Fourth Quarter
- Dayforce revenue of $158.7 million, up 35.4% year-over-year,
and up 35.7% on a constant currency basis. Excluding float revenue,
Dayforce revenue of $147.7 million, up 37.5% year-over-year, and up
38.0% on a constant currency basis.
- Dayforce recurring revenue of $114.3 million, up 30.2%
year-over-year, and up 30.3% on a constant currency basis.
- Recurring services gross margin of 70.1%, an increase of 110
basis points year-over-year, driven by Cloud recurring services
gross margin of 68.8%, an increase of 280 basis points
year-over-year.
- Adjusted EBITDA of $44.4 million, up 6.2%
year-over-year.
Full Year
- Dayforce revenue of $569.7 million, up 30.2% year-over-year,
and up 30.9% on a constant currency basis. Excluding float revenue,
Dayforce revenue of $518.6 million, up 29.7% year-over-year, and up
30.3% on a constant currency basis.
- Dayforce recurring revenue of $429.0 million, up 31.7%
year-over-year, and up 32.3% year-over-year, on a constant currency
basis.
- Live Dayforce customers as of December 31, 2019, were 4,363,
consisting of 3.9 million global active users, an increase of 0.8
million users, or 25.8% year-over year.
- Dayforce revenue per customer was $131,171 for the trailing
twelve months ended December 31, 2019, up 11.5% year-over year, on
a constant currency basis.
- Recurring services gross margin of 70.3% an increase of 230
basis points year-over-year, driven by Cloud recurring services
gross margin of 69.6%, an increase of 350 basis points
year-over-year.
- Adjusted EBITDA of $184.6 million, up 14.9%
year-over-year.
Ceridian HCM Holding Inc. (“Ceridian” or the “Company”)
(NYSE:CDAY) (TSX:CDAY), a global human capital management (“HCM”)
software company, announced today its financial results for the
fourth quarter ended December 31, 2019. All financial results are
reported in U.S. dollars unless otherwise stated. A reconciliation
of U.S. generally accepted accounting principles (“GAAP”) to
non-GAAP financial measures has been provided in this press
release, including the accompanying tables. An explanation of these
measures is also included below under the heading “Use of Non-GAAP
Financial Measures.”
“In the fourth quarter we set new records for the subscription
value of new sales and for the subscription value of customers
taken live,” said David Ossip, Chairman and Chief Executive Officer
of Ceridian. “Dayforce revenue grew 35.4%, to $158.7 million, and
was up 35.7% on a constant currency basis, and excluding float
revenue, Dayforce revenue grew even faster, up 37.5%, to $147.7
million, and was up 38.0% on a constant currency basis.”
“We ended the year with 4,363 Dayforce customers live,
consisting of 3.9 million global active users, an increase of 0.8
million users, or 25.8% year-over-year,” added Arthur Gitajn, Chief
Financial Officer of Ceridian. “We saw significant traction in our
enterprise, major markets, and global segments. The average deal
size of a new sale in 2019 grew by 24%, driven by enterprise, where
the average deal size grew by 100%. Global sales, primarily UK and
Australia, grew by more than 150% compared to 2018.”
The average U.S. dollar to Canadian dollar foreign exchange rate
was $1.32 and $1.33, with a daily range of $1.30 to $1.33, and
$1.30 to $1.36, for the three and twelve months ended December 31,
2019, respectively, compared to $1.32 and $1.30, with a daily range
of $1.28 to $1.36, and $1.23 to $1.36, for the three and twelve
months ended December 31, 2018, respectively. As of December 31,
2019, the U.S. dollar to Canadian dollar foreign exchange rate was
$1.30. To present the performance of the business excluding the
effect of foreign currency rate fluctuations, the Company presents
revenue on a constant currency basis, which we believe is useful to
management and investors. We have calculated revenue on a constant
currency basis by applying a fixed rate of $1.30 Canadian dollar to
$1.00 U.S. dollar foreign exchange rate to revenues originally
booked in Canadian dollars for all applicable historical periods.
Both the GAAP and non-GAAP revenue results are displayed in the
tables accompanying this press release.
Financial Highlights for the Fourth Quarter and Full Year
2019
The financial highlights below are on a year-over-year basis,
unless otherwise stated.
Revenue
- Dayforce revenue increased 35.4% to $158.7 million for the
fourth quarter of 2019, and 30.2% to $569.7 million for the full
year of 2019. On a constant currency basis, Dayforce revenue
increased 35.7% to $159.5 million for the fourth quarter of 2019,
and 30.9% to $572.3 million for the full year of 2019.
- Dayforce recurring revenue increased 30.2% to $114.3 million
for the fourth quarter of 2019, and 31.7% to $429.0 million for the
full year of 2019. On a constant currency basis, Dayforce recurring
revenue increased 30.3% to $114.7 million for the fourth quarter of
2019, and 32.3% to $430.7 million for the full year of 2019.
- Cloud revenue, which includes both Dayforce and Powerpay,
increased 28.9% to $184.2 million for the fourth quarter of 2019,
and 24.8% to $660.0 million for the full year of 2019. On a
constant currency basis, Cloud revenue increased 28.9% to $185.3
million for the fourth quarter of 2019, and 25.7% to $664.4 million
for the full year of 2019.
- Total revenue, which includes revenue from both our Cloud and
Bureau solutions, increased 13.9% to $221.8 million for the fourth
quarter of 2019, and 11.3% to $824.1 million for the full year of
2019. On a constant currency basis, total revenue increased 13.8%
to $223.0 million for the fourth quarter of 2019, and 12.1% to
$829.4 million for the full year of 2019.
Net (Loss) Income and Net (Loss) Income
Per Share
- Net loss was $1.5 million for the fourth quarter of 2019,
compared to net loss of $2.1 million. Adjusted net income was $12.1
million for the fourth quarter of 2019, compared to $16.5
million.
- Net income was $78.7 million for the full year of 2019,
compared to net loss of $60.6 million. Adjusted net income was
$67.8 million for the full year of 2019, compared to $37.7
million.
- Diluted net loss per share was $0.01 for the fourth quarter of
2019, compared to diluted net loss per share of $0.02. Adjusted
diluted net income per share was $0.08 for the fourth quarter of
2019, compared to $0.12. Diluted weighted average common shares
outstanding were 144.1 million and 138.7 million for the fourth
quarter 2019, and 2018, respectively.
- Diluted net income per share was $0.53 for the full year of
2019, compared to diluted net loss per share of $0.60. Adjusted
diluted net income per share was $0.46 for the full year of 2019,
compared to $0.26. Diluted weighted average common shares
outstanding were 148.8 million and 114.0 million for the full year
of 2019, and 2018, respectively.
Gross Margin, Operating Profit, and
Adjusted EBITDA
- Gross margin remained consistent at 44.1% for both the fourth
quarter of 2019 and 2018. Gross margin improved to 44.7% for the
full year of 2019, compared to 42.5%.
- Recurring services gross margin improved to 70.1%, and 70.3%,
for the fourth quarter and full year of 2019, respectively,
compared to 69.0%, and 68.0%, respectively. This improvement was
driven by Cloud recurring services gross margin of 68.8%, and
69.6%, for the fourth quarter and full year of 2019, respectively,
compared to 66.0%, and 66.1%, respectively.
- Professional services and other gross margin improved to 5.9%,
and (4.0)%, for the fourth quarter and full year of 2019,
respectively, compared to (10.6)%, and (14.3)%, respectively.
- Operating profit was $19.7 million for the fourth quarter of
2019, compared to $20.3 million. Operating profit increased 28.9%
to $72.3 million for the full year of 2019.
- Adjusted EBITDA increased 6.2% to $44.4 million for the fourth
quarter of 2019, and 14.9% to $184.6 million for the full year of
2019.
Other Key Performance Metrics
- Annual Cloud revenue retention rate was 96.3% for the full year
of 2019, compared to 96.0%.
- Cloud annualized recurring revenue (“ARR”) was $582.0 million
as of December 31, 2019, an increase of 22.2%, or $105.8
million.
Balance Sheet
- Cash and equivalents were $281.3 million as of December 31,
2019, an increase of $63.5 million, compared to $217.8
million.
- Total debt was $677.1 million as of December 31, 2019, an
increase of $6.8 million, compared to $670.3 million. Total debt as
of December 31, 2019, included financing lease obligations of $12.4
million.
Dayforce Live Customer Count
- 4,363 Dayforce customers were live on the Dayforce platform as
of December 31, 2019, compared to 3,718 Dayforce customers as of
December 31, 2018.
- 3.9 million global active users were live on the Dayforce
platform as of December 31, 2019, up 25.8% compared to 3.1 million
global active users as of December 31, 2018.
- On a constant currency basis, Dayforce revenue per customer was
$131,171 for the trailing twelve months ended December 31, 2019, an
increase of 11.5% from $117,617.
Business Outlook
To simplify revenue reporting as we expand globally, beginning
in 2020, we are changing the way we report the impact of foreign
exchange rate fluctuations on the Company’s revenue results.
Instead of calculating revenue on a constant currency basis by
applying a fixed foreign exchange rate for all periods presented,
the Company will be using the average foreign exchange rates in
effect during the comparable prior period to calculate constant
currency revenue growth rates.
As it relates to guidance, we will be issuing guidance based on
the average foreign exchange rates during the most recent fiscal
quarter reported. In subsequent periods, we will update our
guidance based on the average foreign exchange rates during the
most recent fiscal quarter reported, and we will disclose the
impact of any change in guidance related to foreign exchange
fluctuations.
Based on information available as of February 5, 2020, Ceridian
is issuing guidance for the full year and first quarter of 2020 as
indicated below. The guidance is based on the average foreign
exchange rates during the fourth quarter of 2019 and includes GAAP
and non-GAAP financial measures. The guidance assumes no changes
from the current Federal Reserve discount rate or the current Bank
of Canada interest rate. Based on current market conditions,
portfolio composition, and investment practices, each 100 basis
point change in market investment rates would result in
approximately $18 million of change in float revenue over the
ensuing twelve month period.
Comparisons are on a year-over-year basis, unless stated
otherwise.
Full Year 2020:
- Dayforce revenue of $708 million to $713 million, or an
increase of approximately 24% to 25% on both a GAAP basis and a
constant currency basis. Excluding float revenue, Dayforce revenue
is expected to grow approximately 27% to 28% on both a GAAP basis
and a constant currency basis.
- Cloud revenue of $800 million to $805 million, or an increase
of approximately 21% to 22% on both a GAAP basis and a constant
currency basis. Excluding float revenue, Cloud revenue is expected
to grow approximately 24% on a GAAP basis and approximately 24% to
25% on a constant currency basis.
- Total revenue of $903 million to $908 million, or an increase
of approximately 10% on both a GAAP basis and a constant currency
basis. Excluding float revenue, total revenue is expected to grow
approximately 12% to 13% on both a GAAP basis and a constant
currency basis.
- Float revenue of approximately $50 million within Dayforce
revenue, $62 million within Cloud revenue, and $70 million within
total revenue. Reflecting the reduction in interest rates during
2019, total expected 2020 float revenue of $70 million would
represent a decline of $10 million, compared to 2019 float
revenue.
- Reflecting investments to drive future growth, including the
Dayforce Wallet, acceleration in the enterprise segment, and global
expansion, Adjusted EBITDA is expected to be $185 million to $190
million, or an increase of 0% to 3%. Excluding float revenue,
Adjusted EBITDA is expected to grow approximately 10% to 15%.
First Quarter 2020:
- Dayforce revenue of $166 million to $168 million, or an
increase of approximately 25% to 27% on both a GAAP basis and a
constant currency basis. Excluding float revenue, Dayforce revenue
is expected to grow approximately 29% to 30% on both a GAAP basis
and a constant currency basis.
- Cloud revenue of $188 million to $190 million, or an increase
of approximately 22% to 23% on both a GAAP basis and a constant
currency basis. Excluding float revenue, Cloud revenue is expected
to grow approximately 25% to 26% on a GAAP basis and 25% to 27% on
a constant currency basis.
- Total revenue of $221 million to $223 million, or an increase
of approximately 8% to 9% on a GAAP basis, and 9% to 10% on a
constant currency basis. Excluding float revenue, total revenue is
expected to grow approximately 11% to 13% on a GAAP basis, and 12%
to 13% on a constant currency basis.
- Float revenue of approximately $15 million within Dayforce
revenue, $18 million within Cloud revenue, and $21 million within
total revenue.
- Adjusted EBITDA of $47 million to $49 million, or a decline of
approximately 2% to 6%. Excluding float revenue, Adjusted EBITDA is
expected to grow approximately 2% to 10%.
We have not reconciled the Adjusted EBITDA range for the first
quarter or the full fiscal year of 2020 to the directly comparable
GAAP financial measure because applicable information for the
future period, on which this reconciliation would be based, is not
readily available due to uncertainty regarding, and the potential
variability of, depreciation and amortization, share-based
compensation expense and related employer taxes, changes in foreign
currency exchange rates, and other items.
Conference Call Details
Ceridian will host a conference call on February 5, 2020 at 5:00
p.m. Eastern Time to discuss the financial results for the fourth
quarter and fiscal year of 2019. Those wishing to participate via
the webcast should access the call through Ceridian’s Investor
Relations website at https://investors.ceridian.com. Those wishing
to participate via the telephone may dial in at 877-701-0459 (USA)
or 647-689-5466 (International). The conference call replay will be
available via webcast through Ceridian’s Investor Relations website
at https://investors.ceridian.com.
About Ceridian HCM Holding Inc.
Ceridian. Makes Work Life Better™.
Ceridian is a global human capital management software company.
Dayforce, our flagship cloud HCM platform, provides human
resources, payroll, benefits, workforce management, and talent
management functionality. Our platform is used to optimize
management of the entire employee lifecycle, including attracting,
engaging, paying, deploying, and developing people. Ceridian has
solutions for organizations of all sizes.
Use of Non-GAAP Financial Measures
We use certain non-GAAP financial measures in this release
including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net
income (loss), revenue on a constant currency basis, revenue
retention rate, and ARR. We believe that Adjusted EBITDA, Adjusted
EBITDA margin, and Adjusted net income (loss), non-GAAP financial
measures, are useful to management and investors as supplemental
measures to evaluate our overall operating performance. Adjusted
EBITDA is a component of our management incentive plan and Adjusted
EBITDA and Adjusted EBITDA margin are used by management to assess
performance and to compare our operating performance to our
competitors. We define Adjusted EBITDA as net income (loss) before
interest, taxes, depreciation, and amortization, as adjusted to
exclude net income (loss) from discontinued operations, sponsor
management fees, non-cash charges for asset impairments, gain
(loss) on assets and liabilities held in a foreign currency other
than the functional currency of a company subsidiary, share-based
compensation expense and related employer taxes, severance charges,
restructuring consulting fees, transaction costs, and other
non-recurring charges. Adjusted EBITDA margin is determined by
calculating the percentage Adjusted EBITDA is of total revenue.
Adjusted net income (loss) is defined as net income (loss), as
adjusted to exclude net income (loss) from discontinued operations,
release of the valuation allowance, gain (loss) on extinguishment
of debt, sponsor management fees, non-cash charges for asset
impairments, gain (loss) on assets and liabilities held in a
foreign currency other than the functional currency of a company
subsidiary, share-based compensation expense and related employer
taxes, severance charges, restructuring consulting fees,
transaction costs, and other non-recurring charges, all of which
are adjusted for the effect of income taxes. Management believes
that Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted net
income (loss) are helpful in highlighting management performance
trends because Adjusted EBITDA, Adjusted EBITDA margin, and
Adjusted net income (loss) exclude the results of decisions that
are outside the normal course of our business operations.
Our presentation of Adjusted EBITDA, Adjusted EBITDA margin, and
Adjusted net income (loss) are intended as supplemental measures of
our performance that are not required by, or presented in
accordance with, GAAP. Adjusted EBITDA, Adjusted EBITDA margin, and
Adjusted net income (loss) should not be considered as alternatives
to operating profit (loss), net income (loss), earnings per share,
or any other performance measures derived in accordance with GAAP,
or as measures of operating cash flows or liquidity. Our
presentation of Adjusted EBITDA, Adjusted EBITDA margin, and
Adjusted net income (loss) should not be construed to imply that
our future results will be unaffected by similar items to those
eliminated in this presentation. Adjusted EBITDA, Adjusted EBITDA
margin, and Adjusted net income (loss) are included in this
discussion because they are key metrics used by management to
assess our operating performance.
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted net income
(loss) are not defined under GAAP, are not measures of net income
(loss), operating profit (loss), or any other performance measures
derived in accordance with GAAP, and are subject to important
limitations. Our use of the terms Adjusted EBITDA, Adjusted EBITDA
margin, and Adjusted net income (loss) may not be comparable to
similarly titled measures of other companies in our industry and
are not measures of performance calculated in accordance with
GAAP.
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted net income
(loss) have important limitations as analytical tools, and you
should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP.
In evaluating Adjusted EBITDA, Adjusted EBITDA margin, and
Adjusted net income (loss), you should be aware that in the future
we may incur expenses similar to those eliminated in this
presentation.
We present revenue on a constant currency basis to assess how
our underlying businesses performed, excluding the effect of
foreign currency rate fluctuations, which we believe is useful to
management and investors.
Our annual Cloud revenue retention rate measures the percentage
of revenues that we retain from our existing Cloud customers. We
use this retention rate as an indicator of customer satisfaction
and future revenues. We calculate the annual Cloud revenue
retention rate as a percentage, where the numerator is the Cloud
annualized recurring revenue for the prior year, less the Cloud
annualized recurring revenue from lost Cloud customers during that
year; and the denominator is the Cloud annualized recurring revenue
for the prior year. We set annual targets for Cloud revenue
retention rate and monitor progress toward those targets on a
quarterly basis by reviewing known customer losses and anticipated
future customer losses. Our Cloud revenue retention rate may
fluctuate as a result of a number of factors, including the mix of
Cloud solutions used by customers, the level of customer
satisfaction, and changes in the number of users live on our Cloud
solutions. We have not reconciled the annual Cloud revenue
retention rate because there is no directly comparable GAAP
financial measure.
We derive the majority of our Cloud revenues from recurring
fees, primarily PEPM subscription charges. We also derive recurring
revenue from fees related to the rental and maintenance of clocks,
charges for once-a-year services, such as year-end tax statements,
and investment income on our customer funds held in trust before
such funds are remitted to taxing authorities, customer employees,
or other third parties. To calculate Cloud ARR, we start with
recurring revenue at year end, subtract the once-a-year charges,
annualize the revenue for customers live for less than a full year
to reflect the revenue that would have been realized if the
customer had been live for a full year, and add back the
once-a-year charges. We set annual targets for Cloud ARR and
monitor progress toward those targets on a quarterly basis. We have
not reconciled the Cloud ARR because there is no directly
comparable GAAP financial measure.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. All statements other than
statements of historical fact or relating to present facts or
current conditions included in this press release are
forward-looking statements. Forward-looking statements give our
current expectations and projections relating to our financial
condition, results of operations, plans, objectives, future
performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. Forward-looking statements in this
press release include statements relating to first quarter and full
year fiscal 2020 total revenue, Cloud revenue, Dayforce revenue,
float revenue, and Adjusted EBITDA, as well as those relating to
future growth initiatives. These statements may include words such
as “anticipate,” “estimate,” “expect,” “project,” “seek,” “plan,”
“intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,”
“should,” and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events but not all
forward-looking statements contain these identifying words. The
forward-looking statements contained in this press release are
based on assumptions that we have made in light of our industry
experience and our perceptions of historical trends, current
conditions, expected future developments and other factors that we
believe are appropriate under the circumstances. As you consider
this press release, you should understand that these statements are
not guarantees of performance or results. These assumptions and our
future performance or results involve risks and uncertainties (many
of which are beyond our control). These risks and uncertainties
include, but are not limited to, the following:
- our inability to attain or to maintain profitability;
- significant competition for our solutions;
- our inability to continue to develop or to sell our existing
Cloud solutions;
- our inability to manage our growth effectively;
- the risk that we may not be able to successfully migrate our
Bureau customers to our Cloud solutions or to offset the decline in
Bureau revenue with Cloud revenue;
- the decline or slower than expected development of the market
for enterprise cloud;
- failure of our efforts to increase use of our Cloud solutions
and our other applications may not succeed;
- our failure to provide enhancements and new features and
modifications to our solutions;
- failure to comply the Federal Trade Commission’s ongoing
consent order regarding data protection;
- system interruptions or failures, including cyber-security
breaches, identity theft, or other disruptions that could
compromise our information;
- our failure to comply with applicable privacy, security and
data laws, regulations and standards;
- changes in regulations governing privacy concerns and laws or
other domestic or foreign data protection regulations;
- our inability to successfully expand our current offerings into
new markets or further penetrate existing markets;
- our inability to meet the more complex configuration and
integration demands of our large customers;
- the impact of the material weakness related to the duplicative
payroll incident and our failure to maintain effective internal
controls in the future;
- the risk of our customers declining to renew their agreements
with us or renewing at lower performance fee levels;
- our failure to manage our technical operations
infrastructure;
- our inability to maintain necessary third party relationships,
and third party software licenses or there are errors in the
software we license;
- our inability to protect our intellectual property rights,
proprietary technology, information, processes, and know-how;
- our failure to keep pace with rapid technological changes and
evolving industry standards;
- changes in laws and regulations related to the Internet or
changes in the Internet infrastructure itself;
- general economic, political and market forces beyond our
control; and
- other risks and uncertainties described in our most recent
annual report on Form 10-K, subsequent quarterly reports on Form
10-Q, and other filings with the Securities and Exchange
Commission.
Additional factors or events that could cause our actual
performance to differ from these forward-looking statements may
emerge from time to time, and it is not possible for us to predict
all of them. Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove incorrect, our
actual financial condition, results of operations, future
performance and business may vary in material respects from the
performance projected in these forward-looking statements. In
addition to any factors and assumptions set forth above in this
press release, the material factors and assumptions used to develop
the forward-looking information include, but are not limited to:
the general economy remains stable; the competitive environment in
the HCM market remains stable; the demand environment for HCM
solutions remains stable; our implementation capabilities and cycle
times remain stable; foreign exchange rates, both current and those
used in developing forward-looking statements, specifically USD to
CAD, remain stable at, or near, current rates; we will be able to
maintain our relationships with our employees, customers and
partners; we will continue to attract qualified personnel to
support our development requirements and the support of our new and
existing customers; and that the risk factors noted above,
individually or collectively, do not have a material impact on the
Company. Any forward-looking statement made by us in this press
release speaks only as of the date on which it is made. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Ceridian HCM Holding
Inc.
Consolidated Balance
Sheets
(Dollars in millions, except
share data)
December 31,
2019
2018
(unaudited)
ASSETS
Current assets:
Cash and equivalents
$
281.3
$
217.8
Trade and other receivables, net
80.4
63.9
Prepaid expenses and other current
assets
57.9
48.9
Total current assets before customer trust
funds
419.6
330.6
Customer trust funds
3,204.1
2,603.5
Total current assets
3,623.7
2,934.1
Right of use lease asset
32.0
—
Property, plant, and equipment, net
128.3
104.4
Goodwill
1,973.5
1,927.4
Other intangible assets, net
177.9
187.5
Other assets
150.3
94.4
Total assets
$
6,085.7
$
5,247.8
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt
$
10.8
$
6.8
Current portion of long-term lease
liabilities
8.8
—
Accounts payable
43.2
41.5
Deferred revenue
25.5
23.2
Employee compensation and benefits
75.9
54.5
Other accrued expenses
13.9
23.9
Total current liabilities before customer
trust funds obligations
178.1
149.9
Customer trust funds obligations
3,193.6
2,619.7
Total current liabilities
3,371.7
2,769.6
Long-term debt, less current portion
666.3
663.5
Employee benefit plans
117.2
153.3
Long-term lease liabilities, less current
portion
30.1
—
Other liabilities
18.1
45.9
Total liabilities
4,203.4
3,632.3
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par, 500,000,000
shares authorized, 144,386,618 and 139,453,710 shares issued and
outstanding as of December 31, 2019, and 2018, respectively
1.4
1.4
Additional paid in capital
2,449.1
2,325.6
Accumulated deficit
(229.8
)
(335.6
)
Accumulated other comprehensive loss
(338.4
)
(375.9
)
Total stockholders’ equity
1,882.3
1,615.5
Total liabilities and equity
$
6,085.7
$
5,247.8
Ceridian HCM Holding
Inc.
Consolidated Statements of
Operations
(Dollars in millions, except
share and per share data)
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
(unaudited)
(unaudited)
(unaudited)
Revenue:
Recurring services
$
176.4
$
164.5
$
680.1
$
625.0
Professional services and other
45.4
30.3
144.0
115.7
Total revenue
221.8
194.8
824.1
740.7
Cost of revenue:
Recurring services
52.8
51.0
201.8
200.3
Professional services and other
42.7
33.5
149.8
132.2
Product development and management
18.8
15.7
67.9
59.0
Depreciation and amortization
9.7
8.6
36.4
34.3
Total cost of revenue
124.0
108.8
455.9
425.8
Gross profit
97.8
86.0
368.2
314.9
Selling, general and administrative
78.1
65.7
295.9
258.8
Operating profit
19.7
20.3
72.3
56.1
Interest expense, net
7.2
8.8
32.4
83.2
Other expense (income), net
0.9
0.5
5.6
(0.2
)
Income (loss) from continuing operations
before income taxes
11.6
11.0
34.3
(26.9
)
Income tax expense (benefit)
13.1
2.1
(44.4
)
8.4
(Loss) income from continuing
operations
(1.5
)
8.9
78.7
(35.3
)
Loss from discontinued operations
—
(11.0
)
—
(25.8
)
Net (loss) income
(1.5
)
(2.1
)
78.7
(61.1
)
Net loss attributable to noncontrolling
interest
—
—
(0.5
)
Net (loss) income attributable to
Ceridian
$
(1.5
)
$
(2.1
)
$
78.7
$
(60.6
)
Net (loss) income per share attributable
to Ceridian:
Basic
$
(0.01
)
$
(0.02
)
$
0.55
$
(0.60
)
Diluted
$
(0.01
)
$
(0.02
)
$
0.53
$
(0.60
)
Weighted-average shares outstanding:
Basic
144,066,263
138,736,906
142,049,112
114,049,682
Diluted
144,066,263
138,736,906
148,756,592
114,049,682
Ceridian HCM Holding
Inc.
Consolidated Statements of
Cash Flows
(Dollars in millions)
Year Ended December
31,
2019
2018
(unaudited)
Net income (loss)
$
78.7
$
(61.1
)
Loss from discontinued operations
—
25.8
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Deferred income tax benefit
(69.4
)
(16.1
)
Depreciation and amortization
57.1
56.6
Amortization of debt issuance costs and
debt discount
1.2
2.1
Loss on debt extinguishment
—
25.7
Net periodic pension and postretirement
cost
5.2
2.7
Provision for doubtful accounts
3.2
0.7
Share-based compensation
36.5
23.2
Other
(0.4
)
(0.4
)
Changes in operating assets and
liabilities excluding effects of acquisitions and divestitures:
Trade and other receivables
(16.4
)
(3.6
)
Prepaid expenses and other current
assets
(8.0
)
0.6
Accounts payable and other accrued
expenses
3.8
(6.4
)
Deferred revenue
0.8
7.0
Employee compensation and benefits
(11.1
)
(22.1
)
Accrued interest
—
(15.7
)
Accrued taxes
(11.1
)
8.4
Other assets and liabilities
(19.5
)
(16.7
)
Net cash provided by (used in) operating
activities—continuing operations
50.6
10.7
Net cash used in operating
activities—discontinued operations
—
(1.2
)
Net cash provided by (used in) operating
activities
50.6
9.5
Cash Flows from Investing
Activities
Purchase of customer trust funds
marketable securities
(408.4
)
(855.2
)
Proceeds from sale and maturity of
customer trust funds marketable securities
374.5
844.3
Expenditures for property, plant, and
equipment
(16.3
)
(8.0
)
Expenditures for software and
technology
(38.9
)
(32.2
)
Acquisition costs, net of cash
acquired
(30.2
)
—
Net cash used in investing activities
(119.3
)
(51.1
)
Cash Flows from Financing
Activities
Increase (decrease) in customer trust
funds obligations, net
529.9
(1,415.1
)
Net proceeds from issuance of stock
—
595.0
Repayment of long-term debt
obligations
(7.2
)
(1,134.0
)
Proceeds from issuance of common stock
under share-based compensation plans
87.0
45.8
Proceeds from debt issuance
—
680.0
Payment of debt refinancing costs
—
(23.3
)
Net cash provided by (used in) financing
activities
609.7
(1,251.6
)
Effect of Exchange Rate Changes on
Cash
11.3
(12.8
)
Net increase (decrease) in cash and
equivalents
552.3
(1,306.0
)
Elimination of cash from discontinued
operations
—
0.5
Cash, restricted cash, and equivalents at
beginning of year
1,106.3
2,411.8
Cash, restricted cash, and equivalents at
end of year
$
1,658.6
$
1,106.3
Reconciliation of cash, restricted
cash, and equivalents to the consolidated balance sheets
Cash and equivalents
$
281.3
$
217.8
Restricted cash and equivalents included
in customer trust funds
$
1,377.3
$
888.5
Total cash, restricted cash, and
equivalents
$
1,658.6
$
1,106.3
Supplemental Cash Flow
Information:
Cash paid for interest
$
37.4
$
74.5
Cash paid for income taxes
$
36.2
$
21.1
Cash received from income tax refunds
$
0.3
$
4.4
Ceridian HCM Holding
Inc.
Revenue Financial
Measures
(Unaudited)
Three Months Ended December
31,
Growth rate year-over-
year
Impact of changes in foreign
currency(a)
Growth rate on a constant
currency basis (a)
2019
2018
2019 vs. 2018
2019 vs. 2018
(Dollars in millions)
Revenue:
Dayforce recurring services, excluding
float
$
103.3
$
78.0
32.4
%
(0.4
)%
32.8
%
Dayforce float
11.0
9.8
12.2
%
1.1
%
11.1
%
Total Dayforce recurring services
114.3
87.8
30.2
%
(0.1
)%
30.3
%
Powerpay recurring services, excluding
float
22.0
22.0
—
1.3
%
(1.3
)%
Powerpay float
3.0
3.3
(9.1
)%
(6.1
)%
(3.0
)%
Total Powerpay recurring services
25.0
25.3
(1.2
)%
0.4
%
(1.6
)%
Total Cloud recurring services
139.3
113.1
23.2
%
0.1
%
23.1
%
Dayforce professional services and
other
44.4
29.4
51.0
%
(0.9
)%
51.9
%
Powerpay professional services and
other
0.5
0.4
25.0
%
25.0
%
—
Total Cloud professional services and
other
44.9
29.8
50.7
%
(0.5
)%
51.2
%
Total Cloud revenue
184.2
142.9
28.9
%
—
28.9
%
Bureau recurring services, excluding
float
33.8
47.1
(28.2
)%
0.3
%
(28.5
)%
Bureau float
3.3
4.3
(23.3
)%
—
(23.3
)%
Total Bureau recurring services
37.1
51.4
(27.8
)%
0.2
%
(28.0
)%
Bureau professional services and other
0.5
0.5
—
—
—
Total Bureau revenue
37.6
51.9
(27.6
)%
0.2
%
(27.8
)%
Total revenue
$
221.8
$
194.8
13.9
%
0.1
%
13.8
%
Dayforce
$
158.7
$
117.2
35.4
%
(0.3
)%
35.7
%
Powerpay
25.5
25.7
(0.8
)%
0.7
%
(1.5
)%
Total Cloud revenue
$
184.2
$
142.9
28.9
%
—
28.9
%
Dayforce, excluding float
$
147.7
$
107.4
37.5
%
(0.5
)%
38.0
%
Powerpay, excluding float
22.5
22.4
0.4
%
1.7
%
(1.3
)%
Cloud float
14.0
13.1
6.9
%
(0.7
)%
7.6
%
Total Cloud revenue
$
184.2
$
142.9
28.9
%
—
28.9
%
(a)
Please refer to “Reconciliation of GAAP to
Non-GAAP Financial Measures” section for information on our
constant currency revenue, a Non-GAAP financial measure.
Ceridian HCM Holding
Inc.
Revenue Financial
Measures
(Unaudited)
Year Ended December
31,
Growth rate year-over-
year
Impact of changes in foreign
currency(a)
Growth rate on a constant
currency basis (a)
2019
2018
2019 vs. 2018
2019 vs. 2018
(Dollars in millions)
Revenue:
Dayforce recurring services, excluding
float
$
377.9
$
288.2
31.1
%
(0.6
)%
31.7
%
Dayforce float
51.1
37.5
36.3
%
(0.8
)%
37.1
%
Total Dayforce recurring services
429.0
325.7
31.7
%
(0.6
)%
32.3
%
Powerpay recurring services, excluding
float
76.9
78.0
(1.4
)%
(2.0
)%
0.6
%
Powerpay float
12.1
12.0
0.8
%
(3.4
)%
4.2
%
Total Powerpay recurring services
89.0
90.0
(1.1
)%
(2.2
)%
1.1
%
Total Cloud recurring services
518.0
415.7
24.6
%
(1.0
)%
25.6
%
Dayforce professional services and
other
140.7
111.8
25.8
%
(0.9
)%
26.7
%
Powerpay professional services and
other
1.3
1.3
—
—
—
Total Cloud professional services and
other
142.0
113.1
25.6
%
(0.7
)%
26.3
%
Total Cloud revenue
660.0
528.8
24.8
%
(0.9
)%
25.7
%
Bureau recurring services, excluding
float
145.1
191.8
(24.3
)%
(0.4
)%
(23.9
)%
Bureau float
17.0
17.5
(2.9
)%
(0.6
)%
(2.3
)%
Total Bureau recurring services
162.1
209.3
(22.6
)%
(0.6
)%
(22.0
)%
Bureau professional services and other
2.0
2.6
(23.1
)%
—
(23.1
)%
Total Bureau revenue
164.1
211.9
(22.6
)%
(0.5
)%
(22.1
)%
Total revenue
$
824.1
$
740.7
11.3
%
(0.8
)%
12.1
%
Dayforce
$
569.7
$
437.5
30.2
%
(0.7
)%
30.9
%
Powerpay
90.3
91.3
(1.1
)%
(2.2
)%
1.1
%
Total Cloud revenue
$
660.0
$
528.8
24.8
%
(0.9
)%
25.7
%
Dayforce, excluding float
$
518.6
$
400.0
29.7
%
(0.6
)%
30.3
%
Powerpay, excluding float
78.2
79.3
(1.4
)%
(2.0
)%
0.6
%
Cloud float
63.2
49.5
27.7
%
(1.4
)%
29.1
%
Total Cloud revenue
$
660.0
$
528.8
24.8
%
(0.9
)%
25.7
%
(a)
Please refer to “Reconciliation of GAAP to
Non-GAAP Financial Measures” section for information on our
constant currency revenue, a Non-GAAP financial measure.
Ceridian HCM Holding Inc. Reconciliation of
GAAP to Non-GAAP Financial Measures (Unaudited)
The following tables set forth certain information regarding our
revenue on a constant currency basis for the three and twelve
months ended December 31, 2019, compared with the three and twelve
months ended December 31, 2018. We present revenue in constant
currency to assess how our underlying business performed excluding
the effect of foreign currency rate fluctuations. We calculate
revenue on a constant currency basis by applying a fixed planning
rate of $1.30 Canadian dollar to $1.00 U.S. dollar foreign exchange
rate to revenue originally booked in Canadian dollars for all
applicable periods.
Three Months Ended December
31,
Increase / (Decrease)
2019
2018
Amount
%
(Dollars in millions)
Constant Currency Revenue:
Dayforce recurring services, excluding
float
$
103.7
$
78.1
$
25.6
32.8
%
Dayforce float
11.0
9.9
1.1
11.1
%
Total Dayforce recurring services
114.7
88.0
26.7
30.3
%
Powerpay recurring services, excluding
float
22.2
22.5
(0.3
)
(1.3
)%
Powerpay float
3.2
3.3
(0.1
)
(3.0
)%
Total Powerpay recurring services
25.4
25.8
(0.4
)
(1.6
)%
Total Cloud recurring services
140.1
113.8
26.3
23.1
%
Dayforce professional services and
other
44.8
29.5
15.3
51.9
%
Powerpay professional services and
other
0.4
0.4
—
—
Total Cloud professional services and
other
45.2
29.9
15.3
51.2
%
Total Cloud revenue
185.3
143.7
41.6
28.9
%
Bureau recurring services, excluding
float
33.9
47.4
(13.5
)
(28.5
)%
Bureau float
3.3
4.3
(1.0
)
(23.3
)%
Total Bureau recurring services
37.2
51.7
(14.5
)
(28.0
)%
Bureau professional services and other
0.5
0.5
—
—
Total Bureau revenue
37.7
52.2
(14.5
)
(27.8
)%
Total constant currency revenue
$
223.0
$
195.9
$
27.1
13.8
%
Dayforce
$
159.5
$
117.5
$
42.0
35.7
%
Powerpay
25.8
26.2
(0.4
)
(1.5
)%
Total constant currency Cloud revenue
$
185.3
$
143.7
$
41.6
28.9
%
Dayforce, excluding float
$
148.5
$
107.6
$
40.9
38.0
%
Powerpay, excluding float
22.6
22.9
(0.3
)
(1.3
)%
Cloud float
14.2
13.2
1.0
7.6
%
Total constant currency Cloud revenue
$
185.3
$
143.7
$
41.6
28.9
%
Year Ended December
31,
Increase / (Decrease)
2019
2018
Amount
%
(Dollars in millions)
Constant Currency Revenue:
Dayforce recurring services, excluding
float
$
379.3
$
288.0
$
91.3
31.7
%
Dayforce float
51.4
37.5
13.9
37.1
%
Total Dayforce recurring services
430.7
325.5
105.2
32.3
%
Powerpay recurring services, excluding
float
78.4
77.9
0.5
0.6
%
Powerpay float
12.4
11.9
0.5
4.2
%
Total Powerpay recurring services
90.8
89.8
1.0
1.1
%
Total Cloud recurring services
521.5
415.3
106.2
25.6
%
Dayforce professional services and
other
141.6
111.8
29.8
26.7
%
Powerpay professional services and
other
1.3
1.3
—
—
Total Cloud professional services and
other
142.9
113.1
29.8
26.3
%
Total Cloud revenue
664.4
528.4
136.0
25.7
%
Bureau recurring services, excluding
float
145.9
191.6
(45.7
)
(23.9
)%
Bureau float
17.1
17.5
(0.4
)
(2.3
)%
Total Bureau recurring services
163.0
209.1
(46.1
)
(22.0
)%
Bureau professional services and other
2.0
2.6
(0.6
)
(23.1
)%
Total Bureau revenue
165.0
211.7
(46.7
)
(22.1
)%
Total constant currency revenue
$
829.4
$
740.1
$
89.3
12.1
%
Dayforce
$
572.3
$
437.3
$
135.0
30.9
%
Powerpay
92.1
91.1
1.0
1.1
%
Total constant currency Cloud revenue
$
664.4
$
528.4
$
136.0
25.7
%
Dayforce, excluding float
$
520.9
$
399.8
$
121.1
30.3
%
Powerpay, excluding float
79.7
79.2
0.5
0.6
%
Cloud float
63.8
49.4
14.4
29.1
%
Total constant currency Cloud revenue
$
664.4
$
528.4
$
136.0
25.7
%
The following tables present a reconciliation of our reported
results to our non-GAAP financial measures Adjusted EBITDA,
Adjusted EBITDA margin, and Adjusted net income basis for all
periods presented:
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
(Dollars in millions)
Operating profit
$
19.7
$
20.3
$
72.3
$
56.1
Other (expense) income, net
(0.9
)
(0.5
)
(5.6
)
0.2
Depreciation and amortization
13.2
14.2
57.1
56.6
EBITDA from continuing operations (a)
32.0
34.0
123.8
112.9
Sponsorship management fees (b)
—
—
—
12.0
Intercompany foreign exchange (gain)
loss
(0.4
)
(0.4
)
0.4
(2.9
)
Share-based compensation (c)
10.7
5.2
37.7
24.7
Severance charges (d)
1.8
1.3
6.2
5.4
Restructuring consulting fees (e)
1.7
1.7
5.3
4.8
Other non-recurring charges (f)
(1.4
)
—
11.2
—
Transaction costs (g)
—
—
—
3.7
Adjusted EBITDA
$
44.4
$
41.8
$
184.6
$
160.6
Adjusted EBITDA margin
20.0
%
21.5
%
22.4
%
21.7
%
(a)
We define EBITDA from continuing
operations as net income (loss) before interest, taxes,
depreciation and amortization, and net income (loss) from
discontinued operations.
(b)
Represents expenses related to management,
monitoring, consulting, transaction, and advisory fees and related
expenses paid to the affiliates of our Sponsors pursuant to the
management agreement with THL Managers VI, LLC and Cannae Holdings,
LLC. In April 2018, the management agreements terminated upon
consummation of our initial public offering (“IPO”).
(c)
Represents share-based compensation
expense and related employer taxes.
(d)
Represents costs for severance
compensation paid to employees whose positions have been eliminated
or who have been terminated not for cause.
(e)
Represents consulting fees and expenses
incurred during the periods presented in connection with any
acquisition, investment, disposition, recapitalization, equity
offering, issuance or repayment of debt, issuance of equity
interests, or refinancing.
(f)
Represents (gain) loss on unrecovered
duplicate payments associated with an isolated service
incident.
(g)
Represents expense related to the IPO and
refinancing of our debt that were not eligible for
capitalization.
Three Months Ended December
31, 2019
As Reported
Share-based
compensation
Severance charges
Other (a)
Income Tax effects (b)
Adjusted
(Dollars in millions, except
per share data)
Cost of revenue:
Recurring services
$
52.8
$
0.9
$
0.7
$
—
$
—
$
51.2
Professional services and other
42.7
0.6
0.2
—
—
41.9
Product development and management
18.8
0.9
0.2
—
—
17.7
Depreciation and amortization
9.7
—
—
—
—
9.7
Total cost of revenue
124.0
2.4
1.1
—
—
120.5
Sales and marketing
44.4
1.4
0.4
—
—
42.6
General and administrative
33.7
6.9
0.3
0.3
—
26.2
Operating profit
19.7
10.7
1.8
0.3
—
32.5
Other expense, net
0.9
—
—
(0.4
)
—
1.3
Depreciation and amortization
13.2
—
—
—
—
13.2
EBITDA from continuing operations
$
32.0
$
10.7
$
1.8
$
(0.1
)
$
—
$
44.4
Net (loss) income
$
(1.5
)
$
10.7
$
1.8
$
3.1
$
(2.0
)
$
12.1
Net (loss) income per share- basic (c)
$
(0.01
)
$
0.06
$
0.01
$
0.02
$
(0.01
)
$
0.08
Net (loss) income per share- diluted
(c)
$
(0.01
)
$
0.06
$
0.01
$
0.02
$
(0.01
)
$
0.08
(a)
Other includes intercompany foreign
exchange loss, restructuring consulting fees, other non-recurring
charges, and tax expense of $3.2 million related to the release of
our valuation allowance.
(b)
Income tax effects are calculated based on
the statutory tax rates in effect in the U.S. and foreign
jurisdictions during the quarter.
(c)
GAAP and Adjusted basic and diluted net
(loss) income per share are calculated based upon 144,066,263
weighted-average shares of common stock.
Three Months Ended December
31, 2018
As Reported
Share-based
compensation
Severance charges
Other (a)
Income Tax effects (b)
Adjusted
(Dollars in millions, except
per share data)
Cost of revenue:
Recurring services
$
51.0
$
0.4
$
0.2
$
—
$
—
$
50.4
Professional services and other
33.5
0.2
0.3
—
—
33.0
Product development and management
15.7
0.2
—
—
—
15.5
Depreciation and amortization
8.6
—
—
—
—
8.6
Total cost of revenue
108.8
0.8
0.5
—
—
107.5
Sales and marketing
35.8
0.8
0.4
—
—
34.6
General and administrative
29.9
3.6
0.4
1.7
—
24.2
Operating profit
20.3
5.2
1.3
1.7
—
28.5
Other expense, net
0.5
—
—
(0.4
)
—
0.9
Depreciation and amortization
14.2
—
—
—
—
14.2
EBITDA from continuing operations
$
34.0
$
5.2
$
1.3
$
1.3
$
—
$
41.8
Net (loss) income
$
(2.1
)
$
5.2
$
1.3
$
12.3
$
(0.2
)
$
16.5
Net (loss) income per share- basic (c)
$
(0.02
)
$
0.04
$
0.01
$
0.09
$
—
$
0.12
Net (loss) income per share- diluted
(c)
$
(0.02
)
$
0.04
$
0.01
$
0.09
$
—
$
0.12
(a)
Other includes intercompany foreign
exchange gain, restructuring consulting fees, and loss on
discontinued operations of $11.0 million.
(b)
We do not apply an income tax effect to
expenses incurred in the U.S. due to a full valuation allowance
against our deferred tax assets. Income tax effect in foreign
jurisdictions is calculated based on the statutory tax rates during
the quarter.
(c)
GAAP and Adjusted basic and diluted net
(loss) income per share are calculated based upon 138,736,906
weighted-average shares of common stock.
Year Ended December 31,
2019
As Reported
Share-based
compensation
Severance charges
Other (a)
Income Tax effects
(b)
Adjusted
(Dollars in millions, except
per share data)
Cost of revenue:
Recurring services
$
201.8
$
3.0
$
1.8
$
—
$
—
$
197.0
Professional services and other
149.8
1.8
0.6
—
—
147.4
Product development and management
67.9
3.1
0.3
—
—
64.5
Depreciation and amortization
36.4
—
—
—
—
36.4
Total cost of revenue
455.9
7.9
2.7
—
—
445.3
Sales and marketing
150.0
5.0
2.3
—
—
142.7
General and administrative
145.9
24.8
1.2
16.5
—
103.4
Operating profit
72.3
37.7
6.2
16.5
—
132.7
Other expense, net
5.6
—
—
0.4
—
5.2
Depreciation and amortization
57.1
—
—
—
—
57.1
EBITDA from continuing operations
$
123.8
$
37.7
$
6.2
$
16.9
$
—
$
184.6
Net income
$
78.7
$
37.7
$
6.2
$
(45.7
)
$
(9.1
)
$
67.8
Net income per share- basic (c)
$
0.55
$
0.28
$
0.04
$
(0.33
)
$
(0.06
)
$
0.48
Net income per share- diluted (c)
$
0.53
$
0.26
$
0.04
$
(0.31
)
$
(0.06
)
$
0.46
(a)
Other includes intercompany foreign
exchange loss, restructuring consulting fees, other non-recurring
charges, and a tax benefit of $62.6 million related to the release
of our valuation allowance.
(b)
Income tax effects are calculated based on
the statutory tax rates in effect in the U.S. and foreign
jurisdictions during the year. Prior to June 30, 2019, we did not
apply an income tax effect to expenses incurred in the U.S. due to
a full valuation allowance against our deferred tax assets.
(c)
GAAP and Adjusted basic and diluted net
income per share are calculated based upon 142,049,112 and
148,756,592 weighted-average shares of common stock,
respectively.
Year Ended December 31,
2018
As Reported
Share-based
compensation
Severance charges
Other (a)
Income Tax effects (b)
Adjusted
(Dollars in millions, except
per share data)
Cost of revenue:
Recurring services
$
200.3
$
2.1
$
1.3
$
—
$
—
$
196.9
Professional services and other
132.2
1.2
1.0
—
—
130.0
Product development and management
59.0
1.1
0.1
—
—
57.8
Depreciation and amortization
34.3
—
—
—
—
34.3
Total cost of revenue
425.8
4.4
2.4
—
—
419.0
Sales and marketing
122.7
4.3
1.4
—
—
117.0
General and administrative
136.1
16.0
1.6
20.5
—
98.0
Operating profit
56.1
24.7
5.4
20.5
—
106.7
Other (income) expense, net
(0.2
)
—
—
(2.9
)
—
2.7
Depreciation and amortization
56.6
—
—
—
—
56.6
EBITDA from continuing operations
112.9
24.7
5.4
17.6
—
$
160.6
Net (loss) income attributable to
Ceridian
$
(60.6
)
$
24.7
$
5.4
$
69.1
$
(0.9
)
$
37.7
Net (loss) income per share attributable
to Ceridian- basic (c)
$
(0.60
)
$
0.22
$
0.05
$
0.60
$
(0.01
)
$
0.26
Net (loss) income per share attributable
to Ceridian- diluted (c)
$
(0.60
)
$
0.22
$
0.05
$
0.60
$
(0.01
)
$
0.26
(a)
Other includes sponsor management fees,
intercompany foreign exchange gain, restructuring consulting fees,
IPO transaction costs, loss from discontinued operations of $25.8
million, and loss on extinguishment of debt of $25.7 million.
(b)
We do not apply an income tax effect to
expenses incurred in the U.S. due to a full valuation allowance
against our deferred tax assets. Income tax effect in foreign
jurisdictions is calculated based on the statutory tax rates during
the year.
(c)
GAAP and Adjusted basic and diluted net
(loss) income per share are calculated based upon 114,049,682
weighted-average shares of common stock.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200205005778/en/
Investor Relations Jeremy Johnson Vice President, Finance and
Investor Relations Ceridian HCM Holding Inc. 1-844-829-9499
investors@ceridian.com
Public Relations Teri Murphy Director, Corporate Communications
Ceridian HCM Holding Inc. 1-647-417-2117
teri.murphy@ceridian.com
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