Ceridian HCM Holding (CDAY)

Jeremy Johnson VP, Finance & IR
David Ossip Chairman & CEO
Noemie Heuland EVP & CFO
Jared Levine Cowen and Company
Sitikantha Panigrahi Mizuho Securities
Daniel Jester Citigroup
Mark Marcon Robert W. Baird & Co.
Matthew Coss JPMorgan Chase & Co.
Samad Samana Jefferies
Christopher Merwin Goldman Sachs Group
Scott Berg Needham & Company
Alex Zukin Wolfe
Arvind Ramnani Piper Sandler & Co.
Bradley Clark BMO Capital Markets
David Robinson William Blair & Company
Call transcript
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Jeremy Johnson

My name is Jeremy Johnson, Head of FP&A and Investor Relations at Ceridian. I'd like to welcome everyone to the Ceridian First Quarter 2021 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded.

On the call today, we have Ceridian's CEO, David Ossip; and CFO, Noemie Heuland.

call provide for statements. a the allow brief hand to me disclaimer I to some David remarks, Before regarding forward-looking call developments. and statements outlook, forward-looking achievements or activities, may current future or This future events other and or performance, about goals guidance, results, intentions, our expectations any levels of plans, include of available to us. These statements reasonable management's currently on assumptions and information are based beliefs in light on Listeners are such reliance cautioned undue not statements. to place results to uncertainties Each actual forward-looking that to forth set and is materially statement could differ in subject risks statements. those from cause such these SEC refer information forward-looking our We and affect to to previous statements. you certain on performance and the filings other underlying with assumptions future the that could ability our for significant factors risks regarding and statements deliver update revise made to no We law. any as be to undertake this on required obligation statements may by except call, forward-looking or

letter, The in the database furnished the as on filed Ceridian with been over first that, and the well investors.ceridian.com. I website call in quarter Investor EDGAR With have will to on stockholder turn Form the will at XX-Q as SEDAR or U.S. available and the SEC's and David. earnings SEC Canada release Relations be the database

David Ossip

call. everyone, you and Jeremy. and Thanks, evening, Good everyone for I joining is thank our hope healthy. safe staying

the Before from quarter. I on to want to the we Q&A, go key spend a points minutes few

across all recurring strong in XX%. That Dayforce performance the meaningful had metrics. financial guidance we excluding quarter. grew First, float first revenue, by revenue, was

pent-up and reflecting strong momentum continue were sales a we and significantly and expect pipeline quarter above sales XXXX, First XXXX sales to demand.

billion, significant XXXX that we milestone to excited for to exceed total expect we say revenue are Ceridian. in a $X Second,

the XX% above the expect in float expect of XX% revenue, grow quarter we of XX% half XXXX, to to to rest XXXX, grow year-over-year. half Dayforce ex revenue the of Looking excluding second recurring XXXX. we second float for And second compared year, to to the forward Dayforce recurring of the revenue,

Dayforce remain well, go continues and Wallet the strategy. Wallet to we Finally, very confident in

and now traction seeing see XX%. to rates are we in registration continue over We registration, of

drive I more be We signed XXX launched Wallet Wallet customers introduce In have market to to Attach up sales we continued features increase approximately the we'll believe positioned already it employee and drive in over would have and sale. the Canada well XXXX, Wallet, our are questions. we into Jeremy to adoption up. share, to rates to to capture XX%. signed than than Dayforce continue on in have In now to for like Dayforce growth. call more summary, April, long-term extremely XX profitable and open have XXX new leadership and hand new extend Dayforce market up total. Throughout we using customers to back

Jeremy Johnson

Thanks, David. [Operator Instructions].

Levine of The Bergin comes first Jared Bryan from question Cowen. line of in for the

Jared Levine

So been the would levels? in deals you then still XQ? XXXX signings exclude terms have of January, XQ those large those early if Dayforce bookings, And of slipped into higher did signings that XXXX accelerate and than handful over

David Ossip

good first very than Even and XXXX. XXXX out for the both deals slipped would answer So the quarter. numbers that a higher Jared, QX, been we yes, is sales the have if had we adjust of

Jared Levine

in in of beginning compared to XQ? been fiscal recovery U.S. then employment period thus kind the Okay. into Great. the And how pandemic? far even employment any or has year recovery is Canada's 'XX there far then of the And thus

David Ossip


side headcount We a guidance we we $XX at So headwind the of an expected saw million. the Dayforce be QX, to quarter. $X million on when of end gave the inside employee

$X $X and expect QX. to QX, improvement for see effectively that to to million expect and QX We same million we a remain in the then

headwind a I $X.X but Noemie, Powerpay headwind we On had Jeremy million, a of million. in about when correct believe of $X me if wrong, side, I'm that and only expected the reality, we saw

better did than on we in we is had employment numbers Canada, expected. which Powerpay the side, So see

Jeremy Johnson

The next question comes from the line Panigrahi of of Siti Mizuho.

Sitikantha Panigrahi

your Even I -- $X.X like of that's assuming per Ascender billion-plus what million impressive. that's run above are almost month expecting. if at for consensus million, kind million pretty XXXX, exclude $X Looking rate, month revenue $XX $XX

So where such enterprise your seeing mostly do you Is to drive and line what's in on terms are a driving upside? of of -- top more confidence the Or -- see you growth? it kind segment?

David Ossip

several visibility, out. good very have we as know, quarters Siti, Well, you

when at $X have and in billion our we the number, that look implementation. XXXX look we the projections already backlog So we for at

high team. they off, to degree on that when us And a allows time model out that live implementation a have line. revenue in of budget. We will go kicks know the our confidence We project and

So ex a remainder in high confidence. to QX, bit up in expect sales have we the and Dayforce to grow And what grow XX%. recurring recurring year, is under degree projects the expect already quite the that float on we the second have are again, float that ex And again, is a previously. largely we had XX%, in given implementation. for half, XX% we which we based to the Dayforce's of And made that above from

Sitikantha Panigrahi

number you employee features and further that customer, seeing it's using, some year, traction to whether launched then of how that's give impressive. here? who XXX and That's see you the going pattern great payments of learning color. And Wallet to volume customers are been through? the the do you follow-up product there? last among pretty usage And plan the what are kind of are up those expand of a what kind kind or us side. moments And you It's on are color, year the XXX -- Could using, signed a already of almost since like

David Ossip

That's a question. great

rates using across quarter. benchmark me were to of let that Last were registration quarter, Wallet. about So it XX% seeing XX% to customers the last we

longest, higher some product are it seen above XX%, not the And now XX%. almost have rates seeing been the We we registration have cases. that in at customers using the go in if

pattern, time. typical a the times about user month, the half active typically dozen product of $XXX on per uses loading a usage terms In about per

of usage So quite it. we're high seeing

adding the year, of to second adding virtual that are in will additional June, a there be X we terms rollouts half. features product, the for one in features In card. In one June we're this and feature the

card So will you notifications, we change half every day. say, be referral my wellness. know, with plastic move will my the do like $XXX or various we're our to they're much would balance. have savings the programs, We're to just Wallet the balances a they say without in-app as to as adding to launching user end enhanced additional Currently, don't means to of I'd Wallet need of so self-service, things direct to add app, click having for fluid PIN, a my pay user, it like present to We'll of able programs. like start single do as Obviously, adding stream which to that, for expect going payroll year, areas employee, the at I'd into actual the adding to to Wallet well, product capabilities with and to In capability, capability, deposit We're reward an like to you which, to be types for of We'll more some such. have launch of transaction. we the the I, the the the what nudges This hey, will and guardrails such. that. user has minors add completely go viable how to And makes Wallet. second use well. notification then product to be to as the and financial be

usage, actual And as we also map the help we So robust us higher as add sales believe, Wallet. adoption these have the the will in all of Dayforce quite a of to Wallet, mentioned, we for road more side well. will but features,

Noemie Heuland

other over as for recently David, I add, The Canada XX up signed in already Wallet is well. it. the thing customers have We would launched we've

David Ossip

Ireland as great we that's U.S. year a I believe in the and U.K. the next you point, can we not in if And Well, use the must Canada. both one and the be well. of launch wallet to that expect only, only, Noemie.

Sitikantha Panigrahi

one quick my on clarification Just question. first

M&A contribution, baked have Noemie, guidance? into what So you your

Noemie Heuland

You're talking contribution, Siti? wallet

Sitikantha Panigrahi

revenue. No, no, acquisitions. Acquisition M&A,

Noemie Heuland

have stockholder go detail. March. run be rate the the into about month if as think same you're the we QX you've seen numbers of much So the talking to pretty Ascender and can in we disclosed going in It's letter, I specifically, in

And what's our that's today. so in reflected guidance

Jeremy Johnson

question from next The Citi. comes Dan Jester of

Daniel Jester

you high Asia customers see I can David, the I at just do HCM modules in you maybe kind look level, sell payroll now Ascender that just Ascender, closed, update strategy And just who software. that how at other of think they to if have an evolving? Pac a us give

between pull the in in U.S.? And to over any going time, about, payroll And to how so push and as than converting that experience of you does Asia Dayforce, the and saw customers you those different evolve HCM Pac? is be the think sort

David Ossip

Dan, customers. talent let case, payroll they're first. last in components. breeds We've North of without that at done record, me do EMEA, some part workforce the of your of HCM And payroll, a many best bringing very answer sell and the We often, system the components. of and and America in is management, the question of large the that for ERP

be So will believe as in well. pattern I the APJ same

a those modules the customers the Now that are to segment talent the there for And I'll there well. we segment. as is for all upsell cases, is core strong management, have upsell do workforce possibility HR in say believe in we market an major enterprise small and

spoke Over products. product, education migrate of to terms acquisition to larger in in bit are a shareholder different it the government, One enterprises. X- In accounts over a a The the strategy, brings we is with about to major X Australia. products it X-year is period, expect for one several and the market Dayforce. letter. more There Ascender we

and we the education major to sector, enterprise, capabilities product, already the application. In we Dayforce our to On some market government add the are migrations. beginning have

has that all for given to have migration. start rest geographies, is will soon, keep then the most believe of that across us which that the intend building, of And those We of there product we Ascender we'll been to capability the be separate with Excelity, we for Dayforce the of Japan. in factory uniqueness payroll online in a the Japan, market. and exception Asia. particular native the Dayforce team alongside R&D in give that have Asia, And across of a countries product to able Japan, Now of relatively

Daniel Jester

going out partner seeing more network, Great. next an that as that just of follow-up year? a sort you're impact to then the that's building And that has how is an in And that impact update any to XXXX? business Or on building the be something on going is maybe how -- how maybe on out?

David Ossip

We're the pleased build-out Great. Thanks, the going integrators. very Dan. with very, how it's of system with

team sales very new well examples contracts we begun now now, our execution, implementation. signed have has priming have Dayforce where the First, to examples sales SIs. from with And a successful SIs with of the work we

reflected that some see services numbers. of the professional in You'll

less services some are of some see the implementations. growth now the that way So year-over-year you'll that professional reflect SIs of as in numbers. the doing And we you'll see the

example, success But in in terms recurring revenue focus in For and begin deals. prime in now to SIs SIs of of terms SIs the because that depth the us expect to bringing and start of the revenue very, having nice number, also we'll of Dayforce side. priming such, on terms very we relationship, on the in success incremental some particular

by X-week large us recently period region an In an a SI deal EMEA and an the fact, in brought primed to SI. by under closed I in, that was we believe,

the really of lot examples great strategy, SI bringing benefits. of a So

Jeremy Johnson

Next Baird. of from Marcon question Mark comes

Mark Marcon

they you very Wondering winning you care pent-up including why with were David, -- space, wins, there's of health of impressive up give in strong choosing XXX really you letter, regards the ended players. a number if terms a really ended that to who then also the sales decisive bit most there's regards pipeline the and mentioned up Fortune in more and proud you And from wins being commentary you companies demand. you with color shareholder elements. the to just can and in that global the of little

And wondering, pipeline sales have to you the Noemie. then your characterize levels I and we for so And expectations relative are year? would question pre-pandemic what how I'm a the as go today through

David Ossip


those large and people the definitely given pipeline of a strong. So have effectively QX virtual of the of the we higher XXXX. of mentioned, the the large now summits XXX believe, XX% a the side, is are, better about as seeing these of of We quickly. I marketing pipeline up the pipeline, relatively attend we've than think just success, event. very summits. coming when look who let's around also well. pre, particularly summit had, I attendees, It's But examples pipeline summit another on around the say, it's And at quality some about spoke had close the as we're how the I breadth of rate we actual quality

hard of it's terms think you're don't say the wins, to say that. favorite. actual In allowed a to I

All of really customers think are are our there do our some But great. are I that favorites. that

at in was health really them, proposition a competitive quite the to quantifiable them particular called the playing. very nice. you kind supported some was deal could by It size where to you'll as that where one of about large were care SI. a the of some look shareholder large we against talked believe of I If organization. to and is And we in regular worked we with we involved well. a value the the quite out again, of competitors a deal customer the value be explain way I And create where suspect the we that as letter, it ERPs

Mark Marcon

can time and too said, what there And any been you pushback are little from so, a know what, the too that's become seeing then Wallet, it on -- that? And of any you difficult? client, you the bit one this talk installed if has percentage about any has hard or Great.

David Ossip

things So of client. the this a to Mark, implement got be one at has easiest to

[indiscernible] Google customer app boxes. iOS pulling You Play employees the the literally application. the It from check Dayforce off the by store. check does few directly download a piece the or And the information the

case then you the a in have that there's your get just a fewer do. you So days to And plastic mail later. few

launched really I users it we the of to in the when is one use. easy first Canada, use app, fact, was In to and

the just tremendous of a payroll well, is customers any got the It's financial talking have in benefit the had from From no difficult that way to they that using we've to that have perspective. the inside from the with case doesn't It's feedback employees. of payroll benefit this the the system. too There's piece do bolt-on to the customers reconciliation whole Wallet a studies We've has ease-of-use are we embedded don't administration terms So a They do. don't well-being complicate process. about from pushback get written do. as their it where in a the change to funding. team application. employees bunch not us And to that

very, will June So deposit that we the remain very direct feature very confident. and pay to streaming in the accepted. release going I believe very, well launch the is of be

Mark Marcon

Noemie, the temporary EBITDA quarter? just Excellent. puts what what's for second takes? of bit you about kind are what -- and the talk of And Just a the can then, And and guidance transitionary? are some little

Noemie Heuland


I year. mentioned an -- are think margin, on we've investment so clearly in as the before, we

build Wallet, especially As global in we're you Germany other the around places. and of the know, our investments significant group, technology in product and making in around capabilities

a to something consciously translating higher to on technology of cash gain and So into spend building partnerships And some in marketing customer on. as some large capabilities also and expanding sellers, are seeing enterprise market sales SI we're our increased product in spent as doing that's as well higher we're as revenue a percentage we're see you're share. so order which R&D, why spend is we the going with and

we into to are throughout see So also and year. -- higher that translates the marketing also going a sales that you're

provided the adjusted revenue. XX% full margin XX% EBITDA that's of guidance So why we year around to for

Jeremy Johnson

who's Coss, at Next Murphy JPMorgan. question comes from from in Mark Matt

Matthew Coss

dollar you the just last year usually now ago? dollar is net retention you once the me retention retention the report you've on but versus seeing a year, you're since know year? Congrats guys. Can strong I help seen gross net something a just understand quarter, improve

David Ossip

at which remains employment with would hasn't very our it numbers is It's the say, What's changed, level strong. It lower above at XXX%, remarkable years. customers. even maybe XXX%, I that remained really over that

Matthew Coss

it. Got

a has sales the now pandemic is relative relative HCM come other ago to HCM purchasing? IT year applications? forecasts? of sort to through In viewed pipeline And words, in it priority critical the as And was you other Okay. of seen then that have and than other more changed software modern

David Ossip


when their I paper think forms, digitize think it's pandemic. And gone to phase, or had of at I rush lot I'm that I XX to in And and What finding organization. in to is speak to per of manual we're becoming the probably the that with for cloud into look, customers, the working and week. to been processes has to phases. first finding on-prem across customers there's year, interactions now is is a is real Matt, the maintain were get and to that call -- still over an a the C-level a the culture In continued the having and across So paper systems people with I a that there concern demand. that a been mad difficult employees. out speak all at bonding drive home benefit about are who demand I on more companies the What relying

And how looking so and the spoke used can really strengthen maintain us very or lot engagement I've employees and the been we for levels organizations products describing about how shareholder culture help keep and so that application. communicate you of letter, -- a I obviously we've high. together like how can In bring are that

all videos X, way so revised such. recently that new different the we the our did we values our that embedded a And We used launched. that values. on Firstly, with to as used employee removed and communicating and added embedded we of we the we because hub training values, group X,

important. very that the trends actually keep right perspective, We've and features our DEI make and score diversity in using using executive to we're inside sure gone we and that's been, E&PS nicely. have dashboard sure from moving proper for been to engagement me our direction to on it's that sure a are is employees. such track those been really and very better and product. the team, that what balance you lastly, our Wallet for been And are people an much important financial things levels it keeps times those are the see flexibility very, has helpful like make making to seen addressing believe reasons very, And ESG given we've have And the Second, on the together strong the employees and that together, bring we're when very that for our items wellness. looking for demand I the because we've in a company this the Dayforce

Jeremy Johnson

Samad comes Samana from of question Next Jefferies.

Samad Samana

first seems the of more to APAC be in It for David, concentrated maybe the So seems region. pace to the company. one, M&A up picking be

to for should it about should in we should balanced And going there forward? how think think maybe is -- maybe right follow-ups. happens Just then just a about growth? we then, APAC lever I as see a a M&A on structural a thought we level, And regional maybe more in how is of of couple change Or it be have be now? again,

David Ossip


So can capability. M&A all, first I proud I'm our very of of say

shareholder that you only know, are consolidation in we legacy focused kudos think I tremendous great we've the really, capability, APJ really really quickly time, use And on payroll Dayforce how in about When elsewhere I've typically team their many jurisdictions on that companies pickup We spoken know, job. of acquire there seeing number out over M&A regional before. strengthened, execute able letter, a because done in that multiple, get to as to a a benefit transactions. opportunity spoke by, And in platform, we side, were capability already Dayforce their at us for focused headed knowledge, the we've to that as people, the by out build region. migrating our technology, you that capability we the look up Erik strategy, onto about are continued. inside gave then, the on There world of operations and customers and been on that particular comes have and it, built our sales Zimmer. He's M&A global great to to last and particular having their I the are that's that it play. nice

the now. We are regions transactions years. around do I that some of that at world couple next would the looking we'll And other like over expect

knowledge of been The big of period, Ideal software. inside already on we've the We're M&A the active, had is team this you strong. talking been data group and terms about say talent Dayforce We for a where a and of other really deep acquisition. over scientists partnering area embedded of got acquisition, is piece to product. very a in talent with had see with which quite exceptionally the X-year I've with The them great side

type So could where our are we that allows relative as we an for knew product to acquire get that do. product more to the actually like competitors. capability leverage Dayforce advantage acquisitions But you what that well, of specific inside looking to the capability a us of

saw that which acquired them really, really you gave on the We benefit piece, benefit ago. Another benefits Clearview That a years market. decision us several intelligence nicely also the support, side, Logix. gone in has example where was

of a So will do M&A future. think flavors part of different our two yes, be I those

Samad Samana

for you categorization. follow-up a revenue Noemie, maybe, then on the just And Great.

the the in most shareholder past the But Bureau. letter. where have fully buckets of are in saw You allocated dollar the just in, been put to acquisitions maybe

outset Just it's usually, why mechanism. acquire Dayforce trying some the understand convert at to the into since, maybe and sender bucket the went the of

So be to maybe helpful it think just -- I that. would understand

Noemie Heuland


that some population. and upon to top well going Dayforce on that user a part support The upsell Asia solutions continue majority that of cloud solutions Bureau, it it the of modules went to pure Ascender a and the continue a sell of also cloud interface of the is that David platform. Pacific under to cloud to to solution. the build then Japanese build but referred You're as There's we're the is of there's to right. -- as portion HCM

revenue, million, million services including is So $X about that's which cloud per the month. to in $X.X PCC

Samad Samana

David. Great. last one one you, for just And

bringing With Chief -- to anticipate go-to-market the should expect in hire of any that, that we or Officer, the new should organization the the with the that there? hiring we change -- major sales leadership with underneath on, Revenue Rocky new model changes changes any

David Ossip

years Samad, we've really heavily background. Look, into from X the Rocky investing know, for been you in superstars talent that, now, as over tremendous a last a -- perspective. falls really

As recently, you ran of regions. ERP's He most one complete the P&L know, he largest responsibility. had

true So into really we actual organization. the that bring he's a powerhouse

we've that sales had a Rocky's SI execute maintain of I sure think inside and think that enterprise, now organization already lot of terms in of focus focus moving And organization really to change of with terms great organization in such. to kind well. the relationships the real culture in with the terms of have I on inside we empowering inside as sales better segments, and a making make really that to goal even sure is we and

What execution inside market. great go to changes expecting expect to massive I'm go our a to see is So to in I to don't see continued market.

Jeremy Johnson

Next at Merwin question from Goldman Sachs. comes Chris

Christopher Merwin

just I where funds flexibility could are to curious, funds could where evolve time. to running about thoughts other one share that monetize map alternatively, road may users about Wallet. the add, cash give those core about more can anything ultimately product curious partners the or Just you there you further to product Wallet. other if the sit? thinking features about was could in any about to wanted [indiscernible] product where you through Great. there's I ask the adding that Or you're

David Ossip

some already in see of second you'll actual the release half Chris, happening Yes, the product. that of

U.S. share. we based -- switch probably of It's pays a of the We'll And for a the have with bill click out the network will in to big click get that go are making back. way the -- players interim, talk as about rewards, that a There that well, So that that, with Dayforce we'll number also very model do, well actual get programs we through it the cash as of is the cardholder there a easy Amazon rewards merchant when split the and your source so well, the or of we we use X partner. a obviously, pay -- fee simple works, does do the Netflix the there. actual you a card probably the is revenue and partnerships as in payment. the purchase, one kind for probably the very, BIN on to get for With

would I So that. to get expect

In terms to be the their we'll where And money get with like financial products of would types then off of interest-based as bank more the wellness like the money at the keep the get people over that which savings, where can on select accounts time, that. well. start can savings cardholder they is, and interest held they'd into we'll to

Jeremy Johnson

Next question comes from Scott Berg at Needham.

Scott Berg

questions a wanted David, I on Ascender little bit. just to kind of the follow up

of months relative growth you whether do had opportunity, a now whole? it's or Australia think how about a for Ceridian acquisition the so to whopping far, as rate couple the you've Pac, and As Asia

David Ossip

a time bit will of to it us Scott, So take going. get

market the of that is But early rest we growing the the than in APJ days in So the we're terms the know of opportunity, quicker world. of integration.

equal over go-forward expect a the be So growth I Ceridian to would opportunity basis. at on there rest of to a least

Scott Berg

other Got it. levels versus the the the which portfolio as pre-pandemic compare attach But is the new modules quarter the And management today you staff, of of rates rest of talent for attach maybe I rates know rate. fourth how to fantastic you a your in would you mentioned at look obviously new attach wallet solutions, the or XX% customers, 'XX?

David Ossip

in number I XX% add-on We've probably look XX% at believe think in it's seen QX, that the Jeremy, we're the attach we rate at were up. If at level. the pre-pandemic, and I at, Noemie, I -- it go came

Scott Berg

Wallet number than for be at ramp think is you Excellent. XX% can employee registrations you one or do look know think What it base? to XX% Is customers up like XX%. do the on at you talked peak of higher seen that it kind Or as maybe handful you've number? levels? quick me that does And last about and I one of of XX%

David Ossip

we've So registration above say go study future. the year-over-year, look, be talk I quarter-over-quarter, where doubled I one What seen the XX% and up at seeing about the would real -- Walmart can close is believe the rate we XX%. market range. are out are If to that only they customers has I it believe we their and there

that we us, system. the actual a in we I wallet think the have whereas, with kind a might. -- would of case the range Wallet charge for don't And because it all once reasonable put the they usage, get I charge. might now We believe, So a don't would the features Walmart, piece of higher fee be be into

Jeremy Johnson

Next from Wolfe. Alex Zukin comes question at

Alex Zukin

Congratulations quarter. the on

and kind So if ex pipeline. at we year, great we zoom COVID, you're out, a David, going of with this in look

-- kind for switched You're you've of [indiscernible] new provisioning. to customers successfully

that a deals on functionality. winning You've got vendors are up. perspective, where you you're signed a that global partners technology really exciting differentiated against checks indicate at payroll HCM of result least And our have as other

year, set you've here? think the about set the of this to front you're right if we have hired star kind should of execution there that know, kind lot another rock that level what's put looking fallen bigger term, -- a You up, you've you Head but growth also exiting of of put I of into stepping of kind place, guided, So given of COVID? the to about you've kind durability not to is mention back, I growth longer How the guidance, in Sales. things way think opportunity of picture,

David Ossip

to base. consistent to Alex, Two, growth we're I We we go We XX% now with additional as we year. acquired IPOed. the out modules. you know, XXX capability. about back around we quite new XXX our additional spoke customers, One, sell that levers add-ons them the per build we've been since seeing.

into space. up move we that. Third, you've And the seen enterprise

well. If as in that they look I make I in And shareholder through of you the on moves examples If support some move tremendous, the we'll obviously and see read at I in of The been similar has gate letter, years out large execution only we're signing the EMEA basis. moves already region, we global organizations. a deals are making world. the great think now Four, expect X we're elsewhere that you'll wonderful. UKI our very some that in APJ And we're types of the there.

very allows recurring to which nicely. from And going spoken who our systems. drive the very, products always then the so people more like adjacent And we've use that's us Wallet, revenue about

to do to obviously in Now order invest that, heavily we have in quite talent.

global you on, the And individuals like Noemie, Rocky, like brought we the gives the people at confidence in that at on a of us that that brought that the people different growth was If of Joe, We I can against also and time like people case. look and have and scale proud that have levers, like they have. even execute we Leagh, basis. experience spoke all the people we experience people how out over coming leaning the X pandemic the of pandemic. resilient I is and Ceridian those think stronger, we I'm into very about think

Alex Zukin

sales employment go-to-market much hiring and apologies Perfect. kind And not direct we levels? levels so you've commented just for asked, as this hiring if compares about to in -- has pre-pandemic trajectory, or of organization, be and I this about don't of I for terms -- know this getting then thinking if should on think hiring your either team but it own trends ready what year year been next but

David Ossip

our find investments marketing. well as think over never number and sales We'll which hiring you're you will last on see EBITDA the the we're really made embedded down that I side massive in the year. hiring think going we've sales guidance at in on are marketing. to I that in don't and We numbers, continue the making hiring. levels mean, the slowed I

to and those want Jeremy investments? And specifically around marketing or investments. make Noemie, to add you sales continue anything so we'll

Noemie Heuland

with invest, SIs. think after I been to building we're majors, also We're work right. that's departments enterprise the large tackle to actually building enterprise focused No, we've able and we're segment, continuing to and go on Historically, upskilling capabilities more certain larger to segments. the capabilities to and we're be

are sales areas where the other as we're so And investing marketing. well and in those

Jeremy Johnson

comes from question Sandler. from Next Arvind Piper Ramnani

Arvind Ramnani

on back wanted I wallet. just digital circle to

for your that able of rates employee for prove seeing just has follow-up and that any a digital retention there wallet? given You on improved wallet, you're with digital clients. has use to And impact have to also that, you're you an it if as just some kind And your traction that that rates elevated can go win indicated that, are Ceridian rates where industries retention up? specific of

David Ossip


there. doubt, reasons for great two two a our win over rate, has they're Without So questions helped having the wallet there that. are and probably

have that a that timesheet, you engine, immediately we Wallet net leverages record, that we we're speak the The a change which market about means earnings. is continuous an benefit we calc a when differentiated capability. HR record, first always The calculate that in in

when talk to clearly have. the a continuous it to about which offer advantage Wallet, able others having engine, calc we of the so And being the customer don't also the explains

do I think us it so has helped tremendously. And

that look when cardholders we improving time, stats team XX%. to some fill Wallet. engagement, also open we speed goes how their new vacancy, companies, versus we about improve we And coming deliver see speak we the same voluntary attract benefit we the when great found organization, And and and to about the the when speak active we really, rate by have the last them of people XX%. nonactive attrition talk cardholders we improve that that about the ability and by into an in in Second, those about about numbers. job we really are down at the And HR tremendous talent can spoke from

it you. just industries, at here, at of live kind right In actually terms I it can of look look for

financial my industries, the manufacturing, with industry professional at kind right of look moment retail, in construction. success dashboard I services, at if of peak they across seeing services so have, And we're and kind

Arvind Ramnani

question for so separate environment. And kind a Great. competitive the me That's helpful. on much just of

continued continued cloud-based the that, mean, legacy certainly I Ceridian a has for also also demand innovate. And players solutions. to Some of environment, with demand accelerated has kind I have to -- innovate. XXXX of a guess from from And

is players an of legacy starting competition? some cloud with of the the more environment, to solutions and up? of with satisfied have kind are like legacy perspective of feel relative from of some catch you you distance which the the of to looking kind offering you demand Or players the for probably just sort So backdrop like continue to are innovate,

David Ossip

the terms much of is it. the would if In happening, players, know legacy way that don't there be describe would I I probably catch-up

a we're are that number differentiated. Here I of do think aspects

engine. know, continuous you a As from like product side, calc we features the the have

have ML. We have the the and Dayforce We AI make very Wallet. we database, of single engine, effective use the single-rule

and compliance, of kind by We're We in I capabilities. strongest, and Gartner noted global have the others. believe,

those where look we're in service I NPS do measured scores I I live, great are second also do leading the experience scores NPS And I client area our probably market. We're think differentiated technology. or on go a really they at not X best as combined, the inside when at by client look if are if And our The believe technology. levels. satisfaction stagnant with implementation, things in

so inoperability, work talent lift best-in-class. If remember focus we're the the intelligence, data that the that the doing in you and Joe we're in Product -- Chief a have AI of terms think work there over some user our and moment and I terms that Officer, he's use of of at are of look on that and various Joe modules the to really, the doing is really at the doing, is Technology ML, experience, work the doing also

Jeremy Johnson

question comes from Clark BMO. Brad Next with

Bradley Clark

year, around strategy I guys the Germany those with rolling next over specifically, about the should out what and think global customer customer about EMEA to And payroll Germany out do just advantage you payroll want ask And taking additionally, how this of and building you year that deals global into wins? we think about international strategy base? how launch as how that in to EMEA. the the refer translates

David Ossip

all the EMEA. we're seeing years the referenceability. in Lidl, Germany very are terms our several in customers Henkel, Germany success and launched inside UKI in ago, but Great that and across workforce with We've inside in We we're go-lives leading with as already having wins and not only management globally, traction and wins happy we're Brad, also well. Coghlan, sales like of So organizations tremendous Siemens EMEA great in them Kessler, market, had product. of

with XXXX. in be work developers or terms Germany on have in Once will operational that surrounding In that the we're the ground kind of a Germany Germany, Germany. have ready already and obviously, quickly going are expand very Germany. to do of the of to of We and running, people build-out and up jurisdictions we salespeople lot

well. region that will we believe be as so And that we leader a in

Jeremy Johnson

David comes William Our next at from question Robinson Blair.

David Robinson

to to seen of as of regards I rates the you kind areas kind have increase previously this modules any you was attach this of kind compared with So quarter in certain the past. touched there's certain onboarding that's in on different increasing wondering, the reopening the companies anticipating and both maybe other of been kind any recruiting the world? in interest are trending. around see Just the America how regions or trying around modules North or to of if

David Ossip

So think right. David, I you're

a their homepage type with on focus there We put it's that own a the a employee, it, now make really branding are that and effectively a things they of launched on There's Hub personality. their jurisdiction, Dayforce based until can I is, communications. a lot few of on think can employee look what us. recently, tailor So customer meet

well. inside to or as You linking application external can deep our have deep applications linking

and time-sensitive be central hub, have to You for the content that's can And action obviously is people. communication which very items a powerful.

used relaunch As and them our very values I internally successfully. we to mentioned,

the on recruiting on side, talent lot a Second, we're acquisition. seeing obviously

capability that talent it's And candidates learning Now we a Ideal. means And on that perspective. on learns used AI who also manager grade, really they with recruiter system Ideal that apply. behavior. hiring the doesn't They agree acquisition, or have machine based which acquired great grading if the is the just of they DEI has and from can a is true have correct for a algorithm, what the the

I and talk onboarding. bias making hiring onboarding, management landing of going very, strong actually sure and employee start powerful normally use you're And about employee off we you performance very becomes the the like any like. with very that we a We're managers, page. capability the on because single application when as don't that have areas type through in when across candidates, well can the So you're you believe

CEO, the from message a a it's multimedia. have We

and you into have company just you privacy, into then behavior directly experience. instead code, hey, embed You that now of learning saying, or the ethics go the sign-offs read the or

take off. You you then it the and signs course

now forms various the have benefit which completed enrollment. that bring digitally, We help be can tremendously. obviously You the checklists, then typically various in

it benefit to through So already experience. pleasing make the decision we support go

You a in management. learning more typically bring bit

up you the on-the-job person's plans set development training, and like. So have XX-day, the XX-day, XX-day

very very, so And nicely. it -- it's works very

we transporting. what the call onboarding Now modules same use

people can same will about experience they together the to returning were back coming that putting you be So think a pandemic. the when COVID proper don't people before that and work offices look to

big a well. as in So obviously, that uptick

nicely on are doing areas quite like engagement. also We

are making I again top that to that people like it's engagement levels while for ability are dealt with intelligence comments CEO, the sentiment so for holding sure through make to concern any that a lot analysis comments a before, surveys, engagement leveraging read positive sure of any poll home, are As mentioned aren't do you that features at surveys can correctly.

prior is important the In as the to what work-from-home sits side. Also no tools quite obviously, such, So is lot. is as it and a pandemic. today's on longer someone global area another where like Zoom using was

important, U.S., have capability, but to in ability do Portugal they're pay the a management, they're in currency or single very how they're Brazil either you a do local so very, also global in payroll things constant handle like a from the in it if people, currency, to to in Canada, a perspective, being compensation or or And able budgeting system. becomes in

be those All driving the seem add-ons. of to

Jeremy Johnson

questions thank you we look in and Well, I the would more to for evening, Great. base no And like have such, us future. we concludes touching actually this the that queue. forward to with call the in joining everyone today.

David Ossip

evening. everyone. Bye, this guys bye. you, later Thank See you Great.