Dayforce Inc (DAY) 2024 Q1 法說會逐字稿

I am Jeremy Johnson our CFO, and joining me on the call today is CEO, David Ossip; Chief Product and Technology Officer, Joe Korngiebel; and our President, Steve Holdridge. (Operator Instructions) Now before I hand the call over to David, I want to remind everyone that our commentary may include forward-looking statements. These statements are subject to risks and uncertainties that could cause Dayforce's results to differ materially from historical experience or present expectations. A description of some of these risks and uncertainties can be found in the reports we file with the Securities and Exchange Commission, such as the cautionary statements in our filings.

我是我們的財務長傑里米·約翰遜 (Jeremy Johnson)，今天與我一起參加電話會議的是執行長大衛·奧西普 (David Ossip)；首席產品與技術長 Joe Korngiebel；還有我們的總裁史蒂夫·霍爾德里奇。 （操作員說明）現在，在我將電話轉交給大衛之前，我想提醒大家，我們的評論可能包含前瞻性陳述。這些陳述存在風險和不確定性，可能導致 Dayforce 的結果與歷史經驗或當前預期有重大差異。對其中一些風險和不確定性的描述可以在我們向美國證券交易委員會提交的報告中找到，例如我們提交的文件中的警告聲明。

Additionally, over the course of this call, we'll reference non-GAAP measures to describe our performance please review our earnings press release and filings with the SEC for our rationale behind the use of non-GAAP measures and for a full reconciliation of these GAAP to non-GAAP metrics. These documents, in addition to a replay of this call will be available on the Dayforce Investor Relations website.

此外，在本次電話會議期間，我們將參考非GAAP 衡量標準來描述我們的業績，請查看我們的收益新聞稿和向SEC 提交的文件，以了解我們使用非GAAP 衡量標準背後的理由以及這些衡量標準的全面協調GAAP 到非 GAAP 指標。這些文件以及本次電話會議的重播將在 Dayforce 投資者關係網站上提供。

And with that, I'd like to turn the call over to David.

說到這裡，我想把電話轉給大衛。

Thanks, Jeremy, and thank you all for joining us. Next to me, I have Steve who will review customer and market highlights. Joe, who will highlight platform innovation and then we'll hand the call back to Jeremy to provide details to our first quarter performance and updated full year outlook.

謝謝傑里米，也謝謝大家加入我們。在我旁邊的是史蒂夫，他將回顧客戶和市場亮點。喬，他將重點介紹平台創新，然後我們將把電話轉給傑里米，提供有關我們第一季業績和更新的全年展望的詳細資訊。

In the first quarter, I'm pleased to report another strong quarter for Dayforce. We grew both revenue and profit materially, and we exceeded guidance across all key revenue and profitability metrics. Dayforce recurring revenue of $337 million was up 24%, including float and 23% excluding float and total revenue of $431.5 million increased 16%.

在第一季度，我很高興地報告 Dayforce 又一個強勁的季度。我們的收入和利潤均大幅成長，並且所有關鍵收入和獲利指標都超出了指導。 Dayforce 經常性收入為 3.37 億美元，成長 24%，其中包括浮動收入，不包括浮動收入成長 23%，總收入為 4.315 億美元，成長 16%。

On the profitability side, GAAP gross profit was $205 million, up 28% from last year. Cloud recurring gross margin was 79%, up 170 basis points versus last year and adjusted cloud recurring gross margin was 80%, up 130 basis points versus last year. Adjusted EBITDA was $130 million, up 23%, representing an adjusted EBITDA margin of 30.1%, up 170 basis points versus last year.

在獲利能力方面，GAAP 毛利為 2.05 億美元，比去年成長 28%。雲經常性毛利率為 79%，比去年增長 170 個基點，調整後的雲經常性毛利率為 80%，比去年增長 130 個基點。調整後 EBITDA 為 1.3 億美元，成長 23%，調整後 EBITDA 利潤率為 30.1%，比去年增加 170 個基點。

We remain confident in the business with strong momentum across sales, product and operations, and we have raised our guidance across all key metrics. As we look at the rest of the year and well beyond it, the HCM market opportunity is very large and continues to expand. Estimates of global HCM and managed payroll spending are currently in the $50 billion to $60 billion range and growing at over 10% annually based on the Dayforce analysis of IDC data.

我們對銷售、產品和營運方面的強勁勢頭仍然充滿信心，並且我們提高了所有關鍵指標的指導。展望今年剩餘時間以及更遠的時間，HCM 市場機會非常巨大，並且持續擴大。根據 Dayforce 對 IDC 數據的分析，目前全球 HCM 和管理工資支出估計在 500 億至 600 億美元之間，並且每年以 10% 以上的速度成長。

This continues to be a resilient and durable market of growth. Dayforce is well positioned to capitalize on this opportunity in front of us. As organizations of all sizes across the world need to be more productive and to optimize their technology and processes, leaders need to create quantifiable value for their organizations and better experiences for their people with the platforms they choose and Dayforce meets that demand by providing simplicity at scale.

這仍然是一個有彈性和持久成長的市場。 Dayforce 處於有利位置，可以利用我們面前的這個機會。由於世界各地各種規模的組織都需要提高生產力並優化其技術和流程，領導者需要透過他們選擇的平台為他們的組織創造可量化的價值，並為他們的員工提供更好的體驗，Dayforce 透過提供簡單性來滿足這一需求。

Simplicity at scale is at the core of our product innovation, particularly as we accelerate with our AI capabilities with Dayforce Co-Pilot for both our customers and inside our organization. As we've discussed, our approach to AI is built on our foundation of trusted compliance and a single source of data.

大規模的簡單性是我們產品創新的核心，特別是當我們透過 Dayforce Co-Pilot 為我們的客戶和我們的組織內部加速我們的人工智慧功能時。正如我們所討論的，我們的人工智慧方法建立在可信任合規性和單一資料來源的基礎上。

We launched the charter version of Dayforce Co-Pilot and have seen our initial customers and their employees utilize Co-Pilot as an AI teammate to help supercharge productivity. We believe there are numerous use cases across our customer base to help them gain a competitive advantage by using Dayforce Co-Pilot.

我們推出了 Dayforce Co-Pilot 的包機版本，並看到我們的初始客戶及其員工利用 Co-Pilot 作為 AI 隊友來幫助提高生產力。我們相信，我們的客戶群中有大量用例可以幫助他們透過使用 Dayforce Co-Pilot 來獲得競爭優勢。

Internally, it's been very exciting to see how Co-Pilot has significantly enhanced the Dayforce experience within our own Dayforce environment. answering questions and surfacing critical company content to help our daymakers be more productive every day. Joe will share more on our progress shortly, but I'm very encouraged with our pace of innovation.

在內部，看到 Co-Pilot 如何在我們自己的 Dayforce 環境中顯著增強 Dayforce 體驗是非常令人興奮的。回答問題並展示重要的公司內容，以幫助我們的日常制定者每天提高工作效率。喬很快就會分享更多有關我們進展的信息，但我對我們的創新步伐感到非常鼓舞。

Finally, I'm happy to announce the appointment of our new Chief People Officer, Amy, who joined Dayforce and our leadership team this week. Amy brings extensive experience, driving business growth through talent training and development, workforce engagement and exclusivity and operational efficiencies. Welcome to the team, Amy.

最後，我很高興地宣布任命 Amy 新任首席人力官，她本週加入 Dayforce 和我們的領導團隊。艾米擁有豐富的經驗，透過人才培訓和發展、員工敬業度、排他性和營運效率來推動業務成長。歡迎加入我們的團隊，艾米。

In summary, we had a strong start to 2024, and I remain excited for the year ahead. I'd like to thank our strong community, our customers, partners and daymakers. I'll now pass the call to Steve to discuss customer and market highlights. Steve, over to you.

總而言之，我們在 2024 年有了一個良好的開局，我對未來的一年仍然感到興奮。我要感謝我們強大的社群、我們的客戶、合作夥伴和 Daymaker。我現在將把電話轉給史蒂夫，討論客戶和市場亮點。史蒂夫，交給你了。

Thanks, David. In Q1, we delivered balanced and consistent growth across customer acquisition, activation, expansion and retention. We had strong results for sales, kickoffs and go-lives. We ended the quarter with Dayforce recurring revenue per customer up 19% year-over-year. And we now have 6,575 customers live on the Dayforce platform.

謝謝，大衛。第一季度，我們在客戶獲取、激活、擴展和保留方面實現了平衡且持續的成長。我們在銷售、啟動和上線方面取得了強勁的業績。截至本季末，Dayforce 每位客戶的經常性營收年增 19%。現在，Dayforce 平台上有 6,575 名客戶。

From a sales perspective, we continue to see strong demand for Dayforce across the globe and saw an acceleration of competitive wins in our mid-market segment as a complement to the continued expansion in our enterprise segments we've talked about before.

從銷售角度來看，我們繼續看到全球對 Dayforce 的強勁需求，並看到我們的中端市場領域的競爭勝利加速，作為我們之前討論過的企業領域持續擴張的補充。

Sales pipeline remains healthy, and we see steady demand for the Dayforce full suite platform in all regions. Our partner ecosystem momentum continued into Q1 with SI-led sales growth up 35% year-over-year. We continue to demonstrate the strength of our overall Dayforce platform, attaching full suite to nearly 50% of new sales bookings.

銷售管道保持健康，我們看到所有地區對 Dayforce 全套平台的需求穩定。我們的合作夥伴生態系統動能持續到第一季度，SI 帶動的銷售額年增 35%。我們繼續展現整體 Dayforce 平台的實力，近 50% 的新銷售預訂都配備了全套套件。

We also saw continued performance across our customer base sales motion with customer add-on sales comprising nearly 40% of total bookings, including significant growth in our talent intelligence suite. And on Dayforce Wallet, we saw healthy traction with over 1,200 customers live and 1,960 new customers added in total.

我們也看到我們的客戶群銷售活動持續表現良好，客戶附加銷售佔總預訂量的近 40%，其中包括我們的人才情報套件的顯著成長。在 Dayforce Wallet 上，我們看到了良好的吸引力，現有超過 1,200 名客戶，總共增加了 1,960 名新客戶。

Average wallet registration rates continue to trend positively remaining above 65%, and we continue with healthy wallet usage of about 25x per month. We also launched 2 new revenue-generating features to wallet in the first quarter. Instant Transfer, which allows users to move money off the card instantly using credit rails for a fee; and Cash App transfer, which allows users to move money to cash apps and provides Dayforce with the interchange revenue.

平均錢包註冊率持續呈正面趨勢，維持在 65% 以上，我們繼續保持每月約 25 倍的健康錢包使用率。我們也在第一季推出了兩項新的錢包創收功能。即時轉賬，允許用戶使用信用軌立即從卡片中轉出資金，但需付費；現金應用程式轉賬，允許用戶將資金轉移到現金應用程序，並為 Dayforce 提供交換收入。

We received positive news out of the Government of Canada, which secured additional budget to progress the payroll modernization project. We expect to see continued investment in the program and expanded opportunity for Dayforce and our partners with potential acceleration of related revenues in 2025.

我們從加拿大政府那裡得到了積極的消息，該政府獲得了額外的預算來推進工資現代化項目。我們預計該計劃將繼續投資，並為 Dayforce 和我們的合作夥伴提供更多機會，並可能在 2025 年加速相關收入的成長。

Now turning to key sales wins from across the globe in Q1. A large Canadian grocer is expanding its existing Dayforce partnership with the addition of Dayforce talent to support more than 100,000 employees. A U.S. energy company with 17,000 employees has selected Dayforce for payroll and workforce management. One of the world's leading independent insurance brokers has chosen the full Dayforce suite for 9,300 employees in 29 countries.

現在轉向第一季全球範圍內的主要銷售勝利。加拿大一家大型雜貨商正在擴大其現有的 Dayforce 合作夥伴關係，增加 Dayforce 人才，為超過 10 萬名員工提供支援。一家擁有 17,000 名員工的美國能源公司選擇 Dayforce 進行薪資和勞動力管理。世界領先的獨立保險經紀人之一為 29 個國家的 9,300 名員工選擇了完整的 Dayforce 套件。

Western Digital Technologies, a global provider of disk drives and flash memories is expanding its existing partnership with Dayforce by adding managed payroll for 8,000 employees in the U.S. Carhartt selected Dayforce as its global people platform for 3,500 employees across 7 countries.

全球磁碟機和快閃記憶體供應商Western Digital Technologies 正在擴大與Dayforce 的現有合作夥伴關係，為美國8,000 名員工增加薪資管理。服務。

One of the top 10 dental support organizations in the U.S. selected Dayforce as a strategic partner to support 5,000 employees. Some of the key Q1 customer go-lives included an international real estate developer and property manager launched Dayforce managed payroll, managed benefits, time and attendance to 22,000 U.S. employees.

美國十大牙科支援組織之一選擇 Dayforce 作為策略合作夥伴，為 5,000 名員工提供支援。第一季度的一些關鍵客戶上線包括一家國際房地產開發商和物業經理向 22,000 名美國員工推出了 Dayforce 薪資管理、福利管理、考勤管理。

A global manufacturing and retail organization with 65,000 employees across 56 countries extended its Dayforce use to include its Malaysian operations. Windstream Holdings went live with the full Dayforce suite for 9,500 employees across the U.S. and Canada.

一家在 56 個國家/地區擁有 65,000 名員工的全球製造和零售組織將其 Dayforce 的使用範圍擴大到了馬來西亞業務。 Windstream Holdings 為美國和加拿大的 9,500 名員工啟用了完整的 Dayforce 套件。

A global analytics professional services company with over 35,000 employees in 40 countries expanded its Dayforce use to 6,000 U.K. employees. And a California grocery chain with 18,000 employees in 170 locations went live with Dayforce managed pay, time, attendance and advanced scheduling.

一家在 40 個國家/地區擁有 35,000 多名員工的全球分析專業服務公司將 Dayforce 的使用範圍擴大到了 6,000 名英國員工。加州一家雜貨連鎖店在 170 個地點擁有 18,000 名員工，開始採用 Dayforce 管理薪資、時間、出勤和高級調度。

With that, I'm now pleased to hand off to my innovation partner, Joe Korngiebel, our Chief Product and Technology Officer. Joe, over to you.

現在，我很高興將工作交給我的創新合作夥伴、我們的首席產品和技術長 Joe Korngiebel。喬，交給你了。

Thank you, Steve. We had a fast and exciting start to 2024 in terms of product innovation. As you heard from David, with the launch of Dayforce Co-Pilot to our charter customers at the beginning of the year, our new generative AI teammate for the balanced workforce is empowering our customers, their employees and also our own employees here at Dayforce with new levels of productivity and efficiency.

謝謝你，史蒂夫。 2024 年，我們在產品創新方面有了一個快速而令人興奮的開局。正如您從David 那裡聽到的，隨著今年年初向我們的包機客戶推出Dayforce Co-Pilot，我們新的生成式AI 團隊負責平衡勞動力，正在為我們的客戶、他們的員工以及我們在Dayforce 的員工提供支援生產力和效率達到新水平。

This cutting-edge innovation marks a significant milestone in our commitment to make work-life better for our customers and their entire workforce. Dayforce Co-Pilot provides instant answers to common workforce questions from the data that is often buried within large employee handbooks, detailed benefits guides and lengthy corporate FAQs.

這項尖端創新標誌著我們致力於為客戶及其全體員工提供更好的工作生活的承諾的一個重要里程碑。 Dayforce Co-Pilot 透過大量的員工手冊、詳細的福利指南和冗長的企業常見問題解答中經常隱藏的數據，為常見的勞動力問題提供即時答案。

Powered by our best-in-class data and per customer, large language model architecture, we are just beginning the innovation with Dayforce Co-Pilot. We are now expanding beyond our initial answering questions and summarizing data use cases into full-fledged task automation and content generation with generative AI and it's all within the seamless in context Dayforce Co-Pilot user experience.

在我們一流的數據和每個客戶的大型語言模型架構的支持下，我們剛開始與 Dayforce Co-Pilot 進行創新。現在，我們正在將最初的回答問題和總結資料用例擴展到成熟的任務自動化和利用生成式人工智慧進行內容生成，而這一切都在無縫的 Dayforce Co-Pilot 使用者體驗中。

As we iterate and continue this transformative journey, we extend our sincere gratitude to our early customers for their invaluable partnership and feedback. Together, we are truly shaping the future of work and setting a new standard of excellence in our industry. We are delivering Dayforce Co-Pilot as a new simply priced add-on to our entire suite of HCM products.

當我們迭代並繼續這趟變革之旅時，我們對早期客戶的寶貴合作夥伴關係和回饋表示衷心感謝。我們共同真正塑造了工作的未來，並為我們的行業樹立了新的卓越標準。我們將 Dayforce Co-Pilot 作為我們整套 HCM 產品的新的、價格低廉的附加元件提供。

As you can tell, I'm excited about the value that our customers are starting to realize with Dayforce Co-Pilot and the massive impact that a single system that provides a single source of truth for their people data can have on their business.

如您所知，我對我們的客戶開始認識到 Dayforce Co-Pilot 的價值以及為其人員資料提供單一事實來源的單一系統對其業務產生的巨大影響感到興奮。

In addition to these innovations with Dayforce Co-Pilot, we also delivered several key innovations to help our customers optimize their talent, manage compliance, drive productivity and build great employee experiences. We delivered improved candidate and recruiting experiences within our talent products to enable faster and more efficient recruiting processes when they're needed most.

除了 Dayforce Co-Pilot 的這些創新之外，我們還提供了多項關鍵創新來幫助我們的客戶優化人才、管理合規性、提高生產力並創造出色的員工體驗。我們在人才產品中提供了改進的候選人和招募體驗，以便在最需要的時候實現更快、更有效率的招募流程。

We launched Dayforce Alumni Management, a new product that helps organizations maintain strong relationships with their past employees who can become boomerang talent or even refer new talent to a business. We enhanced our leading workforce management products to support companies that have multi-locations, multi-departments in order to drive greater efficiencies through centralized and multiweek calendaring scheduling in a flash.

我們推出了 Dayforce Alumni Management，這是一款新產品，可幫助組織與過去的員工保持牢固的關係，這些員工可以成為迴旋鏢人才，甚至可以將新人才推薦給企業。我們增強了領先的勞動力管理產品，為擁有多個地點、多個部門的公司提供支持，以便透過集中式多周日曆調度來提高效率。

And finally, on compliance, which is job one for us here at Dayforce. we added more than 160 global compliance updates just in the first quarter. This includes enhanced year-end requirements, optimized reporting functionality, expanded data import capabilities and complete updates to our CAC rates to help our customers operate with confidence. A truly exciting start to the year for us and our customers. But now let's talk financials. Over to you, Jeremy.

最後，關於合規性，這是我們 Dayforce 的首要任務。光是第一季度，我們就增加了 160 多項全球合規更新。這包括增強的年終要求、優化的報告功能、擴展的數據導入功能以及對 CAC 費率的全面更新，以幫助我們的客戶充滿信心地運作。對於我們和我們的客戶來說，這是一個真正令人興奮的新年伊始。但現在我們來談談財務。交給你了，傑瑞米。

Thanks, Joe. We started 2024 strong, underpinned by healthy top line growth and continued profitability improvements. As David said, we exceeded guidance across all key revenue and profitability metrics. We delivered Dayforce recurring revenue of $337.2 million, growing 24% and excluding float, Dayforce recurring revenue grew 23% underpinned by strong go-lives and healthy underlying customer trends.

謝謝，喬。在健康的營收成長和持續的獲利能力改善的支撐下，我們在 2024 年開局強勁。正如大衛所說，我們在所有關鍵收入和獲利指標上都超出了指導。我們為 Dayforce 帶來了 3.372 億美元的經常性收入，成長了 24%（不包括浮存金），在強勁的上線和健康的潛在客戶趨勢的支撐下，Dayforce 的經常性收入增長了 23%。

Total revenue of $431.5 million grew 16% on a GAAP basis and 17% on a constant currency basis, highlighting the continued convergence of Dayforce recurring revenue and total revenue growth rates, as 78% of our total revenue is Dayforce recurring revenue.

總營收達到 4.315 億美元，以 GAAP 計算成長 16%，以固定匯率計算成長 17%，突顯 Dayforce 經常性營收和總營收成長率的持續趨同，因為 Dayforce 經常性營收占我們總營收的 78%。

Powerpay recurring revenue was $26 million, growing 8%, including float and 5% excluding float. On a GAAP basis, gross profit was $205 million, up 28%; and operating profit was $41 million, up 6%, including a full quarter of the amortization of the Ceridian trade name, which is in G&A expenses at approximately $21 million.

Powerpay 經常性收入為 2,600 萬美元，成長 8%（包括浮動收入），不包括浮動收入成長 5%。以 GAAP 計算，毛利為 2.05 億美元，成長 28%；營業利潤為 4,100 萬美元，成長 6%，其中包括 Ceridian 商號的整個季度攤銷，一般管理費用約為 2,100 萬美元。

Cloud recurring gross margin was 79%, up 170 basis points versus last year. And excluding float, our cloud recurring gross margin also continued to expand nicely, improving by 170 basis points year-over-year. On a non-GAAP basis, adjusted cloud recurring gross margin was 80%, expanding 130 basis points year-over-year as the Dayforce platform continues to scale.

雲經常性毛利率為 79%，較去年成長 170 個基點。排除浮存金，我們的雲端經常性毛利率也持續良好成長，年比提高了 170 個基點。在非 GAAP 基礎上，調整後的雲經常性毛利率為 80%，隨著 Dayforce 平台的不斷擴大，年增了 130 個基點。

We view adjusted cloud recurring gross margins as a key metric that shows how much we make from an average dollar of recurring revenue after customers go-live on the platform. It's a great comparison to our HCM peers and market and it excludes noncash items like depreciation, share-based compensation as well as R&D-related costs.

我們將調整後的雲端經常性毛利率視為關鍵指標，它顯示了客戶在平台上線後我們從平均美元的經常性收入中賺取了多少收入。這與我們的 HCM 同行和市場進行了很好的比較，並且不包括折舊、股權激勵以及研發相關成本等非現金項目。

Adjusted EBITDA was $129.9 million, up 23% or a 30.1% margin, expanding 170 basis points year-over-year and reflecting our continued improvement in gross profit margins and scale in adjusted G&A. From a cash flow perspective, operating cash flows were $9.1 million in Q1, $2 million lower than last year, primarily due to higher trade receivables.

調整後 EBITDA 為 1.299 億美元，成長 23%，利潤率 30.1%，年增 170 個基點，反映出我們毛利率和調整後一般管理費用規模的持續改善。從現金流角度來看，第一季營運現金流為 910 萬美元，比去年減少 200 萬美元，主要是因為應收帳款增加。

This was the result of timing, specifically related to the change in our brand name as some customer payment cycles were delayed as a result of our name change to Dayforce. We remain confident in our full year cash flow targets of upper 50% conversion from full year adjusted EBITDA to operating cash flow.

這是時間安排的結果，特別是與我們品牌名稱的變更有關，因為我們更名為 Dayforce，導致一些客戶付款週期被延遲。我們對全年現金流目標保持信心，即全年調整後 EBITDA 轉換為營運現金流的 50% 以上。

As expected, eloomi revenue added approximately 100 basis points of growth to our Dayforce recurring revenue in the first quarter.

正如預期的那樣，eloomi 營收使我們第一季的 Dayforce 經常性營收成長了約 100 個基點。

Looking ahead, for the full year, we now expect Dayforce recurring revenue ex float of $1.163 billion to $1.168 billion or growth of 21% as reported and on a constant currency basis. Total revenue of $1.73 billion to $1.74 billion or approximately 14% to 15% growth as reported and on a constant currency basis.

展望全年，我們現在預計 Dayforce 扣除浮動匯率的經常性收入為 11.63 億美元至 11.68 億美元，或以固定匯率計算成長 21%。以固定匯率計算，總營收為 17.3 億美元至 17.4 億美元，增幅約 14% 至 15%。

Adjusted EBITDA of $484 million to $499 million or 28% to 28.7% margin. Float revenue is now expected to be $183 million for the full year, reflecting fewer rate cuts than originally anticipated. For the second quarter, we expect Dayforce recurring revenue ex float of $276 million to $279 million, or growth in the range of 19% to 21% as reported or 20% to 21% on a constant currency basis.

調整後 EBITDA 為 4.84 億美元至 4.99 億美元，利潤率為 28% 至 28.7%。目前預計全年浮動收入為 1.83 億美元，反映出降息幅度低於最初預期。對於第二季度，我們預計 Dayforce 經常性收入（不含浮動）為 2.76 億美元至 2.79 億美元，或按報告增長 19% 至 21%，按固定匯率計算增長 20% 至 21%。

Total revenue of $414 million to $419 million or growth of 13% to 15% as reported and on a constant currency basis. And adjusted EBITDA is expected to be in the range of $108 million to $113 million or 26.1% to 27% margin. Float revenue is expected to be $47 million for the second quarter.

據報告，以固定匯率計算，總收入為 4.14 億美元至 4.19 億美元，成長 13% 至 15%。調整後的 EBITDA 預計在 1.08 億至 1.13 億美元之間，即利潤率 26.1% 至 27%。第二季浮動收入預計為 4700 萬美元。

As you recall, there are typically a handful of items that impact sequential growth between Q1 and Q2, including year-end print and filing revenue that drive Q1 higher but don't reoccur in Q2 and seasonal employee volumes that tend to fall off in Q2. This is reflected in our guidance.

正如您所記得的，通常有一些項目會影響第一季和第二季之間的環比增長，包括年終印刷和歸檔收入推動第一季度增長，但不會在第二季度再次出現，以及季節性員工數量往往會在第二季下降。這反映在我們的指導上。

We have also updated the FX rate assumptions used for our guidance as the current spot rate of approximately USD 1.37 to CAD has worsened from the 1.33 level observed at the beginning of 2024.

我們也更新了用於指導的外匯匯率假設，因為當前即期匯率約為 1.37 美元兌加元，較 2024 年初觀察到的 1.33 水準惡化。

Before we go into Q&A, I want to remind investors and stakeholders that our financial reporting and accounting policies are underpinned by strong processes and procedures that undergo multiple layers of internal and external review. We stand behind our financial reporting and accounting policies, which have been carefully considered, reviewed and audited and transparently disclosed since becoming a public company in 2018.

在我們進行問答之前，我想提醒投資者和利益相關者，我們的財務報告和會計政策以經過多層內部和外部審查的強大流程和程序為基礎。我們支持我們的財務報告和會計政策，自 2018 年成為上市公司以來，這些政策一直經過仔細考慮、審查和審計並透明揭露。

We encourage investors to review our financial statements along with our past earnings call, transcripts and press releases for a comprehensive view of our financial profile, our accounting policies and our viewpoint on key financial and operating metrics.

我們鼓勵投資者審查我們的財務報表以及我們過去的財報電話會議、文字記錄和新聞稿，以全面了解我們的財務狀況、會計政策以及我們對關鍵財務和營運指標的觀點。

Thank you for your continued support and conviction in Dayforce. We are excited for the future.

感謝您對 Dayforce 的持續支持與信念。我們對未來感到興奮。

With that, we can begin the Q&A portion of our call.

這樣，我們就可以開始通話的問答部分了。

Thanks, Jeremy. (Operator Instructions) Our first question comes from Mark Marcon with Baird. Mark?

謝謝，傑里米。 （操作員說明）我們的第一個問題來自貝爾德 (Baird) 的馬克馬爾孔 (Mark Marcon)。標記？

I've got 2 questions. One, The government of Canada in their 2024 budget, they basically ended up committing $135 million Canadian to improve public service, human resources and pay systems. That's up materially relative to the CAD 52 million that they had allocated during the prior year. And so what I'm wondering is, first of all, it sounds like things are really progressing well. You had mentioned on the call that you don't anticipate seeing a major step up until 2025. I know that there's some sensitivities in terms of what you can disclose, but it sounds like things are going really well. And I'm wondering if you can give us any additional perspective in terms of what the next milestones are, what we should be monitoring? Because this is obviously a huge deal.

我有 2 個問題。第一，加拿大政府在 2024 年預算中，基本上最終承諾投入 1.35 億加幣來改善公共服務、人力資源和薪資系統。與上一年分配的 5,200 萬加元相比，這一數字大幅增加。所以我想知道的是，首先，聽起來事情確實進展順利。您在電話會議中提到，預計到 2025 年才會出現重大進展。我想知道您是否能為我們提供關於下一個里程碑是什麼、我們應該監控什麼的更多觀點？因為這顯然是一件大事。

Mark, this is Steve Holdridge, I'll take that and anyone is welcome to jump in. Yes, as I said on the call, we view this as positive news, right? This is a statement of continued commitment. It is a budget expansion going into that. So in terms of the macro, this further cements step. Keep in mind that this is a long-term program.

馬克，我是史蒂夫·霍爾德里奇，我會接受的，歡迎任何人加入。這是一份持續承諾的聲明。這是預算的擴展。因此，就宏觀而言，這進一步鞏固了這一步驟。請記住，這是一個長期計劃。

It's probably a minimum of 2 years before we even begin to see the first set of go lives. A big chunk of this is to continue the funding from prior years. Another big chunk of it goes to the government in terms of their labor and infrastructure. And then there's a bunch of partners we have with it. But we do expect an uptick, a lot of it focused on the implementation and services sort of work. And then in early 2025, we'll expect to see some increases in employee volumes there. So overall positive, but part of a long journey.

我們可能至少還需要兩年才能看到第一批上線。其中很大一部分是繼續前幾年的資助。另一大部分用於政府的勞動力和基礎設施。我們還有很多合作夥伴。但我們確實預計會有所上升，其中許多都集中在實施和服務類工作上。然後到 2025 年初，我們預計那裡的員工數量會增加。總體來說是積極的，但這只是漫長旅程的一部分。

Got it. And then as my follow-up, Dayforce Co-Pilot, David and Joe, you both sounded extremely excited about it. Joe, you mentioned that there's simplified pricing around it. Wondering, can you give us any sense with regards to the incremental pricing and what the early customer feedback is and how you expect that to translate to upsell to the existing client base?

知道了。然後，作為我的跟進者，Dayforce 副駕駛，大衛和喬，你們聽起來都對此感到非常興奮。喬，你提到它有簡化的定價。想知道，您能否向我們介紹增量定價、早期客戶回饋是什麼以及您希望如何將其轉化為向現有客戶群進行追加銷售？

Mark, good to hear your voice, and thank you for the question. Yes, Co-Pilot is a foundational really transformation in how people use a people platform to be able to get answers and make more efficient and productive decisions for their employees.

馬克，很高興聽到你的聲音，謝謝你的提問。是的，Co-Pilot 是人們如何使用人才平台來獲取答案並為員工做出更有效率、更有成效的決策的根本性轉變。

We started with an early design program, we brought customers in early to start to vet out how the value could be realized. That early partnership work with our customers is transformed now into a charter program. We have our early customers leveraging it with their customers, uploading documents so they can see the answers that are oftentimes vary in different documents, as I mentioned, to be able to answer it, so it really takes the workload off of your HR admins and your staff.

我們從早期的設計計劃開始，我們儘早邀請客戶開始審查如何實現價值。早期與客戶的合作現已轉變為特許計劃。正如我所提到的，我們的早期客戶與他們的客戶一起利用它，上傳文檔，以便他們可以看到不同文檔中經常有所不同的答案，以便能夠回答這個問題，因此它確實減輕了人力資源管理員的工作量，你的員工。

It can really optimize the performance of your staff in terms of their ability to get answers done and get back to their job. For us, that is rolling out now. We'll then go from that to general availability in the second half of this year. As I mentioned in my statements, we are simplifying the pricing.

它確實可以優化員工的績效，提高他們完成答案並返回工作的能力。對我們來說，現在正在推出。然後我們將在今年下半年從該版本轉向全面可用。正如我在聲明中提到的，我們正在簡化定價。

There's a lot in the industry going on around complex pricing in these type of generative AI tools. For us, it's an add-on to any of our products within our HCM suite. And so if you just buy 1 product or buy a full suite, you can add that on to get the productivity boost. And our customers are giving us the feedback, that's exactly what we want. We're obviously seeing within our prospective customers the same kind of interest and it really moves us forward.

業界圍繞著此類生成式人工智慧工具的複雜定價進行了許多研究。對我們來說，它是我們 HCM 套件中任何產品的附加元件。因此，如果您只購買一種產品或購買全套產品，您可以添加該產品以提高生產力。我們的客戶正在向我們提供回饋，這正是我們想要的。顯然，我們在潛在客戶中看到了同樣的興趣，這確實推動了我們前進。

Can I sneak 1 more in? Jeremy, did you build anything in, in terms of recurring for this?

我可以再偷偷溜進去1個嗎？傑里米（Jeremy），就重複性而言，您是否為此構建了任何內容？

Mark, we at this point, probably not incrementally in. I think we're testing out the use cases. We're building this up with customer base and probably not incrementally at this point.

馬克，我們目前可能還沒有逐步進入。我們正在與客戶群建立這一點，但目前可能不會增量。

Our next question comes from Kevin McVeigh from UBS. Kevin?

我們的下一個問題來自瑞銀集團的凱文·麥克維。凱文？

Congratulations on the results. I think you referenced kind of the SI-led sales growth in the quarter was about 35%. Can you give us an update on where that is in terms of some of the transition from professional services -- on the professional services side to the SIs and how that sales distribution channel is going forward? Because it seems like part of the story that's starting to kind of scale?

祝賀結果。我認為您提到了 SI 主導的本季銷售成長約為 35%。您能否向我們介紹一下從專業服務（專業服務方面）到 SI 的一些轉變的最新情況以及銷售分銷渠道的進展情況？因為這似乎是故事的一部分，開始規模化？

Yes. And I think we've been consistent in that. Over the past few years, we've seen steady growth in that. We've also been very public that our strategy is to move to primarily an SI-led ecosystem, even broader than SIs, right, advisory partners, partners with PE. We continue to see strength on that, both with the large global systems integrators where we continue to see expansion as well as a number of regional mid-market.

是的。我認為我們在這方面一直是一致的。在過去的幾年裡，我們看到了這方面的穩定成長。我們也非常公開地表示，我們的策略是主要轉向 SI 主導的生態系統，甚至比 SI 、諮詢合作夥伴、私募股權合作夥伴更廣泛。我們繼續看到這方面的實力，無論是大型全球系統整合商（我們繼續看到其擴張）還是許多區域中端市場。

We expect for the balance of the year, the growth in SIs to outpace even our growth of bookings, and we expect to see penetration across all markets. We have high penetrations in EMEA and APJ, where we haven't built up the sort of services capabilities. What has allowed us in the U.S. to do is focus our services on new and emerging products and really supporting SIs with technology and product-specific capability.

我們預計今年剩下的時間裡，SI 的成長甚至會超過預訂量的成長，我們預計會滲透到所有市場。我們在歐洲、中東和非洲 (EMEA) 和亞太及日本地區 (APJ) 具有很高的滲透率，但我們尚未在這些地區建立此類服務能力。我們在美國能夠做的就是將我們的服務重點放在新興產品上，並透過技術和產品特定能力真正支援系統整合商。

It's very helpful. And then just with the uptick in flow, any change philosophically as to how we should think about just whether that gets redeployed or kind of just any impact because obviously, that seems like somewhat unexpected given where rates are, but just remind us of how we're thinking about that incremental float benefit?

這非常有幫助。然後，隨著流量的增加，我們應該如何考慮是否重新部署或產生任何影響，從哲學上講，任何變化都會發生，因為顯然，考慮到利率的情況，這似乎有點出乎意料，但只是提醒我們如何正在考慮增量浮動收益嗎？

Yes. Thanks, Kevin. It's obviously a nice surprise that float is going to stick around a little bit longer here. We will continue to look for opportunities to invest. There's a significant amount of growth that we can go after. We've got a bunch that we can do on the product side of things. But at the same time, we know we have margin targets and free cash flow targets that we want to hit. So you'll probably see us take a balanced approach here with the float.

是的。謝謝，凱文。顯然，浮動在這裡停留的時間更長一點是一個很好的驚喜。我們將繼續尋找投資機會。我們可以追求巨大的成長。我們在產品方面有很多可以做的事情。但同時，我們知道我們有想要達到的利潤目標和自由現金流目標。因此，您可能會看到我們在這裡對浮動採取平衡的方法。

Our next question comes from Raimo Lenschow from Barclays. Raimo?

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。雷莫？

Can I just double click a little bit what you're seeing out there in the economy, like in terms of interest on starting new projects? You obviously have a long list of new clients that you announced, which is really good to see. But what's the overall appetite in terms of thinking about traditional transformation in the HCM space? And how much is AI kind of talking point, you kind of open doors for that one? And then I had 1 follow-up for Jeremy.

我可以雙擊您在經濟中看到的一些情況，例如啟動新專案的有趣嗎？顯然，您宣布了一長串新客戶名單，這真的很高興看到。但是，對於 HCM 領域的傳統轉型思考，整體興趣是什麼？人工智慧有多少是一個主題，你是否願意為它敞開大門？然後我對 Jeremy 進行了 1 次跟進。

Sure. Raimo, good to speak with you. Raimo, just check your math on your early report as well in terms of the guide. We actually pushed the full amount to the full year. Not half of it, so just a correction in your note. In terms of your question, if we look at the actual pipeline, the pipeline levels remain very healthy and robust. What we're seeing in the industry is that there is a focus on increased automation, and the way that typically translates is that we would come in and we often see a simplification of 12 systems to about 1.

當然。雷莫，很高興與你交談。 Raimo，只需檢查您早期報告中的數學以及指南中的數學即可。我們實際上將全額推至全年。還不到一半，所以只是在筆記中進行更正。就你的問題而言，如果我們看看實際的管道，我們會發現管道水平仍然非常健康和穩健。我們在業界看到的是，人們專注於提高自動化程度，通常的翻譯方式是，我們進入後，經常會看到 12 個系統簡化為 1 個左右。

And as we simplify the environment for the client, it means that you have more automation, less integration, less manual effort, less manual errors, less FTEs, higher efficiencies. And that messaging is resonating very well in today's economy, and I think it's reflected in the numbers and the accounts that Steve spoke about.

當我們為客戶簡化環境時，這意味著您可以實現更多的自動化、更少的整合、更少的手動工作、更少的手動錯誤、更少的 FTE、更高的效率。這種訊息在當今的經濟中引起了很好的共鳴，我認為這反映在史蒂夫談到的數字和帳戶中。

Good. Perfect. And then Jeremy, you talked a little bit about that extra float revenue coming in there. Can you talk a little bit about some of the priorities that if you think about balancing it out, some of the priorities in terms of kind of maybe giving us more versus kind of investing more, like where would that be? And congrats from me as well, and I'll look into that, David.

好的。完美的。然後傑里米，你談到了額外的浮動收入。你能談談一些優先事項嗎？我也向你表示祝賀，我會調查這一點，大衛。

Yes. Thanks, Raimo. I think when we talk about getting incremental float dollars that either could flow right down to the bottom line or we can choose to reinvest those funds -- there is, as I mentioned, kind of a lot of room to grow in this business. We're talking about our ability to go global.

是的。謝謝，雷莫。我認為，當我們談論獲得增量浮動資金時，這些資金要么可以直接流向底線，要么我們可以選擇對這些資金進行再投資——正如我所提到的，這項業務有很大的成長空間。我們正在談論我們走向全球的能力。

We're talking about expanding across the HCM space and launching new products and investing in things like AI. So I look at it really as how much do we put into sales, marketing to continue growth and how much do we put into product and technology versus taking to the bottom line. And I do think that our opportunity is huge out there.

我們正在討論在 HCM 領域進行擴張、推出新產品以及投資人工智慧等領域。因此，我實際上將其視為我們在銷售、行銷方面投入了多少以實現持續成長，以及我們在產品和技術上投入了多少，而不是為了實現利潤。我確實認為我們的機會是巨大的。

As you heard us talk to that the HCM market is a really big one with a huge TAM that's growing nicely, and we're really well positioned to go and capitalize on some of that. That's when I say we'll take a balanced approach, we'll definitely look at both taking and expanding margins as well as continuing to invest in the growth opportunities that are out there.

正如您聽到我們所說，HCM 市場非常大，擁有巨大的 TAM，而且成長良好，我們確實處於有利地位，可以利用其中的一些市場。那時我說我們將採取平衡的方法，我們肯定會考慮獲取和擴大利潤率，並繼續投資現有的成長機會。

Our next question comes from Siti Panigrahi from Mizuho.

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。

So David, when I look at your peers' growth, it's just rating in your payroll space, but you continue to deliver 20%-plus or guide 20%-plus on your recurring -- Dayforce recurring ex float. So what gives you confidence that you will continue to deliver that kind of 20% kind of growth?

所以大衛，當我看到你的同行的成長時，這只是在你的工資空間中的評級，但你繼續在你的經常性-- Dayforce 經常性前浮動中提供20% 以上或指導20%以上。那麼是什麼讓您有信心繼續實現 20% 的成長呢？

Yes. Thanks, Siti. The first thing that I'll point out is that if you look at the actual quarter, add-ons, which is adding the employer of record and the talent component was 14% of our sales. And if we look at full suite sales in the quarter, it was 50%. So when you look at Dayforce, we aren't a payroll company, we are an HCM company, which gives us a much more durable growth profile than others in the market that are more focused on the actual pay.

是的。謝謝，西蒂。我要指出的第一件事是，如果你看一下實際季度，附加項（包括記錄雇主和人才部分）占我們銷售額的 14%。如果我們看一下本季的全套銷售額，就會發現這一比例為 50%。因此，當你看看 Dayforce 時，你會發現我們不是一家薪資公司，我們是一家 HCM 公司，這為我們提供了比市場上其他更注重實際薪酬的公司更持久的成長前景。

And when we look at the breadth of our application and the depth of each of the different modules, you'll find that they are very competitive even with the stand-alone talent vendors out there. Part of our growth as well is, as you know, we are across segment whether it be the major market space, which goes up to about 1,000; the major markets -- sorry, the enterprise -- sorry, major markets goes from about 700 to about 1,000; a major market from about 1,000 to about 3,000 and then we have enterprise from 3,000 to 12,000 and large enterprise above.

當我們查看應用程式的廣度和每個不同模組的深度時，您會發現即使與獨立的人才供應商相比，它們也非常有競爭力。如您所知，我們成長的一部分還在於我們跨細分市場，無論是主要市場空間（最多可達 1,000 個左右）；主要市場——抱歉，企業——抱歉，主要市場從大約 700 個增加到大約 1,000 個；一個主要市場從1000家到3000家左右，然後我們有3000家到12000家以上的大型企業。

But the different segmentation gives us also the ability to emphasize differently based on the actual macro. And as well, we have a very strong global profile, which also allows us to balance growth across different markets as the macro changes as well.

但不同的細分也讓我們能夠根據實際的宏觀情況進行不同的強調。此外，我們擁有非常強大的全球形象，這也使我們能夠隨著宏觀變化平衡不同市場的成長。

And a follow-up. When I look at your pipeline -- not pipeline actually the deals you closed since Q1 of 2022, large deals, in terms of enterprise, you mentioned before that go-lives should be around 2 years-or-so. How is the go-live trend right now in terms of your confidence of those companies going live with those large deals? And how is that going to help drive that growth as of this year and next year?

以及後續行動。當我查看您的管道時，實際上不是管道，而是您自 2022 年第一季以來完成的交易，大型交易，就企業而言，您之前提到過，上線時間應該約為 2 年左右。就您對那些參與大型交易的公司的信心而言，目前的上線趨勢如何？這將如何幫助推動今年和明年的成長？

Well, Siti, as we've discussed before, the larger accounts give us more the durable growth profile as the implementations do stretch typically across different years. If we look at the large logistic company, as you know, a nice proportion of their population went live previously, and we are expecting additional waves to go live shortly. But again, it allows us to plan out the business very, very carefully, and you see that reflected in the very tight revenue and EBITDA guide we give to the market. It's a highly plannable business.

好吧，西蒂，正如我們之前討論過的，更大的客戶為我們帶來了更持久的成長概況，因為實施通常會跨越不同的年份。如果我們看看大型物流公司，如您所知，他們的很大一部分人之前已經上線，我們預計很快會有更多的波次上線。但同樣，它使我們能夠非常非常仔細地規劃業務，你會看到這一點反映在我們向市場提供的非常緊張的收入和 EBITDA 指南中。這是一項高度可規劃的業務。

Our next question comes from Scott Berg with Needham. Maybe we can circle back on Scott. Next, we'll go to Steve Enders from Citi.

我們的下一個問題來自斯科特·伯格和李約瑟。也許我們可以回到史考特身上。接下來，我們請來花旗銀行的史蒂夫‧恩德斯 (Steve Enders)。

Okay. Great. I guess maybe just to start, I think you called out mid-market win rates improving in the quarter? Just I guess it would be helpful to get a little bit more clarity on what you view as driving that? And then maybe just a little bit more detail on what you're seeing in terms of overall demand dynamics between mid-market and enterprise today?

好的。偉大的。我想也許只是為了開始，我認為您指出本季中端市場的勝率有所提高？只是我想，更清楚地了解您認為推動這一趨勢的因素會有所幫助嗎？然後，也許可以更詳細地介紹您所看到的當今中階市場和企業之間的整體需求動態？

Yes. This is Steve. I'll take that, and anyone can jump in on that. So in the past, we've continued and you've seen some great wins up market in terms of the enterprise, and we continue to see that. What we have seen is our ability to, one, be in more deals in mid-market as we've increased the sales coverage, we've got more focus on our go-to-market and continue to increase our win rate.

是的。這是史蒂夫。我會接受這個，任何人都可以參與其中。因此，在過去，我們一直在繼續，您已經看到了企業方面一些偉大的勝利市場，而且我們將繼續看到這一點。我們看到的是，我們有能力，第一，隨著我們擴大銷售覆蓋範圍，我們能夠在中端市場進行更多交易，我們更加關注我們的市場進入並繼續提高我們的贏率。

We feel our suite fits 100%, and we tend to lead with the full suite there. So we're confident. And as David talked about, our advantage is that we have a balanced portfolio. We've seen some increase in mid-market, and we're continuing to drive large enterprise and we think it's a combination of those that feed into our guidance in the predictability of the full year revenue.

我們覺得我們的套件 100% 合適，而且我們傾向於以全套套件為主導。所以我們有信心。正如大衛所說，我們的優勢是我們擁有平衡的投資組合。我們已經看到中端市場的一些成長，並且我們正在繼續推動大型企業，我們認為這是我們對全年收入可預測性的指導的綜合因素。

Okay. Great. That's helpful. And then maybe for Jeremy, just in terms of thinking about profitability dynamics kind of through the year and 2Q has some seasonality in there. But I guess any kind of like change in investment cadence or anything else that you would kind of call out as we think about EBITDA flowing down through the year?

好的。偉大的。這很有幫助。然後，也許對傑里米來說，就考慮全年的盈利動態而言，第二季度有一些季節性。但我想當我們考慮全年的 EBITDA 流動時，您會提到投資節奏的任何變化或其他任何事情？

No, I think ultimately, we've beat in Q1. We had a really solid quarter from a profitability side of things. I think 2Q always tends to come down a little bit from a profitability side. But ultimately, we remain confident in the full year and we flowed through that beat into our updated guidance.

不，我認為最終我們在第一季擊敗了。從獲利能力方面來看，我們的季度表現非常強勁。我認為第二季的獲利能力總是會略有下降。但最終，我們對全年仍然充滿信心，並且我們將這一節奏納入了更新的指引中。

And I think our overall adjusted EBITDA targets of 28% to 28.6% or 28.7% to kind of midpoint 28.5% or just under that a really good target for us to hit and push us toward that 30% kind of midrange target that we've set for 2025. And I think it's a nice stopping point along the way. So we're feeling pretty solid about that. And as I mentioned, it's -- it will take kind of a balanced approach here with -- as we get incremental flow revenue here.

我認為我們的整體調整後EBITDA 目標為28% 至28.6% 或28.7% 至中點28.5% 或略低於這個目標，這對我們來說是一個非常好的目標，可以實現並推動我們實現30%的中位數目標。所以我們對此感覺非常可靠。正如我所提到的，當我們在這裡獲得增量流量收入時，它將採取一種平衡的方法。

Our next question comes from Dan Jester with BMO.

我們的下一個問題來自 BMO 的 Dan Jester。

Maybe, Jeremy, to you, you called out kind of a few things about helping us think about the seasonality into the second quarter on the Dayforce line. Can you maybe just get a little bit more explicit about what you're assuming in terms of macro for the rest of the year? Any changes relative to how you guided last quarter for the full year?

傑里米，也許你對你提出了一些幫助我們思考 Dayforce 系列第二季季節性的事情。您能否更明確地說明您對今年剩餘時間宏觀經濟的假設？與上季全年指導方式相比，有什麼改變嗎？

Nice to speak with you, Dan. I think ultimately, employment levels remain kind of in line with our expectations, which was essentially flat with normal seasonality. I think if you look at any seasonal impacts, we always see that typical Q1 to Q2 drop off with some of the year-end and print revenue in Q1 that doesn't happen in Q2.

很高興和你說話，丹。我認為最終，就業水準仍然符合我們的預期，與正常的季節性基本持平。我認為，如果您考慮任何季節性影響，我們總是會看到第一季到第二季的典型收入下降，第一季的一些年底和印刷收入在第二季不會發生。

And we do the seasonal volume in Q1 that, again, drops off or tends to drop off in Q2. It's something that's been with our business consistently, and you've heard us talk about this in the last couple of years, and we'll continue to talk through it in Q1 to Q2 dynamics. But for the rest of the year, no real changes in how we're guiding or any macro factors that would impact our guidance at this point.

我們計算第一季的季節性交易量，該交易量在第二季再次下降或趨於下降。這是我們業務中一直存在的問題，您在過去幾年中已經聽到我們談論過這個問題，我們將在第一季到第二季的動態中繼續討論它。但在今年剩餘時間裡，我們的指導方式沒有真正的變化，也沒有任何會影響我們目前指導的宏觀因素。

Great. And then maybe going back to the Co-Pilot and the comments about simple pricing. Maybe we could just expand on that a little bit more. I think one of the things many people are thinking about is about how do you manage sort of compute costs and margins and usage for some of these tools? And so maybe can you just help us think about how you're thinking about this for your customers and what does simple really mean?

偉大的。然後也許回到副駕駛以及關於簡單定價的評論。也許我們可以進一步擴展一下。我認為許多人正在考慮的事情之一是如何管理其中一些工具的計算成本和利潤以及使用情況？那麼，也許您可以幫助我們思考一下您是如何為您的客戶考慮這個問題的，以及簡單的真正含義是什麼？

Simply put, for Dayforce Co-Pilot, what we're doing is a per employee per month cost just like we do with the rest of our products. We can rationalize all the costs on what we're doing with the innovation that's happening with large language models and the like, but we're making it simple for our customers.

簡而言之，對於 Dayforce Co-Pilot，我們正在做的是每位員工每個月的成本，就像我們對其他產品所做的那樣。我們可以合理化我們正在做的大型語言模型等創新的所有成本，但我們正在讓我們的客戶變得簡單。

Our next question comes from Alex Zukin with Wolfe.

我們的下一個問題來自 Alex Zukin 和 Wolfe。

I guess just maybe the first one. If we think about the commentary around bookings and kind of sales growth. As you now -- you're a month of the way through April, any commentary about pipeline conversion statistics or just sales growth exiting the month and how that's trending between kind of new versus selling into the base?

我想也許只是第一個。如果我們考慮一下有關預訂和銷售成長的評論。正如您現在所說的那樣，四月份已經過去了一個月，您對通路轉換統計數據或本月結束的銷售成長有何評論，以及新產品與基礎銷售之間的趨勢如何？

April was a good month, come in slightly ahead of our plan.

四月是個好月份，比我們的計畫稍微提早了一些。

Perfect. And then, David, you talked a lot about how Dayforce is becoming an HCM company and how much talent is kind of critical to that notion over the next few years. If you think about just the penetration rate within your customer base today, where you've sold kind of the most impactful pieces of that HCM portfolio in addition to payroll and time, what is that opportunity? How far through that are you? And how to think about that over kind of the next kind of year plus?

完美的。然後，David，您談到了 Dayforce 如何成為一家 HCM 公司，以及未來幾年有多少人才對於這個概念至關重要。如果您只考慮當今客戶群的滲透率，除了薪資和時間之外，您還出售了 HCM 投資組合中最具影響力的部分，那麼機會是什麼？你已經走了多遠？以及如何考慮明年的情況？

We're in early stages. If you look at the average PEPM across our client base, you can still see there's quite a delta between the average PEPM price and between, I would say, our target price. If you look at the results with inside the quarter, both in terms of add-on sales back to the base and a number of full suite sales, you can see the numbers are very strong.

我們正處於早期階段。如果您查看我們客戶群的平均 PEPM，您仍然可以看到平均 PEPM 價格與我們的目標價格之間存在相當大的差異。如果您查看本季內的結果，無論是附加銷售額回到基礎還是整套房銷售數量，您都可以看到數字非常強勁。

What I can say is we did onboard a very strong client base leader in Q1, and we are seeing an impact from that already. We also have an overlay talent team now, and they are really doing tremendously. If I look at the results year-to-date, they've come in well ahead of schedule. And if you look at the customers that we actually pulled out, the 100,000 employee-plus grocery chain that has now purchased the full talent suite, where we are replacing one of the large ERPs with their talent suite across their entire enterprise talks about the strength, the capabilities and the viability of our talent components.

我可以說的是，我們在第一季聘請了一位非常強大的客戶群領導者，我們已經看到了它的影響。我們現在也有一個涵蓋人才團隊，他們確實做得非常好。如果我看看今年迄今為止的結果，它們已經遠遠提前了。如果你看看我們實際撤出的客戶，你會發現這家擁有100,000 名員工的雜貨連鎖店現在已經購買了完整的人才套件，我們正在用他們整個企業的人才套件替換其中一個大型ERP，這說明了其實力、我們人才組成部分的能力與生存能力。

Our next question comes from Bhavin Shah with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

Great. I guess, Steve, one for you and kind of dovetailing on that, just on a customer base motion, you guys talked about impressive stat. Can you just elaborate on the typical customer that you're able to upsell, Who are you displacing in terms of the talent suite? And kind of what are the other big opportunities outside of talent to kind of upsell into that base?

偉大的。我想，史蒂夫，一個適合你的，並且與此相吻合，只是在一項客戶群動議中，你們談到了令人印象深刻的統計數據。您能否詳細說明您能夠追加銷售的典型客戶，您在人才套件方面要取代誰？除了人才之外，還有哪些重大機會可以向該基地進行追加銷售？

So a couple of things. Yes. So one, I'll point out double down on what David said, is one of the things we did differently this year is that, that is a dedicated customer base motion versus an overlay motion. So we've invested in terms of the number of account executives and the focus on that. In terms of who we're displacing, it's all the usual players up and down the market, right? In the low end of the market, we're displacing the pays in UKG in the mid and upper end of the market, we're displacing the ERPs.

有幾件事。是的。因此，我要強調大衛所說的，我們今年所做的不同的事情之一是，這是一項專門的客戶群動議，而不是疊加動議。因此，我們在客戶經理的數量和重點方面進行了投資。就我們要取代的人而言，都是市場上上下下的常見玩家，對嗎？在低階市場，我們正在取代 UKG 的薪酬，在中高端市場，我們正在取代 ERP。

And we're displacing them because of the capability of our pay in time solution and the stickiness of that and the fact that our intelligence suite is now incredibly competitive, in fact, with the newest technology on the market. And as David talked about, this is around cost rationalization and the value of an entire platform with our talent is what's helping us win.

我們正在取代他們，因為我們的及時支付解決方案的能力和黏性，以及我們的情報套件現在具有令人難以置信的競爭力，事實上，擁有市場上的最新技術。正如大衛所說，這是圍繞著成本合理化而展開的，而整個平台與我們人才的價值正是幫助我們獲勝的原因。

Super helpful. Just as a follow-up, David, to another question that Raimo asked on the macro. I know there's been some conversations with some potential digestion period for back-office software, just kind of post elevated spend as we exited COVID. When you speak to customers, do you see this at all? How would you kind of describe customer scrutiny and if it's changed at all in the past few months?

超有幫助。大衛，作為雷莫就宏觀問題提出的另一個問題的後續行動。我知道有一些關於後台軟體潛在消化期的對話，就像我們退出新冠疫情後支出增加一樣。當您與客戶交談時，您看到這一點了嗎？您如何描述客戶審查以及在過去幾個月中是否發生了變化？

Over the last 10 years, I can't say that there's really been an easy quarter. We now have, as you know, almost 6,600 customers live on the actual platform and every single one of those was a competitive RFP situation. When I look at the actual pipeline, and I would argue that under Sam's leadership, it's now a highly qualified pipeline.

在過去的十年裡，我不能說這是一個真正輕鬆的季度。如您所知，我們現在有近 6,600 名客戶生活在實際平台上，其中每一個都是具有競爭力的 RFP 情況。當我查看實際的管道時，我認為在 Sam 的領導下，它現在是一個高度合格的管道。

The ratios are very good in terms of coverage to our target. And as Steve mentioned, the simplicity at scale message, which I spoke about earlier, which is the more automation and our ability to go to a customer clearly, identify on average about 12 different HR systems that they have in place, simplifying that to 1 Dayforce system that typically yields a subscription saving for the client in the very first year, plus they have much better automation, lower manual error rates, less FTEs, much more efficiencies around different types of workflows which also contribute to a very strong and quantifiable IRR on the Dayforce system.

就覆蓋我們的目標而言，這些比率非常好。正如史蒂夫所提到的，我之前談到的大規模簡單性信息，即更多的自動化和我們清楚地接觸客戶的能力，平均識別出他們擁有的大約12 個不同的人力資源系統，將其簡化為1 個Dayforce 系統通常會在第一年為客戶節省訂閱成本，而且它們具有更好的自動化、更低的手動錯誤率、更少的FTE、圍繞不同類型工作流程的更高效率，這也有幫助實現非常強大且可量化的IRR在 Dayforce 系統上。

And at the same time, we are able to significantly lift up the experience for their frontline workers, their managers and their executives all based on that single database that we have empowering Dayforce. And when you now begin to layer on what we're doing in terms of data and AI, the impact that we can have on decision-making and on both the top line and the bottom line of the organization is very impactful. And I would actually question that if it's not Dayforce, why isn't it Dayforce because we really do have quite a differentiated solutioning market.

同時，我們能夠基於我們為 Dayforce 提供支援的單一資料庫，顯著提升第一線員工、經理和高階主管的體驗。當你現在開始對我們在數據和人工智慧方面所做的事情進行分層時，我們對決策以及組織的頂線和底線的影響是非常有影響力的。我實際上會質疑，如果不是 Dayforce，為什麼不是 Dayforce，因為我們確實有一個非常差異化的解決方案市場。

Our next question comes from Jared Levine with TD Cowen.

我們的下一個問題來自 Jared Levine 和 TD Cowen。

In terms of looking at your professional and professional services revenue and other revenue, can you discuss the mix of that currently that implementation related versus non-implementation related and how you would expect each of those to grow over the medium term?

就您的專業和專業服務收入以及其他收入而言，您能否討論一下目前與實施相關的收入和與非實施相關的收入的組合，以及您預計這些收入在中期內將如何增長？

Yes, yes. And we think of that really in kind of 2 broad categories: implementation and then what we call value-added services around that. And with an implementation over time, we expect the core implementation to continue to decrease year-over-year as our partners move into that. The one exception is obviously, we mentioned with Government of Canada and we expect our value-added services and our focus on new and emerging products and supporting the SIs to increase. But with that, we also expect to see a continued slow growth in profitability as that mix increases as well.

是的是的。我們認為這實際上分為兩大類：實施以及我們所說的圍繞它的增值服務。隨著時間的推移，隨著我們的合作夥伴進入核心實施，我們預計核心實施將繼續逐年減少。顯然，一個例外是，我們與加拿大政府提到過，我們預計我們的增值服務、對新興產品的關注以及對系統整合商的支援將會增加。但同時，隨著這種組合的增加，我們也預期獲利能力將持續緩慢成長。

Yes. And Jared, maybe I'll add there. It's also inside of professional services and other gross margin. We have things like Cox and custom training revenue, and that will continue, and we still have a good opportunity to continue to grow that. And then the last thing I'll say is, as we move and continue to move into SIs, not all of that is on the SI's paper. Some of that is when we say SI-led, some of that is actually contracted on our paper, which means we've got to account for it under ASC 606 with a couple of 2 performance obligations and things like that. So I think just to clarify, I think that might be a misnomer out there.

是的。賈里德，也許我會補充一下。它也包含在專業服務和其他毛利率內。我們有像 Cox 和客製化培訓收入這樣的收入，而且這種收入將會持續下去，而且我們仍然有很好的機會繼續成長。我要說的最後一件事是，隨著我們繼續進入 SI，並不是所有的內容都寫在 SI 的文件上。其中一些是當我們說 SI 主導時，其中一些實際上是在我們的文件上簽訂的合同，這意味著我們必須根據 ASC 606 對其進行解釋，並承擔一些 2 履約義務和類似的事情。所以我想澄清一下，我認為這可能是用詞不當。

Got it. And then Powerpay recurring ex float and Bureau recurring ex float both came in below your expectations for 1Q. Can you discuss what drove those lower-than-expected results? Is it more so of push out of revenue later in the year?

知道了。然後，Powerpay 經常性除權浮動和 Bureau 經常性除權浮動都低於您對第一季的預期。您能否討論一下是什麼導致了這些低於預期的結果？今年稍後推出收入是否更重要？

Yes. I think we had -- we set some lofty expectations, I think, for Powerpay and on that side of things that the employment levels, I think, in Canada aren't as solid as we had expected. And I still think, in general, though, we grew that business by 8% in total or 5% excluding float.

是的。我認為我們對 Powerpay 設定了一些崇高的期望，而在這方面，我認為加拿大的就業水平並不像我們預期的那麼穩定。不過，我仍然認為，總體而言，我們的業務整體成長了 8%，不包括浮存金則成長了 5%。

So just slightly behind our expectations on that one. And on the bureau side, it's really about end-of-lifing products and migrating over into Dayforce. And that's really what you're going to see continued on that kind of other revenue line and we expect that to continue to decrease year-on-year.

所以略低於我們的預期。在局方面，這實際上是關於報廢產品並遷移到 Dayforce。這確實是您將在其他收入線上看到的情況，我們預計這筆收入將繼續同比下降。

Just a quick follow-up here, if I could. What is the updated Dayforce recurring ex float guide assumed for a bureau migration contribution there?

如果可以的話，這裡只是快速跟進。更新後的 Dayforce 經常性前浮動指南對於局遷移捐款的假定是什麼？

I don't believe we've disclosed that specifically.

我認為我們還沒有具體披露這一點。

It's immaterial.

這無關緊要。

Yes.

是的。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

David, I'm wondering if you could give us your perspective on the labor market. When we look at non-farm payroll growth in the U.S. has slid from 5% a few years ago to about 1.8%, 1.9% range. Recently, I'm wondering because obviously, you're performing pretty well. How does that trend look comparatively within your installed base, do you think that might continue to grow at the low single digits for the time being? And then I have a quick follow-up.

大衛，我想知道你是否可以向我們介紹一下你對勞動市場的看法。當我們觀察美國的非農業就業成長時，已經從幾年前的 5% 下滑至約 1.8%、1.9% 的範圍。最近，我很想知道，因為顯然，你表現得很好。在您的安裝基礎中，這種趨勢相對如何，您認為目前可能會繼續以較低的個位數成長嗎？然後我會進行快速跟進。

Mark, so I would say the volumes came in slightly ahead of what we had forecasted, and we're still seeing healthy employment rates at our customers. On top of that, I would point out again that part of our durable growth profile is the fact that we have a very strong employer of record and talent capabilities inside the system and our ability to go back to the base and do the add-ons to drive that cash IRR for our client does lead to consistent growth for our business.

馬克，所以我想說的是，銷售量略高於我們的預測，而且我們仍然看到客戶的健康就業率。最重要的是，我想再次指出，我們持久增長概況的一部分是我們在系統內擁有非常強大的記錄和人才能力的雇主，以及我們返回基地並進行附加服務的能力為我們的客戶推動現金內部收益率確實會帶來我們業務的持續成長。

Okay. Understood. I wanted to ask as well, because we saw the comments on full suite bookings and add-on bookings, I think you said those trends were positive in April as well. I'm just curious, did you see a total bookings bounce back relative to some of the softness you've seen around the holiday selling season or is it still a bit of a measured buying environment out there as we've kind of seen across the broader industry?

好的。明白了。我也想問，因為我們看到了有關全套預訂和附加預訂的評論，我想您也說過這些趨勢在四月也是積極的。我只是很好奇，您是否看到總預訂量相對於假期銷售季節期間的一些疲軟有所反彈，或者是否仍然像我們所看到的那樣，是一個有節制的購買環境更廣泛的行業？

Yes, Mark, we saw that very early on in the actual year with January coming in very strong and as I mentioned, April came in ahead of plan as well. So we're pleased with sales year-to-date.

是的，馬克，我們在今年很早就看到了這一點，一月份的表現非常強勁，正如我所提到的，四月也提前於計劃。因此，我們對今年迄今為止的銷售感到滿意。

Great. It looks like our final question will come from Kevin Kumar with Goldman Sachs.

偉大的。看起來我們的最後一個問題將來自高盛的凱文庫馬爾。

In terms of the demand environment, have you seen any differences or trends that you would call out in the mid-market versus enterprise? Any color there would be helpful.

就需求環境而言，您是否發現中階市場與企業市場有任何差異或趨勢？任何顏色都會有幫助。

In the mid-market, which we call major markets and as well in our enterprise space, which goes up to 12,000, what we are seeing is the simplicity at scale, again, that on average, 12 different systems to 1 day 4 system seems to be the kind of the theme in the market what we're hearing from both prospects and customers, they ask about more automation, less integration, less manual work, less FTEs, more efficiencies seems to be quite topical at the moment.

在中端市場（我們稱之為主要市場）以及我們的企業空間（多達12,000 個）中，我們看到的是大規模的簡單性，同樣，平均而言，1 天4 的系統似乎需要12個不同的系統我們從潛在客戶和客戶那裡聽到的市場主題是，他們要求更多的自動化、更少的整合、更少的手動工作、更少的FTE、更高的效率，這似乎是目前的熱門話題。

Great. Thanks, everyone, for dialing in today. This concludes our call.

偉大的。謝謝大家今天撥電話。我們的通話到此結束。