unauthorized access to, customer information or sensitive company information;
    • disruptions to the movement of funds to initiate payroll-related transactions on behalf of our customers, or customer inability to provide funds sufficient to cover the amounts paid on their behalf, or funds advanced to them via our Dayforce Wallet product;
    • our aging software infrastructure and technology;
    • our ability to manage our growth effectively;
    • our ability to compete effectively in the competitive markets in which we participate;
    • our exposure to risks inherent to our international sales and operations;
    • any failure to manage our technical operations infrastructure, or the impact of service outages or delays in the implementation of our applications, or the failure of our applications to perform properly;
    • our reliance on strategic relationships with third parties to drive additional growth;
    • any failure to offer high-quality support services;
    • any dissatisfaction of our customers with the quality and pace of the implementation and professional services provided by us or our partners;
    • any loss of key employees or the inability to attract and retain highly skilled employees;
    • any loss of customer funds and wage funds of their employees that our trustees and third-party financial institution partners hold;
    • our acquisition of other companies or technologies;
    • the implementation of new accounting systems or other applications;
    • any failure to protect our intellectual property rights or any lawsuits against us for alleged infringement of third-party proprietary rights;
    • the use of open source software in our applications;
    • our failure, or the failure of our third-party service providers, to comply with laws and regulations, or to update our solutions to reflect changes in applicable laws and regulations;
    • additional regulatory requirements placed on our software and services;
    • any litigation and regulatory investigations aimed at us;
    • any actual or perceived failure to comply with evolving regulatory frameworks around the development and use of AI;
    • our existing and future debt obligations;
    • volatility in the price of our common stock or the issuance of additional common stock;
    • our share repurchase program;
    • any change in our intention to not pay cash dividends in the foreseeable future;
    • provisions in our certificate of incorporation and bylaws and Delaware law that might discourage, delay or prevent a change of control of the Company or changes in our management;
    • any failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act;
    • adverse economic and market conditions;
    • fluctuations in our quarterly results;
    • catastrophic events and our disclosures and ambitions related to sustainability matters;
    • our being subject to taxation in multiple jurisdictions; and any changes in generally accepted accounting principles in the United States.



    Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce's actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce'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; Dayforce's implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce 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 Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce 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.



    Dayforce, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited)

      March 31,  December 31, 
      2025  2024 
    (In millions, except per share data)      
    Assets      
    Current assets:      
    Cash and equivalents $557.3  $579.7 
    Trade and other receivables, net  294.4   264.8 
    Prepaid expenses and other current assets  143.6   137.5 
    Total current assets before customer funds  995.3   982.0 
    Customer funds  5,362.7   5,001.5 
    Total current assets  6,358.0   5,983.5 
    Right of use lease assets, net  13.1   12.3 
    Property, plant, and equipment, net  228.5   223.7 
    Goodwill  2,343.4   2,336.7 
    Other intangible assets, net  162.4   189.2 
    Deferred sales commissions  242.2   231.8 
    Other assets  151.9   139.8 
    Total assets $9,499.5  $9,117.0 
           
    Liabilities and stockholders' equity      
    Current liabilities:      
    Current portion of long-term debt $582.3  $7.3 
    Current portion of long-term lease liabilities  6.0   5.7 
    Accounts payable  86.0   77.0 
    Deferred revenue  40.1   42.3 
    Employee compensation and benefits  114.4   126.8 
    Other accrued expenses  35.8   31.5 
    Total current liabilities before customer funds obligations  864.6   290.6 
    Customer funds obligations  5,361.8   5,024.2 
    Total current liabilities  6,226.4   5,314.8 
    Long-term debt, less current portion  632.4   1,209.1 
    Employee benefit plans  5.6   5.9 
    Long-term lease liabilities, less current portion  10.5   10.8 
    Other liabilities  32.5   30.1 
    Total liabilities  6,907.4   6,570.7 
    Commitments and contingencies      
    Stockholders' equity:      
    Common stock, $0.01 par, 500.0 shares authorized, 160.0 and 159.0 shares issued and outstanding, respectively  1.6   1.6 
    Additional paid in capital  3,391.4   3,363.2 
    Accumulated deficit  (351.3)  (335.8)
    Accumulated other comprehensive loss  (449.6)  (482.7)
    Total stockholders' equity  2,592.1   2,546.3 
    Total liabilities and stockholders' equity $9,499.5  $9,117.0 



    Dayforce, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited)

      Three Months Ended March 31, 
      2025  2024 
    (In millions, except per share data)      
    Revenue:      
    Recurring services $410.5  $382.7 
    Professional services  71.3   48.8 
    Total revenue  481.8   431.5 
    Costs and expenses:      
    Costs of recurring services  98.4   88.4 
    Costs of professional services  81.3   66.1 
    Product development and management  59.3   53.1 
    Selling and marketing  86.8   78.4 
    General and administrative  71.1   56.0 
    Depreciation and amortization  53.9   48.8 
    Total costs and expenses  450.8   390.8 
    Operating profit  31.0   40.7 
    Interest expense, net  7.9   13.3 
    Other expense, net  4.0   9.0 
    Income before income taxes  19.1   18.4 
    Income tax expense  4.2   11.3 
    Net income $14.9  $7.1 
    Net income per share:      
    Basic $0.09  $0.05 
    Diluted $0.09  $0.04 
    Weighted average shares outstanding:      
    Basic  159.4   156.9 
    Diluted  161.9   159.9 



    Dayforce, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)

      Three Months Ended March 31, 
      2025  2024 
    (In millions)      
    Cash flows from operating activities      
    Net income $14.9  $7.1 
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Deferred income tax benefit  (18.9)  (11.8)
    Depreciation and amortization  53.9   48.8 
    Amortization of debt issuance costs and debt discount  1.1   1.1 
    Loss on debt extinguishment  —   4.3 
    Provision for doubtful accounts  3.8   0.8 
    Net periodic pension and postretirement cost  4.8   2.6 
    Share-based compensation expense  45.9   38.0 
    Other  (0.1)  — 
    Changes in operating assets and liabilities, excluding effects of acquisitions:      
    Trade and other receivables  (35.4)  (48.1)
    Prepaid expenses and other current assets  (17.1)  (13.1)
    Deferred sales commissions  (9.6)  (6.3)
    Accounts payable and other accrued expenses  6.6   (1.8)
    Deferred revenue  (2.6)  (2.3)
    Employee compensation and benefits  (17.8)  (27.8)
    Accrued taxes  18.9   17.8 
    Other assets and liabilities  1.2   (0.2)
    Net cash provided by operating activities  49.6   9.1 
           
    Cash flows from investing activities      
    Purchases of customer funds marketable securities  (180.0)  (139.6)
    Proceeds from sale and maturity of customer funds marketable securities  86.9   49.6 
    Purchases of marketable securities  (3.7)  (0.5)
    Proceeds from sale and maturity of marketable securities  6.8   1.0 
    Expenditures for property, plant, and equipment  (4.0)  (3.5)
    Expenditures for software and technology  (26.1)  (24.4)
    Acquisition costs, net of cash acquired  —   (173.3)
    Net cash used in investing activities  (120.1)  (290.7)
           
    Cash flows from financing activities      
    Increase in customer funds obligations, net  334.4   1,763.5 
    Proceeds from issuance of common stock under share-based compensation plans  4.4   21.7 
    Taxes paid related to the net share settlement of awards under share-based compensation plans  (17.1)  (6.4)
    Repurchases of common stock  (30.1)  — 
    Proceeds from debt issuance  —   650.0 
    Repayment of long-term debt obligations  (1.8)  (644.5)
    Payment of debt refinancing costs  (1.2)  (11.4)
    Net cash provided by financing activities  288.6   1,772.9 
           
    Effect of exchange rate changes on cash, restricted cash, and equivalents  1.0   (13.5)
    Net increase in cash, restricted cash, and equivalents  219.1   1,477.8 
    Cash, restricted cash, and equivalents at beginning of period  3,253.9   3,421.4 
    Cash, restricted cash, and equivalents at end of period $3,473.0  $4,899.2 
           
    Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets      
    Cash and equivalents $557.3  $392.5 
    Restricted cash  —   0.8 
    Restricted cash and equivalents included in customer funds  2,915.7   4,505.9 
    Total cash, restricted cash, and equivalents $3,473.0  $4,899.2 



    Dayforce, Inc.

    Revenue Financial Measures

    (Unaudited)

      Three Months Ended March 31,  Percentage change in revenue  Impact of

    changes in

    foreign

    currency (a)
      Percentage change in revenue on a constant currency basis (a) 
      2025  2024  2025 vs. 2024     2025 vs. 2024 
      (In millions)          
    Revenue:               
    Recurring services:               
    Dayforce recurring $323.1  $282.4   14.4%  (1.5)%  15.9%
    Powerpay recurring  19.0   20.5   (7.3)%  (6.3)%  (1.0)%
    Other recurring  13.1   19.1   (31.4)%  (2.1)%  (29.3)%
    Float  55.3   60.7   (8.9)%  (1.3)%  (7.6)%
    Total recurring services  410.5   382.7   7.3%  (1.7)%  9.0%
    Professional services  71.3   48.8   46.1%  (3.7)%  49.8%
    Total revenue $481.8  $431.5   11.7%  (1.9)%  13.6%
                    
    Total revenue, excluding float $426.5  $370.8   15.0%  (2.1)%  17.1%

    a)    Dayforce has calculated the percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the "Non-GAAP Financial Measures" section for discussion of percentage change in revenue on a constant currency basis.





    Dayforce, Inc.

    Share-Based Compensation Expense and Related Employer Taxes

    (Unaudited)

      Three Months Ended March 31, 
      2025  2024 
      (in millions) 
    Costs of recurring services $3.3  $4.1 
    Costs of professional services  4.2   3.8 
    Product development and management  9.3   8.0 
    Selling and marketing  11.1   8.5 
    General and administrative  18.1   13.6 
    Total $46.0  $38.0 



    Dayforce, Inc.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (Unaudited)

    The following tables reconcile Dayforce's reported results to its non-GAAP financial measures:

      Three Months Ended March 31, 2025 
      As reported  As reported margins (a)  Share-based

    compensation
      Amortization  Other (b)  As adjusted (b)  As adjusted margins (a) 
      (Dollars in millions, except per share data) 
    Operating profit $31.0   6.4% $46.0  $28.7  $26.6  $132.3   27.5%
                          
    Net income $14.9   3.1% $46.0  $28.7  $4.3  $93.9   19.5%
    Interest expense, net  7.9      —   —   —   7.9    
    Income tax expense (c)  4.2      —   —   (25.5)  29.7    
    Depreciation and amortization  53.9      —   28.7   —   25.2    
    EBITDA $80.9     $46.0  $—  $29.8  $156.7   32.5%
                          
    Net income per share - diluted $0.09     $0.28  $0.18  $0.03  $0.58    





      Three Months Ended March 31, 2024 
      As reported  As reported margins (a)  Share-based

    compensation
      Amortization  Other (b)  As adjusted (b)  As adjusted margins (a) 
      (Dollars in millions, except per share data) 
    Operating profit $40.7   9.4% $38.0  $28.4  $2.0  $109.1   25.3%
                          
    Net income $7.1   1.6% $38.0  $28.4  $(5.5) $68.0   15.8%
    Interest expense, net  13.3      —   —   —   13.3    
    Income tax expense (c)  11.3      —   —   (16.9)  28.2    
    Depreciation and amortization  48.8      —   28.4   —   20.4    
    EBITDA $80.5     $38.0  $—  $11.4  $129.9   30.1%
                          
    Net income per share - diluted $0.04     $0.24  $0.18  $(0.03) $0.43    

    a)    Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the "Non-GAAP Financial Measures" section for additional information on the as adjusted margins.

    b)    The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. For the three months ended March 31, 2025, the adjustments to operating profit consist of $26.6 million of restructuring expenses and the adjustments to net income also include $5.3 million of costs associated with the planned termination of its frozen U.S. pension plan, $2.1 million of foreign exchange gain, and a $25.5 million net adjustment for the effect of income taxes related to these items. For the three months ended March 31, 2024, the adjustments to operating profit consist of $2.0 million of restructuring expenses and the adjustments to net income also include $6.2 million of foreign exchange loss, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, and a $16.9 million net adjustment for the effect of income taxes related to these items. Please refer below for additional information on the as adjusted metrics.

    c)    Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.



    Dayforce, Inc.

    Reconciliation of Free Cash Flow

    (Unaudited)

    The following table reconciles Dayforce's reported results to free cash flow and free cash flow margin:

      Three Months Ended March 31, 
      2025  2024 
      (In millions) 
    Net cash provided by operating activities $49.6  $9.1 
    Capital expenditures  (30.1)  (27.9)
    Free cash flow $19.5  $(18.8)
            
    Operating cash flow margin (a)  10.3%  2.1%
    Free cash flow margin (b)  4.0%  (4.4)%

    The following table reconciles Dayforce's free cash flow and free cash flow margin guidance:

      Twelve Months Ended December 31, 2025 
      Low range  High range 
      (In millions) 
    Net cash provided by operating activities $334  $339 
    Capital expenditures  (105)  (105)
    Free cash flow $229  $234 
            
    Operating cash flow margin (a)  17.4%  17.5%
    Free cash flow margin (b)  11.9%  12.1%

    (a)    Operating cash flow margin is determined by calculating the percentage that operating cash flow is of total revenue.

    (b)    Free cash flow margin is determined by calculating the percentage that free cash flow is of total revenue.





    Dayforce, Inc.

    Reconciliation of Reclassification of Depreciation and Amortization

    (Unaudited)

    Beginning in 2025, Dayforce reclassified depreciation and amortization in its condensed consolidated statements of operations into a single financial statement line item. Application of this change is being made on a retrospective basis. The following presents the line items in which depreciation and amortization were previously included for the periods presented:

      Three Months Ended 
      March 31, 2024  June 30, 2024  September 30, 2024  December 31, 2024 
      (In millions) 
    Cost of revenue $18.5  $19.3  $20.8  $21.8 
    Selling and marketing  0.6   0.7   0.6   0.7 
    General and administrative  29.7   30.6   30.7   35.8 
    Total depreciation and amortization $48.8  $50.6  $52.1  $58.3 



      Three Months Ended 
      March 31, 2023  June 30, 2023  September 30, 2023  December 31, 2023 
      (In millions) 
    Cost of revenue $15.3  $15.0  $17.1  $19.4 
    Selling and marketing  0.5   0.6   0.5   0.5 
    General and administrative  6.3   7.7   21.1   28.5 
    Total depreciation and amortization $22.1  $23.3  $38.7  $48.4 





    Non-GAAP Financial Measures

    Dayforce uses certain non-GAAP financial measures in this release including:

    Non-GAAP Financial Measure GAAP Financial Measure
    EBITDA Net income
    Adjusted EBITDA Net income
    Adjusted EBITDA margin Net profit margin
    Adjusted operating profit Operating profit
    Adjusted operating profit margin Operating profit margin
    Adjusted net income Net income
    Adjusted net profit margin Net profit margin
    Adjusted diluted net income per share Diluted net income per share
    Free cash flow Net cash provided by operating activities
    Free cash flow margin Operating cash flow margin
    Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis Percentage change in revenue, including total revenue and revenue by solution
    Dayforce recurring revenue per customer No directly comparable GAAP measure

    Dayforce 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. Dayforce's management team uses these non-GAAP financial measures to assess operating performance because these financial 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 operating profit, free cash flow, and free cash flow margin are components of certain management compensation plans. Additionally, Dayforce believes that the non-GAAP financial measures free cash flow and free cash flow margin are meaningful to investors because they are measures of liquidity that provides useful information in understanding and evaluating the strength of Dayforce's liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The reduction of capital expenditures facilitates comparisons of Dayforce's liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce's liquidity.

    These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce's results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce's presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce's full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

    Dayforce defines its non-GAAP financial measures as follows:

    • EBITDA is defined as net income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
    • Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
    • Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
    • Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
    • Adjusted operating profit margin is determined by calculating the percentage Adjusted operating profit is of total revenue.
    • Adjusted net income is defined as net income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
    • Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
    • Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average shares outstanding. When adjusted net income is positive, diluted weighted average shares outstanding incorporate the effect of dilutive equity instruments.
    • Free cash flow is defined as net cash provided by operating activities, reduced by capital expenditures.
    • Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
    • Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, we start 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, and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. We have not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.



    Source: Dayforce, Inc.

    For further information, please contact:

    Investor Relations

    1-844-829-9499

    [email protected]

    Public Relations

    1-647-417-2117

    [email protected]



    Primary Logo

    Get the next $DAY alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $DAY

    DatePrice TargetRatingAnalyst
    5/8/2025$64.00 → $67.00Outperform
    BMO Capital Markets
    3/7/2025$67.00 → $68.00Hold → Buy
    TD Cowen
    1/8/2025$85.00 → $80.00Buy → Hold
    Deutsche Bank
    11/19/2024$75.00Sector Perform
    Scotiabank
    11/13/2024$80.00 → $90.00Outperform
    BMO Capital Markets
    11/1/2024$70.00 → $80.00Outperform
    BMO Capital Markets
    9/24/2024$70.00Overweight
    KeyBanc Capital Markets
    7/31/2024$68.00 → $71.00Neutral → Overweight
    Piper Sandler
    More analyst ratings

    $DAY
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Rosen Andrea covered exercise/tax liability with 584 shares, decreasing direct ownership by 6% to 9,003 units (SEC Form 4)

      4 - Dayforce, Inc. (0001725057) (Issuer)

      5/6/25 4:21:41 PM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • EVP, Chief Revenue Officer Alkharrat Samer sold $108,522 worth of shares (1,916 units at $56.64), decreasing direct ownership by 1% to 150,237 units (SEC Form 4)

      4 - Dayforce, Inc. (0001725057) (Issuer)

      4/29/25 4:18:57 PM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • EVP, CLO, & Secretary Mcdonald William Everett sold $112,320 worth of shares (2,000 units at $56.16), decreasing direct ownership by 2% to 105,691 units (SEC Form 4)

      4 - Dayforce, Inc. (0001725057) (Issuer)

      4/17/25 4:17:19 PM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology

    $DAY
    Financials

    Live finance-specific insights

    See more
    • Dayforce Reports First Quarter 2025 Results¹

      Dayforce® recurring revenue, excluding float, of $323 million, up 14%, or 16% on a constant currency basis Total revenue of $482 million, up 12%, and excluding float, up 15%, or 17% on a constant currency basis Net cash provided by operating activities of $50 million MINNEAPOLIS and TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- Dayforce, Inc. ("Dayforce" or the "Company") (NYSE:DAY) (TSX:DAY), a global leader in human capital management ("HCM") technology, today announced its financial results for the first quarter ended March 31, 2025. "We kicked off the year with strong first quarter results and excellent sales momentum," said David Ossip, Chair and CEO of Dayforce. "The Dayforce value p

      5/7/25 7:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce to Announce First Quarter 2025 Financial Results on May 7th and Participate in Upcoming Investor Conferences

      MINNEAPOLIS and TORONTO, April 16, 2025 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE:DAY) (TSX:DAY), a global human capital management (HCM) leader that makes work life better, announced today the date for the release of its first quarter 2025 earnings and its participation at upcoming investor conferences. First Quarter 2025 Earnings Date Dayforce will release first quarter 2025 financial results before the open of regular market trading on Wednesday, May 7, 2025. The company will host a live webcast and conference call at 8:00 a.m. Eastern Time on May 7, 2025 to discuss the aforementioned financial results. Those wishing to participate via the webcast should access the call through the In

      4/16/25 8:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce Reports Fourth Quarter and Full Year 2024 Results1

      Dayforce® recurring revenue of $347.9 million, up 19% year-over-year in the fourth quarter Total revenue of $465.2 million, up 16% year-over-year in the fourth quarter Full year 2024 net cash provided by operating activities of $281.1 million, up 28% Annual Dayforce gross revenue retention rate of 98% MINNEAPOLIS and TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Dayforce, Inc. ("Dayforce" or the "Company") (NYSE:DAY) (TSX:DAY), a global leader in human capital management ("HCM") technology, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2024. "2024 was a year of outstanding progress and innovation for Dayforce. We launched the Dayforce bra

      2/5/25 7:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology

    $DAY
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Dayforce Inc.

      SC 13G - Dayforce, Inc. (0001725057) (Subject)

      11/14/24 4:26:26 PM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Amendment: SEC Form SC 13G/A filed by Dayforce Inc.

      SC 13G/A - Dayforce, Inc. (0001725057) (Subject)

      11/14/24 1:22:38 PM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13G filed by Dayforce Inc.

      SC 13G - Dayforce, Inc. (0001725057) (Subject)

      11/13/24 12:49:26 PM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology

    $DAY
    SEC Filings

    See more
    • SEC Form 10-Q filed by Dayforce Inc.

      10-Q - Dayforce, Inc. (0001725057) (Filer)

      5/7/25 7:59:11 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Dayforce, Inc. (0001725057) (Filer)

      5/7/25 7:11:19 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - Dayforce, Inc. (0001725057) (Filer)

      5/6/25 4:09:49 PM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology

    $DAY
    Leadership Updates

    Live Leadership Updates

    See more
    • Dayforce Appoints Nicole Bello as Group Vice President of EMEA

      Experienced HCM executive to lead sales and drive momentum across key region MINNEAPOLIS and LONDON, United Kingdom, July 01, 2024 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE:DAY, TSX:DAY), a global human capital management (HCM) leader that makes work life better, today announced the appointment of Nicole Bello as Group Vice President of Europe, the Middle East, and Africa (EMEA), effective immediately. In this role, Bello will lead the EMEA sales efforts with a focus on expanding and accelerating how organizations in the region drive simplicity at scale in their people operations using the award-winning Dayforce platform. Bello will report to Sam Alkharrat, EVP and Chief Revenue Officer

      7/1/24 7:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce Appoints Amy Cappellanti-Wolf as EVP and Chief People Officer

      MINNEAPOLIS and TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE:DAY, TSX:DAY), a global human capital management (HCM) leader that makes work life better, today announced the appointment of Amy Cappellanti-Wolf as EVP and Chief People Officer, effective immediately. Reporting directly into David Ossip, Chair and CEO, Cappellanti-Wolf will serve as a key member of the Dayforce leadership team and have responsibilities for leading all people operations and strategies across the company's global footprint. With a proven track record in the technology industry, Cappellanti-Wolf brings extensive experience driving global business growth through talent and organizational develo

      4/29/24 8:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology

    $DAY
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Dayforce Reports First Quarter 2025 Results¹

      Dayforce® recurring revenue, excluding float, of $323 million, up 14%, or 16% on a constant currency basis Total revenue of $482 million, up 12%, and excluding float, up 15%, or 17% on a constant currency basis Net cash provided by operating activities of $50 million MINNEAPOLIS and TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- Dayforce, Inc. ("Dayforce" or the "Company") (NYSE:DAY) (TSX:DAY), a global leader in human capital management ("HCM") technology, today announced its financial results for the first quarter ended March 31, 2025. "We kicked off the year with strong first quarter results and excellent sales momentum," said David Ossip, Chair and CEO of Dayforce. "The Dayforce value p

      5/7/25 7:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce Now Available in the Microsoft Azure Marketplace

      MINNEAPOLIS and TORONTO, April 23, 2025 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE:DAY, TSX:DAY), a global leader in human capital management (HCM) technology that makes work life better, today announced the availability of its Dayforce™ platform in the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. By increasing accessibility to Dayforce's AI-powered global people platform, Microsoft Azure customers can now smoothly integrate enterprise resource planning (ERP) and HCM on a single Azure-powered platform, helping to achieve operational excellence. Dayforce customers can also benefit from streamlined deployment and management with the produc

      4/23/25 8:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce to Announce First Quarter 2025 Financial Results on May 7th and Participate in Upcoming Investor Conferences

      MINNEAPOLIS and TORONTO, April 16, 2025 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE:DAY) (TSX:DAY), a global human capital management (HCM) leader that makes work life better, announced today the date for the release of its first quarter 2025 earnings and its participation at upcoming investor conferences. First Quarter 2025 Earnings Date Dayforce will release first quarter 2025 financial results before the open of regular market trading on Wednesday, May 7, 2025. The company will host a live webcast and conference call at 8:00 a.m. Eastern Time on May 7, 2025 to discuss the aforementioned financial results. Those wishing to participate via the webcast should access the call through the In

      4/16/25 8:00:00 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology

    $DAY
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • BMO Capital Markets reiterated coverage on Dayforce with a new price target

      BMO Capital Markets reiterated coverage of Dayforce with a rating of Outperform and set a new price target of $67.00 from $64.00 previously

      5/8/25 7:23:17 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce upgraded by TD Cowen with a new price target

      TD Cowen upgraded Dayforce from Hold to Buy and set a new price target of $68.00 from $67.00 previously

      3/7/25 7:22:51 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology
    • Dayforce downgraded by Deutsche Bank with a new price target

      Deutsche Bank downgraded Dayforce from Buy to Hold and set a new price target of $80.00 from $85.00 previously

      1/8/25 7:43:08 AM ET
      $DAY
      Computer Software: Prepackaged Software
      Technology