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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 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 Supplemental Detail 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 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 Full Year 2025 Guidance 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: 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 . 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: 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) Dayforce, Inc. Condensed Consolidated Statements of Operations (Unaudited) Dayforce, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Dayforce, Inc. Revenue Financial Measures (Unaudited) 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) 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: 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: The following table reconciles Dayforce's free cash flow and free cash flow margin guidance: (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: Non-GAAP Financial Measures Dayforce uses certain non-GAAP financial measures in this release including: 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 . Dayforce defines its non-GAAP financial measures as follows: Source: Dayforce, Inc. For further information, please contact: Investor Relations 1-844-829-9499 investors@ Public Relations 1-647-417-2117