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Ceridian HCM Holding (CDAY)

Participants
Jeremy Johnson VP, Finance & IR
David Ossip Chairman & CEO
Noemie Heuland EVP & CFO
Erik Zimmer EVP, Head of Mergers & Acquisitions
Siti Panigrahi Mizuho
Jared Levine Cowen
Daniel Jester Citi
Mark Marcon Baird
Matt Coss JPMorgan
Michael Turrin Wells Fargo
Brad Clark BMO
Matthew Pfau William Blair
Samad Samana Jefferies
Alex Zukin Wolfe
Arvind Ramnani Piper Sandler
Stephanie Price CIBC
Raimo Lenschow Barclays
Scott Berg Needham
Call transcript
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Operator

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

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

David Ossip

evening, Thanks, Jeremy. Thank And the joining call good everyone. you for today.

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

in second financial we strong First, quarter. the had performance

and we XXXX excluding to revenue, revenue, revenue, Fourth Dayforce also now quarter XX% above to recurring revenue to grow increased excluding excluding year Powerpay Our revenue. Total third at with quarter gross excluding XX%, by results our both Dayforce our guidance, revenue, billion, solid and million were up Bureau, basis above and grow raising sales XXXX. total are adjusted recurring XX%. XXX float were XXX to margin and points, across in up our which XX% meaningfully XX%. revenue, revenue, float basis revenue, Full expect $X.XXX million. was float year-over-year XX%. on guidance Cloud Based customers, between was including all and XX%. grew We pleased billion and we recurring confidence second also $X.XXX employment EBITDA by grew float recurring Dayforce between points metrics. $XXX $XXX performance, quarter execution our levels and

and saw the see enterprise large traction the segments. we to success in enterprise and continue market major We also solid in segments,

performance into strong, continue pipeline second expect XXXX. of we to the half healthy sales Our is and

than pre-pandemic customer improvement half to to is larger and levels, expected the better our enterprise This average The our move positively at per Second, count Dayforce began revenue. employee customers of Dayforce is benefit compared into employee count show to also our levels. now quarter. last employment reflective second

Finally, now have customers of than the our about registration users. XXX top rates we Wallet. over customers signed have for Wallet. Dayforce Dayforce XXX XX% on are live of live strong quartile momentum seen We Inside market more customers, with averaging eligible

in per transacts Dayforce And seeing average now top-of-wallet, approximately per are go-to and across five times We with every money. XX traction for money geographies, wallet was user their strong an six performance average patterns financial and summary, card loads day. spending exceeded card expectations. our card the below. $XXX an addition, approximately spending execution active segments of our the active wallet positioning to further times average impressive The month, holder earned onto and at almost In month as

momentum seeing areas are the all significant We company. of across

offices throughout We US. to also the been of I've also have level met I the various across reopened have our our engagement been thrilled And customers country. at our visiting see offices whom from in their halls busy I've in employees town the US. the

consistent some And emerged. themes have

like would with uniquely that for help a more are back attracting First, where environment call of our market. these in-person conversations we positioned in talent in challenges it to culture conviction I work hybrid each hand left now the to competitive. to from employees company expect difficulties well-being their up do customers the and address these competitive Jeremy to very be I their maintain retaining of to anywhere their and and questions. open unify the talent to the productivity fashion, second, improve challenges an their and finally, desire and and workforce, a in

Jeremy Johnson

Siti, first Instructions] Thanks, please Panigrahi Mizuho. of line from from the The Siti comes question [Operator go David. ahead.

Siti Panigrahi

nice really see It's taking to Hey, XX% question. recurring this growth. revenue thanks for my

to even back XX%, plus You're half. XX% second guiding the in the

in dig confidence how mainly the level, to bit want expectation half, enterprise in you what's does there, your what enterprise employment your a change SIs specifically And I are seeing segment And going into of QX, activation traction, are helping into or mainly revenue terms your on QX. you? So the also, that little the second how recognition deals?

David Ossip

Sure.

$X of QX, in of had quarter, what employee in we line So the terms saw in headwinds, was million in employee we which headwinds expected. of

and an improvement million. we $X.X QX, QX, only million $X Dayforce it side. a on For million, in expect we of expect so be That's headwind, $X to the

$X.X of headwind $X of expect QX, in to side, and, million to of On QX, saw Powerpay we in improve we $X.X million. it In the QX, headwind million. headwind a a a

the in in what through a the the deals the nice and of increase we market, Siti, system in volume increase market a is two, call of in both the well coming strong. major segment enterprise major year-over-year, very traction, Our saw segment upper as We as remains also significant and well. we which saw ACV

Siti Panigrahi

for now live. traction Wallet customer the see And quick then good there, XXX follow-up the Thanks on Dayforce Okay. to It's the color. side.

So your the in penetration? customer, do some you can something to the to so about drive to we could else rely talked any your you customer? you do instances, year on in of you HR XX% what department X Do else? what You other… Or have of further further drive Like, last know, learned - HR registration? what have

David Ossip

parts that. it's a There to question. are two Yes, great

the when top been largely the have of The quartile first it's look the we customers, longest. is our live customers who at

up. we're I at numbers our So what go about top seeing XX%. the registration is we're month-over-month, quartile, eligible seeing as mentioned, the of rates And employees customers

have a see adding, we $XX, few on we're is I come specific initiatives side in as product the that actually can next that The that months. the that like and second so friend, we well get referrals, $XX, piece things give do online will refer

to Wallet on to up set encourage We've the believe We drive again, to enhancements also deposit direct have card. the allow as And a help Dayforce actual side not system. on into people people but side added use other only various account. messaging registration initiatives continue added will the us their doing deposit are we're direct component that will to, there primary system usage the that of the product the we

Siti Panigrahi

That’s great. you. Thank

David Ossip

Thank you.

Jeremy Johnson

of in Our the next Bryan of line go place for Levine, question Cowen. comes who's Bergin, Jared from Jared, please ahead.

Jared Levine

Thank you. environment, there in particularly change the past ADP this any UKG competitive Has been quarter? or against

David Ossip

we've consistent Not been say really, since it's Jared. I IPO-ed. that would largely actually

in As segment, enterprise side. it have the When to competitors major go we bit large a the upmarket two ERP enterprise you and more know, markets. into we prime shifts

Jared Levine

of of that active update terms revenue Is with you. Wallet, terms an then Got active seeing it per in you're an Dayforce of And you pretty doubling registered user? much can PEPM still users? those that provide in effective

David Ossip

the have we think right? actual I ARPU per Jeremy, so, That's account? don't about right. provided

Jeremy Johnson

have We not.

David Ossip

revenue generally, the it's line we effectively active But in that recurring per doubling a user. can of see

Jared Levine

you. Thank great. Okay,

Jeremy Johnson

at The ahead. Daniel Jester Citi. please next from Dan, comes question go

Daniel Jester

the afternoon, help think Yes. please? look are the like, Thanks, versus think opportunity us what month. the US? pay I to think this Jeremy. about help market on-demand there Canada Can could in Canada do that just that in trying noticed wallet Good Canada in everyone. But other us clearly was you US about in launched competitors earlier the is I

David Ossip

We We're in similar. follow we're gate, the tremendous in doesn't the out the looking Canada, to a have very in is the what see. wallet registration It's of actual some launch. the at seeing those really had the surprisingly, you seeing that, traction Right Dan, population to Canada various which low-banked use with got US. in do US, US. the desire slight we've or it's rates coverage smaller wallet difference inside any that's in be the good an seem with registration, un-banked different But the great Canada. versus actual to

people seen, test piece you on of actual value on about great. that at. I that they and there's really is results What haven't interviewed you was a the If to street the the were News that CTV the look wallet, great to encourage random

Daniel Jester

there's think per year-over-year. like that higher. up in incremental back revenue that customer or was go a recurring I And XX% few a Dayforce Great. shareholder then letter, I quarters, was metric X% If the

So maybe come that metric customers, down. have sort pretty sort steady. been live driving think because has client of deceleration growth, about just seems to what's But here help me of the Dayforce

driving you. what's please? of Sort that, Thank

David Ossip

Dan, It's overlapping. mostly,

started into enterprise we move to the segment. So

a nice into the So lift we up segment. got enterprise

at So look of when basis. The need inside we look the an at float ex you it it at to kind the quarter. I moment, actually is think XX% on number

which year-over-year. QX XX,XXX is up So XXXX, if XX% QX I XXX,XXX, to of XXXX look about went at it to of from

Daniel Jester

follow off-line. I'll up you. Thank

David Ossip

Thanks.

Jeremy Johnson

go question of Marcon comes Baird. ahead. from Next Mark, Mark please

Mark Marcon

the in wins on you're quarter. wins. feeling you're having Coupa, international little afternoon. bit the about that international you I'm how Hey, And little talk from, can come bit strong a up new wondering, results. good to what momentum wins of the sales? can particular, of seeing during about In you the pace a drive and particularly of talk is terms some where like I'm you the interested being in ended able just about And congrats the international

David Ossip

side First, is SIs deals the both number the the year-over-year. growth on of up in deals the we're actual year-over-year, with revenue that doing has the the we're side and global tremendous of significantly quite gone doing, number

financial had know global supporting I long we that operating of for also, very clinics. environmental competitive had services. basis. win uses. We great, in family the out that to in everyone which is software In a on fitness which think love everyone I name want to obviously, types the tremendous had we everyone typical well great resourcing just got, obviously, types has particular them a a a typical D&B have as and evidence I knows, And the of is that industry great subscription veterinarian a company, think and terms we that global on well. are that, great - a retail it's my as probably one then company that basis. I company been great of about software about that call is quite of time. a What wins, a them them, Europe, Coupa, Everyone have we knows I we wife a and

a we and nice and came strong So to had winning domestic globally it when very the markets. quarter in

Mark Marcon

Who win you Can do from? you say? Coupa

David Ossip

you the expect. against It big ERP that would was

Mark Marcon

to the in then different of some you opportunities, And the drivers guidance, is coming? EBITDA a obviously obviously guidance? with investing, the incremental talk just regards Great. bit sorts of the all little You're about where Okay. investment there's of can terms

David Ossip

Yes.

as me talking came in because, it the actual the let EBITDA can see, in above just about guide. So by quarter start you meaningfully

million our In about guide above think, for we high in quarter $X on the the I came EBITDA. [ph] fact, of

shareholder the dollar number are we in are number of conservative product. it we've Wallets heavily EBITDA a marketing We've the at initiatives if quarters. we're We're perspective, look of you read we from we doing doing. that If tremendous through investing was a in you because obviously kept quite as in-person it didn't the events, letter, well. heavily which actually a Dayforce the in year-over-year. also X.X% up investing highlighted amount in have the of lot prior And investment And

We one possible in in the that have We're coming that's coming we'll as York. customer is exciting. New in doing events sales and York, Vegas as been in in New then L.A. We'll really UK the in two events time and have that We've World as follow well. up up Singapore. weeks' and some starting up smaller and Tour about soon

to comment marketing want bit Noemie, you on? on little spend. the more a anything So would that

Noemie Heuland

areas QX, for for that payroll just guided, as continued the In global which David saw. I the technology we of that David as is beat area had the spend we've and well. think to consistently, wallet the result you've well a and as our as covered native in of primarily we a But versus obviously Product beat it expansion before, mentioned, is had we what as invest EBITDA covered. significant said we adjusted revenue in for capabilities. us, a

effort sales expect marketing would upmarket. to as to throughout continue support to in investments as the So and you the well that the year

Mark Marcon

much. Thank so Great. you

Jeremy Johnson

Murphy. Mark Our next Coss who's for Matt JPMorgan, at ahead. question please in go Matt, comes from place

Matt Coss

no afternoon. good delivery sets, was like you you strong, to remained to along can metrics scores, and probably core But the any or in Hi, improvement growth perhaps, then starts begin shareholder they non-existent mentioned customer satisfaction like about headway customer that things continued made smaller David, are that to of references? saw. extent do something willing there. trajectory you've the the things do you with. number And with I the with customers perhaps scores of letter, NPS that, exist, Thank you. in overall talk assume

David Ossip

Yes.

you implementation ask we've But support your and to strong go exceptionally going those question, part seen clarity metrics. on the of to I'm second scores year-over-year NPS Matt, scores So question. both part got for side. the of on your both in on have customer up materially the of first We've side the now

that industry part? as In do I you who first Did a did What to are in very as starts? do no word there's to is was it the comes fact, - strong when - we scores. have doubt use honest is you anyone And you metric. know, it the the NPS think as NPS

Matt Coss

Yes, no starts.

Just mentioned sign don't just end probably that and if never - you wanted up just any to - live. see who going like But had I I assume then customers have I been...

David Ossip

kick-offs when of I look predict going to and it's team, that our they've accuracy live, us in being of going. to would look And the a when customer done the is actual and very service very, at go-lives, the I services to When rarity very, It number organization nicely. look able the I strong. at go very absolute see when be for

think week, more I go accuracy team. than of that And different company XX%, we're account segments. quarter-over-quarter, with I at tremendous every has the seeing We coming look the potential, service by other team. out deep you the we a meet through it. go most of I pushing if that into know Any it services

Matt Coss

Okay. Great…

Noemie Heuland

a we've Can I services? decline. add quarter coming of something the line the couple back I growth of other and territory PS this quarters on after in think seen

of more efficient also them taking evidence So getting in pretty live. good a customer that's

and well. the where the have of of of significant seen have go-live, share help taking some services we now in implementation ROI added had is And those a we best increase which value the development as We customers purchasing solution. margin services, higher customers services professional to the value-added also post the our

Matt Coss

better And maybe you. just Okay. That's Thank on helpful levels then your color. at the employment customers.

lost and then and of maybe And the jobs back? percentage If back, at they're the year, COVID April you peak think you of do come what do back? jobs think about last in if when March those all not they are

David Ossip

actually pre-COVID when I it's employee in our customer as actually count base, look higher average across was in the US. than both Matt, I Canada mentioned, levels, the now at and it

I the X%, in days argue market. X% look across So over actually come seeing actual jobs back the I levels, would we're And the the that at employment into XX alone, have actually active growth, inactive growth growth when employees employment customers. tremendous last and at our

Matt Coss

Thank it. you. Got

Jeremy Johnson

please comes The Michael, next from go question Wells Michael ahead. at Turrin Fargo.

Michael Turrin

time, there. Hey, Appreciate always. Thanks. the as

just you expected trajectory the but off On what expectations? kick Was that, half line and for then second you start how you're $XX journey it's Can the Ascender. the want about I talk in in we level here Thank side, you as you've there think setting I reported, a the on multi-year the efforts. about international off think million of year. kick the with the you just said should just know And the I time is to to spend migration some expecting? those

David Ossip

Yes.

to we purchase Dayforce in million our came particular at Bureau expected. included adjustments revenue, $X.X quarter look we and start, inside the and broken which bit per at more were So and were actual versus came million of it second that million, that until take services that at And of number. The going side. you remember the accounts, came Dayforce at million $X the migration those half versus as mentioned, really begins, versus the $XX was on services expect, and professional $XX One we the impact on we that we it the expected. down did $X.X see Bureau to Noemie aren't which activate time color. letter to XXXX. purchased in But line professional time so accounting QX, had to will $XX.X $XX.X recurring I'll year. guidance, that I'll sold The those shareholders there Dayforce million million we when have exceeds the at would Dayforce is of look for When but revenue, about point that on hand RITEQ, purchase. revenue inside ago, $X.X million $X.X out recurring X the $X.X we some that in Ascender revenue accounts in QX had data that you the million million, of other into RITEQ a total Dayforce at years in million call now we that

And expect that the revenue point data increase can So the Noemie, talent modules, management can we we that really we which as position the do customers. would add? we about that, a from anything you the modules, it's obviously Dayforce. get upsell great workforce the strategy those of

Noemie Heuland

No, it that's I well. - think you covered

Michael Turrin

wallet crumbs on you the a the also types seeing keep We stats, of can transactions bread you're those average proposition. progress engagement pretty of seeing? metric just And color the tremendous. That like Any value compelling add there. are load looks

talk just to about we there engagement about going potential the and we the seeing as levels can impacts monetization model So for potential think you're the forward?

David Ossip

Yes.

are engagement the So great. numbers

in mentioned, I rates registration clients I is bit a about expected. what quartile, As argue, which, across XX% the the we ahead had would of top

The daily. month effectively grocery we're second average majority withdrawals, the $XXX transactions The cards month. XX up of transactions. that which times purchases, expect. in stores, ATM we're spend per usage convenience have seeing of slightly, The time, would types loads but of you what And are seeing is the the then is and excess typical load. card is they're gas, at per be of the the times on part per six used They over almost gone the is

other going a like, you And the X.X% share. were program we And actual Thanks, now us. now, that wellness Mike. to added. as looking programs are get of buy there is launch of believe with later In pay add spend, if There think terms side, a we partner where into ways revenue pay of revenue. at, then are we tremendous could are we programs about particular the for things a that, a I sorry, further monetizing opportunity into that like financial of - further is that really more cash-back

if I'm aware. muted. actually not You're sure you're

Michael Turrin

the much. great. Thank very color. appreciate that's I you No,

David Ossip

Great, thanks.

Jeremy Johnson

The who's at Keith Brad from Bachman, Clark, comes BMO. next in for question

Brad Clark

the about on for more the you my follow could I Thank wanted in size with area APAC to the the up of greater trends. then And more beyond Hi. for Ascender And HCM demand broadly installed base? you're any seeing. exist is US you that international taking now specifically, including market, ANZ, Europe question. and talk the between that, differences broader could appetite of versus global that trends international you. than make sort on there Thank the in comment Canada? you Any opportunity deployment

David Ossip

deployment of pipe Brad, very side. on deals global the If of or at bat, right strong currently the number double we're are what in in So were deploying I we today of in a about from ago, digits. look if number we a the deploying seeing versus at up look versus year, last they're deals that growth we in perspective, have year for now the countries global I

So we're through. tremendous coming opportunity tremendous and growth talking really

of is APJ Excelity have we terms are well, customers between between In there Ascender. actually as X,XXX ANZ, which and

sell RITEQ, move payroll, us in revenue. we we've I lead out which will nice and We management and obviously, now the the nice we sell mentioned, to of migrate, it's management only, and Dayforce. think prove And them, When that. accounts. Dayforce, of talent workforce a the entire of in RITEQ's selling workforce core a like talent workforce In able in management does we suite, talent to give management, a Ascender, HR as application, been the onto as as with position workforce I All the see revenue. case, lift to so lift components as in that, case it's case that Excelity payroll, well to obviously we we single

assets benefit companies that on are on attractive seeing with around our the on - are to how from sell we world. the have having also APJ a We basis global operations tremendous

a is and So to the And do we're other of believe it providers. the ERPs also very us optimistic HCM about differentiation relative we global. both

Brad Clark

you. Thank Great.

Jeremy Johnson

question ahead from William comes Pfau Matthew next Go Blair. Our of Matthew.

Matthew Pfau

thanks. Yes,

ecosystem. to wanted Just on ask partner the

ecosystem deals? So building relationships now do meaningful How large with go partner that you influencing And deals. shareholder partner letter specifically to the and about you have pipeline these growth on on component mention these relationships that you partners. more start them to get in saw then the one is a But did continued are second you expanding some the yet? prime very of in the

David Ossip

So there I Matthew, first discussed stages I've think that beforehand. your to are answer question, three

the so they first have have resources train you is available. The SIs, to

you to can that, in they actual implementation The take references. And I lift live second that you get once the you pipeline. customers have them allow prime get and is to the the think so do do

So think have the the quarter a SIs complete away as majority to the still need of I or to or we we're implementations. two probably implementations pipeline lift, - complete the

I the accomplished some XX already impact directly. us a seeing well SI bench seeing market. a tight make organizations. terms continue in are company through. that another fact positive range without we be a move I'd have is a allow hire that people of to is build that talent operating think we have it very We of does of out deals across to capable are now able having point scale that very helping And coming to as in we to a retrospect, implement are benefit of like grow And SIs and the us to influence where capability think fantastic to that But to in it people because was I the

Matthew Pfau

Thank you. I That’s all Thanks. have.

Jeremy Johnson

All next at Samad comes right. The question from Samana Jefferies.

Samad Samana

Thanks see to questions. taking Good my Thanks. David. Hi, you. for

you're transactions rate or on back? you today? sorry, my longer the rebate saying. mentioned what no take a X.X I'm you that couple saying that would that Or first, own I So love curious in you're wallet, to - share ask for that when that just were Maybe Wallet was as questions. basis XX you of you rev Dayforce to home. is can Just start getting see, X.X% points,

David Ossip

network launch the partnership. still to cash-back X%. about Yes, is a about that XX% XX% so The revenue are We works that we generally, gets the way it to gets employee get X%, X%. about actual But of share. the about of

basis that where that's so come from. And points XX

Samad Samana

Okay.

don't just Okay, if contributed question. great. And one in which then it more curious XQ quarter. that Ideal April. revenue segment know the if I I into maybe and, it contributed revenue so, into? to The falls housekeeping acquisition, closed [ph] I'm that in if know

David Ossip

that Sure, to one I'll Noemie. give

Noemie Heuland

contribution the Yes, second it's a small for quarter.

I think, remember, it as experts well capabilities, was primarily an of acqui-hire artificial where individuals, learning we talented development as machine intelligence. got a various lot in

the priority So we precise. why slight to this in QX dollars hundred of - but a acquisition, that's made number, be reason the there's a thousand couple

Samad Samana

to maybe then prior And second David, new many of a I to guess adding, current up those I curious, when X were the in the the you've pipeline think they're a bookings how sounds like in out little many I'm XQ sort how you bit, new new were just about of the over looking? is think nicely new about prior pipeline, years' it And Great. completely generation just that zooming leads? quarters. where customers COVID? from as been how And are pipeline the the perspective pipeline

David Ossip

actually the would there don't Largely, have pre-COVID. I of prior the we're it actual think So segment. company number on actually I a to depends in

takes it if through the that enterprise, large it's those. then because a about to So go before while talking around they you're likely were

major major enterprise, it market Now deals MMX, typically enterprise two large one, if market enterprise, goes would quicker. we about - relatively or new. so talking of are market much move MMX, seeing, Most what I'm the I major argue, is sorry,

of a have we've of As know, that to pipeline. virtual really the led build-out events done number you tremendous the

the been number of saying pipeline we've last for the strong. quarters, is As

in as I very mentioned seen volume well. of in we've opening, the As increase an deals

I space, very, and if market relative segments. to those in enterprise the seen at markets quickly major last growth year, at and very particular to be we've look I really those two, healthy really, seem look So moving

Samad Samana

I and but that housekeeping I just get one. then on that, And going over start Dayforce wondering recurring goal company Noemie, how that last about is think helpful. and maybe is the if Very the to for was know one think time? on maybe, customers more has the flowing - that just questions, invoicing to trend activation. line go-live, should historically, Great. invoiced I how the through we apologize I

Noemie Heuland

because provisioning line modeled a for significant It's in attach our with actually new seen what had we at ahead what We've and year, is we the on sales. rate it great seeing of execution for PEPM to think appetite PEPM business And what with was of new contracts sign at those I and us. model and go with expected Yes. terms a we're customer in we're pleased call which provisioning.

expect be significantly year. number higher We that next to

new as more would about services well. as team our getting the actually, actually recurring is it's customers of live getting you still on benefit So - program. passionate professional any and expect, it ramping delivery it observed what up as actually time, helps we've is And go-live with paying revenue before

- start a disclosing we material year, we'll The that's it's more attach that. we and expected. to rate more with So been that and revenue to be of question, what next program really your that's answer strong, aligned is expect

Samad Samana

you. Thank Great.

to As see nice care. you always, to strong the all see great and numbers. Take

Jeremy Johnson

Thanks, Samad.

at Alex Wolfe. Next Zukin comes question from

Alex Zukin

guys. for the question. Hey, Thanks taking

usual the So if take and about at is half seeing the bookings? around in now out a bookings year this from Like, pretty versus question David, being half pre-COVID-XX of it talked second first, time? if these take you more periods, more look of kind you, if to compare you demand less mix, I maybe about back-end for that the you QX. some start right growth than to seeing you first concentration traditional that kind solid and ask you're bookings market of is think you want to the I in environment proportion think - bookings normalizations there. the just or want of pandemic, year coming loaded there of the any

David Ossip

Alex, in generally, particular the you QX. swayed linearity are is in towards more that our business HX,

similar So particular see something year. in this again you'll I think

enterprise actual the coming look highest the quicker recovery, When In where and particularly I two the That's terms across volume strong the seen happening in it's board. segment pipeline, of major in market we've through. it's of deals segments, in the segment. the certain at

Alex Zukin

if putting that normalize? employee now And started to ex about the constant in about not second us right I the Ascender, way numbers it. think strength, bookings both the I up ex net Noemie, just look for given Got then the right the normal tailwinds, think that about durability? the durability recurring, growth, Like, the way think that roughly at new float, you're for themselves, Dayforce if what's has ex to half what's guide but the base to that currency,

Noemie Heuland

to I - actually start We've to different and Ascender those think and I there's acquired if to plan mean there's would slice migrating I key. that Dayforce. start dice a is you to contribution and the those could customers, cross-selling number. upselling argue ways them customers you and

the think So growth - real necessarily numbers normalized a I I back going wouldn't of that's out those forward.

I see think to we coming continue employment levels up.

were improving expect past end has been expect pretty We to continue also over we significantly what well. we few year Powerpay months, that And to to close the the pre-COVID. and as

continue overall other and see wouldn't for we course. for think necessarily part Ascender recurring Dayforce growth and we'll existing base And some that the really I like back due in buying going Ascender and the our But because guidance to we forward. rates to modules, next expect actually out that's of communicate expect I of year So start customers strategy.

Alex Zukin

we've for moving call around both commentary then, yesterday. I upmarket finally, is increasingly Paycom their And competition. mean one on some seen Understood. maybe David, you.

the in You've similar they're And cycles right new about different, had gains taking how incremental and right market either share the still now, UKG is in for think where a you're the market. opportunity to dynamics - sales there's or seeing What's competitive the IPO. way longer?

David Ossip

a Paycom see the really if don't And We at we see the inside lot I think market. ever, of rarely, Paycom. guys

ERPs we So They're any have see most. particular I seen gone the have the as up probably change. don't than we think we've more Obviously, beforehand. do we upmarket,

prop value many they the rates. at still can that ways changed. look you rates, In terms we very in differentiated of market causes competitive quite They that I actual haven't win when the the so offer win And are product, the we're different think healthy.

Alex Zukin

guys. you, pass line. Thank I’ll the Okay. the

Jeremy Johnson

Thank you.

go from Ramnani Arvind, Arvind from ahead. comes Piper Sandler. question Next please

Arvind Ramnani

Hi. question. had Thanks taking broader a for I question. my level

it back the stimulus to you kind to of this With like kind people you exit openings jobs aggressively expires? I expect a September, is hiring of year, to feels expire see assuming as really sort to because get like ramp stimulus willing next opposed basically into more up as lot of year quite going for kind to work. and expected in looking to accelerate Do of revenue the

David Ossip

remainder of the can that we've goes guidance goes then year. And Look, and as the pattern is see QX for you on QX the up well. given QX up

there still have haven't but SRP argue you of base, refer probably and the look open the when the customers. up tailwinds our point indicative time other balance is When balance it postings, are of usually at data seeing we we customers, the I'll up. the the One XXXX, can completed which year-over-year, customer our that size across I that we of obviously they that would across payrolls number XX% to average yet are of to and We you is our to, close float job for look comes if our employment. postings float those average go monitor definitely

So that of another very good is point back economy strong. kind the data coming

Arvind Ramnani

year it the I you're up like share, year. year balance But year, versus are last you least at if the mean able look at this then down? before And float last to was ballpark, how much of kind versus I was... last XX% Terrific. year of

David Ossip

Sure.

float of $X.X XXXX, year, $X.XX billion. to billion. it $X.X In is actually to billion. I down In obviously it look at QX go it was QX, the if this if balances, I came So

is saw ahead still we volumes significantly QX of quite go year a back 'XX. And So can the it in that before. of further you

of $X.XX look If QX was at you billion. it 'XX,

also balance So is in definitely QX. significant a increase you And there an balance float if float in in the the in we remember, saw, QX. increase

the coming that back sign a it's economy very strong. good is So

Arvind Ramnani

very you Thank much.

Jeremy Johnson

CIBC. comes go question Next ahead. Stephanie from at Price Stephanie,

Stephanie Price

sounds back bit a like evening. to for good you're XX After months, little Hi, selling about virtually it in-person. moving

in structure, how the little about about over given any you're marketing bit. last just changes at remote curious Just and you're looking thinking work the and if sales sales

David Ossip

an York to o’clock few actually these you a traveling quite a And went normally, I've o’clock X event X New client This Stephanie, So you when go dinners, to weeks bit. do We in client idea, did started from a from give of they a.m. ago. like XX:XX kind X:XX. to

one I one and energy Minneapolis. say Tampa, halls I and to was did again. in just see, together. two the smiling And did did I there's to happy wonderful be would interact town just the halls. So inside get I to out people a demand huge pent-up to in people town for just and

that. departmental And I'm Next week, Chicago, client very well group. as so we Midwest and kind after doing kind I'm I'm event. visit West going a San in another of clients LA. area. a also eager in that, going participated week two of obviously Fran In and the L.A., Coast, And I West recent then hall, for or in in off town to the then user have a nice I'm to

is that's outside person. kind group to run user World get join we part I Tour. would question. had together were if in asked user of customers like we as They end to camp. in Q&A I they'd attend it the the Ceridian. to the it so that a if of the And And group asked XXX the base at help like And respond I sponsor in to person of from group run just section. asked was that, the of

virtual going events, we of where selling. out kind front to hybrid So world building the people, developing of a on types But moving to I are of say still in we would definitely be operating of in of types world virtual is the interactions. can that get best getting relationships,

of the and right of So with mixed a lot together types such such. in-person programs digital and events for experiences

Stephanie Price

bit that into color. strategy maybe EMEA we and global the and think helpful wins. in about there That's how the about international translate should larger And how should then build-out a

David Ossip

really is EMEA going tremendously. So

we've is of considerably we we're metrics number just are internally the mention, the that they did sales up in, year-over-year. do really countries two active I good a got track and As of both just the that very EMEA, also In team. bookings active projects, number and year-over-year

kind know, in we're the have we have Ireland major you Germany. countries, of launch and as terms of UK to and In also we about

Germany have services on in We technology side the in side, ground and the the products now resources the and sales side.

We're headquartered quarter, So over large go-lives of had encouraged of two global the the the by we're making traction. sales a go-live very lot there. as well. traction quite In EMEA actually nice only we out accounts not but very by of

Stephanie Price

you Thank very much. Great.

Jeremy Johnson

Lenschow The Great. next from question comes go ahead. Barclays. Raimo Raimo, of

Raimo Lenschow

Hey. Thanks for from squeezing as quick congrats me Two well. in. me And questions.

in there bit talk discussed, et little you build - moving of bit had to gave First how of at the against a you you to wins but Can you and the competitors? cetera. the that quarter of one it's it really the in And Can almost I nicely on like vendors wallet, this what visibility get helped on, see then follow-up more up, and seeing if you that seeing kind and about, I it pandemic little impressive. because please. kind and It terms higher you're like, you're the looks had you kind Coupa, of a client talk sorry that, pipeline accounts see building I a looks with are look there more of out the bit time say you little upmarket.

David Ossip

place sell. that starting by strategy XXXX. made We We chance. a we go in Raimo, actually not way in to Look, it's changes upmarket put the to

As of we process. able kind get in value of We verticalized. ahead who people you advisory and to communicate know, are RFP the RFI, brought the ROI

heavily people continue types know organization, those particularly how the SI large sales the We in with as that the to deals. we and who to communicate SIs do And great channels of with invested know well into in enterprises. to very the have how communicate influence invest leadership, particular and brought in

areas is upmarket on wins compare capability. is architected a the a in driving more you our One HR, better lot offer of solution management workforce others global we much market. the That, core the to with have basis, big and that's us we're global the seeing payroll than if

the in enterprise major so the success talent or And we're at help in When the I look segment, end that side. seeing upper does also us. market, tremendous

to us we upmarket and base. when data map, Joe other people, through brought in now AI, continue move also very So and and brought we show further show selling and to the a to product that's talent number the product in begin very, and through allowed strong the in in which to in road has of actual also

Raimo Lenschow

priority people native, Yes. front you second - post-pandemic lot And see was do question increased the more is, see okay, kind cloud you modernized a that an probably the do realized, now more office already pandemic, starting little in of back will see extra Do are more? the an now bit processes, you payroll. where old still think people office sitting kind a old push post that to modernize we of of

David Ossip

the a need I which have different and correct is the I run access talent If can't Well, of data, components to modernized cloud work. couple A there on the five are are I have each to doesn't different business. a chances system things. partially experiences platform, or get

anymore strong things don't really correctly. is reflected modern now do I we've which and that I because - of done, acquisitions it's through some modern data like and use allow like Ideal us have the talent, really very of fact the making you that the very overplayed. it experience to we So see a using But user to word in think do that

that a driving it. so is of And lot

a lot you very start because from correctly, especially pay more side, are compliance can And and global you can strong. you calculations workforces, simplify - customers. regulatory that you so when correctly, with there, even do we a we the On whether the much off-site not that's very, it can or gets it's it as it's perspective. to complicated people work And of drives back a office, front office still business it's really remain for

Raimo Lenschow

Congratulations. Okay.

David Ossip

Thank you.

Jeremy Johnson

Scott from Scott, at Needham. go comes Berg ahead. question next The

Scott Berg

with I Congrats first on and guess, David, And to my question I'd just taking Raimo, everyone. upmarket here. on follow the asked - or Hi, success. have activities the for up questions. of follow about question, your I the thanks good like all, up two quarter.

of higher a understand maybe maybe do as involved areas, activity market than with a some that of the deals kind just pretty you larger of flow down like of talked actual the mentioned couple little truly is other question? robust you don't your deal the today levels. has a Or mid-market how opportunity. Our last what is ago? a increased downmarket I Is in of really is and result guess with was work you're you with, about, But pre-pandemic to more consistently and I more year deals quarter just enterprise, seeing than think with us that the employees industry partners Raimo's customers getting sluggish volume thousand bit there. it line know, on the help maybe over

David Ossip

So actually Scott, that. haven't seen we

really in actually fact, seen think the small In we've reverse. I And we play US. don't in the the business

the Canada, small can robust I business have speak in growth there. and So we over about seen

US and and I if Canada at at sales growth what as look quite global, up enterprise market includes they're expected. the Europe seen versus fact, we've as we look and significantly numbers, obviously the segment. in I In in When Powerpay had the two tremendous which APJ, well major

and both a volume basis so on a basis. on of dollar that's And deal

think, think, different, your I I seeing, is showing. we're think what I bit research versus little a what it's So

Scott Berg

Got helpful. of a then And kind question for Noemie. it. housekeeping That's

than which item. obviously, by the in Maybe just a I bit in has what lower know and And line you're million, help dynamic Dayforce you guided a Your Bureau actually QX? are number, you realized $X.X those saw what trying guess little revenues also understand revenues I quarter. it's to guidance QX only a isn't guiding that. less the be big, material of then revenues million, to $X.X the mentioned, little why as than us Ascender the you in understand QX bit in

Noemie Heuland

had we uptick of we mean in talked due Yes. I about QX and to adjustments bit before. as little pretty quarter, per really $X.X said consistent. accounting purchase a It's million we

consistent as the I think - is really both what said we've with the and Bureau message that's So before, on well. cloud recurring on

happened the what rest accounting before. a what we bit but So adjustments, it with is a had of of in QX, consistent you said purchase

David Ossip

Scott, that had add quarter. would I also thing sales a Ascender is one good

the in really market. nicely really, So selling in still with they Ascender came products that we're

Scott Berg

Got my it, Thanks taking questions. for helpful.

Jeremy Johnson

But evening. out final All question over the right. remarks. hand was Well, close I'll we David that for to some for final before our call, it the

David Ossip

because after Well, it. Jeremy a mixed. really, I'm years, what for years. I, number It's last would role a thanks, I nearly growing XX you say, taken really want a it's perspective, Jeremy X. I Jeremy's CFO of Ceridian. is know, mixed But that with great great And From opportunity very enjoyed as the Jeremy really He's guy. to that, really, working last really my over sharing fast bit everyone, with thank a leaving at appreciate IPO-bound. have Great. you company day emotion with a that's really August is

And I I for XX the yourself? Erik want worked maybe so with. least at are know most you you very, transitioned few familiar over Zimmer. that of of years someone Erik, together EVP past Erik words do He's to to a Corporate Development. very month, and have we He's introduce say to our very IR responsibilities closely. his

Erik Zimmer

definitely to forward looking Yes, working relationships sure. know acquaintances I making David. and Thanks, working all forward with on and the looking a sweet, already that and there are out I'll new and that but folks to short challenge. be new

So David. thanks,

David Ossip

know, any really tremendous a sure to very a success, And you it, appreciate And thanks lucky you. successful. wishing I'm you just obviously, I Erik. Jeremy, which is and, huge be get very, as you'll organization

any we later. final just calls on to it words the analyst So to back move before handing Jeremy,

Jeremy Johnson

you much, and it's great thank working No, with very everyone.

David Ossip

Thanks, everyone.