Transcription
Q1 2020Stockholder letter1Q1 2020 Stockholder letterIntelligence at work
Thanks to our experienced Business Continuity andIT teams, we made a quick and smooth pivot to avirtual working environment. This transition enabledthe leadership team to stay focused on managing thebusiness prudently, driving our growth strategy, anddelivering quantifiable value to our customers in newand innovative ways.David OssipChairman and CEO, CeridianFrom the CEODear Fellow Stockholders,I hope that you and your families are safe and well.As we approach a period of profound uncertaintyfor all businesses, I can report that our first quarterfinancial performance was strong, and that ourunderlying business is performing well.Throughout the first quarter, demand for Dayforcecontinued to be high, and our pipeline expanded. Evenin this new environment, we continue to close businessand take customers live. We launched the DayforceWallet, and we are seeing the demand we expected.We continue to execute against our strategic growthagenda. We are growing our customer base,deepening and broadening our product offering,expanding into both the Enterprise segment andnew international markets, and we are continuing toinnovate, with new products such as Dayforce Wallet.Before I turn to our strong first quarter results in detail, Iwant to share a few thoughts on the “new normal” andhow we are managing the business with agility at thistime.From the outset of the COVID-19 crisis, Ceridian actedquickly and decisively to protect the health and wellbeing of our employees, families, customers, suppliersand the broader community, as well as to ensure ourability to continue business operations and support ourcustomers.1Q1 2020 Stockholder letterOur focus remains squarely on our current and futurecustomers. Organizations are looking for long-termpartners with deep domain expertise to help themnavigate the uncertainty of this time and emerge fromit stronger and more resilient. Our brand promise– Makes Work Life Better – has never been morerelevant or valuable. It is a promise to deliver harddollar returns to our customers and to create engagingexperiences for their employees.We launched a COVID-19 Learning Portal, hostedwebinars and virtual HCM Summit events, and haveextended the capabilities of the Dayforce platform withtimely innovations like the Dayforce Safety Monitor tohelp our customers and prospective customers adaptto this crisis. The reaction has been positive.While the COVID-19 crisis will affect our business,there are a number of mitigating factors within ourbusiness model and growth strategy. Dayforcerevenue is somewhat insulated from the changingemployment patterns globally in that both activeand inactive - including furloughed - employeescontribute to our Dayforce recurring revenue base. Inaddition, we are in the process of moving to customercontracts with minimum employee thresholds,which will further insulate recurring revenue. Wehave expanded globally beyond our traditionalNorth American geography. We have moved intothe Enterprise segment demonstrably, and 88% ofDayforce users were employed at customers with morethan 500 employees as of December 31, 2019. Wehave extended our partnerships with global systemsintegrators to enhance our scale now and to accelerateit in the future.Today, our business is scalable, stronger, more resilient,and better diversified by sector, geography, andproduct. We believe this diversification positions usexceptionally well to lead, to capture share, and todrive profitable growth.
First quarter 2020 highlightsWe are very pleased with our solid financialperformance. Dayforce revenue growth, Cloudrecurring services gross margin, and Adjusted EBITDAexceeded our expectations, indicating the strength ofthe underlying business.First, from a growth perspective, Dayforce revenueincreased by 27.1% year-over-year. Most importantly,Dayforce revenue, excluding float revenue and on aconstant currency basis, grew by 31.9% as compared to25.3% in the same period last year, driven by a 30.4%increase in Dayforce recurring services revenue and a36.5% increase in Dayforce professional services andother revenue.“Intelligence at workHelping customers makesmart decisions that createquantifiable value31.9%Second, from a profitability perspective, AdjustedEBITDA margin increased by 40 basis points year-overyear to 24.8%, Cloud recurring services gross marginincreased by 250 basis points to 72.6%, and Cloudprofessional services and other gross margin improvedby 1,080 basis points to (3.4)%.Dayforce revenue growth,excluding float and on aconstant currency basisAlthough we began to see the impact of COVID-19 inthe latter half of March, the financial impact was limitedto a decline in float revenue resulting from reductionsin the U.S. Federal Reserve federal funds rate and theBank of Canada overnight rate target, which had theeffect of reducing revenue and Adjusted EBITDA byapproximately 1.5 million. We experienced somedelays in sales and kickoffs, however these delays hadminimal impact on first quarter results.4,480Customer highlightsIn times of uncertainty, the winning organizationswill become smarter in how they operate. They willspend less time on transactional tasks and more timeon strategy. They will leverage a broad spectrum ofdata and intelligence to make smarter decisions. Theywill embrace change and find opportunities for valuecreation within it, and they’ll use modern technologiesthat learn and adapt and evolve along with them. Webelieve that our suite of HCM solutions are uniquelywell-positioned to enable our customers to makesmart decisions that create quantifiable value and todeliver experiences their employees will love. We callthis Intelligence at work, and it remains our plan for2Q1 2020 Stockholder lettercustomers live on Dayforce250basis point improvementin Cloud recurring servicesgross margin, to 72.6%24.8%Adjusted EBITDA margin,an increase of 40 basis points
how we expect to continue to lead in the HCM spaceglobally.We ended the first quarter with 4,480 Dayforcecustomers live, an increase of 117 customers comparedto the fourth quarter of 2019 and an increase of 629customers compared to the first quarter of 2019.SHRM, the most trustedexpert in HR, choseCeridian as its partnerfor their own businessOur expansion into the Enterprise segment is payingoff. We continued to see success with larger customersas indicated by a 13% increase in trailing twelve monthsDayforce revenue per customer to 124,129*. Trailingtwelve months incremental Dayforce revenue percustomer increased by 63% to 213,196*.Sales highlightsUnderlining our continued momentum, key wins in thequarter included: The Society for Human Resources Management(SHRM) selected Dayforce to drive its global HRfunction, including payroll, benefits, workforcemanagement, and talent management. The mosttrusted expert in HR chose Ceridian as its partnerfor their own business. A staffing company that operates in over 40states and employs over 60,000 people selectedDayforce to meet challenges managing its expansiveworkforce and to provide real-time labor costing.Enterprise-grade customers increasingly trustCeridian with their complex business requirements. A 5,000-employee U.S. municipal governmentsuccessfully migrated from a legacy Ceridianapplication to Dayforce. Regulated Industries, withcomplex legislative requirements, continue to trustCeridian for its intelligent approach. One of the largest local newspaper organizationsin the U.S., with 261 local daily brands and 23,000employees, selected Dayforce to realize shortterm hard dollar returns by consolidating andstandardizing systems and processes for all areas ofHCM, including pay, time, talent acquisition, talentmanagement, and learning. One of the leading meat processors in Canadawith 5,000 employees across 20 locationsselected Dayforce to replace manual and disparate* Excluding float revenue and on a fixed currency basis3Q1 2020 Stockholder letterIntelligence at work
processes and drive quantifiable value for thebusiness as a result. Our global expansion strategy is driving results.- One of Australia’s largest menswear retailers,spanning five brands and 3,500 employeesacross Australia and New Zealand selectedDayforce for its unified time and pay capabilitiesand continuous calculation engine, which willenable the company to reduce payroll processingtime and to eliminate manual processes.- A medical product manufacturer based inDüsseldorf, Germany, which has 10,000employees globally, selected Dayforce toimprove its workforce management, providegreater visibility and accurate, consistent data.- A global investment company with 3,800employees in the U.S., Canada, U.K., Ireland,Hong Kong, India, and South Africa selectedDayforce to standardize disparate systems.And, even right now, in this unprecedented time, webelieve one thing remains constant - organizationsglobally strive to both operate more efficiently andposition for growth. In April, we continued to seesuccess including: A manufactured housing community developerwith 1,400 employees across 18 U.S. statesselected Dayforce as a partner to provide a singleHCM solution that can meet their industry specificrequirements. A large Canadian oil & gas development consortiumwith 1,800 employees selected Dayforce toreduce the number of in-house systems, to ensurecompliance, and to improve employee experience. A UK regional airport and a UK healthcare providerboth selected Dayforce for its comprehensivefunctionality to meet all their needs across core HR,workforce management, and payroll. A Mauritius-based conglomerate with 5,000employees selected Dayforce to streamlinepayroll, time and talent management for theirentire footprint on the island, including retail andcorporate operations.4Q1 2020 Stockholder letterMarketing highlightsVirtual marketing has actually expanded our abilityto reach potential customers. In April alone, we hadover 90,000 HR and business leaders register forour webinar series, significantly more than would becommon pre-COVID-19. Our key marketing metrics,including website traffic and qualified leads, are upsignificantly. We have hosted four virtual-format HCMSummit events, which saw record levels of attendance.Our first virtual HCM Summit had over 500 attendees,and we continued that momentum with an event forthe Australia and New Zealand markets. As a resultof our successful shift to digital marketing and virtualevents, we have been able to reach wider audiencesand increase our prospect touchpoints.90,000 HR and business leaders haveregistered for our webinar seriesin the last 45 days aloneDayforce Wallet and other productupdatesWe achieved a notable milestone with the launch ofwww.dayforcewallet.com. Dayforce Wallet leveragesthe Dayforce platform’s unique continuous calculationcapabilities to produce an accurate, on-demandpayment, instead of an approximation of earnings. TheDayforce Wallet fundamentally changes the conceptof the traditional payday as employees can requestaccess to their pay as they earn it and need it, with nodirect fees for the employer or employee.The launch comes at a time when workers arefeeling stressed about making ends meet, with manyindividuals, across income levels and employmenttypes, living paycheck-to-paycheck. Using theDayforce Wallet app, employees can request a payoutof their earnings whenever they need it. They can alsomanage their finances, check their balance, and track
their transaction history. We have a broad spectrumof customers across industries looking to implementDayforce Wallet to support their workforce during thisunprecedented time.Dayforce WalletlaunchedIn the first quarter, we completed launch preparationsfor Dayforce Wallet, and on April 9 we activated ourfirst customer. Danone, a global multi-national foodproducts company operating in 120 markets, areactively adopting the Dayforce Wallet to improve thefinancial well-being of their employees. With a largebase of front-line manufacturing staff, Danone neededan intuitive app-based solution that would drive valuefor their people and their business.first customer activated April 9Dayforce Walletfundamentally changes theconcept of the traditionalpaydayWe will provide updates on Dayforce Wallet usage infuture quarters, and we continue to expect to havemore than a hundred organizations live by the end ofthe year.We would also like to highlight some other Dayforceproduct updates for the first quarter. First, wecontinued to extend the Dayforce platform with thegeneral availability of the Dayforce Engagementmodule, on which several customers are alreadylive. Second, in response to the COVID-19 crisis, welaunched Dayforce Safety Monitor, which enablesorganizations to track employee movement acrossfacilities and to efficiently communicate potentialexposure. Finally, we made COVID-19 related trainingcontent available, free-of-charge, to all Dayforcecustomers and prospects.Global expansionWe announced an agreement to acquire Excelity.Building on our recent investments in Australia andNew Zealand, we believe that this acquisition, which isexpected to close in the second quarter, will positionIntelligence at work5Q1 2020 Stockholder letter
Ceridian as a leading HCM provider in the Asia-Pacificregion. Excelity works with more than 300 clients,including Forbes, Volvo, Emerson, Oracle, QBE,Palo Alto Networks, Mammoet, Lufthansa, Uber, andMondelez. They produce more than 1.2 million payslips, and operate their native payroll platform in 13countries, including India, China, Singapore, HongKong, Japan, Indonesia, South Korea, Malaysia, thePhilippines, Taiwan, Thailand, Australia, and NewZealand. This acquisition provides us an opportunityto land and to expand in the Asia-Pacific region,accelerating market presence, and paves the way toextend the Dayforce native payroll platform to theAsia-Pacific region.The acquisition ofExcelity will positionCeridian as a leadingHCM provider in theAPAC regionIn addition to the Excelity acquisition, we begandevelopment of native payroll engines for Germany,Mexico, and Mauritius, which are expected to becompleted in the next 18 months.SummaryWhile the world has changed, customers continue togo live on the Dayforce platform. Our virtual marketingevents are well attended and generating both pipelineand new sales. We are seeing solid demand forDayforce Wallet, with live customers and prospectivecustomers in the queue. And our investments arehighly focused and tied to our stated growth initiativesthat create quantifiable value for our customers.Despite the real economic headwind we are all facing,Ceridian has underlying momentum in the business,and we believe we are well-positioned to gain shareand to drive scale coming out of the crisis.We have a strong balance sheet, and we are ableto continue investing in the growth of Dayforce. Weremain laser focused on delivering against our growthstrategy and on delivering value to our customers andtheir employees and, as a result, on delivering value toyou, our fellow stockholders.Intelligence at work6Q1 2020 Stockholder letter
Arthur GitajnExecutive VP and CFO, CeridianFrom the CFOThe financial highlights below are on a year-over-yearbasis, unless otherwise stated. All financial results arereported in U.S. dollars unless otherwise stated.RevenueWe are pleased with our strong financial performancein the first quarter of 2020. Dayforce revenue increased by 36.0 million, or27.1%. Excluding float revenue and on a constantcurrency basis, Dayforce revenue increased 31.9%.The growth in Dayforce revenue, excluding floatrevenue and on a constant currency basis, wasdriven by an increase in Dayforce recurring servicesrevenue of 30.4% and an increase in Dayforceprofessional services and other revenue of 36.5%. Powerpay revenue increased by 0.3 million, or1.4%. Excluding float revenue and on a constantcurrency basis, Powerpay revenue increased 3.8%. Cloud revenue increased by 36.3 million, or23.5%. Excluding float revenue and on a constantcurrency basis, Cloud revenue increased 28.1%. Total revenue increased by 19.0 million, or 9.3%.Excluding float revenue and on a constant currencybasis, total revenue increased 13.4%.The average float balance for our customer trustfunds during the first quarter was approximately 4,093.3 million, compared to 4,075.4 million in the7Q1 2020 Stockholder letterfirst quarter last year. The average yield on our floatbalance was 1.93% during the first quarter of 2020, adecline of 49 basis points compared to the averageyield in the first quarter of 2019. The decline wasprimarily attributable to reductions in the U.S. FederalReserve federal funds rate of 75 basis points in thesecond half of 2019 and 150 basis points in the firstquarter of 2020, as well as a reduction in the Bankof Canada overnight rate target of 150 basis pointsin the first quarter of 2020. As a result, float revenuefrom invested customer trust funds was 19.6 millionin the first quarter, compared to 24.3 million in thefirst quarter last year. The allocation of float revenueto Dayforce and Cloud revenue was 14.1 million and 16.9 million, respectively, in the first quarter of 2020.Gross marginIn the first quarter of 2020, Cloud recurringservices gross margin increased 250 basis pointsto 72.6%, from 70.1% in the first quarter last year,as we continued to realize economies of scalein customer support and hosting costs. Cloudprofessional services margin improved from(14.2)% in the first quarter last year to (3.4)%, as wecontinued to improve productivity in our customerimplementations. Activations increased to 25.2million, or 61.5% of Cloud professional services andother revenue, from 17.9 million, or 59.3% of Cloudprofessional services and other revenue in the firstquarter last year. Post go-live professional servicesand other revenue increased to 8.7 million, or 21.1%of Cloud professional services and other revenue,from 6.7 million, or 22.2% of Cloud professionalservices and other revenue in the first quarter lastyear.Operating profit and Adjusted EBITDAOperating profit declined 4.0% in the first quarterof 2020, primarily as a result of share-basedcompensation expense, but Adjusted EBITDAimproved 10.8% year-over-year. Excluding floatrevenue, Adjusted EBITDA increased 39.6%,reflecting gross margin improvement in our underlyingCloud business.
Net income and net income per shareNet income in the first quarter of 2020 was 8.6 million, or 0.06 per diluted share, comparedto 11.2 million, or 0.08 per diluted share, in thefirst quarter of last year. Adjusted net income in thefirst quarter of 2020 was 22.0 million, or 0.15 perdiluted share, compared to 20.4 million, or 0.14per diluted share, in the first quarter of last year.Balance sheet and liquidityWe are pleased withour strong financialperformance in thefirst quarter of 2020Arthur GitajnExecutive VP and CFO, CeridianAs of March 31, 2020, we had cash and cashequivalents of 255.3 million and availability underour revolving credit facility of 300.0 million. Ourtotal debt balance was 674.7 million as of March 31,2020, including financing lease obligations of 11.4 million.On April 2, 2020, in light of the current uncertaintyin the global capital markets resulting from theCOVID-19 crisis, we elected to borrow 295.0 millionunder our revolving credit facility as a precautionarymeasure to increase our cash position and topreserve financial flexibility. We may use a portionof the proceeds from the borrowing for generalcorporate purposes.Intelligence at work8Q1 2020 Stockholder letter
Business outlookSecond quarter 2020 Dayforce revenueImpact of COVID-19In the second quarter, we expect Dayforce revenuegrowth between 15% to 20%, excluding float revenueand on a constant currency basis.As evidenced in our first quarter 2020 results,our underlying business remains strong, and weare executing against our strategic growth levers.Beginning in the latter half of March, however, theCOVID-19 crisis began to affect our business. First, the monetary policy efforts of governmentsto mitigate the financial impacts of the COVID-19crisis resulted in lower interest rates, which reducedactual and projected interest income, or floatrevenue, earned on customer trust funds. Second, we began to see some impact on ourrecurring revenue, which is highly correlated withemployment levels. From a Dayforce perspective,recurring revenue is based on active and inactiveemployees, including those that have beenfurloughed. So, Dayforce revenue growth is onlyimpacted by those employees that have beenterminated. Third, the uncertainty surrounding COVID-19began to impact sales decisions, implementationproject completions, and project kickoffs. In thefirst quarter, the impact on recurring revenueactivated was minimal; however, we did see severalkickoffs pushed to later quarters. On the sales side,we continue to have a healthy pipeline, and wecontinue to win new customers, but the length ofsales cycles has extended in some cases.Withdrawing guidanceIt is impossible to accurately predict the depth andduration of the COVID-19 crisis, and in particular, itsimpact on the employment levels at our customers.Accordingly, we are suspending our remainingquarterly guidance and withdrawing our full year2020 guidance at this time.To help stockholders and analysts to understand theimpact of COVID-19 on our business as the COVID-19recovery progresses, we are providing additionaldetail on revenue and performance indicators.9Q1 2020 Stockholder letterEmployment levels at existing DayforcecustomersWe invoice Dayforce recurring services revenueon a per-employee, per-month (“PEPM”) basis,generally one month in advance, based on thetotal of active and inactive employees in the systemas measured on the 15th of the previous month.Furloughed employees are included in the inactiveemployee counts. From April 15, 2019 to April15, 2020, we experienced a net 17% increase inthe number of Dayforce users; however, this was190,000, or approximately 5%, less than our plannedexpectations.Subsequent to April 15, 2020, we have observed thatthe rate of decline in Dayforce users has slowed.Float revenue on customer trust fundsFrom the time we provided guidance on February 5,2020, the Federal Reserve rate has been reduced by150 basis points to 0.25%, and the Bank of Canadarate has been reduced by 150 basis points to 0.25%.Consistent with our previous disclosure, each 100basis point decline in market investment rates wouldresult in an approximately 18 million decline in floatrevenue over the ensuing twelve month period.Based on current market investment rates andassuming no such changes in rates for the remainderof the year, we estimate that float revenue for the fullyear 2020 would be approximately 48 million, orapproximately 22 million lower than our previous fullyear 2020 guidance.Foreign exchange impactsThe guidance issued on February 5, 2020, assumedan average U.S. dollar to Canadian dollar foreignexchange rate during the fourth quarter of 2019 of 1.32. Over the past two months, the U.S. dollar toCanadian dollar foreign exchange rate has averaged
approximately 1.40; and assuming this rate, revenuewould be approximately 10 to 12 million less thanour previous full year 2020 guidance. We do notexpect a material impact to our Adjusted EBITDAas a result of foreign exchange fluctuations, as ourrevenues and expenses in Canada are roughlymatched.We have 23,547employees working in atotally new normal. Weneed to know where,how and whether theyPowerpayPowerpay, which constitutes approximately 10% offirst quarter 2020 total revenue, is invoiced on a fixedfee plus per-check basis. Approximately 40% of thePowerpay recurring revenue is from the per-checkfees. Unlike Dayforce, we do not earn check fees forfurloughed employees.As of March 31, 2020, the number of Powerpay paidemployees had declined approximately 13% frompre-COVID-19 levels. We monitor these counts daily,and although we experienced an additional declineof 4% from March 31, 2020 through April 30, 2020,the number of Powerpay paid employees increasedmodestly in each of the last six days of April.can work, and thatevery single one ofthem is safe. All in realtime in one system soour HR departmentstays sane. Is that evendoable?BureauBureau, which includes both payroll solutions andstand-alone tax solutions, constituted approximately14% of first quarter 2020 total revenue.With regard to Bureau payroll solutions, representingapproximately 60% of first quarter 2020 Bureaurevenue, we typically charge recurring fees on a peremployee, per-process basis. Unlike Dayforce, we donot earn check fees for furloughed employees.With regard to Bureau stand-alone tax solutions,representing approximately 40% of first quarter 2020Bureau revenue, invoicing is generally based on aflat monthly fee plus a per-jurisdiction filing fee. Assuch, we believe revenue from Bureau stand-alonetax solutions will be less impacted by changes inemployment levels than revenue from Bureau payrollsolutions.It’s done.Intelligence at work10Q1 2020 Stockholder letter
Ceridian HCM Holding Inc.Condensed consolidated balance sheets(Dollars in millions, except share data)March 31, 2020AssetsDecember 31, 2019(unaudited)Current assets:Cash and equivalents 255.3 281.3Trade and other receivables, net82.880.4Prepaid expenses and other current assets68.957.9407.0419.6Customer trust fundsTotal current assets before customer trust funds3,649.53,204.1Total current assets4,056.53,623.7Right of use lease asset34.832.0Property, plant, and equipment, net124.6128.3Goodwill1,939.51,973.5Other intangible assets, net176.5177.9Other assets138.2150.3Total assets 6,470.1 6,085.7 9.7 10.8Liabilities and equityCurrent liabilities:Current portion of long-term debtCurrent portion of long-term lease liabilities8.48.8Accounts payable34.943.2Deferred revenue26.825.2Employee compensation and benefits49.375.9Other accrued 71.7Total current liabilities before customer trust funds obligationsCustomer trust funds obligationsTotal current liabilitiesLong-term debt, less current portion665.0666.3Employee benefit plans113.9117.2Long-term lease liabilities, less current portion32.830.1Other liabilities20.1Total liabilities 4,584.518.1 4,203.4Commitments and contingenciesStockholders’ equity:Common stock, 0.01 par, 500,000,000 shares authorized, 144,937,946and 144,386,618 shares issued and outstanding as of March 31, 2020, andDecember 31, 2019, respectivelyAdditional paid in capital1.42,473.02,449.1Accumulated deficit(221.2)(229.8)Accumulated other comprehensive loss(367.6)(338.4)Total stockholders’ equity1,885.61,882.3Total liabilities and equity111.4 Q1 2020 Stockholder letter6,470.1 6,085.7
Ceridian HCM Holding Inc.Condensed consolidated statements of operations(Unaudited, dollars in millions, except share and per share data)Three months ended March 31,20202019Revenue:Recurring services Professional services and other181.5 172.841.230.9222.7203.7Recurring services52.250.9Professional services and other42.635.3Product development and management17.615.2Depreciation and amortization9.88.7Total cost of revenue122.2110.1Gross profit100.593.6Selling, general, and administrative74.266.2Operating profitTotal revenueCost of revenue:26.327.4Interest expense, net6.98.9Other expense, net2.61.616.816.98.25.7Income before income taxesIncome tax expenseNet income 8.6 11.2Basic 0.06 0.08Diluted 0.06 0.08Net income per share:Weighted-average shares outstanding:BasicDiluted12Q1 2020 Stockholder letter144,645,325140,149,271151,178,498147,042,228
Ceridian HCM Holding Inc.Condensed consolidated statements of cash flows(Unaudited, dollars in millions)Three months ended March 31,2020Net income 8.62019 11.2Adjustments to reconcile net income to net cash provided by (used in) operatingactivities:Deferred income tax expense (benefit)4.1(1.9)Depreciation and amortization11.814.4Amortization of debt issuance costs and debt discount0.30.3Net periodic pension and postretirement costNon-cash share-based ges in operating assets and liabilities excluding effects of acquisitions anddivestitures:Trade and other receivablesPrepaid expenses and other current assets(7.5)(7.0)Accounts payable and other accrued expenses(2.0)(5.8)Deferred revenueEmployee compensation and benefitsAccrued interestAccrued taxesOther assets and liabilitiesNet cash provided by (used in) operating 2.2)1.4(8.8)(24.6)(143.3)Cash Flows from Investing ActivitiesPurchase of customer trust funds marketable securitiesProceeds from sale and maturity of customer trust funds marketable securities49.549.8Expenditures for property, plant, and equipment(4.9)(4.0)Expenditures for software and technologyAcquisition costs, net of cash acquiredNet cash provided by (used in) investing .111.420.1Cash Flows from Financing ActivitiesIncrease in customer trust funds obligations, netProceeds from issuance of common stock under share-based compensation plansRepayment of long-term debt obligationsNet cash provided by financing activities(2.7)(1.7)489.51,934.5Effect of exchange rate changes on cash, restricted cash, and equivalents(14.5)3.9Net increase in cash, restricted cash, and equivalents485.71,812.0Cash, restricted cash, and equivalents at beginning of periodCash, restricted cash, and equivalents at end of period1,658.61,106.3 2,144.3 2,918.3 255.3 206.3 2,918.3Reconciliation of cash, restricted cash, and equivalents to the condensedconsolidated balance sheetsCash and equivalentsRestricted cash and equivalents included in customer trust fundsTotal cash, restricted cash, and equivalents13Q1 2020 Stockholder letter1,889.0 2,144.32,712.0
Ceridian HCM Holding Inc.Revenue financial measures(Unaudited)Perce
Dayforce revenue, excluding float revenue and on a constant currency basis, grew by 31.9% as compared to 25.3% in the same period last year, driven by a 30.4% increase in Dayforce recurring services revenue and a 36.5% increase in Dayforce professional services and other revenue. Second, from a profitability perspective, Adjusted
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