Dayforce Inc (DAY) 2024 Q4 法說會逐字稿

Greetings and welcome to Dayforce's fourth quarter and full year 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host David Niederman, VP of Investor Relations. Thank you. You may begin.

問候並歡迎參加 Dayforce 2024 年第四季和全年收益電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹主持人、投資者關係副總裁 David Niederman。謝謝。你可以開始了。

Thank you for joining and welcome to the Dayforce fourth quarter 2024 earnings call. I'm David Niederman, Vice President, Investor Relations. As a reminder, all participants are in a listen-only mode, and a question and answer session will follow our opening remarks.

感謝您的加入，歡迎參加 Dayforce 2024 年第四季財報電話會議。我是投資者關係副總裁 David Niederman。提醒一下，所有參與者都處於聆聽模式，我們的開場白之後將進行問答環節。

Joining me on the call today are CEO David Ossip; and CFO Jeremy Johnson. We also have Chief Strategy, Product, and Technology Officer Joe Korngiebel; and our President and COO, Steve Holdridge, available for Q&A.

今天與我一起參加電話會議的還有執行長大衛‧奧西普 (David Ossip)；和財務長傑里米約翰遜（Jeremy Johnson）。我們還有首席策略、產品和技術長 Joe Korngiebel；我們的總裁兼營運長 Steve Holdridge 將接受問答。

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.

在我將電話交給大衛之前，我想提醒大家，我們的評論可能包含前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致 Dayforce 的結果與歷史經驗或當前預期有重大差異。

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. Additionally, over the course of this call, we'll reference non-GAAP measures to describe our performance.

我們向美國證券交易委員會提交的報告中包含一些此類風險和不確定性的描述，例如我們文件中的警告聲明。此外，在本次電話會議中，我們將參考非公認會計準則指標來描述我們的績效。

Please review our earnings press release and filings with the SEC for a 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 and also a transcript will be available on the Dayforce investor relations website.

請查看我們的收益新聞稿和向美國證券交易委員會提交的文件，以了解使用非公認會計準則指標的理由以及這些公認會計準則與非公認會計準則指標的全面對照。這些文件以及本次電話會議的重播和記錄都將在 Dayforce 投資者關係網站上提供。

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

說完這些，我想把電話轉給大衛。

Thanks, David, and thank you all for joining us. I'll begin with some high-level commentary on our results and outlook before handing the call over to Jeremy, who will provide more detail on our financials and guidance.

謝謝，大衛，也謝謝大家加入我們。我將首先對我們的業績和前景發表一些高層評論，然後將電話交給傑里米，他將提供有關我們的財務和指導的更多詳細資訊。

We had a strong year. With Q4 sales exceeding expectations and coming in above plan. Sales cycles returned to historical level. And generally proved to be a strong start to 2025. Looking ahead, we expect sales growth to outpace revenue growth throughout the year.

我們度過了強勁的一年。第四季度的銷售額超出預期並超出計劃。銷售週期恢復到歷史水準。總體而言，這將為 2025 年帶來強勁開端。展望未來，我們預計全年銷售成長將超過收入成長。

Our pipeline coverage gives us confidence, starting the year with approximately 4 times coverage of pipeline compared to our sales target. We had excellent performance in 2024. Total revenue was $1.76 billion, growing 17% on a constant currency basis.

我們的通路覆蓋率給了我們信心，今年年初我們的通路覆蓋率大約是銷售目標的四倍。2024年，我們的表現非常出色。總營收為 17.6 億美元，以固定匯率計算成長 17%。

Dayforce recurring revenue, excluding float, grew 21% on a constant currency basis. Adjusted EBITDA margin was 28.5%, expanding 140 basis points, and free cash flow was $172 million or 9.7% of revenue, expanding 280 basis points.

以固定匯率計算，Dayforce 經常性收入（不包括浮動收入）增加了 21%。調整後的 EBITDA 利潤率為 28.5%，擴大 140 個基點，自由現金流為 1.72 億美元，佔營收的 9.7%，擴大 280 個基點。

As guided during our investor day, we expect total revenue growth in 2025 or 14% to 15%, excluding floats and on a constant currency basis. Our guidance reflects our decision to focus on higher margin areas of our business while phasing out legacy segments.

正如我們在投資者日所引導的那樣，我們預計 2025 年的總收入將增長 14% 至 15%（不包括浮動資金並按固定匯率計算）。我們的指引反映了我們決定專注於利潤率較高的業務領域，同時逐步淘汰傳統業務領域。

Therefore, for recurring revenue, excluding float is expected to grow 15% to 17% on a constant currency basis during 2025.

因此，就經常性收入而言，不包括浮動收入預計在 2025 年按固定匯率計算成長 15% 至 17%。

In terms of our mid-term operating model. We are confident in our ability to exceed the 20% free cash flow margin. Last year, we expanded free cash flow margins by 280 basis points to 9.7%. In 2025, we anticipate this increasing by another 230 basis points to 12%, and for this upward trend to continue over the midterm.

就我們的中期營運模式而言。我們有信心超越20%的自由現金流利潤率。去年，我們將自由現金流利潤率擴大了 280 個基點，達到 9.7%。到 2025 年，我們預計這一比例將再增加 230 個基點，達到 12%，而這一上升趨勢將在中期內持續下去。

On an adjusted EBITDA basis, we are raising our invested a guidance by 100 basis points, increasing adjusted EBITDA margin guidance to 32% from 31%. Beyond 2025, over the midterm, we expect adjusted Eda to expand by 100 basis points to 150 basis points per year.

在調整後的 EBITDA 基礎上，我們將投資指引上調 100 個基點，將調整後的 EBITDA 利潤率指引從 31% 提高至 32%。2025 年以後，從中期來看，我們預計調整後的 Eda 將每年擴大 100 個基點至 150 個基點。

In the coming years, we anticipate that the total revenue growth will remain close to 15%, while profitability improvements, both free cash flow and adjusted EBITDA, will continue to outpace revenue growth.

在未來幾年，我們預計總營收成長將維持在接近15％，而獲利能力的改善（包括自由現金流和調整後的EBITDA）將繼續超過營收成長。

From a sales perspective. Our CRO, Sam has executed exceptionally well. In the last quarter, we secured several key new business ones including a 60,000 employee grocery chain. An 18,000 employee space exploration company. And a 66,000 employee member owned retail cooperative.

從銷售角度來說。我們的 CRO Sam 表現非常出色。上個季度，我們獲得了幾個重要的新業務，其中包括一家擁有 60,000 名員工的雜貨連鎖店。一家擁有 18,000 名員工的太空探索公司。以及擁有 66,000 名員工的零售合作社。

As well as success in expanding deals, including a 60,000 employee global manufacturer and distributor of paints and coating, and a global air service provider with 48,000 employees, across 35 countries.

並成功擴大交易，包括一家擁有 60,000 名員工的全球油漆和塗料製造商和分銷商，以及一家擁有 48,000 名員工、遍布 35 個國家的全球航空服務提供商。

Many of these deals closed within weeks of customers attending our Dayforce Discover event. A testament to the impact of the event and its role in accelerating Q4 sales.

許多交易在客戶參加我們的 Dayforce Discover 活動後的幾週內就完成了。證明了該活動的影響力及其在加速第四季度銷售方面的作用。

On the product side, we continue to lead in innovation and delivery. Our product roadmap is built around compliance, IT simplification, data, and experience.

在產品方面，我們繼續在創新和交付方面保持領先地位。我們的產品路線圖是圍繞著合規性、IT 簡化、數據和經驗構建的。

On the compliance front. We delivered more than 900 compliance updates and were once again recognized by Gartner as a compliance leader for firms with more than 1,000 employees and for firms with more than 2,500 employees.

在合規方面。我們提供了 900 多項合規更新，並再次被 Gartner 評為員工人數超過 1,000 人的公司和員工人數超過 2,500 人的公司的合規領導者。

Key compliance enhancements included a new workforce insight experience, machine learning-driven labor forecasting, and direct to bank capabilities for Dayforce wallet.

主要的合規增強功能包括新的勞動力洞察體驗、機器學習驅動的勞動力預測以及 Dayforce 錢包的直接銀行功能。

Speaking of wallet, it had a tremendous 2024. With revenue increasing from $12 million to over $30 million. We expect water to continue gaining momentum in 2025.

說到錢包，2024 年它的表現十分出色。收入從 1200 萬美元增加到 3000 多萬美元。我們預計 2025 年水資源將持續成長。

Our IT simplification efforts align with our 12 to 1 strategy, which consolidates multiple HR systems into a single Dayforce platform. This approach reduces integrations, manual workarounds, and operational complexity, while improving efficiency and decision making.

我們的 IT 簡化工作與我們的 12 比 1 策略一致，該策略將多個 HR 系統整合到單一 Dayforce 平台中。這種方法減少了整合、手動解決方法和操作複雜性，同時提高了效率和決策能力。

Our leadership in this area was reinforced by our recognition as a leader for the 5th consecutive year in Gartner's Magic Quadrant for cloud HCM solutions for enterprises, with more than 1,000 employees.

我們連續第五年被 Gartner 魔力像限評為針對擁有 1,000 多名員工的企業雲端 HCM 解決方案領導者，這進一步鞏固了我們在該領域的領導地位。

Strengthening our 12 to 1 value proposition, we launched a new talent acquisition experience and re-platformed eloomi into Dayforce, creating a best in class learning experience with strong analytics, content creation tools, and a content store featuring over 90,000 training modules.

為了加強我們的 12 比 1 價值主張，我們推出了新的人才獲取體驗，並將 eloomi 重新平台化到 Dayforce，透過強大的分析功能、內容創建工具以及包含超過 90,000 個培訓模組的內容商店創造了一流的學習體驗。

We expect learning management and content to drive significant client-based sales in 2025. On the data and experience side, we are already seeing strong adoption of our day force integration studio and co-pilot products.

我們預計學習管理和內容將在 2025 年推動大量以客戶為基礎的銷售。在數據和體驗方面，我們已經看到我們的日間部隊整合工作室和副駕駛產品得到了廣泛的應用。

Both of which we demonstrated at Discover. Since launching in November, we have sold more than 60 co-pilot units. Co-pilot integrates with our experience hub. Allowing CHROs and their teams to create engaging and immersive experience for frontline workers, managers, and executives.

上述兩點我們都在 Discover 上進行了展示。自 11 月推出以來，我們已銷售了 60 多台 Co-Pilot 設備。副駕駛與我們的體驗中心結合。讓首席人力資源長及其團隊為第一線員工、經理和高階主管創造引人入勝且身臨其境的體驗。

Content within the hub is indexed using AI enabling users to ask questions and receive contextual responses with relevant reference links. Additionally, co-pilot facilitates workflow automation, such as requesting time off.

中心內的內容使用人工智慧進行索引，使用戶能夠提出問題並收到帶有相關參考連結的上下文回應。此外，副駕駛還促進工作流程自動化，例如申請休假。

Innovation in this area will continue in 2025 with planned releases of AI agents and other new capabilities.

2025 年，該領域的創新將繼續進行，並計劃發佈人工智慧代理和其他新功能。

At the core of Dayforce, our commitment to product innovation. This is what differentiates us in the market and drives our strong win rates, high customer attention, significant add-on sales, and industry recognition.

Dayforce 的核心是我們致力於產品創新。這就是我們在市場上脫穎而出的原因，並推動我們獲得強勁的成功率、較高的客戶關注度、顯著的附加銷售額以及行業認可度。

Turning to customers and go live, Q4 was impressive. We saw 146 net new customers go live. Including a global aviation service provider with over 55,000 employees across 36 countries.

轉向客戶並上線，第四季令人印象深刻。我們看到有 146 位新客戶上線。其中包括一家在36個國家擁有超過55,000名員工的全球航空服務供應商。

A 23,000 employee. American entertainment company rolling out full sweet talents. A 10,500 employee UK contract catering and support service provider. We now have 6,876 live customers and 7.6 million live active users on tables.

擁有 23,000 名員工。美國娛樂公司推出全套甜蜜才藝。一家擁有 10,500 名員工的英國合約餐飲和支援服務提供者。目前，我們的桌面上有 6,876 名活躍客戶和 760 萬活躍用戶。

Both up approximately 10% year over year. Additionally, Dayforce recurring revenue per customer increased by 11%, and our gross retention rate improved from an already strong 97.1% to 98%.

年比均成長約 10%。此外，Dayforce 每位客戶的經常性收入增加了 11%，我們的總保留率從原本強勁的 97.1% 提高到 98%。

From a probability standpoint, our improvement in adjusted EBITDA pre-cash flow was largely driven by improvements in recurring gross margin. Adjusted cloud recurring gross margins was 79.8%, expanding 150 basis points. Resulting from efficiency gains in our support and managed services organizations, greater automation, AI-driven optimizations, and a higher proportion of add-on sales.

從機率的角度來看，我們調整後的 EBITDA 前現金流的改善主要是由於經常性毛利率的增加。調整後的雲經常性毛利率為79.8%，擴大150個基點。這得益於我們的支援和託管服務組織的效率提升、自動化程度的提高、人工智慧驅動的優化以及附加銷售比例的提高。

In 2025, we will continue optimizing our cost bases by improving sales productivity, streamlining our organizational structure, and leveraging lower cost jurisdictions, automation and AI.

2025 年，我們將透過提高銷售效率、精簡組織結構以及利用低成本管轄區、自動化和人工智慧來繼續優化成本基礎。

Professional services and other revenue, historically a negative margin in business, is expected to break even in 2025. This milestone reflects the investments we have made in automation and partnerships with system integrated.

專業服務和其他收入，歷史上是業務利潤為負的，預計到 2025 年將達到收支平衡。這一里程碑反映了我們在自動化和系統整合合作方面所做的投資。

Before handing the call over to Jeremy, I want to emphasize four key themes. First, our strength lies in our ability to innovate and deliver exceptional products.

在將電話交給傑里米之前，我想強調四個關鍵主題。首先，我們的優勢在於創新和提供卓越產品的能力。

Second, we saw robust sales performance in Q4 and are confident this momentum will continue into Q1 and throughout 2025.

其次，我們看到第四季的銷售業績強勁，並相信這一勢頭將持續到第一季和整個 2025 年。

Third, We have made meaningful improvements across all profitability metrics, and we expect these trends to continue in the coming years.

第三，我們在所有獲利指標上都取得了有意義的進步，我們預計這些趨勢在未來幾年將繼續下去。

Finally, we are positioning Dayforce for sustained revenue growth at levels similar to 2025, while driving towards a 20% plus free cash flow margin.

最後，我們將 Dayforce 的定位定為持續收入成長，水準與 2025 年相似，同時努力實現 20% 以上的自由現金流利潤率。

I'll now pass the call to Jeremy to discuss our financial results in more detail, Jeremy, over to you.

我現在將電話轉給傑里米，更詳細地討論我們的財務結果，傑里米，交給你了。

Thanks David. We were pleased with the fourth quarter results. Top line revenue growth remained strong, but we scaled the business and continued to expand cash flow margins.

謝謝大衛。我們對第四季的業績感到滿意。營業收入成長保持強勁，但我們擴大了業務規模並繼續提高現金流利潤率。

In the fourth quarter, total revenue was $465.2 million, up 16.4% on a GAAP basis, and 17% on a constant currency basis. Excluding float, total revenue increased 17% on a GAAP basis and 17.6% on a constant currency basis.

第四季總營收為4.652億美元，以美國通用會計準則計算成長16.4%，以固定匯率計算成長17%。除浮動資金外，總收入按 GAAP 計算增長了 17%，按固定匯率計算增長了 17.6%。

And Dayforce recurring revenue excluding flow was $307.6 million, up 20% on a GAAP basis and 20.4% on a constant currency basis underpinned by strong-go lives.

Dayforce 不包括流量的經常性收入為 3.076 億美元，以 GAAP 計算成長 20%，以固定匯率計算成長 20.4%，這得益於強勁的成長動能。

Power pay recurring revenue excluding float was $23.1 million, flat on a GAAP basis, but up 2.6% on a constant currency basis. And professional services and other revenue was $71.5 million, up 18% on a GAAP basis and 18.8% on a constant currency basis.

不包括浮動費用的電力支付經常性收入為 2,310 萬美元，以 GAAP 計算持平，但以固定匯率計算成長 2.6%。專業服務和其他收入為 7,150 萬美元，以 GAAP 計算成長 18%，以固定匯率計算成長 18.8%。

Gross profit was $218.6 million, up 28.7%. Operating profit was $28.5 million, while recurring gross margin was 80%, expanding 300 basis points, and on a non-gap basis, adjusted cloud recurring gross margin was 80.4%, expanding 230 basis points, and adjusted EBITDA was $129.2 million, up 30.2%, or a 27.8% margin, expanding 300 basis points.

毛利為2.186億美元，成長28.7%。營業利潤為 2,850 萬美元，經常性毛利率為 80%，擴大 300 個基點，在非差距基礎上，調整後的雲經常性毛利率為 80.4%，擴大 230 個基點，調整後的 EBITDA 為 1.292 億美元，增長 30.2%，或利潤擴大率為 27.00 個基點擴大率為 30.2%，或利潤率擴大 27.00 個基點。

Turning to our full year results, total revenue was $1.76 billion, up 16.3% on a GAAP basis and 16.7% on a constant currency basis. Excluding, total revenue increased 16% on a GAAP basis and 16.3% on a constant currency basis.

回顧我們的全年業績，總收入為 17.6 億美元，以 GAAP 計算成長 16.3%，以固定匯率計算成長 16.7%。除此之外，總收入按 GAAP 計算增長了 16%，以固定匯率計算增長了 16.3%。

Dayforce recurring revenue excluding float was $1.16 billion, up 20.4% on a GAAP basis, and 20.7% on a constant currency basis.

Dayforce 不包含浮動資金的經常性收入為 11.6 億美元，以 GAAP 計算成長 20.4%，以固定匯率計算成長 20.7%。

Power pay recurring revenue excluding float was $83.7 million up 2.2% on a GAAP basis, and 3.8% on a constant currency basis. And professional services and other revenue was $242.7 million up 12.2% on a GAAP basis, and 12.5% on a constant currency basis.

不包括浮動費用的電力支付經常性收入為 8,370 萬美元，以 GAAP 計算成長 2.2%，以固定匯率計算成長 3.8%。專業服務和其他收入為 2.427 億美元，以 GAAP 計算成長 12.2%，以固定匯率計算成長 12.5%。

Gross profit was $812 million, up 25.6%. Operating profit was $104.1 million, including $84 million of amortization expense related to the retired Ceridian trade name.

毛利為8.12億美元，成長25.6%。營業利潤為 1.041 億美元，其中包括與退出 Ceridian 商標相關的 8,400 萬美元攤銷費用。

Cloud recurring gross margin was 78.9%, expanding 190 basis points. And on a non-GAAP basis, adjusted cloud recurring gross margin was 79.8%, expanding 150 basis points.

雲端運算經常性毛利率為78.9%，擴大190個基點。基於非公認會計準則，調整後的雲端經常性毛利率為 79.8%，擴大 150 個基點。

Adjusted EBITDA was $501.5 million, up 22.3%, or a 28.5% margin, expanding 140 basis points and reflecting our continued improvement in gross profit margins and scale and adjusted G&A.

調整後 EBITDA 為 5.015 億美元，成長 22.3%，利潤率為 28.5%，擴大 140 個基點，反映了我們毛利率和規模以及調整後 G&A 的持續改善。

From a cash flow perspective, full year operating cash flow is $281.1 million, up 28.1%, and free cash flow was $171.5 million, up 63.2%. Free cash flow is a percent of revenue, with 9.7%, expanding 280 basis points.

從現金流角度，全年營業現金流2.811億美元，成長28.1%，自由現金流1.715億美元，成長63.2%。自由現金流佔收入的百分比為 9.7%，擴大 280 個基點。

A solid year from a financial perspective, with strong revenue growth, expanding profitability, and increasing cash flow metrics. If I look back at our original 2024 guidance issued in February 2024, we met or surpassed these targets with healthy performance throughout the year.

從財務角度來看這是穩健的一年，收入成長強勁，獲利能力不斷擴大，現金流指標不斷增加。如果回顧我們在 2024 年 2 月發布的原始 2024 年指導方針，我們全年都以良好的表現達到或超過了這些目標。

If you recall, our initial guidance for 2024 was for total revenue to grow between 13% and 14% constant currency, and we grew 16.7%. Dayforce recurring revenue explode to grow between 20% and 21% constant currency, and we grew 20.7%. And adjusted Dayforce to margin between 27.9% and 28.6%, and our margin was 28.5%.

如果你還記得的話，我們對 2024 年的初步預期是總收入以固定匯率計算成長 13% 至 14%，而我們的成長幅度為 16.7%。Dayforce 經常性收入以恆定匯率計算激增 20% 至 21%，而我們的成長為 20.7%。並將 Dayforce 的利潤率調整到 27.9% 至 28.6% 之間，我們的利潤率為 28.5%。

We also introduced free cash flow guidance for the first time this year, saying that we expected free cash flow margin between 9.5% and 10% of revenue, with conversion from adjusted e to operating cash to be in the mid to upper 50% range.

我們也在今年首次推出了自由現金流指引，預計自由現金流利潤率將介於收入的 9.5% 至 10% 之間，調整後現金流轉換為營運現金的利潤率將介於 50% 至 50% 的中上水平。

While CapEx remained relatively flat year over year, and we ended at 9.7% of revenue, with 56% conversion from adjusted EBITDA to operating cash flow. We're pleased with our overall performance and financial results this year.

雖然資本支出較去年同期保持相對平穩，但最終佔收入的 9.7%，調整後 EBITDA 轉化為經營現金流量的比率為 56%。我們對今年的整體表現和財務表現感到滿意。

During the fourth quarter, Dayforce recurring revenue, excluding float grew at 20% on a GAAP basis, or 20.4% constant currency. Included in these results was a $2 million FX headwind versus our guidance rates. And while go-lives were solid, employee volumes, tax filing fees, and print fees missed our expectations, and we had impacts from customer contract amendments.

第四季度，Dayforce 經常性收入（不包括浮動收入）按 GAAP 計算增長了 20%，按固定匯率計算增長了 20.4%。這些結果包括與我們的指導利率相比 200 萬美元的外匯逆風。儘管上線運行順利，但員工數量、稅務申報費和列印費均未達到我們的預期，而且客戶合約修改也對我們產生了影響。

The contract amendments were isolated to a few customers and represented changes to terms that caused a reallocation of contract consideration, increasing PS and other revenue, and reducing recurring revenue.

合約修訂僅針對少數客戶，代表條款的改變，導致合約對價的重新分配，增加了 PS 和其他收入，並減少了經常性收入。

Specifically, the impact from employee volumes was approximately a million dollars, the contract amendments were approximately a million, and the tax filing fees and print fees were each about $500,000. Excluding these items, our day force recurring revenue growth would have been in the middle of our guidance range.

具體來說，員工數量的影響約為一百萬美元，合約修改的影響約為一百萬美元，報稅費和印刷費各約為五十萬美元。除這些項目外，我們的日間經常性收入成長將處於我們預期範圍的中間。

We have not changed our previously issued revenue guidance for 2025, which I'll dive into more next. A few other callouts about 2024 before I move on to our guidance. During 2024, the eloomi revenue added approximately 190 basis points of growth to our Dayforce recurring revenue explode, and 110 basis points of growth to our total revenue.

我們沒有改變先前發布的 2025 年收入指引，接下來我將深入探討。在我繼續介紹我們的指導之前，還有幾個關於 2024 年的其他提示。2024 年，eloomi 收入為我們的 Dayforce 經常性收入成長增加了約 190 個基點，為我們的總收入成長增加了 110 個基點。

And during 2024, we executed $36 million of our $500 million share repurchase plan and are pleased that we have the profitability and flexibility to return capital to our shareholders and manage dilution from share-based compensation while maintaining investment in the business.

2024 年，我們執行了 5 億美元股票回購計劃中的 3,600 萬美元，我們很高興我們擁有盈利能力和靈活性，可以向股東返還資本並管理股權激勵帶來的稀釋，同時保持對業務的投資。

Now turning to guidance, for the full year, we expect total revenue excluding float to grow at a constant currency rate of 14% to 15%. At current FX spot rates, we estimate this to be $1.745 billion to $1.76 billion, or 11.9% to 12.8% growth on a GAAP basis.

現在談到指導，就全年而言，我們預計不包括浮動收入的總收入將以 14% 至 15% 的固定匯率成長。以當前外匯現貨匯率計算，我們預計這一數字將達到 17.45 億美元至 17.6 億美元，或以 GAAP 計算成長 11.9% 至 12.8%。

Dayforce recurring revenue excluding float to grow between 15% and 17% constant currency. At current FX spot rates, we estimate this to be $1.315 billion to $1.340 billion, or about 13.4% to 15.5% on a GAAP basis.

Dayforce 不包括浮動收入的經常性收入以固定匯率計算成長 15% 至 17%。以當前外匯現貨匯率計算，我們預計這一數字為 13.15 億美元至 13.4 億美元，或以 GAAP 計算約為 13.4% 至 15.5%。

Float revenue of $180 million, representing an effective yield of 3.6%, and balanced growth in the mid to low single digits. Adjusted EBITDA a margin of 32% of revenue. Free cash flow margin of 12% of revenue.

浮動收入為1.8億美元，有效收益率為3.6%，且維持中低個位數的均衡成長。調整後的 EBITDA 利潤率為營收的 32%。自由現金流利潤率為收入的12%。

And in 2025 we now expect PS and other revenue to grow slightly faster. Then Dayforce recurring revenue excluding float during 2025, as we continue to implement projects from the strong demand we saw in 2024. And as we continue to work on some larger projects, including the government of Canada.

我們預計 2025 年 PS 和其他收入的成長速度將略快一些。然後，隨著我們繼續實施 2024 年強勁需求帶來的項目，Dayforce 將在 2025 年期間產生不包括浮動費用的經常性收入。我們將繼續致力於一些更大的項目，包括加拿大政府的項目。

For the first quarter, we expect total revenue excluding float to grow 15% to 17% on a constant currency basis. At current FX spot rates, we estimate this to be $421 million to $427 million, or growth of approximately 13.5% to 15%.

我們預計第一季不包括浮動收入的總收入按固定匯率計算將成長 15% 至 17%。以目前外匯現貨匯率計算，我們預計這一數字為 4.21 億美元至 4.27 億美元，或成長約 13.5% 至 15%。

Float revenue of $53 million representing an effective yield of 3.7%, and balanced growth of mid-single digits. And adjusted EBITDA margin of 31% to 32% of revenue.

浮動收入為 5,300 萬美元，有效收益率為 3.7%，均衡成長率為中等個位數。調整後的 EBITDA 利潤率為營收的 31% 至 32%。

With regard to FX rates in 2025, we expect our revenue to be approximately 70% US dollar-based, 21% Canadian dollar-based, 4% to 5% Australian dollar based, and 3% to 4% British pound based, with the rest spread across multiple currencies.

關於 2025 年的外匯匯率，我們預計我們的收入約 70% 以美元為基礎，21% 以加元為基礎，4% 至 5% 以澳元為基礎，3% 至 4% 以英鎊為基礎，其餘部分分佈在多種貨幣上。

With the US dollar strengthening against each of these currencies and with the proportion of our UK and Australia-based revenue increasing, we will begin providing FX rates assumed in guidance for each of these currencies compared to the dollar.

隨著美元兌上述每種貨幣的走強，以及我們英國和澳洲收入佔比的增加，我們將開始為每種貨幣提供相對於美元的指導匯率。

For our current guidance, the US dollar to the Canadian, foreign exchange rate used is 1.44%. The US dollar to British pound foreign exchange rate is 0.81%, and the US dollar to Australian dollar foreign exchange rate is 1.61%. Specifically, current foreign exchange rates are driving about 200 basis points of headwind to our full year 2025 revenue growth ranges.

根據我們目前的指導，美元兌加幣的外匯匯率為 1.44%。美元對英鎊的外匯匯率為0.81%，美元對澳元的外匯匯率為1.61%。具體而言，目前的外匯匯率對我們 2025 年全年營收成長範圍造成約 200 個基點的阻力。

A few other things to call out before we close out the call. On share repurchases, we still anticipate continuing to purchase shares in 2025 with the goal of minimizing dilution to our shares outstanding from stock-based compensation. Our current estimate is that we plan to repurchase more than a million shares during 2025, effectively doubling our 2024 purchases.

在我們結束通話之前，還有幾件事需要說明。關於股票回購，我們仍預期在 2025 年繼續回購股票，目標是盡量減少股票薪酬對我們流通股的稀釋。我們目前的估計是，我們計劃在 2025 年回購超過一百萬股，實際上是 2024 年購買量的兩倍。

Later today, we are launching a repricing deal for our existing $650 million dollar term loan B, with the goal of reducing the interest rate from our current levels of sour plus $250 to something lower.

今天晚些時候，我們將對現有的 6.5 億美元定期貸款 B 啟動重新定價協議，目標是將利率從目前的酸性利率加 250 美元降低到更低的水平。

And with regard to our $575 million dollar convertible debt, which matures in March of 2026. We're currently planning to retire this at maturity in 2026 with cash and liquidity on hand.

關於我們的 5.75 億美元可轉換債務，將於 2026 年 3 月到期。我們目前計劃在 2026 年到期時利用手頭上的現金和流動資金來償還這筆債務。

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

現在，我們可以開始通話的問答部分了。

(Operator Instructions)

（操作員指令）

Siti Panigrahi, Mizuho Securities.

瑞穗證券的 Siti Panigrahi。

Jeremy, for Q4 Dayforce recurring explored, could you elaborate the points that impacted miss, and is it something a surprise or and also is it one time or should we expect that, in this year too?

Jeremy，對於第四季度 Dayforce 的反覆探索，您能否詳細說明影響錯過的要點，這是一個意外嗎？

Hey, Siti, nice to speak with you. Let me start before I hand it over to Jeremy. I'd like to make four points that I think are quite key. First of all, Q4 sales and January sales were both up considerably.

嘿，Siti，很高興與您交談。在將其交給傑里米之前，請讓我先開始。我想講四點我認為比較關鍵的。首先，第四季銷售額和一月銷售額均大幅成長。

On a year over year basis, both were record growing at over 2 times the revenue growth of the company. So we're quite optimistic on sales performance and sales momentum. As generally when we have a very strong Q4, we see a bit of a headwind going into Q1, and we do not expect that this year sales is strong.

與去年同期相比，兩項業務均創下了成長記錄，均為公司收入成長的兩倍以上。因此，我們對銷售業績和銷售動能非常樂觀。通常，當我們的第四季表現非常強勁時，我們會發現第一季會遇到一些阻力，因此我們預計今年的銷售不會很強勁。

Second, we're holding the revenue guidance for the company. That's the guidance that we gave at invested today, and at the same time, we're increasing the EBITDA guide for the company by 100 basis points. We're seeing meaningful profit strengthening across all aspects.

其次，我們維持公司的收入預期。這是我們今天投資時給予的指導，同時，我們將公司的 EBITDA 指導上調了 100 個基點。我們看到各方面的利潤都在顯著增強。

So adjusted EBITDA, gross margins, and as well as free cash flow. In fact, if you look at it on an adjusted EBITDA basis, you can see that on an ex flow basis we're expecting adjusted EBITDA to go up by 560 basis points inside the year.

因此調整了 EBITDA、毛利率以及自由現金流。事實上，如果以調整後的 EBITDA 為基礎來看，您會發現，以流量為基礎，我們預計調整後的 EBITDA 今年將上漲 560 個基點。

And finally, we are positioning day force for sustained growth around the current levels moving towards a 20% free cash flow basis. In regards to day forces recurring in Q4, there were three aspects that Jeremy can go into detail on those.

最後，我們將力爭在當前水準上實現持續成長，並朝著 20% 的自由現金流基礎邁進。關於第四季重現的日間力量，Jeremy 可以從三個方面進行詳細介紹。

All of them, I would say, are, one-time items that do not impact the future of the company. Some of them had to do with amendments to contracts. There was some FXs inside there as well. And as people obviously are moving to more digitalization, there has been some impact on the printing and the shipping types of fees. Jeremy, do you want to give some details of that?

我想說，所有這些都是一次性項目，不會影響公司的未來。其中一些與合約修改有關。裡面也有一些 FX。隨著人們顯然越來越走向數位化，印刷和運輸費用也受到了一些影響。傑里米，你能詳細說明一下嗎？

Definitely, yeah. So David mentioned the FX, which you know we can put aside and talk constant currency and ultimately there's three drivers to the slightly lower numbers, the roughly all equal weighted. First, I'd say it's lower employee volumes than expected.

當然，是的。大衛提到了外匯，我們可以把它放在一邊，討論恆定匯率，最終有三個驅動因素導致數字略低，大致上都是相等權重的。首先，我認為員工人數低於預期。

Second, it's printed fees and tax filing fees. And third, these contract amendments that shifted revenue into professional services another and away from recurring. All of them are small on a dollar basis.

第二，是印刷費和報稅費。第三，這些合約修正案將收入從經常性收入轉移到專業服務收入。從美元計算，它們都是小數目。

On employee volumes, as you probably know we historically see some a seasonal spike in Q4 employee volumes around the holidays, and that seasonality was slightly muted this year compared to the past. And on the print tax filing fee, that's revenue that's invoiced as used and therefore it's a little bit more difficult to forecast.

就員工數量而言，您可能知道，從歷史上看，在假期期間，第四季度的員工數量會出現季節性高峰，而與過去相比，今年的季節性特徵略有減弱。而對於印製稅務申報費，這是已開立發票的收入，因此預測起來有點困難。

We saw some lower consumption this quarter, meaning, for example, less printing than historical level levels. And on the contract amendments it's, honestly a typical customer motion that we see frequently as customers grow with us and grow their HCM needs with us. It's a type of flexibility and partially what drives our strong gross retention of 98%.

我們發現本季的消費量有所下降，例如，印刷量低於歷史水準。關於合約修改，說實話這是我們經常看到的典型的客戶動議，因為客戶與我們一起成長，他們的 HCM 需求也隨之增長。這是一種靈活性，也是我們實現 98% 強勁總保留率的原因之一。

We're constantly working with our customers to ensure they're satisfied and with large customers when they add services or products, we're required to reallocate that contract consideration, between PS and other and recurring and this quarter. We saw some more services added, which is a good thing for the business and the tailwinds and PS and other and, the headwind and recurring revenue.

我們一直與客戶合作，以確保他們滿意。我們看到增加了一些服務，這對於業務、順風、PS 和其他以及逆風和經常性收入來說都是一件好事。

Yeah, thanks for that color. And David, that's impressive, and I think your fourth point on the key themes driving sustainable revenue growth at this level 25, that's definitely impressive when you compare to your peers who are more in the low double digit.

是的，謝謝你的顏色。大衛，這令人印象深刻。

But help us understand what are the factors assumed in that level of, confidence to drive this level of growth.

但請幫助我們了解，在這種信心水準下，推動這種成長水準的因素有哪些。

We are seeing a strong sales momentum again, if I look towards December, it was a record a month and then we saw this trends continue into January and as I typically give a bit of a color as to how the current quarter is going.

我們再次看到了強勁的銷售勢頭，如果展望12月，這是一個創紀錄的月份，然後我們看到這種趨勢持續到1月，我通常會對本季度的進展情況做出一些說明。

The other number I'll point to, if you look at the Cloud ARR growth in 2024, it was up 17.9%. And remember, our business is very predictable. If I look at the airport recurring across the 2024, we were within 30 basis points of the guide that we gave at the start of the very year, which I think is quite remarkable for a business of this scale.

我要指出的另一個數字是，如果您查看 2024 年的雲端 ARR 成長，它會成長 17.9%。請記住，我們的業務非常可預測。如果我看一下 2024 年的機場情況，我們會發現我們的業績與年初給出的指導價格相差無幾，這對於這種規模的企業來說，是非常了不起的。

Thank you.

謝謝。

Mark Murphy, JPMorgan Chase.

摩根大通的馬克墨菲。

Oh thank you so much. Congratulations on the strong sales performance at your end. That's great to hear. Jeremy, I have two quick questions. First of all, Jeremy, regarding the employee volumes that you said came in slightly below expectations, you mentioned the Q4 holiday spike was needed.

哦，非常感謝。恭喜你方銷售業績優異。我很高興聽到這個消息。傑里米，我有兩個簡單的問題。首先，傑里米，關於您所說的員工數量略低於預期，您提到需要第四季度的假期高峰。

Do you attribute that to the timing of the holidays where both Christmas and New Year's were falling midweek on Wednesday? In other words, a temporary blip, or do you see some other type of effect that might linger based in Q1?

您是否認為這是因為聖誕節和新年都恰逢週三這個假期的原因？換句話說，這只是暫時的曇花一現，還是您認為第一季還會出現其他類型的影響？

No, I didn't see at that level of detail anything that I would point to that said would linger into Q1. As I said, historically we do see that Q4 seasonal spike around the holidays. I think, that slightly muted, but then also, we did have some extreme weather events in the Southeast this year during Q4.

不，我沒有看到如此詳細的事情，我認為這些事情會持續到第一季。正如我所說，從歷史上看，我們確實會看到假期期間出現第四季度的季節性高峰。我認為，這種情況稍微緩和了一些，但今年第四季東南部確實出現了一些極端天氣事件。

But, it's a tough thing for us to forecast and to guide and historically, we've been pretty accurate and I think we still were very accurate. It just, was slightly below our expectations, unfortunately.

但是，對我們來說，預測和指導是一件困難的事情，從歷史上看，我們的預測相當準確，我認為我們仍然非常準確。不幸的是，它只是略低於我們的預期。

Okay, understood and then David, you thinking back to the fall, you had mentioned some willingness to consider more transformative M&A and since then, we've seen pay checks announcing its intent to acquire Paycor.

好的，明白了，然後大衛，回想一下秋天，你曾提到願意考慮更具變革性的併購，從那時起，我們就看到了 Pay Checks 宣布了收購 Paycor 的意圖。

Is it safe to assume that Ceridian would have seen too much overlap with Paycor or isn't as interested in going down market, and therefore. Perhaps you didn't spend much time considering it and could you shed any light on just whether that acquisition might affect the landscape or open up any opportunities for you as they try to merge the two organizations.

是否可以安全地假設 Ceridian 與 Paycor 有太多重疊，或者對進入低端市場不那麼感興趣，因此。或許您沒有花太多時間考慮這個問題，您能否解釋一下，當他們試圖合併這兩個組織時，這次收購是否會影響格局或為您帶來任何機會？

We don't compete against pay checks and we don't compete against Paycor. It is down-market from us. I would expect in the down market side that there should be consolidation because I don't think there's much differentiation in products.

我們不與薪水競爭，也不與 Paycor 競爭。對我們來說，它屬於低端市場。我預期低迷市場方面應該會出現整合，因為我認為產品的差異化並不大。

Mark, what differentiates the forces is our ability to innovate and deliver product, and you see that across the gains that we're having in terms of competitive wins in market, the strength of the Q4 and the January sales of it. So to answer your question, no, I don't think there'll be any impact to Dayforce.

馬克，我們與眾不同之處在於我們創新和交付產品的能力，您可以從我們在市場競爭中取得的勝利、第四季度的強勁表現和 1 月份的銷售表現中看到這一點。所以回答你的問題，不，我不認為這會對 Dayforce 產生任何影響。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Thank you, and, congrats for me as well on a great sales quarter. And how do you think about the sales kind of feeding into revenue next year?

謝謝您，同時恭喜我在本季取得了出色的銷售業績。您認為銷售額對明年的營收有何影響？

Obviously, like strong quarter, if I look at the guidance for Dayforce, that was slightly below consensus. It maybe might have missed model by us, but like the contract that you signed, were they kind of, contract with longer ago lives, etc. Is that kind of an impact you should consider? Thank you.

顯然，就像強勁的季度一樣，如果我看一下 Dayforce 的指導，就會發現它略低於普遍預期。我們可能錯過了模型，但是就像您簽署的合同一樣，它們是一種與更早以前的生活簽訂的合同，等等。謝謝。

Hey Raimo, we had strong performance across segments. So we saw a large enterprise, which for us is about 12,000 employees perform well. We saw the major markets have considerable strength as well, and we even saw our emerging business, which goes up to about 1,000 employees, also do very nicely.

嘿，Raimo，我們在各個領域都表現出色。因此，我們看到一家擁有約 12,000 名員工的大型企業表現良好。我們看到主要市場也展現了相當大的實力，甚至看到我們的新興業務（員工人數達 1,000 人左右）也表現得非常出色。

The Australian APJ also performed very well. So there wasn't really a concentration in any one segment. Given our scale, it's there, we typically have our say well over 1,000 ongoing customer implementations and as when we plan out or model out our revenue.

澳洲 APJ 地區的表現也十分出色。因此，實際上並沒有在任何一環節上存在集中度。考慮到我們的規模，我們通常對 1,000 多個正在進行的客戶實施以及我們計劃或模擬我們的收入有發言權。

We look at it from an individual go-live milestone of each of those specific projects. By the way, the go-live number as well in the quarter was very strong. The number was, I think, what was it, Jeremy? 140 something.

我們從每個具體項目的單獨上線里程碑來看待這個問題。順便說一句，本季的上線數量也非常強勁。我想，這個數字是多少呢，傑瑞米？140多一點。

Yeah, we added 146 net new customers during the quarter.

是的，本季我們新增了 146 位淨新客戶。

Which I thought was actually very great. So we go in, really with a strong day force recurring. I mentioned a bit earlier, the annual recurring revenue of cloud went up by 17.9%, so it just flows throughout the system.

我認為這確實非常棒。因此當我們進入時，確實有強大的日間力量反覆出現。我之前提到過，雲端的年度經常性收入成長了 17.9%，因此它在整個系統中流動。

Okay, perfect. And then Jeremy, one for you. I saw the EBITDA raise, so well done on that one, but you didn't raise the cash number, which is kind of where, a lot of investors will focus on. Can you talk a little bit about, the puts and takes getting EBITDA higher but not the cash flow. Talk to that maybe a little bit. Thank you.

好的，完美。然後是傑里米，給你一個。我看到 EBITDA 有所提高，這一點做得很好，但你沒有提高現金數字，而這正是許多投資者關注的重點。您能否談看跌期權如何提高 EBITDA 但不提高現金流？稍微談論一下這個。謝謝。

And it's a great call out Raimo. We're raising the adjusted EBITDA guidance by 100 basis points from our previous guide at [$31 to $32]. That represents 350 basis points of expansion, but if you actually exclude the float headwind, it's 560 basis points of expansion a year over year.

這對 Raimo 來說是一個很棒的呼喚。我們將調整後的 EBITDA 指引較先前的指引上調 100 個基點，[31 美元到 32 美元]。這代表 350 個基點的擴張，但如果實際上排除浮動阻力，則每年的擴張幅度將達到 560 個基點。

We're doing that through cost control and efficiency. If you think about last year we invested heavily in sales and marketing and we're reaping the benefits of the productivity from those investments in 2025. We're leaning into greater automation, we're leaning into AI-driven optimizations across the organization.

我們透過控製成本和提高效率來實現這一目標。如果你想想去年我們在銷售和行銷方面投入了巨資，那麼我們將在 2025 年收穫這些投資帶來的生產力收益。我們傾向於更高程度的自動化，我們傾向於整個組織的人工智慧驅動的最佳化。

And we're optimizing our cost base by streamlining our organizational structure and leveraging lower cost jurisdictions. This is our first year that we're, kind of really providing a full free cash flow guidance at the beginning of the year here, and I have optimism in this number, but I wanted to, just kind of hold it at where we're at for now.

我們正在透過精簡組織結構和利用低成本管轄區來優化我們的成本基礎。這是我們第一年在年初提供完整的自由現金流指導，我對這個數字感到樂觀，但我希望暫時將其保持在目前的水平。

Okay, perfect. Thank you.

好的，完美。謝謝。

Mark Marcon, Baird.

馬克馬康，貝爾德。

Hey, good morning and thanks for taking my questions. David, at the very beginning you mentioned you know that January was very strong. You also mentioned that sales cycles were going back to historic levels. I assume you mean that they aren't lengthening and how unusual is it to have a really strong January?

嘿，早上好，感謝您回答我的問題。大衛，一開始你提到一月份的業績非常強勁。您還提到銷售週期正在回到歷史水平。我猜你的意思是它們不會延長，那麼一月份出現如此強勁的表現有多麼不尋常？

Typically a lot of sales, come in towards the end of the quarter. So wondering what that bodes and how much of that was basically an after effect of the really successful meetings that you had in Vegas.

通常，季度末會出現大量銷售。所以想知道這預示著什麼，以及這在多大程度上是您在拉斯維加斯舉行的真正成功的會議的後續影響。

That's actually quite good insight over there, Mark. We saw an acceleration of sales following our Discover event. They just are numerous examples of where we had organizations come to the actual event and within, I would say four to eight weeks following the event we were able to complete the actual contracts.

馬克，這確實是非常好的見解。在我們的「發現」活動之後，我們看到了銷售量的加速。這些只是眾多例子，我們讓組織參加實際活動，並且在活動結束後的四到八週內，我們能夠完成實際合約。

I think the way that the organization showed and the product showed at Discover this year was just spectacular. So we're very pleased with it. Generally, if we have a very strong Q4, you typically would go into queue one, with a bit of a headwind because it's tough to reach people in January following the December kind of, craziness that you normally have.

我認為今年該組織在 Discover 上展示的方式和產品都非常精彩。所以我們對此非常滿意。一般來說，如果我們的第四季度業績非常強勁，你通常會進入第一個隊列，但會遇到一些阻力，因為在經歷了通常的 12 月的瘋狂之後，1 月很難接觸到客戶。

So you see strong sales performance in January following an exceptional December. It's something that I did want to call out. It gives us a lot of confidence on the sales momentum on it.

因此，繼 12 月份出色的銷售業績之後，1 月份的銷售業績也十分強勁。我確實想指出這一點。這讓我們對其銷售動能充滿信心。

With regards to this, the sales cycles being shortened, do you think that's specific to you, or is that just a general tonal change that's occurred, now that we have some clarity with regards to interest rates as well as the election.

關於這一點，銷售週期縮短，您認為這是您特有的情況嗎，還是只是發生的普遍的語氣變化，現在我們對利率和選舉有了一些清晰的認識。

I do think there is an impact of the new administration. I think (technical difficulty) but again, I'm not an economist. What I can talk about is what we're seeing in our business, and in our business, we are seeing buyers making purchasing decisions quicker than they did last year.

我確實認為新政府會產生影響。我認為（技術難度）但我再次強調，我不是經濟學家。我可以講的是我們在業務中看到的情況，我們發現買家做出購買決策的速度比去年更快。

Great. And then can you talk a little bit just on the line of elections, we're not the only country that's having elections. Obviously, Canada's going to schedule some elections coming up. Is there any impact with regards to, the Canadian contract that's coming through either from the elections or from any sort of change with regards to procurement processes in Canada.

偉大的。然後您能否就選舉問題稍微談一談，我們不是唯一一個舉行選舉的國家。顯然，加拿大即將安排一些選舉。加拿大選舉或加拿大採購流程的任何變更是否會對加拿大合約產生影響？

And do you have any early thoughts just with regards to, given that you've got operations in Canada as well as the US and joint headquarters, how do you think about, any sort of potential tariff impact?

鑑於您在加拿大和美國都有業務，並且設有聯合總部，您是否對任何潛在的關稅影響有什麼初步想法？

Hey Mark, this is Steve Holdridge. Let me take the first part of that, and then David may want to talk about the broader candidate environment. In terms of the government of Canada no, the short answer is we don't expect any impact.

嘿，馬克，我是史蒂夫‧霍爾德里奇。讓我談談第一部分，然後大衛可能想談談更廣泛的候選人環境。就加拿大政府而言，答案是否定的，簡而言之，我們預計不會有任何影響。

We're continuing to work towards our deadlines with the most recent order and contract targeting April 2025. We're on track to achieve those milestones. We don't see, we don't expect anything from the announced changes at the prime minister level. We continue to have support.

我們將繼續努力實現最後期限，最新的訂單和合約目標是2025年4月。我們正按計劃實現這些里程碑。我們沒有看到、也不期待總理層級所宣布的任何變化。我們將繼續獲得支持。

I mean, frankly, we've been at this for four years. And leaders at all levels government want to make sure people are paid properly and the payroll choice does not get politicized so we continue to be confident in business as usual.

我的意思是，坦白說，我們已經這樣做了四年。各級政府領導者都希望確保人民得到適當的報酬，並且工資選擇不會被政治化，這樣我們才能繼續對正常業務充滿信心。

Regarding the impact of potential tariffs between the US and Canada, it's difficult to project that. I suppose the biggest impact would be on the FX rate between the US and between Canada. About 21% of our revenue is in Canada, so we do have a, there would be a revenue impact in terms of US dollars reporting.

至於美國和加拿大之間潛在關稅的影響，很難預測。我認為最大的影響將是美國和加拿大之間的外匯匯率。我們的約 21% 收入來自加拿大，因此，就美元報告而言，這確實會對收入產生影響。

We are hedged probably about 70% on the cost side against that, so from an adjusted even of percentage, I don't think there would be any impact.

我們在成本方面對此的對沖大概為 70%，因此從調整後的百分比來看，我認為不會有任何影響。

Right. And then this one last one, number of really nice wins here. Can you talk a little bit about who you ended up capturing these folks from?

正確的。這是最後一個，這裡有很多非常棒的勝利。你能稍微談談你最終從誰那裡捕獲了這些人嗎？

Yes, as I mentioned last time, and for those of you who attended Discover, we typically nowadays compete mostly against the ERP. And we seem to be taking away shares from the competitors that we would have competed against most historically.

是的，正如我上次提到的，對於那些參加 Discover 的人來說，我們現在主要與 ERP 競爭。我們似乎正在從那些歷史上與我們競爭最激烈的競爭對手手中奪走市場份額。

I would say that if I look at Q4, the majority of the wins would take away from them, always competing against one of the ERPs.

我想說，如果我看一下第四季度，大多數勝利都會從他們手中奪走，因為他們總是與其中一個 ERP 競爭。

Congratulations on a terrific sales quarter, thank you.

恭喜您本季取得了出色的銷售業績，謝謝。

Samad Samana, Jefferies.

薩馬納（Samad Samana），傑富瑞（Jefferies）。

Hey, good morning. Thanks for taking my questions. I appreciate it as always. Maybe first, just on the first quarter, Jeremy, I didn't see a 1Q Dayforce recurring ex float guide. I may have just missed it. I apologize if I did, but is this a change in guidance philosophy?

嘿，早安。感謝您回答我的問題。我一如既往地對此表示感謝。也許首先，僅在第一季度，傑里米，我沒有看到第一季 Dayforce 經常性除浮動指南。我可能剛剛錯過了。如果我這樣做了，我深感抱歉，但這是否是指導理念的改變？

Should we only expect an annual outlook going forward and I guess any comments on the cadence of Dayforce recurring ex float growth as we think about the year.

我們是否應該只期待未來的年度展望，我想當我們思考這一年時，對 Dayforce 經常性浮動成長節奏的任何評論。

Yeah, Samad, good to speak with you. Yeah, look, we're giving Dayforce recurring revenue ex float guidance for the full year along with the addition of that free cash flow guidance for the full year. As we've grown larger over the years and also established a very strong focus on free cash flow generation. It made sense internally to focus on total top line adjusted EBITDA and free cash flow margin in dollars and it's really how we're running the business internally and how we measure our own success.

是的，薩馬德，很高興與您交談。是的，你看，我們為 Dayforce 提供了全年經常性收入（不包括浮動資金）指導，以及全年自由現金流指導。隨著我們多年來的不斷發展壯大，我們也更加重視自由現金流的產生。從內部來看，專注於調整後的總營收 EBITDA 和以美元計算的自由現金流利潤率是合理的，這實際上是我們內部營運業務的方式以及我們衡量自身成功的方式。

So we felt it appropriate to reflect this in our communications with investors. We'll obviously still report on those numbers and the like, but ultimately, we think this is how we're managing the business and makes a lot of sense to go forward here.

因此我們認為在與投資者的溝通中反映這一點是適當的。顯然，我們仍會報告這些數字等，但最終，我們認為這就是我們管理業務的方式，並且繼續這樣做很有意義。

Understood, it makes a lot of sense. And then, David, you gave some commentary on, the midterm growth expectations beyond 2025 and obviously this is coming off of the heels of the analyst day where you gave specific long term targets.

明白了，就很有道理了。然後，大衛，你對 2025 年以後的中期成長預期發表了一些評論，顯然這是在分析師日之後你給出的具體長期目標。

I guess maybe just as we think about how day force recurring explode is live, any comments maybe on what you're thinking there for the midterm targets or what you've assumed. I just, I wanted to make sure I have clarity on what we should expect to remain at these levels going forward and how the view on Dayforce recurring is.

我想也許正如我們在思考白天強制重複爆炸是如何進行的，您對中期目標的想法或假設可能有什麼評論。我只是想確保我清楚我們應該期望未來這些水平會保持什麼，以及對 Dayforce 重複的看法如何。

Yeah, as I mentioned the call, we expect them to hold, if I look at the total revenue ex float basis, I would expect we should be able to sustain about a 15% growth rate into the midterm as we move towards the 20% plus free cash flow. On Dayforce recurring, remember that the business today is almost all.

是的，正如我所提到的那樣，我們預計他們會堅持下去，如果我看一下除浮動基礎之外的總收入，我預計我們應該能夠在中期維持約 15％ 的增長率，因為我們將朝著 20％ 以上的自由現金流邁進。在Dayforce循環上，記住今天的業務幾乎全部完成。

A cloud, I look at the total, other recurring business, you really are looking at about $43 million, somewhere around there for the full year. Kind of as we kind of end of life, those types of platforms and do the migrations to today, you'll see that line declined by about 40% year over year in constant currency.

我查看了總體情況，其他經常性業務，全年收入確實在 4,300 萬美元左右。隨著我們這些類型的平台的生命週期結束並進行遷移到今天，您會看到該線按固定匯率計算同比下降了約 40％。

And we believe it's time to simplify how we report to the actual market, and the goal over here would be to have the total revenue growing around that 15% at the same time that we get above 20% on a free cash flow basis. We're quite confident that we can do that, and that allows us really to keep that focus on driving profitability as we reach this level of scale.

我們認為現在是時候簡化我們向實際市場報告的方式了，這裡的目標是將總收入增加 15% 左右，同時使自由現金流增加 20% 以上。我們非常有信心可以做到這一點，而且這使得我們在達到這一規模時能夠真正專注於提高盈利能力。

Great, and then maybe just one last one for me. I know this, the sales organization is doing well. Clearly you gave us some comments around, sales activity but in the fourth quarter and the first month of the year.

太好了，這對我來說也許只是最後一個了。我知道這一點，銷售組織做得很好。顯然，您給了我們一些有關第四季度和今年第一個月的銷售活動的評論。

How should we think about how the coverage that 4 to 1 that you mentioned, how does that compare to this time, entering 2024, so this time last year, and should we think about that holding fairly constant, at current levels.

我們應該如何看待您提到的 4 比 1 的覆蓋率，與 2024 年的這個時候，也就是去年的這個時候相比如何，我們是否應該認為這一覆蓋率在當前水平上保持相當穩定。

We try and model the business at about a 4 times sales coverage level, it ties to the investments that we actually put in marketing pipeline development, early sales types of activities, the summits and etc. If your number is too high, your sales costs would go up.

我們嘗試以大約 4 倍的銷售覆蓋率水平來模擬業務，它與我們實際投入到行銷通路開發、早期銷售類型的活動、高峰會等方面的投資相關。

And again, as we're trying to improve the actual profitability, one of the constraining factors is the sales and marketing expense. If you look at the actual numbers you can see that from a sales and marketing productivity level we're driving more efficiency, so higher sales productivity.

而且，當我們試圖提高實際獲利能力時，限制因素之一就是銷售和行銷費用。如果你看看實際數字，你會發現，從銷售和行銷生產力水平來看，我們正在提高效率，從而提高銷售生產力。

If you look at the guide for the year, we're got to around 16% versus about 17% last year, and that really drives the size of your pipeline and the expected conversion. The sales productivity numbers that we're seeing now, I would say are very close to testing class for enterprise software, so we're very happy from the productivity of the actual sales force.

如果你看今年的指南，我們今年的成長速度達到了 16% 左右，而去年的成長速度約為 17%，這確實推動了你的管道規模和預期轉換率。我想說，我們現在看到的銷售生產力數字非常接近企業軟體的測試級別，所以我們對實際銷售團隊的生產力感到非常滿意。

Great thank you everybody.

非常感謝大家。

Scott Berg, Needham & Company.

斯科特·伯格，Needham & Company。

I have one, congrats for me on the starting sales quarter as well, I guess two things. David wanted to start with your newly announced, Dayforce AI agent strategy that you talked about at the conference. Just wanted to see how, customers responded to that.

我有一個，也祝賀我開始銷售季度，我想有兩件事。David 想從您在會議上談到的最新宣布的 Dayforce AI 代理策略開始。只是想看看顧客對此有何反應。

I know it's early, probably just enabling the sales force and everything with that effectively, but agents are kind of the craze in our software spaces here. I just want to see, how you guys might be, benefiting from that.

我知道現在還為時過早，可能只是讓銷售團隊和所有相關人員能夠有效地開展工作，但代理商在我們這裡的軟體領域非常流行。我只是想看看你們能從中受益多少。

So Scott, as I think mentioned in my co script, we saw about 60 unit sales of our co-pilot, after we announced it at Discover, so basically in November, December, so we're seeing, nice uptake of our AI products in market, and I do believe it does differentiate us relative to others because we're not talking about future capability, we're talking about already generally available functionality that's inside the actual product.

斯科特，正如我在聯合腳本中提到的那樣，在 Discover 上宣布我們的 Co-Pilot 之後，基本上在 11 月和 12 月，我們的銷量約為 60 台，所以我們看到我們的 AI 產品在市場上獲得了良好的認可，而且我確實相信它確實使我們與其他公司有所區別，因為我們已經在市場上談論的

It's becoming front and central in the way that we actually position the product in terms of agents, we've had some agents in the market for that time, typically around the initiation of work flows like time away from work and the others. So I think you'll see that continue.

它正成為我們在代理方面實際定位產品的重中之重，我們當時已經在市場上有一些代理，通常是圍繞工作流程的啟動，例如離開工作的時間和其他。所以我想你會看到這種情況持續下去。

Joe, I'm not sure if you're on the call, but if you'd like to add a bit more color about some of the enhancements we're doing around the agents.

喬，我不確定您是否在通話中，但如果您想進一步了解我們針對代理商所做的某些改進。

Thank you for the question and I appreciate the insight. For us, really the next wave of how we can help customers realize value with Dayforce is with the promise of AI, but we're realizing that promise. Like David said, the 60 new sales just came in a month and a half, and customers are seeing that value in the differentiation of delivered AI innovation.

感謝您的提問，我很欣賞您的見解。對我們來說，真正能夠透過 Dayforce 幫助客戶實現價值的下一波浪潮是透過人工智慧的承諾，但我們正在實現這項承諾。就像 David 所說的那樣，一個半月內就完成了 60 筆新銷售，客戶看到了 AI 創新所提供的差異化價值。

The agents that we deliver in the year ahead will go across our entire suite from HR through our talent modules, even down to analytics, where a report writer will automatically build you the reports you need in an instant, just saving your company time and energy. So look for more innovation as we move ahead. It's a big differentiator for us as we hit 2025 at speed.

我們在未來一年提供的代理商將涵蓋我們的整個套件，從人力資源到人才模組，甚至分析，報告編寫者將自動立即為您建立所需的報告，從而節省公司的時間和精力。因此，我們在前進的過程中尋求更多的創新。當我們快速邁向 2025 年時，這對我們來說是一個很大的差異化因素。

Understood helpful. And then David on your commentary around partner, excuse me, your strong sales pipelines going into this year, you've been pushing on the partner ecosystem over the last, maybe 12 to 24 months and it's benefited to the company or how positively your partners kind of impacting your view on the improved sales environment.

明白很有幫助。然後 David，請談談您對合作夥伴的評論，對不起，您今年的銷售管道很強大，在過去的 12 到 24 個月裡，您一直在推動合作夥伴生態系統，這對公司有益，或者您的合作夥伴對您對改善銷售環境的看法產生了多麼積極的影響。

And then because we think about your PS margins going forward I know obviously some of that's being pushed to partners. That break even viewpoint is that like for the full year in terms of your guidance or do you just break, over that, kind of get to that break even line at one point one quarter during the year.

然後，因為我們考慮您未來的 PS 利潤率，我知道顯然其中一部分會被推給合作夥伴。損益平衡的觀點是，就您的指導而言，是針對全年而言，還是僅僅突破這一點，在一年中的某個季度達到盈虧平衡線。

Yeah, so first of all, thanks for noticing that yes, the improvement in the professional services and others which we expect to be about break even this year, is largely the result of the investments we've made with the system integrators and the success that we're seeing in them actually priming the implementation.

是的，首先，感謝您的注意到，是的，我們預計今年專業服務和其他服務的改善將實現收支平衡，這主要是我們對系統整合商進行的投資以及我們看到他們實際啟動實施所取得的成功的結果。

So we're very excited with that. It's the metric that we look at internally to determine if we're seeing success across the SI channels. Obviously with that you would expect that to be partially behind what we're seeing in terms of pipeline development, conversion of actual sales as they help influence the actual deals, so it's going quite nicely.

我們對此感到非常興奮。這是我們內部審查的指標，用來確定我們是否在 SI 管道中取得成功。顯然，你會期望這在一定程度上落後於我們在通路開發、實際銷售轉換方面看到的情況，因為它們有助於影響實際交易，所以進展相當順利。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay, great. Thanks for taking the questions this morning. I guess maybe just to start, I wanted to talk about some of the assumptions that maybe you're making for '25, from a high macro level in terms of like employment cadence and maybe some rate cut assumptions and kind of what's being accounted for in there.

好的，太好了。感謝您今天上午回答這些問題。我想也許只是開始，我想談談你可能對 25 年做出的一些假設，從宏觀層面來看，例如就業節奏，也許一些降息假設以及其中考慮到的內容。

And I guess secondarily if there's maybe, any incremental conservatism being accounted for based on, some of those factors you called out that impacted the 4Q Dayforce performance.

其次，我想，是否可能存在基於您所提到的一些影響第四季度 Dayforce 業績的因素而採取的漸進式保守主義？

Yeah, thanks, Steve. It's good to speak with you. Yeah, we can go into a couple of those assumptions. I think specifically on the rate cuts, we're assumed bank consensus to kind of inform our forecast there. So Canada just cut rates by 25 basis points at the end of January and the US held flat.

是的，謝謝，史蒂夫。很高興與您交談。是的，我們可以深入探討其中幾個假設。我認為，具體到降息方面，我們假設銀行的共識可以為我們的預測提供基礎。因此，加拿大在 1 月底將利率下調了 25 個基點，而美國則保持利率不變。

So with those cuts kind of built in, you would expect or we would expect about one rate cut in the US in the middle of the year. At about 25 basis points and we'd also expect Canada rate cuts are to continue at about 25 basis points each meeting until October, so about five more cuts this year.

因此，隨著這些降息措施的實施，你會預期或我們預期美國將在年中降息一次。大約為 25 個基點，我們也預計加拿大每次會議將繼續降息 25 個基點左右，直到 10 月份，因此今年將再降息五次左右。

With all of that, we think we'll kind of net out to a yield of about 3.6% on average balance is growing in the low to mid-single digits this year on the float side of things. As far as the other assumptions on employment levels, we'd expect that to kind of be in the very low single digits from a growth rate perspective and certainly are using what we learned in Q4 to inform our forecast and guidance in 2025.

綜合考慮以上所有因素，我們認為，今年我們的平均淨收益率將達到約 3.6%，而浮動資產方面，我們的餘額將以低到中等個位數增長。至於對就業水準的其他假設，從成長率的角度來看，我們預計就業水準將處於非常低的個位數，並且我們肯定會利用我們在第四季度了解到的情況來為我們對 2025 年的預測和指導提供參考。

Okay, perfect. I appreciate the commentary there and then I just want to ask on the pro services performance and that outpacing the growth for the Dayforce recurring growth this year.

好的，完美。我很感謝您的評論，然後我只想問一下專業服務的表現以及今年 Dayforce 經常性增長的成長。

Can you just maybe help us think through some of the factors impacting that, like is that a reflection of some of the manage services capabilities and that were highlighted the end of the day that kind of pulling through more. Yeah, it's kind of like what factors should we be thinking about in there and kind of what continues moving forward.

您能否幫助我們思考影響這個問題的一些因素，例如，這是否反映了一些管理服務能力，以及最終凸顯哪些因素能夠帶來更多幫助。是的，這有點像我們應該考慮哪些因素以及如何繼續前進。

Yeah. I think first and foremost is we had a really strong sales Q4 to cap off a really strong sales year in 2024. And, we haven't, I think with that you see strong sales comes with implementation and services work and that's kind of the tip of the spear there if you will. We've also got some of the larger, projects that we're working through and large customers that we'll continue to do work for.

是的。我認為最重要的是，我們第四季的銷售業績非常強勁，為 2024 年的銷售業績畫上了圓滿的句號。而且，我們還沒有，我認為，你會看到強勁的銷售來自於實施和服務工作，如果你願意的話，這就是矛尖所在。我們正在進行一些較大的項目，並將繼續為一些大客戶工作。

And then if you think about the productivity, I think it's really a few primary drivers. As David mentioned, the system's integrated relationships that that we've matured.

如果你考慮生產力，我認為這確實有幾個主要驅動因素。正如大衛所提到的，系統的整合關係已經成熟。

And we're doing also a greater proportion of value added services alongside those systems integrators, and we're driving efficiency into our implementation process and we talked about this at the November investor day, but a few years ago we began building out these SI relationships and we're really pleased with how these have come together and how we're driving that efficiency across that implementation process.

我們也與這些系統整合商一起提供更大比例的增值服務，並提高實施流程的效率，我們在 11 月的投資者日談到了這一點，但幾年前我們就開始建立這些 SI 關係，我們對這些關係的形成以及我們如何在整個實施過程中提高效率感到非常高興。

Okay great thanks for taking the questions.

好的，非常感謝您回答這些問題。

Kevin McVeigh, UBS.

瑞銀的凱文麥克維 (Kevin McVeigh)。

Great thank you. Hey, I think you talked about, the wallet facing like $30 million in Q4 up from $12 in '23. Is that adoption or increased usage in any way to think about what that can contribute in '25?

非常感謝。嘿，我想你談到了，錢包在第四季度面臨的金額從 23 年的 1200 萬美元增加到 3000 萬美元。這種採用或增加使用是否能以任何方式思考這對'25 年能做出什麼貢獻？

Yeah, in 2024 we released AFT and IFT capabilities to the wallet and we saw quite a good adoption of those types of movements of money. In 2025 we just launched direct to bank. So what direct to bank is if you do an on-demand pay, the employee can now select to pass that money to one of their existing debit cards attached to an existing checking or savings account and we're seeing that actually take off quite nicely as well.

是的，2024 年我們在錢包中推出了 AFT 和 IFT 功能，我們看到這些類型的資金流動得到了相當好的採用。2025年，我們剛推出直接銀行業務。因此，如果您進行按需付款，直接到銀行付款是指，員工現在可以選擇將這筆錢轉到他們現有的支票或儲蓄帳戶所關聯的借記卡之一，我們看到這種做法實際上也進展順利。

We also obviously, as you would expect, continue to see increased adoption. In terms of more organizations and more employees use the actual, wallet as well. So we would expect the momentum on the wallet to continue, this year.

顯然，正如您所期望的那樣，我們將繼續看到採用率的提高。就更多組織和更多員工實際使用錢包而言。因此，我們預計今年錢包的上漲勢頭將會持續下去。

Great. And then at this point are the SIs driving any sales volume (technical difficulty) or is that still something that that probably starts in '25?

偉大的。那麼，目前 SI 是否正在推動銷售量（技術難度）或者這仍然是可能在 25 年開始的事情？

Yes, we are, as I think I answer, I think what Scott who asked the question. We're seeing a nice traction with the system integrators.

是的，正如我所想，我回答的正是提出這個問題的史考特。我們看到系統整合商的良好發展勢頭。

Obviously strengthened year over year and you can see that reflected in the professional services and other margin which as we move the implementations more to the SIs, the professional services and other margin now moves towards break even.

顯然，這一數字逐年增強，您可以看到，這反映在專業服務和其他利潤上，隨著我們將實施更多地轉移到 SI，專業服務和其他利潤現在趨於收支平衡。

But we're also seeing increased amplification of the brand and increased pipeline with not only the SIs but with our community advisory partners and our technology partners.

但我們也看到，不僅是 SI，而且我們的社群諮詢合作夥伴和技術合作夥伴的品牌影響力和管道也在不斷擴大。

Great thank you.

非常感謝。

Alex Zukin, Wolf Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Hey, thanks for taking the question. Maybe just the Canadian government deal, can you guys remind us how that's going to play into the fiscal '25, guide given kind of a slightly longer ramp time?

嘿，謝謝你回答這個問題。也許只是加拿大政府的交易，你們能否提醒我們，考慮到稍長的上升時間，這將如何影響財政'25指南？

And Jeremy, maybe just, I know we're not guiding today for recurring, but maybe help just from a modeling standpoint, how we should think about that flowing through the year, maybe relative to last year.

傑里米，也許只是，我知道我們今天不是在指導重複，但也許只是從建模的角度提供幫助，我們應該如何思考這一過程貫穿全年，也許相對於去年而言。

Yeah. Alex, good to speak with you. Look, on the Canadian government deal, I think as Steve kind of spoke to a little bit is, we're continuing to work towards those deadlines that we talked about in the most recent timelines, which is targeting April 2025.

是的。亞歷克斯，很高興與您交談。關於加拿大政府的協議，我想正如史蒂夫所說的那樣，我們將繼續努力實現我們在最近的時間表中談到的最後期限，目標是 2025 年 4 月。

We're on track to achieve those milestones, and that's more on the kind of recurring side of things. On the professional services we have been seeing, work, and we've been doing work and we continue to do work with the government of Canada.

我們正在按計劃實現這些里程碑，而且這更多的是一種事物的反覆出現。在專業服務方面，我們已經看到並正在進行工作，我們將繼續與加拿大政府合作。

On the recurring side of things, I think you'll see, kind of a continuous cadence or consistent cadence with how things have looked in the past. And, stopping short of giving, kind of full guidance, I think that 15% to 17% constant currency number for the full year is a good guide and we should kind of remain in those bounds for the quarterly basis as well.

從事物重複性的角度來看，我認為你會看到一種與過去事物表現一致的連續節奏或一致節奏。而且，雖然不能給出完整的指引，但我認為，全年 15% 至 17% 的固定匯率數字是一個很好的指引，我們也應該將季度數字保持在這個範圍內。

Got it. And then David, maybe just I'll re-ask one of the earlier questions, but I think when you had spoken last time on the earning call, you kind of talked about -- just watching out for lengthening sales cycles as you go upmarket, as those deals take more time to actually execute on.

知道了。然後大衛，也許我會重新問一個之前的問題，但我認為當你上次在收益電話會議上發言時，你談到了 - 當你進入高端市場時要注意延長銷售週期，因為這些交易需要更多的時間才能真正執行。

But it seems like something changed in that visibility given the December and January. So I'm just curious, is it the demand environment, is it something you've figured out on the execution? Is it tailwinds from AI? Like what changed from your perspective from 90 days ago to now with respect to that visibility?

但考慮到 12 月和 1 月的情況，這種可見性似乎發生了一些變化。所以我很好奇，這是需求環境嗎，這是你在執行上弄清楚的事情嗎？這是來自人工智慧的順風嗎？從您的角度來看，從 90 天前到現在，這種可見度有何變化？

I think that the impact of Discover our client conference, did have an impact in terms of purchasing cycles. So I think the work that the product and technology team has done in really differentiating very clearly, Dayforce relative to the others had impact.

我認為發現客戶會議的影響確實對購買週期產生了影響。因此，我認為產品和技術團隊在 Dayforce 與其他產品之間所做的明確區分方面所做的工作產生了影響。

As Steve mentioned, I think the branding work that we invested in last year is also getting us more mind sharing it's making it easier for us to get the final approvals, in the very large types of deals. So, I do think that the sales team really is performing very well, and I'm very proud of the way that they go to market and the way that they tell the story and the way that they show the product.

正如史蒂夫所提到的，我認為我們去年投入的品牌工作也讓我們獲得了更多的思想共享，這讓我們更容易在大型交易中獲得最終批准。所以，我確實認為銷售團隊的表現非常出色，並且我對他們進入市場的方式、他們講述故事的方式以及他們展示產品的方式感到非常自豪。

As well, I think that as an organization, Dayforce and Daymakers, the way that we interact and partner with our customers is reflected. You can see that as well in the retention rate that is now 98% on Dayforce which has got to be best in market.

此外，我認為作為一個組織，Dayforce 和 Daymakers，我們與客戶互動和合作的方式也得到了體現。您還可以看到 Dayforce 的保留率目前為 98%，這在市場上是最高的。

And then lastly, as I mentioned, I do think on the macro side that there's much more optimism across business leaders about the economy and that is helping with purchasing cycles as well.

最後，正如我所提到的，我確實認為，從宏觀角度來看，商界領袖對經濟更加樂觀，這也有助於購買週期。

Brad Reback of Stifel.

Stifel 的 Brad Reback。

Great, thanks very much. Maybe two quick ones. Did you all mention what the percent of new cells back to the base was?

太好了，非常感謝。也許是兩個很快的。你們有沒有提到返回基地的新細胞百分比是多少？

We haven't yet, but it was above 40%, 42% was the number this past year, and we're really pleased with that.

我們還沒有，但這個數字超過了 40%，去年的數字是 42%，我們對此感到非常高興。

And we also saw the same number, actually 42% of full suite deals as well.

我們也看到了同樣的數字，實際上全套交易的比例也為 42%。

Great. And then Jeremy, given some of the unusual puts and takes in 4Q things that snuck up on you a bit, have you taken a different guidance philosophy, maybe increased conservatism at all as it relates to 1Q and all of '25? Thanks.

偉大的。然後傑里米，考慮到第四季度的一些不尋常的變化，你是否採取了不同的指導理念，也許與第一季和整個 25 年相關的保守主義有所增加？謝謝。

Yeah, look. I think we've ultimately taken what we learned in Q4 and used that to inform our guidance for the future. I think we still kind of give tight ranges, but you can ultimately see that we're kind of giving these constant currency growth ranges and then setting down the FX rate that we're using and then trying to be really clear about the float assumptions there.

是的，看。我認為我們最終吸取了第四季度的經驗教訓，並以此為引導我們未來的發展。我認為我們仍然給出了比較狹窄的範圍，但你最終可以看到，我們給出了這些恆定的貨幣增長範圍，然後設定了我們使用的外匯匯率，然後試圖明確那裡的浮動假設。

And you think about the total revenue growing 14% to 15% to explode on a constant currency basis and Dayforce recurring revenue at 15% to 17%, and we're really pleased with those numbers and our ability to do that and while we're also expanding margins on that adjusted and free cash flow.

想像一下，以固定匯率計算，總收入將增長 14% 至 15%，Dayforce 經常性收入將增長 15% 至 17%，我們對這些數字以及我們做到這一點的能力感到非常滿意，同時我們也在擴大調整後和自由現金流的利潤率。

That's great. Thank you very much.

那太棒了。非常感謝。

Thank you. This brings us to the end of the question and answer session. I would like to turn the floor back over to Mr. Ossip for closing comments.

謝謝。問答環節到此結束。我想把發言權交還給奧西普先生，請他發表最後評論。

Great, thanks everyone for joining us. Sorry for those of you that we didn't get the actual questions today, but we'll have the one on one following. Just a few pieces I'd like to end with one again reiterating the sales momentum we saw in Q4 that continued into January and our confidence in sales for Q1 and for the year.

太好了，感謝大家的加入我們。很抱歉，我們今天沒有收到實際的問題，但接下來我們將進行一對一的回答。最後，我想再次重申我們在第四季度看到的銷售勢頭，這種勢頭一直延續到 1 月份，我們對第一季和全年的銷售充滿信心。

The second is I want to reiterate that we're holding the revenue guide for the year while increasing the adjusted EBITDA by 100 basis points and that we are seeing that meaningful improvement in probability across all aspects.

第二，我想重申，我們維持今年的收入指導方針，同時將調整後的 EBITDA 提高 100 個基點，並且我們看到各方面的可能性都有顯著提高。

And lastly, we are positioning Dayforce in the midterm for sustained growth around the current levels while moving towards that 20% plus free cash flow. Again, thank you everyone for joining us today.

最後，我們將 Dayforce 的中期定位定為在當前水準附近持續成長，同時朝著 20% 以上的自由現金流邁進。再次感謝大家今天的參加。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。您可以立即斷開線路或退出網路廣播，享受剩餘的一天。