 Dayforce recurring services revenue of 118.5 million, up 15.7 year-over-year, and up 16.6 on a constant currency basis. Excluding float revenue, Dayforce recurring services revenue of 110.2 million, up 23.3 year-over-year, and up 24.2 on a constant currency basis. Dayforce revenue of 151.5 million, up 12.6 year-over-year, and up 13.5 on a constant currency basis. Excluding float revenue, Dayforce revenue of 143.2 million, up 17.9 year-over-year, and up 18.8 on a constant currency basis. Cloud recurring services gross margin of 70.7, an increase of 140 basis points year-over-year, and excluding float revenue, Cloud recurring service gross margin of 68.4, an increase of 360 basis points year-over-year. Operating profit of 4.0 million and Adjusted EBITDA of 37.5 million, down 14.8 year-over-year. Excluding float revenue, Adjusted EBITDA was 26.0 million, up 9.7 year-over-year.MINNEAPOLIS and TORONTO, Aug. 05, 2020 GLOBE NEWSWIRE -- Ceridian HCM Holding Inc. Ceridian or the Company NYSE:CDAY TSX:CDAY, a global human capital management HCM software company, announced today its financial results for the second quarter ended June 30, 2020. All financial results are reported in U.S. dollars unless otherwise stated. A reconciliation of U.S. generally accepted accounting principles GAAP to non-GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading Use of Non-GAAP Financial Measures.Our second quarter financial performance was strong, and the business continues to perform well, said David Ossip, Chairman and Chief Executive Officer of Ceridian. We are seeing increased demand for Dayforce as employers accelerate technology investments to increase productivity, to ensure the physical, mental, and physical health of employees, and to drive hard dollar returns for their businesses.The average U.S. dollar to Canadian dollar foreign exchange rate was 1.39, with a daily range of 1.34 to 1.42, for the three months ended June 30, 2020, compared to 1.34, with a daily range of 1.31 to 1.35, for the three months ended June 30, 2019. As of June 30, 2020, the U.S. dollar to Canadian dollar foreign exchange rate was 1.36. To present the performance of the business excluding the effect of foreign currency rate fluctuations, the Company presents revenue on a constant currency basis, which we believe is useful to management and investors. We have calculated revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.Financial Highlights for the Second Quarter 2020The financial highlights below are on a year-over-year basis, unless otherwise stated.Dayforce Revenue Dayforce recurring services revenue was 118.5 million for the second quarter of 2020, an increase of 15.7, or 16.6 on a constant currency basis. Excluding float revenue, Dayforce recurring services revenue was 110.2 million for the second quarter of 2020, an increase of 23.3, or 24.2 on a constant currency basis. Dayforce revenue was 151.5 million for the second quarter of 2020, an increase of 12.6, or 13.5 on a constant currency basis. Excluding float revenue, Dayforce revenue was 143.2 million for the second quarter of 2020, an increase of 17.9, or 18.8 on a constant currency basis.Revenue Cloud revenue, which includes both Dayforce and Powerpay, was 167.9 million for the second quarter of 2020, an increase of 7.8, or 8.9 on a constant currency basis. Excluding float revenue, Cloud revenue was 157.8 million for the second quarter of 2020, an increase of 12.9, or 13.9 on a constant currency basis. Total revenue, which includes revenue from both our Cloud and Bureau solutions, was 192.6 million for the second quarter of 2020, a decline of 1.9, or 0.9 on a constant currency basis. Excluding float revenue, total revenue was 181.1 million for the second quarter of 2020, an increase of 2.9, or 3.9 on a constant currency basis.Net Income and Net Income Per Share Net income was 5.5 million for the second quarter of 2020, compared to 6.3 million. Adjusted net income was 19.4 million for the second quarter of 2020, compared to 18.3 million. Diluted net income per share was 0.04 for the second quarter of 2020, compared to 0.04. Adjusted diluted net income per share was 0.13 for the second quarter of 2020, compared to 0.12. Diluted weighted average common shares outstanding were 151.4 million and 148.3 million for the second quarter of 2020 and 2019, respectively.Gross Margin, Operating Profit, and Adjusted EBITDA Gross margin of 40.8 for the second quarter of 2020, compared to 44.8. Cloud recurring services gross margin improved to 70.7 for the second quarter of 2020, compared to 69.3, and excluding float revenue, Cloud recurring service gross margin improved to 68.4, compared to 64.8. Professional services and other gross margin declined to 13.1 for the second quarter of 2020, compared to 4.3. Operating profit was 4.0 million for the second quarter of 2020, compared to 18.7 million. Adjusted EBITDA declined 14.8 to 37.5 million for the second quarter of 2020, compared to 44.0 million. Excluding float revenue, Adjusted EBITDA increased 9.7.Balance Sheet Cash and equivalents were 526.9 million as of June 30, 2020, compared to 281.3 million as of December 31, 2019. Total debt was 967.2 million as of June 30, 2020, an increase of 290.1 million, compared to 677.1 million as of December 31, 2019. On April 2, 2020, in light of the uncertainty and volatility in the global financial markets resulting from the COVID-19 pandemic, we elected to borrow 295.0 million under our revolving credit facility as a precautionary measure to increase our cash position and to preserve financial flexibility.Dayforce Live Customer Count 4,603 Dayforce customers were live on the Dayforce platform as of June 30, 2020, a net increase of 597 customers, compared to 4,006 Dayforce customers as of June 30, 2019, and a net increase of 123 customers, compared to 4,480 as of March 31, 2020. Excluding float revenue and on a constant currency basis, Dayforce revenue per customer was 125,766 for the trailing twelve months ended June 30, 2020, an increase of 12.6 from 111,658 for the trailing twelve months ended June 30, 2019.Business Outlook Based on information available to us as of August 5, 2020, we are issuing the following guidance for the third quarter of 2020: Dayforce recurring services revenue of 118 million to 120 million, or an increase of approximately 8 to 10 on both a GAAP and constant currency basis. Excluding float revenue, Dayforce recurring services revenue is expected to grow approximately 14 to 16 on both a GAAP and constant currency basis. Dayforce revenue of 155 million to 158 million, or an increase of approximately 8 to 10 on a GAAP basis and 8 to 11 on a constant currency basis. Excluding float revenue, Dayforce revenue is expected to grow approximately 12 to 14 on a GAAP basis and 13 to 15 on a constant currency basis. Cloud revenue of 173 million to 177 million, or an increase of approximately 5 to 7 on a GAAP basis and 5 to 8 on a constant currency basis. Excluding float revenue, Cloud revenue is expected to grow approximately 9 to 11 on a GAAP basis and 10 to 12 on a constant currency basis. Total revenue of 198 million to 203 million, or a decline of approximately 2 to flat on a GAAP basis, and a decline of approximately 1 to an increase of approximately 1 on a constant currency basis. Excluding float revenue, total revenue is expected to grow approximately 2 to 5 on a GAAP basis and 3 to 6 on a constant currency basis. Float revenue of approximately 7 million within Dayforce revenue, 9 million within Cloud revenue, and 10 million within total revenue. Adjusted EBITDA of 27 million to 32 million.Our third quarter 2020 guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of 1.36, compared to an average rate of 1.32 in the third quarter of 2019. We have not reconciled the Adjusted EBITDA range for the third quarter of 2020 to the directly comparable GAAP financial measure because applicable information for the future period, on which this reconciliation would be based, is not readily available due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.While we are not providing guidance for the fourth quarter given the uncertainty in the market, we believe that the greatest impact of COVID-19 will be reflected in the third quarter of 2020. Assuming employment levels continue to improve, we expect Dayforce recurring services revenue growth, excluding float revenue and on a constant currency basis, to accelerate and to exceed 18 in the fourth quarter.Conference Call DetailsCeridian will host a conference call on August 5, 2020 at 5:00 p.m. Eastern Time to discuss the financial results for the second quarter of 2020. Those wishing to participate via the webcast should access the call through Ceridians Investor Relations website at Those wishing to participate via the telephone may dial in at 833-979-2698 USA or 236-714-2174 International and entering the conference ID: 3190826. The conference call replay will be available via webcast through Ceridians Investor Relations website at Ceridian HCM Holding Inc.Ceridian. 