Company: Ceridian HCM Holding Inc.
Symbol: CDAY
Description: Ceridian is a global human capital management software company.
Shares: 21 million
Price Range: $19.000-$21.00
Trade Date: 4/26
Underwriter(s): Goldman Sachs & Co, J.P. Morgan, Credit Suisse, Deutsche Bank Securities, Barclays, Citigroup, Jefferies, CIBC Capital Markets, Wells Fargo Securities
Co-Manager: Baird, Canaccord Genuity, Piper Jaffray, William Blair, MUFG
Terms Added: 4-12-18
Business: Dayforce, their flagship cloud HCM platform, provides human resources (“HR”), payroll, benefits, workforce management, and talent management functionality. Their platform is used by organizations, regardless of industry or size, to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing their people. Dayforce was built as a single application from the ground up that combines a modern, consumer-grade user experience with proprietary application architecture, including a single employee record and a rules engine spanning all areas of HCM. Their platform is designed to make work life better for their customers and their employees by improving HCM decision-making processes, streamlining workflows, exposing strategic organizational insights, and simplifying legislative compliance. The platform is designed to ease administrative work for both employees and managers, creating opportunities for companies to increase employee engagement.
Financials: Their total revenue increased from $693.9 million in 2015 to $704.2 million in 2016 and to $750.7 million in 2017 and their net loss decreased from $(104.7) million in 2015 to $(9.2) million in 2017. Their total Cloud revenue, which consists primarily of revenues from Dayforce and excludes revenues from their Bureau solutions, increased from $225.2 million in 2015 to $297.8 million in 2016 and to $404.3 million in 2017, representing increases of 32.2% and 35.8%, respectively. They generated HCM operating profit (loss) of $(1.1) million in 2015 compared to $(8.6) million in 2016 and $33.0 million in 2017. They generated HCM Adjusted EBITDA of $99.7 million in 2015 compared to $88.9 million in 2016 and $117.8 million in 2017.
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