For the fiscal year ended December 31, 2021
Business
Overview
Ceridian is a global human capital management (“HCM”) software company. Dayforce, our flagship cloud HCM platform, provides human resources (“HR”), payroll, benefits, workforce management, and talent management functionality.
flagship : the main ship in a fleet of ships in the navy / [usually singular] the most important product, service, building, etc. that an organization owns or produces
functionality : [uncountable] the quality in something of being very suitable for the purpose it was designed for / [uncountable] the purpose that something is designed for or expected to perform
In addition to Dayforce, we sell Powerpay, a cloud HR and payroll solution for the Canadian small business market, through both direct sales and established partner channels. We also continue to support customers using our legacy North America Bureau solutions, which we generally stopped actively selling to new customers in 2012, following the acquisition of Dayforce, and customers using our acquired Bureau solutions which we also intend to stop actively selling to new customers on a stand-alone basis.
We invest in maintenance and necessary updates to support our Bureau customers and continue to migrate them to Dayforce. Revenue from our Cloud and Bureau solutions include investment income generated from holding customer funds before funds are remitted to taxing authorities, also referred to as float revenue or float.
migrate : (of birds, animals, etc.) to move from one part of the world to another according to the season / (of a lot of people) to move from one town, country, etc. to go and live and/or work in another
remit : to send money, etc. to a person or place / to cancel or free somebody from a debt, duty, punishment, etc.
refer : to send somebody/something to somebody/something for help, advice or a decision
float : to move slowly on water or in the air / to stay on or near the surface of a liquid and not sink / to make something move on or near the surface of a liquid
Our five strategic growth levers drive our long-term perspectives, near-term decision making and stockholder alignment:
Products and Services
Dayforce
Dayforce, our principal cloud HCM platform, is a single application that provides continuous real-time calculations across all modules to enable, for example, payroll administrators access to data through the entire pay period, and managers access to real-time data to optimize work schedules.
optimize : to make something as good as it can be; to use something in the best possible way / (computing) to change data, software, etc. in order to make it work more efficiently or to make it suitable for a particular purpose
Dayforce offers a comprehensive range of functionality, including global HR, payroll, benefits, workforce management, and talent management on web and native iOS and Android platforms. Our Dayforce mobile app enables employees not only to request and to trade schedules, but also to see the real-time impact of schedule changes on their pay.
comprehensive : including all, or almost all, the items, details, facts, information, etc., that may be involved / (of education) designed for students of all abilities in the same school
Our Dayforce platform is used by organizations, regardless of industry or size, to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing their people. Key functionality of our Dayforce platform includes HR, payroll and tax, Dayforce Wallet, benefits, workforce management, and talent management.
In 2021, we received several accolades for our Dayforce solution, including Leader in the 2021 Gartner Magic Quadrant for Cloud HCM Suites for the second consecutive year, and CIPD People Management Awards: Best Human Resources/Learning & Development Supplier; Human Resources Director Asia - 5 Star HR Software; Aite-Novarica Digital Wallet Impact Innovation Award - Dayforce Wallet; Leader in the Nucleus Research 2021 Human Capital Management Value Matrix.
accolade : praise or an award for an achievement that people admire
Human Resources
Dayforce Human Resources functionality provides customers with a single, complete record for all employees. Our HR functionality is centered on a comprehensive, flexible workflow engine that streamlines and automates administrative tasks.
streamline : to give something a smooth, even shape so that it can move quickly and easily through air or water / to make a system, an organization, etc. work better, especially in a way that saves money
Payroll and Tax
Our payroll capabilities provide customers with the tools needed to manage their payroll processes accurately and in compliance. Through our Dayforce platform, users with localized payroll functionality are able to make updates to time and pay in real-time.
capability : the ability or qualities necessary to do something
compliance : the practice of obeying rules or requests made by people in authority / (disapproving) the quality of being too willing to agree with somebody or do what they want
In countries where we do not currently offer localized payroll within Dayforce, Dayforce ConnectedPay provides payroll aggregation features that allow an organization to have a centralized view of their global payroll. ConnectedPay automates the data exchange with in-country payroll providers, including our global Cloud solutions from acquired businesses, and provides a consistent self-service experience for employees to view earnings statements and associated payroll documentation.
centralize : to give the control of a country or an organization to a group of people in one particular place
Dayforce calculates, withholds, and files payroll related taxes in the United States, Canada, the United Kingdom, Ireland, Australia, New Zealand, and Mauritius as part of our localized payroll offering. In 2021, we announced our plans to deliver Dayforce Payroll across new markets, including Germany, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand.
withhold : to refuse to give something to somebody
Dayforce Wallet
Dayforce Wallet is a digital wallet for customers' employees on the Dayforce platform. The Dayforce Wallet offers the flexibility and convenience of processing and distributing customers’ different payment needs, including off-cycle pay and on-demand pay requests.
Since all employee payments are processed as a regular payroll, the appropriate deductions, remittances, and garnishments are accounted for, which means there’s minimal impact to payroll administrators and our customers' cash flow.
deduction : the process of using information you have in order to understand a particular situation or to find the answer to a problem / the process of taking an amount of something, especially money, away from a total; the amount that is taken away
remittance : (formal) a sum of money that is sent to somebody in order to pay for something / the act of sending money to somebody in order to pay for something
The Dayforce Wallet gives our customers’ employees greater control over their financial well-being by providing them with instant access to their earnings.
The on-demand pay feature allows employees more choice over when they get paid by making any day payday. Dayforce Wallet enables workers to access their already-earned wages anytime during the pay period, net of taxes, withholdings and other payroll deductions.
on demand : at any time that someone wants or needs something
The on-demand wages are loaded onto a pay card, which customers’ employees can use anywhere credit or debit cards are accepted. With pay cards, the Dayforce Wallet eliminates the need to distribute paper checks and reduces processing costs.
eliminate : to remove or get rid of something / to stop considering that somebody/something might be responsible for something or chosen for something
The Dayforce Wallet mobile app makes it easy for customers’ employees to check their pay deposits, account balance and transaction history. This provides the convenience of a traditional bank account, but without the balance minimums and monthly service fees.
The Dayforce Wallet was launched in the U.S. in 2020 and in Canada in 2021. We continue to introduce new features and enhancements to the Dayforce Wallet, such as two day early direct deposit, which allows users that have direct deposit set up not only to get paid when they want, but also the option to receive the remainder of their paycheck two days in advance of normal payroll dates.
enhancement : the act of increasing or further improving the good quality, value or status of somebody/something
remainder : the people, things or time that remain / (mathematics) the numbers left after one number has been subtracted from another, or one number has been divided into another
paycheck : a check used to pay an employee the amount of money the employee has earned
Additional features, such as Streaming Pay, Dayforce Wallet Rewards, referrals, additional pay card functionality, buy now pay later, and saving goals will be introduced in the upcoming quarters.
Streaming Pay enables customers’ employees the ability to request automatic delivery of earned wages to their Dayforce Wallet pay card, eliminating the need to request earnings on-demand. We believe these features will enhance our Dayforce Wallet consumer experience and help improve financial wellness over the long term.
Benefits
Dayforce Benefits assists users from benefits enrollment to ongoing benefits administration, including eligibility, open enrollment and Affordable Care Act (“ACA”) management. Support and comparative tools can provide information to users about each of the available benefit plans and impact of their plan options to help employees choose the best option for their specific needs.
enrolment : the act of officially joining a course, school, etc.; the number of people who do this
eligibility : the state of being able to have or do something because you have the right qualifications, are the right age, etc. / the quality of being considered a good choice as a husband/wife, usually because of being rich or attractive
comparative : measured or judged by how similar or different it is to something else / connected with studying things to find out how similar or different they are
Talent Management
Dayforce Talent Management enables organizations to attract, to engage, to develop, and to motivate their workforce. Users can leverage tools for recruiting, onboarding, engagement, performance, succession planning, compensation management, and employee learning.
leverage : (formal) the ability to influence what people do / (specialist) the act of using a lever to open or lift something; the force used to do this
Workforce Management
Dayforce Workforce Management provides functionality to help organizations manage their workforces, improve operational efficiency, and enhance compliance by configuring the system to meet complex labor and employment rules and policies. Through Dayforce, users are offered absence management, time and attendance, schedule, and labor planning.
configure : to arrange something in a particular way, especially computer equipment; to make equipment or software work in the way that the user prefers
absence : the fact of somebody being away from a place where they are usually expected to be; the occasion or period of time when somebody is away / the fact of somebody/something not existing or not being available; a lack of something
Powerpay
We offer Powerpay for Canadian organizations with fewer than 100 employees. Powerpay is a cloud platform that provides scalable and straightforward payroll and HR solutions. Specifically designed for small businesses, Powerpay enables clients to pay their employees accurately and on-time.
scalable : used to describe a computer, a network, software, etc. that can be adapted to meet greater needs in the future / designed to work on a large or small scale, according to needs / that can be climbed
straightforward : easy to do or to understand; not complicated / (of a person or their behaviour) honest and open; not trying to trick somebody or hide something
Bureau
Our Bureau solutions offer payroll and payroll-related services using legacy technology and Bureau technology from our acquired businesses. We invest in maintenance and necessary updates to support our Bureau customers.
We generally stopped selling our legacy North America Bureau payroll solutions to new customers in the United States in 2012, and in Canada in 2015, and we also intend to stop actively selling our acquired Bureau payroll solutions to new customers on a stand-alone basis.
In addition to customers who use our payroll services, certain customers use our legacy Bureau tax filing services on a stand-alone basis; and we started to sell stand-alone legacy Bureau tax services again in 2019.
Customers
Dayforce is designed to serve organizations with 100 to over 100,000 employees. The Dayforce customer base has increased from 482 as of December 31, 2012 to 5,434 customers* on the platform as of December 31, 2021. For 2021, our 5,434 Dayforce customers* represented approximately 5.1 million active global users*.
We define a customer as a single organization, such as a company, a non-profit association, an educational institution, or government entity. We also have approximately 39,000 Powerpay customer accounts. No single customer accounted for more than 1% of our revenues during the year ended December 31, 2021.
Sales and Marketing
We sell our Cloud solutions through a direct sales force and a variety of third party channels, organized by customer size and geography. We market Dayforce to organizations with more than 100 employees. We market Powerpay to organizations with fewer than 100 employees in Canada. The majority of our revenue growth comes from new Cloud customers.
Services and Support
We offer a broad portfolio of services aimed to ensure customer success. We believe it’s important to work closely with our customers to understand their needs and deliver technology solutions and support that address them.
We continue to increase our global reach in supporting and serving our customers. As part of our international strategy, we work with partners to perform services in certain geographies where we do not currently have international operations or the particular service required by our customers.
(the rest omitted)
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