Dayforce, Inc.

and welcome to the Dayforce first quarter 2025 earnings conference call and webcast. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad. In the interest of time, we ask that you please limit yourselves to one question and then return to the queue. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to David Niederman, Vice President, Investor Relations. David, please go ahead.

Thank you for joining, and welcome to the Dayforce First Quarter 2025 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. Joining me on the call today are CEO David Osip and CFO Jeremy Johnson. We also have Chief Strategy, Product, and Technology Officer, Joe Korngabel, and our President and COO, Steve Holdridge, available for Q&A. 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 DaveForce'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. 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 and also a transcript, will be available on the Dayforce Investor Relations website. And with that, I'd like to turn the call over to David.

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. Dayforce performed well throughout the first quarter. Our sales momentum continued, building off the strong performance we experienced in the fourth quarter of 2024, and our sales pipeline remains in excellent shape. Project kickoffs are up significantly following two strong sales quarters, and go-lives remain on track. These key indicators give us confidence for 2025 and 2026. Specific to the first quarter, Total revenue was $482 million, growing 14% on a constant currency basis. Excluding float, total revenue grew 17% on a constant currency basis. Day-force recurring revenue excluding float grew 16% on a constant currency basis. Adjusted EBITDA margin was 32.5%, up 240 basis points year-over-year. And free cash flow of $19.5 million was up significantly versus last year, keeping us on track to achieve our full-year target of 12%. Our value proposition of providing companies with the ability to simplify their people operations at scale by streamlining their HCM software stack continues to resonate with current and potential customers. Dayforce allows organizations to reduce the number of applications from an average of 12 down to the single Dayforce application. With Dayforce, customers can operate with confidence, empower their workers, and obtain a tangible ROI. Even during periods of economic uncertainty, this value proposition allows our teams to continue building sales pipeline and results. From a sales perspective, Sam and his team are achieving superb results. We had the best first quarter in our history and we anticipate bookings in the first half of 2025 will continue to be strong and in line with the Q4 of last year. Results were distributed nicely across most of our segments and geographies with healthy growth in each of our key segments. Our back-to-the-base sales strategy is performing well, with Q1 sales to existing customers growing 30%. In the first quarter, we secured several key new business wins. Selected highlights include a large entertainment and leisure company that chose the Complete Dayfall Suite as its unified HCM solution to support 61,500 employees across North America. A leading uniform and workplace solutions provider that selected the full dayfall suite to support its 22,000 employees across North America. A leading North American utility infrastructure service provider that selected the full dayfall suite to modernize and unify its systems, supporting over 9,000 employees. A global safety solutions provider that selected the full dayfall suite, including managed payroll and managed benefits. to support 8,000 employees across 30 countries in North America, EMEA, LATAM, and APJ, and the leading North American civil engineering heavy construction company that selected the full Dayforce suite to support its more than 7,200 employees, consolidating 14 systems into one. Live customers on Dayforce platform grew 5.4% to 6,929, and day force recurring revenue per customer grew 11.5% to $167,600. Turning to our partner efforts, our system integrated channel is performing well with our top SI partners delivering an outsized impact. SI prime deals won during the first quarter were up significantly versus last year and exceeded our expectations. underscoring strong alignment and demand generation across strategic accounts. We're seeing a growing partner-led pipeline and an increase in co-sale velocity across regions. We also announced a partnership with Microsoft, which puts Dayforce on the Azure marketplace. This launch makes it easier for enterprise customers to adopt the Dayforce platform with the security, scalability, and streamlined procurement. On the product side, we continue to make excellent progress. In the quarter, we extended our AI co-pilot to our native iOS and Android apps. Co-pilot is performing well. In Q1, 50% of new deals had it attached. We also enhanced our talent modules with personalized updates for the Advanced Experience Hub, improved the intuitiveness and workflows of our learning and recruiting modules, and launched new direct to bank capabilities for dayforce wallet that allows employees to route their pay to any personal bank account and as always we continue to main a solid core of compliance releasing features like the total remuneration package calculation for comprehensive compensation management and compliance enhancements for global statutory requirements in the united kingdom Singapore, Australia, and New Zealand. And finally, a brief update on our engagement with the Government of Canada. Our teams continue to work towards configuration and delivery milestones outlined by the Government of Canada. The GOC has signed a 15-month contract to extend the configuration work through Go Live. I'll now pass the call to Jeremy to discuss our financial results in more detail. Jeremy, over to you.