Dayforce, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $440.0 million, marking a 16.6% increase from $377.5 million in the same quarter of 2023. Recurring revenue also rose to $375.9 million, up 15.5% from $325.4 million year-over-year. For the nine months ended September 30, 2024, total revenue reached $1,294.8 million, a 16.2% increase from $1,114.0 million in the prior year.
Gross profit for Q3 2024 was $201.3 million, reflecting a 25.4% increase from $160.5 million in Q3 2023. However, operating profit decreased to $20.8 million from $26.5 million in the same period last year, attributed to higher amortization and increased selling and marketing expenses. Net income for Q3 2024 was $2.0 million, a notable recovery from a net loss of $3.8 million in Q3 2023. For the nine-month period, net income was $7.3 million, down from $9.2 million in 2023.
The company’s total assets decreased to $8,117.0 million as of September 30, 2024, from $9,010.9 million at the end of 2023. Total current assets also fell to $4,903.9 million, down from $5,955.2 million. Cash and equivalents decreased to $494.1 million from $570.3 million. However, stockholders’ equity increased to $2,556.0 million from $2,398.2 million, driven by a rise in additional paid-in capital.
Dayforce completed the acquisition of eloomi A/S on February 1, 2024, for $87.0 million, which included $85.2 million in developed technology and $1.8 million in customer relationships. The company also entered a Receivables Securitization Program with MUFG Bank, allowing for the sale of up to $150.0 million in accounts receivable.
In terms of operational changes, Dayforce announced a share repurchase program on July 31, 2024, authorizing the purchase of up to $500 million of common stock. During Q3 2024, the company repurchased 0.5 million shares for $30.0 million. The company also terminated its defined benefit pension plans for U.S. employees effective September 30, 2024.
Overall, Dayforce's financial performance reflects a strong revenue growth trajectory, although profitability metrics indicate challenges in managing operational costs and expenses.
About Dayforce, Inc.
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