The number of live Dayforce customers increased by 6.4% year-over-year to 6,575. This expansion of the customer base is a key driver of recurring revenue growth, indicating successful organic growth initiatives.

Dayforce completed the acquisition of eloomi A/S, a learning experience platform provider, on February 1, 2024. This acquisition expands Dayforce's HCM suite and provides opportunities for synergies and cost savings through integration with existing operations.

Effective January 31, 2024, Ceridian HCM Holding Inc. changed its corporate name to Dayforce, Inc., and began trading under the ticker symbol 'DAY'. This rebranding signifies a strategic focus on the Dayforce platform.

Dayforce completed the refinancing of its 2018 Senior Secured Credit Facility in February 2024, establishing a new credit agreement with a $650.0 million term loan and a $350.0 million revolving credit facility. This refinancing improves the company's capital structure and provides greater financial flexibility.

Selling and marketing expenses increased by 45.8% to $79.0 million, driven by higher personnel-related costs and increased advertising expenses related to the transition of the Company's name and branding to Dayforce, Inc. This indicates a strategic investment in brand awareness.

General and administrative expense increased by 26.6% to $85.7 million, primarily driven by increases in amortization of acquisition-related intangible assets and employee-related costs. This reflects the impact of recent acquisitions on the company's cost structure.

Management concluded that disclosure controls and procedures were not effective as of March 31, 2024, due to a GITC Material Weakness related to user access and change management over IT systems supporting Canada trust and Powerpay revenue processes. This indicates a risk of material misstatement in financial statements.

Dayforce is implementing a remediation plan to address the GITC Material Weakness, including enhanced risk assessments, modified reporting lines, improved training, and stronger user access controls. The company expects full remediation by the end of 2024.

The company acknowledges exposure to risks associated with changes in laws and regulations that may affect customer fund balances and float revenue. This highlights the sensitivity of Dayforce's business model to regulatory changes.

Dayforce recurring revenue per customer increased, driven by the growing average size of customers and more customers purchasing the full HCM suite. This metric reflects Dayforce's ability to expand its offerings within existing accounts.

Recurring revenue includes float revenue of $60.7 million and $46.9 million for the three months ended March 31, 2024, and 2023, respectively. This highlights the importance of managing customer funds effectively to generate investment income.

Selling and marketing expenses increased significantly due to higher advertising expenses related to the transition of the Company's name and branding to Dayforce, Inc. This investment aims to strengthen the company's market position.

Cloud recurring gross margin increased to 79.0% from 77.3%, primarily due to increased float revenue and a higher proportion of Dayforce customers live for more than two years. This reflects improved operational efficiency and customer retention.

Professional services and other gross margin was (35.5)%, reflecting additional costs to take new customers live. This indicates a need to improve efficiency in onboarding new customers.

Recurring cost of revenue increased primarily due to additional labor-related costs incurred to support the growing Dayforce customer base globally. This suggests a need to optimize labor costs while supporting growth.

Investment in software development was $50.4 million, consisting of $28.4 million of research and development expense and $22.0 million in capitalized software development costs. This demonstrates a commitment to ongoing innovation.

The acquisition of eloomi, a learning experience platform software provider, expands Dayforce's HCM suite. This acquisition reflects a focus on enhancing the technology offerings.

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. This reflects a commitment to technological advancement.

Dayforce completed the refinancing of its 2018 Senior Secured Credit Facility, establishing a new credit agreement with a $650.0 million term loan and a $350.0 million revolving credit facility. This refinancing improves the company's capital structure and provides greater financial flexibility.

Capital expenditures included $24.4 million for software and technology, reflecting a strategic allocation of capital towards technological development and infrastructure.

Net cash used in investing activities was $290.7 million, consisting of acquisition costs, net of cash acquired, of $173.3 million. This reflects a strategic allocation of capital towards inorganic growth.

The 10-Q filing does not contain any specific information about ESG initiatives, environmental commitments, social responsibility initiatives, or governance practices. Therefore, it is not possible to assess the company's performance in these areas based on this document.

Dayforce expects its international operations to continue to grow in the near term and is monitoring the foreign currency exposure to determine if it should begin a hedging program. This reflects an awareness of macroeconomic risks.

Dayforce acknowledges exposure to risks associated with changes in laws and regulations that may affect customer fund balances and float revenue. This highlights the sensitivity of Dayforce's business model to regulatory changes.

Dayforce's operating results and financial condition are subject to fluctuations due to changes in interest rates, primarily in relation to customer funds market valuation and float revenue, debt and the interest paid on such, and cash and equivalents and the interest income earned on these balances.