Dayforce, Inc. reported a total revenue of $1.76 billion for the fiscal year ending December 31, 2024, marking a 16.3% increase from $1.51 billion in 2023. The company's recurring revenue, which includes its flagship Dayforce and Powerpay solutions, rose to $1.52 billion, up 17% from the previous year. However, net income decreased significantly to $18.1 million, down 67% from $54.8 million in 2023, primarily due to increased operating expenses and a rise in other expenses, including interest and foreign currency translation losses.
The company experienced notable growth in its customer base, with the number of live Dayforce customers increasing by 7.6% to 6,876, representing approximately 7.62 million global employees. The average recurring revenue per Dayforce customer also grew to $163,101, compared to $146,771 in 2023. Additionally, Dayforce's annual revenue retention rate improved to 98%, up from 97.1% the previous year, indicating strong customer satisfaction and loyalty.
Strategically, Dayforce completed the acquisition of eloomi A/S, a learning experience platform, for $179.6 million in February 2024. This acquisition is expected to enhance Dayforce's offerings and drive further growth. The company also launched several new features in its Dayforce platform, including Dayforce Co-Pilot, an AI assistant designed to improve user experience and operational efficiency. Furthermore, Dayforce Wallet, a digital payment solution, saw adoption by over 1,350 customers, reflecting the company's commitment to innovation in the HCM space.
Operationally, Dayforce's total cash and equivalents stood at $579.7 million as of December 31, 2024, with total debt at $1.23 billion. The company reported net cash provided by operating activities of $281.1 million, an increase from $219.5 million in 2023. Looking ahead, Dayforce anticipates continued growth driven by its strategic initiatives, including geographic expansion and product enhancements, although it acknowledges potential challenges related to market conditions and competition. The company has also initiated a workforce reduction plan, expected to reduce headcount by approximately 5%, which may incur restructuring charges of $24 million to $29 million in the first quarter of 2025.
About Dayforce, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.