Dayforce, Inc. announced its third quarter 2024 financial results on October 30, 2024, reporting total revenue of $440.0 million, an increase of 16.6% year-over-year, surpassing analyst estimates of $428.3 million. Dayforce recurring revenue grew 19.2% to $333.2 million, driven by an increase in live Dayforce customers to 6,730 and a rise in recurring revenue per customer to $159,496.
The company reported net income of $2.0 million, or $0.01 per share, with adjusted earnings per share reaching $0.47, exceeding the average estimate of $0.43. Gross profit increased by 25.4% to $201.3 million, resulting in a total gross margin of 45.8%, up 330 basis points year-over-year, primarily due to revenue growth outpacing cost of revenue increases.
For the fourth quarter of 2024, Dayforce expects revenue between $452 million and $457 million, which is slightly below analyst estimates of $458 million. The company also provided an initial full-year 2025 revenue growth outlook of 14% to 15%, exceeding expectations of a 13.1% increase. Dayforce repurchased approximately $30 million worth of shares under its $500 million share repurchase program during the quarter.
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