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Ceridian Reports Second Quarter 2023 Results

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Dayforce® recurring revenue of $268.2 million, up 38.0% year-over-year, or 39.4% on a constant currency basis

Total revenue of $365.9 million, up 21.5% year-over-year, or 23.5% on a constant currency basis

Operating profit of $29.4 million and adjusted operating profit of $83.0 million

MINNEAPOLIS and TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE) — Ceridian HCM Holding Inc. (“Ceridian”) (NYSE:CDAY) (TSX:CDAY), a global leader in human capital management (HCM) technology, today announced its financial results for the second quarter ended June 30, 2023.

“Our results reflect the strength and resiliency of our business, coupled with strong demand for Dayforce,” said David Ossip, Chair and Co-CEO of Ceridian. “Our global HCM suite truly stands alone, by way of breadth and depth of the solutions we provide.”

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“This quarter was strong across all areas of the business, and we executed well across sales, product, and all areas of operations – underscoring our unique position to deliver differentiated value to customers,” said Leagh Turner, Co-CEO, Ceridian. “I’m confident in the outlook as we focus on continued growth of our customer community, our pipeline of innovation, and ongoing investment in our people.”

“Our second quarter results demonstrate the durability, continued momentum, and scale across our business,” said Noemie Heuland, CFO of Ceridian. “As a result, we are raising our full year outlook across all growth and profitability metrics.”

Financial Highlights for the Second Quarter 20231

  • Total revenue was $365.9 million, an increase of 21.5%, or 23.5% on a constant currency basis.
  • Dayforce recurring revenue was $268.2 million, an increase of 38.0%, or 39.4% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $231.3 million, an increase of 26.3%, or 27.5% on a constant currency basis. Tax migration from legacy infrastructure to the same platform as Dayforce completed in the first quarter of 2023 contributed approximately 480 basis points of growth to Dayforce recurring revenue, excluding float in the second quarter of 2023.
  • Cloud recurring gross margin was 76.7%, compared to 72.2%. Adjusted cloud recurring gross margin was 78.1%, compared to 76.4%.
  • Operating profit was $29.4 million, or 8.0% of revenue, compared to operating loss of $6.5 million, or (2.2)% of revenue. Adjusted operating profit was $83.0 million, or 22.7% of revenue, compared to $50.0 million, or 16.6% of revenue.
  • Net income was $3.1 million, compared to net loss of $19.8 million. Adjusted net income was $50.8 million, compared to $33.0 million.
  • Adjusted EBITDA was $98.4 million, compared to $61.8 million.
  • Diluted net income per share was $0.02, compared to diluted net loss per share of $0.13. Adjusted diluted net income per share was $0.32, compared to $0.21.
  • Net cash provided by operating activities was $93.0 million for the six months ended June 30, 2023, compared to $38.7 million for the six months ended June 30, 2022.

Supplemental Detail

  • 6,272 Dayforce customers were live on the Dayforce platform as of June 30, 2023, an increase of 93 customers since March 31, 2023 and an increase of 544 customers since June 30, 2022 or 9.5% year-over-year.
  • Dayforce recurring revenue per customer was $131,693 for the trailing twelve months ended June 30, 2023, an increase of 14.9%.2
  • The average float balance for Ceridian’s customer funds during the quarter increased 7.5% to $4.6 billion and the average yield on Ceridian’s float balance was 3.7%, an increase of 230 basis points year over year. Float revenue from invested customer funds was $41.8 million. The allocation of float revenue to Dayforce and Cloud revenue was $36.9 million and $41.3 million, respectively.

1 The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars unless otherwise stated.
2 Excluding float revenue, the impact of lower employment levels in 2021 due to the Coronavirus disease 2019 (“COVID-19”) pandemic, Ascender and ADAM HCM revenue and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of revenue on a constant currency basis.

Business Highlights

  • Ceridian announced the appointment of Sam Alkharrat as EVP and Chief Revenue Officer. Leading the global revenue organization, Alkharrat is responsible for fostering existing and prospective customer relationships and accelerating company growth across Ceridian’s global operations.
  • The Ceridian Partner Network (“CPN”) saw strong partner momentum with PwC UK, RSM, and Deloitte (Australia) accelerating the growth of their Dayforce offerings and deliver added value to shared customers.
  • Ceridian joined the EY Global Alliance Partner program, bringing the transformational benefits of Dayforce together with EY’s extensive array of services and industry insight.
  • Ceridian was named one of Newsweek’s Global Most Loved Workplaces®, one of USA TODAY’s America’s Climate Leaders 2023, and earned an “AA” ESG rating and placement in the Leader category from MSCI for the second year in a row.
  • Ceridian’s second quarter volunteer programming resulted in employees participating across 12 countries, 100 in-person volunteer activities organized globally, and 5,000 hours of volunteer time logged.
  • Ceridian will welcome its customer and partner communities to Ceridian Insights® 2023, its annual customer conference in Las Vegas, from October 2 – 5, 2023.

Sales Highlights

  • An aviation services company with 55,000 employees globally selected Dayforce to support its people operations in 35 countries.
  • A U.S. consumer goods manufacturer with 35,000 employees globally added Europe, the Middle East, and Africa to its partnership with Ceridian. The company had already chosen Dayforce for its Latin America and Asia Pacific operations in the fourth quarter of 2022.
  • A leading professional services company with 33,000 employees in nine countries chose Ceridian as a trusted partner for global Managed Payroll.
  • A leading global jewelry company with 30,500 employees selected Dayforce to provide a single Workforce Management solution across 39 countries.
  • A premier hospitality investment and management company with more than 22,000 employees selected Dayforce to help power its growth strategy and engage employees.
  • An online auction and shopping website with 17,000 employees globally chose Dayforce Payroll for its U.S. workforce of 7,700. The potential for future expansion to process global payroll within Dayforce was a key differentiator in this win.
  • A leading multi-brand global automotive distributor with over 14,500 employees in 32 countries decided to partner with Ceridian for Managed Payroll for 4,800 employees in nine countries, and SaaS payroll in one country.
  • A transportation company with 3,000 employees in Australia selected Dayforce to unify HR, Payroll, Time and Attendance, and Talent Intelligence.

Customer Highlights

  • A multinational chemical and consumer goods company with 60,000 employees globally is continuing its implementation journey with Ceridian. The company recently went live with Dayforce Payroll and Time and Attendance for over 12,000 employees in five more countries, bringing the company’s implementation of Dayforce globally up to a total of 20 countries and approximately 27,000 employees to date.
  • A leading global pet care organization with 30,000 employees launched Dayforce to its U.S. and Canadian workforces to help standardize operations and reduce turnover.
  • A luxury and commercial automotive brand has launched Dayforce HR and Workforce Management to a pilot group of employees in Germany, with plans to expand to its full German workforce of 10,000 in the next few years.
  • A U.S. public sector entity with 1,450 employees went live with Dayforce for HR, Payroll, Benefits, Workforce Management, and Talent Intelligence. This implementation project was a joint effort between Ceridian and one of our systems integrator partners.
  • A global luxury watch company began using Dayforce for Managed Payroll, Time and Attendance, Advanced Workforce Management, and Talent Intelligence in its UK operations.
  • An industrial electronic product manufacturer with operations in 14 countries went live with Dayforce in the U.S. and India. This successful go-live has set the stage for the company to continue expanding its use of Dayforce globally.
  • An American multinational media and entertainment company expanded its use of Dayforce to Malaysia and the Philippines, bringing its total number of countries on the platform to six.
  • A hotel chain with operations in nine countries introduced Dayforce for HR, Payroll, Time and Attendance, and Recruiting to 2,000 employees across Australia, New Zealand, and Europe. This implementation project was a joint effort between Ceridian and one of our systems integrator partners.
  • Ceridian had more than 1,640 customers signed onto Dayforce Wallet with over 1,010 customers live as of June 30, 2023. The average registration rate was above 50% across all eligible employees and the typical Dayforce Wallet user transacts on average 25 times per month throughout a calendar year.

Platform and Roadmap Highlights

Ceridian continues to advance the breadth and depth of the Dayforce platform, with new innovations delivered in the second quarter including:

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  • The launch of Dayforce Career Explorer, a new solution in its Talent Intelligence suite that leverages Dayforce’s skills engine and combines Artificial Intelligence and skills data to support employee career pathing, while helping organizations promote internal mobility and succession planning.
  • Extending the industry-leading capabilities in Dayforce Global Payroll with formula-based, complex pay extensibility, allowing rapid adoption of new, native Dayforce Global Payroll for most countries across the Middle East and Africa.
  • Expanding access of Dayforce People Search, a key functionality of People Experience that enhances search capabilities for both employers and employees, to all North American customers.
  • Global availability of Experience Hub, the Dayforce platform’s reimagined home page with audience segmentation capabilities and experience customization.
  • The launch of Burnout Dashboard, offered within Dayforce People Analytics, to help organizations identify at-risk teams and employees and make critical data-driven decisions to alleviate burnout.
  • Accelerating of Dayforce Integration Studio’s interoperability with partners globally, enabling organizations to create, manage, and deploy integrations between Dayforce and other systems within their ecosystem.

Business Outlook

Based on information available as of August 2, 2023, Ceridian is issuing the following guidance for the third quarter and full year of 2023 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

Third Quarter 2023 Guidance

  • Total revenue of $368 million to $371 million, an increase of 17% to 18% on a GAAP and a constant currency basis.
  • Dayforce recurring revenue, excluding float of $239 million to $241 million, an increase of 25% to 26%, or 26% to 27% on a constant currency basis.
    • Tax migration from legacy infrastructure to the same platform as Dayforce is expected to contribute approximately 430 basis points of growth.
  • Float revenue of $36 million.
  • Adjusted EBITDA of $89 million to $91 million.

Full Year 2023 Guidance

  • Total revenue of $1,490 million to $1,510 million, an increase of 20% to 21%, or 21% to 22% on a constant currency basis.
  • Dayforce recurring revenue, excluding float of $950 million to $958 million, an increase of 26% to 27%, or 27% to 28% on a constant currency basis.
    • Tax migration from legacy infrastructure to the same platform as Dayforce is expected to contribute approximately 480 basis points of growth.
  • Float revenue of $160 million.
  • Adjusted EBITDA of $384 million to $392 million.

Supplemental guidance details

Third Quarter 2023 Guidance       Supplemental Commentary and Factors
Total Revenue   $368 million to $371 million, an increase of 17% to 18% on a GAAP and a constant currency basis.   Ceridian expects Other recurring revenue, excluding float1 to decline approximately 34% to 37%, or 33% to 36% on a constant currency basis, primarily as a result of tax modernization and the sunsetting of certain legacy solutions.

Ceridian expects PowerPay® recurring revenue, excluding float to remain flat on a GAAP basis and to increase low single digits on a constant currency basis.

Dayforce recurring revenue, excluding float   $239 million to $241 million, an increase of 25% to 26%, or 26% to 27% on a constant currency basis.   Ceridian expects employment levels to reflect a normalized seasonal cadence.
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Ceridian expects tax modernization and migration to contribute approximately 430 basis points of growth.

Float revenue   $36 million   Float guidance reflects the near-term rate environment and the rolling maturity of the laddered core portfolio.
Adjusted EBITDA   $89 million to $91 million   Ceridian continues to make investments to expand its global HCM footprint.
(1)   Other recurring revenue, previously described as Bureau, primarily consists of Asia Pacific Japan (“APJ”) region and legacy North American solutions.
     
Fiscal Year 2023 Guidance       Supplemental Commentary and Factors
Total Revenue   $1,490 million to $1,510 million, an increase of 20% to 21%, or 21% to 22% on a constant currency basis.   Ceridian expects Other recurring revenue, excluding float1to decline approximately 35% to 38%, or 33% to 36% on a constant currency basis, primarily as a result of tax modernization and the sunsetting of certain legacy solutions.

Ceridian expects PowerPay recurring revenue, excluding float to remain flat on a GAAP basis and to increase low single digits on a constant currency basis.

Dayforce recurring revenue, excluding float   $950 million to $958 million, an increase of 26% to 27%, or 27% to 28% on a constant currency basis.   Ceridian expects employment levels to reflect a normalized seasonal cadence.

Ceridian expects tax modernization and migration to contribute approximately 480 basis points of growth.

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Float revenue   $160 million   Float guidance reflects the near-term rate environment and the rolling maturity of the laddered core portfolio.
Adjusted EBITDA   $384 million to $392 million   Ceridian continues to make investments to expand its global HCM footprint.
(1)   Other recurring revenue, previously described as Bureau, primarily consists of APJ region and legacy North American solutions.
     

Ceridian has not reconciled the Adjusted EBITDA range for the third quarter and full year of 2023 to the directly comparable GAAP financial measure because applicable information for the future period, on which this reconciliation would be based, is not available without unreasonable efforts 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. The probable significance of certain of these reconciling items is high and, based on historical experience, could be material.

Foreign Exchange

The average U.S. dollar to Canadian dollar foreign exchange rate was $1.34, with a daily range of $1.31 to $1.37 for the three months ended June 30, 2023, compared to $1.28, with a daily range of $1.25 to $1.30 for the three months ended June 30, 2022. To present the performance of the business excluding the effect of foreign currency rate fluctuations, Ceridian presents revenue on a constant currency basis, which it believes is useful to management and investors. Revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

For the third quarter and full year of 2023, Ceridian’s guidance assumes an average U.S dollar to Canadian dollar foreign exchange rate of $1.34, compared to an average rate of $1.29 for the full year of 2022.

Conference Call Details

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Ceridian will host a live webcast to discuss the second quarter 2023 earnings at 5:00 p.m. Eastern Time on August 2, 2023. The event can be accessed via direct registration link at https://ceridian.zoom.us/webinar/register/WN_G5hRHhTWSCOTiaDQ8yn5Wg#/registration or through the Investor Relations section of Ceridian’s website at https://investors.ceridian.com. A recording of the event will be made available on the Investor Relations section of Ceridian’s website following the call.

About Ceridian HCM Holding Inc.

Ceridian. Makes Work Life Better™.

Ceridian is a global human capital management software company. Dayforce, the flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. The Dayforce platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes.

Forward-Looking Statements

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This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Ceridian’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the fiscal year of 2023, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Ceridian has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Ceridian’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

  • its inability to manage its growth effectively or execute on its growth strategy;
  • its failure to provide new or enhanced functionality and features;
  • its inability to successfully compete in the market in which Ceridian operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
  • its inability to offer and deliver high-quality technical support, implementation and professional services;
  • system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information;
  • its failure to comply with applicable privacy, security, data, and financial services laws, regulations and standards, including its ongoing consent order with the Federal Trade Commission regarding data protection;
  • its failure to properly update its solutions to enable its customers to comply with applicable laws;
  • its failure to manage its aging technical operations infrastructure;
  • its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
  • its inability to attract and retain senior management employees and highly skilled employees;
  • the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock; or
  • the duration and scope of the COVID-19 pandemic, including the uncertainty around the surge of different variants and the actions that governmental authorities may take in all the jurisdictions where Ceridian operates.

Although Ceridian has attempted to identify important risk factors, additional factors or events that could cause Ceridian’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Ceridian to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Ceridian’s assumptions prove incorrect, its actual financial condition, results of operations, future performance and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Ceridian’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically USD to CAD, remain stable at, or near, current rates; Ceridian will be able to maintain its relationships with its employees, customers, and partners; Ceridian will continue to attract qualified personnel to support its development requirements and its new and existing customers; the risk factors noted above, individually or collectively, do not have a material impact on Ceridian; and other factors detailed from time to time in the most recent reports Ceridian files with the Securities and Exchange Commission (the “SEC”), including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on Ceridian’s website and are available from Ceridian without charge. Any forward-looking statement made by Ceridian in this press release speaks only as of the date on which it is made. Ceridian undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

 
Ceridian HCM Holding Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
             
    June 30,     December 31,  
    2023     2022  
(Dollars in millions, except share data)            
ASSETS            
Current assets:            
Cash and equivalents   $ 486.6     $ 431.9  
Restricted cash     0.8       0.8  
Trade and other receivables, net     205.3       180.1  
Prepaid expenses and other current assets     112.7       98.0  
Total current assets before customer funds     805.4       710.8  
Customer funds     4,261.8       4,183.2  
Total current assets     5,067.2       4,894.0  
Right of use lease assets, net     21.6       24.3  
Property, plant, and equipment, net     198.3       174.9  
Goodwill     2,288.1       2,280.0  
Other intangible assets, net     267.7       281.6  
Other assets     275.9       262.4  
Total assets   $ 8,118.8     $ 7,917.2  
LIABILITIES AND EQUITY            
Current liabilities:            
Current portion of long-term debt   $ 7.6     $ 7.8  
Current portion of long-term lease liabilities     7.3       10.0  
Accounts payable     65.3       54.3  
Deferred revenue     43.5       41.2  
Employee compensation and benefits     71.1       97.4  
Other accrued expenses     35.7       24.0  
Total current liabilities before customer funds obligations     230.5       234.7  
Customer funds obligations     4,373.7       4,298.8  
Total current liabilities     4,604.2       4,533.5  
Long-term debt, less current portion     1,211.7       1,213.4  
Employee benefit plans     14.0       17.7  
Long-term lease liabilities, less current portion     22.7       23.7  
Other liabilities     26.0       19.5  
Total liabilities     5,878.6       5,807.8  
Commitments and contingencies            
Stockholders’ equity:            
Common stock, $0.01 par, 500,000,000 shares authorized, 155,529,721 and 153,856,645 shares issued and outstanding, respectively     1.6       1.5  
Additional paid in capital     3,070.4       2,965.5  
Accumulated deficit     (359.6 )     (372.6 )
Accumulated other comprehensive loss     (472.2 )     (485.0 )
Total stockholders’ equity     2,240.2       2,109.4  
Total liabilities and stockholders’ equity   $ 8,118.8     $ 7,917.2  
                 
 
Ceridian HCM Holding Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
             
    Three Months Ended June 30,     Six Months Ended June 30,  
    2023     2022     2023     2022  
(Dollars in millions, except share and per share data)                        
Revenue:                        
Recurring   $ 314.9     $ 251.1     $ 632.8     $ 499.0  
Professional services and other     51.0       50.1       103.7       95.5  
Total revenue     365.9       301.2       736.5       594.5  
Cost of revenue:                        
Recurring     78.8       75.0       158.9       157.3  
Professional services and other     67.0       57.1       130.9       111.6  
Product development and management     49.2       39.8       100.2       80.2  
Depreciation and amortization     15.0       13.3       30.3       26.3  
Total cost of revenue     210.0       185.2       420.3       375.4  
Gross profit     155.9       116.0       316.2       219.1  
Selling, general, and administrative     126.5       122.5       248.4       244.5  
Operating profit (loss)     29.4       (6.5 )     67.8       (25.4 )
Interest expense, net     9.1       6.7       18.3       12.5  
Other expense, net     0.7       5.8       1.5       5.5  
Income (loss) before income taxes     19.6       (19.0 )     48.0       (43.4 )
Income tax expense     16.5       0.8       35.0       3.8  
Net income (loss)   $ 3.1     $ (19.8 )   $ 13.0     $ (47.2 )
Net income (loss) per share:                        
Basic   $ 0.02     $ (0.13 )   $ 0.08     $ (0.31 )
Diluted   $ 0.02     $ (0.13 )   $ 0.08     $ (0.31 )
Weighted-average shares outstanding:                        
Basic     155,121,846       152,752,369       154,687,323       152,439,996  
Diluted     157,554,160       152,752,369       157,790,796       152,439,996  
                                 
 
Ceridian HCM Holding Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
       
    Six Months Ended June 30,  
    2023     2022  
(Dollars in millions)            
Net income (loss)   $ 13.0     $ (47.2 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
Deferred income tax expense     5.5       6.4  
Depreciation and amortization     45.4       42.5  
Amortization of debt issuance costs and debt discount     2.2       2.0  
Provision for doubtful accounts     2.5       1.7  
Net periodic pension and postretirement cost     0.7       2.4  
Share-based compensation expense     81.7       74.3  
Change in fair value of contingent consideration     7.2       2.0  
Other     0.2       (1.2 )
Changes in operating assets and liabilities:            
Trade and other receivables     (27.6 )     (9.3 )
Prepaid expenses and other current assets     (13.5 )     (14.3 )
Accounts payable and other accrued expenses     5.2       (3.3 )
Deferred revenue     2.5       (5.2 )
Employee compensation and benefits     (28.1 )     (2.4 )
Accrued interest     4.2        
Accrued taxes     13.1       (7.9 )
Other assets and liabilities     (21.2 )     (1.8 )
Net cash provided by operating activities     93.0       38.7  
Cash Flows from Investing Activities            
Purchase of customer funds marketable securities     (101.6 )     (450.5 )
Proceeds from sale and maturity of customer funds marketable securities     174.0       240.4  
Expenditures for property, plant, and equipment     (10.1 )     (6.6 )
Expenditures for software and technology     (46.4 )     (35.6 )
Other     (1.0 )      
Net cash provided by (used in) investing activities     14.9       (252.3 )
Cash Flows from Financing Activities            
Increase in customer funds obligations, net     45.0       1,983.4  
Proceeds from issuance of common stock under share-based compensation plans     23.2       13.3  
Repayment of long-term debt obligations     (4.1 )     (4.2 )
Net cash provided by financing activities     64.1       1,992.5  
Effect of exchange rate changes on cash, restricted cash, and equivalents     (1.0 )     (4.9 )
Net increase in cash, restricted cash, and equivalents     171.0       1,774.0  
Cash, restricted cash, and equivalents at beginning of period     2,604.9       1,952.8  
Cash, restricted cash, and equivalents at end of period   $ 2,775.9     $ 3,726.8  
Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets            
Cash and equivalents   $ 486.6     $ 371.2  
Restricted cash     0.8       1.0  
Restricted cash and equivalents included in customer funds     2,288.5       3,354.6  
Total cash, restricted cash, and equivalents   $ 2,775.9     $ 3,726.8  
                 
 
Ceridian HCM Holding Inc.
Revenue Financial Measures
(Unaudited)
                         
    Three Months Ended June 30,     Percentage change in revenue as reported     Impact of
changes in
foreign
currency (a)
    Percentage change in revenue on a constant currency basis (a)  
    2023     2022     2023 vs. 2022           2023 vs. 2022  
    (Dollars in millions)                    
Revenue:                              
Recurring revenue:                              
Dayforce recurring, excluding float   $ 231.3     $ 183.2       26.3 %     (1.2 )%     27.5 %
Dayforce float     36.9       11.1       232.4 %     (3.6 )%     236.0 %
Total Dayforce recurring     268.2       194.3       38.0 %     (1.4 )%     39.4 %
Powerpay recurring, excluding float     19.7       19.6       0.5 %     (5.1 )%     5.6 %
Powerpay float     4.4       2.7       63.0 %     (7.4 )%     70.4 %
Total Powerpay recurring     24.1       22.3       8.1 %     (5.4 )%     13.5 %
Total Cloud recurring     292.3       216.6       34.9 %     (1.8 )%     36.7 %
Other recurring (b)     22.6       34.5       (34.5 )%     (3.5 )%     (31.0 )%
Total recurring revenue     314.9       251.1       25.4 %     (2.0 )%     27.4 %
Professional services and other (c)     51.0       50.1       1.8 %     (1.8 )%     3.6 %
Total revenue   $ 365.9     $ 301.2       21.5 %     (2.0 )%     23.5 %
                                         
(a)   Ceridian has calculated revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of revenue on a constant currency basis.
(b)   Other recurring contains solutions previously described as Bureau. Float attributable to this solution was $0.5 million and $0.9 million for the three months ended June 30, 2023, and 2022, respectively.
(c)   For the three months ended June 30, 2023, Professional services and other consisted of $46.9 million, $4.0 million, and $0.1 million associated with Dayforce, Other, and Powerpay respectively. For the three months ended June 30, 2022, Professional services and other consisted of $46.2 million, $3.8 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.
     
    Six Months Ended June 30,     Percentage change in revenue as reported     Impact of
changes in
foreign
currency (a)
    Percentage change in revenue on a constant currency basis (a)  
    2023     2022     2023 vs. 2022           2023 vs. 2022  
    (Dollars in millions)                    
Revenue:                              
Recurring revenue:                              
Dayforce recurring, excluding float   $ 460.9     $ 363.5       26.8 %     (1.6 )%     28.4 %
Dayforce float     78.5       19.4       304.6 %     (5.7 )%     310.3 %
Total Dayforce recurring     539.4       382.9       40.9 %     (1.8 )%     42.7 %
Powerpay recurring, excluding float     39.2       39.0       0.5 %     (6.2 )%     6.7 %
Powerpay float     9.0       4.9       83.7 %     (10.2 )%     93.9 %
Total Powerpay recurring     48.2       43.9       9.8 %     (6.6 )%     16.4 %
Total Cloud recurring     587.6       426.8       37.7 %     (2.3 )%     40.0 %
Other recurring (b)     45.3       72.2       (37.3 )%     (3.0 )%     (34.3 )%
Total recurring revenue     632.9       499.0       26.8 %     (2.4 )%     29.2 %
Professional services and other (c)     103.6       95.5       8.5 %     (2.7 )%     11.2 %
Total revenue   $ 736.5     $ 594.5       23.9 %     (2.4 )%     26.3 %
                                         
(a)   Ceridian has calculated revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of revenue on a constant currency basis.
(b)   Other recurring contains solutions previously described as Bureau. Float attributable to this solution was $1.2 million and $1.8 million for the six months ended June 30, 2023, and 2022, respectively.
(c)   For the six months ended June 30, 2023, Professional services and other consisted of $96.4 million and $7.2 million associated with Dayforce and Other, respectively. For the six months ended June 30, 2022, Professional services and other consisted of $87.8 million, $7.4 million, and $0.3 million associated with Dayforce, Other, and Powerpay, respectively.
     
 
Ceridian HCM Holding Inc.
Share-Based Compensation Expense and Related Employer Taxes
(Unaudited)
             
    Three Months Ended June 30,     Six Months Ended June 30,  
    2023     2022     2023     2022  
    (in millions)  
Cost of revenue – Cloud   $ 4.0     $ 4.0     $ 8.0     $ 7.5  
Cost of revenue – Other     0.4       0.3       0.7       0.7  
Professional services and other     4.7       3.8       9.1       6.7  
Product development and management     9.8       6.4       17.9       12.2  
Sales and marketing     7.4       6.3       12.6       11.5  
General and administrative     15.4       18.1       33.6       35.8  
Total   $ 41.7     $ 38.9     $ 81.9     $ 74.4  
                                 

Ceridian HCM Holding Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)

The following tables reconcile our reported results to our non-GAAP financial measures:

    Three Months Ended June 30, 2023  
    As reported     As reported margins (a)     Share-based
compensation
    Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
    (Dollars in millions, except per share data)  
Cost of Cloud recurring revenue   $ 68.0       76.7 %   $ 4.0     $     $     $ 64.0       78.1 %
                                           
Operating profit   $ 29.4       8.0 %   $ 41.7     $ 6.7     $ 5.2     $ 83.0       22.7 %
                                           
EBITDA   $ 52.0           $ 41.7     $     $ 4.7     $ 98.4       26.9 %
Interest expense, net     9.1                               9.1        
Income tax expense (c)     16.5                         (5.4 )     21.9        
Depreciation and amortization     23.3                   6.7             16.6        
Net income   $ 3.1       0.8 %   $ 41.7     $ 6.7     $ (0.7 )   $ 50.8       13.9 %
Net income per share – diluted (d)   $ 0.02           $ 0.26     $ 0.04     $     $ 0.32        
                                                     
(a)   Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for the definitions of Adjusted Cloud recurring gross margin, Adjusted operating profit, Adjusted EBITDA margin, and Adjusted net profit margin.
(b)   The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $3.7 million related to the fair value adjustment for the DataFuzion contingent consideration, $1.4 million of restructuring consulting fees, $0.1 million related to the net impact of the abandonment of certain leased facilities, and $0.5 million of foreign exchange gain, along with a $5.4 million net adjustment for the effect of income taxes related to these items.
(c)   Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
(d)   GAAP and Adjusted diluted net income per share are calculated based upon 157,554,160 weighted-average shares of common stock.
     
       
    Three Months Ended June 30, 2022  
    As reported     As reported margins (a)     Share-based
compensation
    Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
    (Dollars in millions, except per share data)  
Cost of Cloud recurring revenue   $ 60.2       72.2 %   $ 4.0     $     $ 5.0     $ 51.2       76.4 %
                                           
Operating (loss) profit   $ (6.5 )     (2.2 )%   $ 38.9     $ 7.6     $ 10.0     $ 50.0       16.6 %
                                           
EBITDA   $ 9.3           $ 38.9     $     $ 13.6     $ 61.8       20.5 %
Interest expense, net     6.7                               6.7        
Income tax expense (c)     0.8                         (7.3 )     8.1        
Depreciation and amortization     21.6                   7.6             14.0        
Net (loss) income   $ (19.8 )     (6.6 )%   $ 38.9     $ 7.6     $ 6.3     $ 33.0       10.9 %
Net (loss) income per share – diluted (d)   $ (0.13 )         $ 0.25     $ 0.05     $ 0.04     $ 0.21        
                                                     
(a)   Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for the definitions of Adjusted Cloud recurring gross margin, Adjusted operating profit, Adjusted EBITDA margin, and Adjusted net profit margin.
(b)   The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $7.0 million of severance charges, $3.6 million of foreign exchange loss, $1.8 million of restructuring consulting fees, $1.2 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $0.4 million related to the difference between the historical five-year average pension expense and the current period actuarially determined pension expense associated with the planned termination of the frozen U.S. pension plan and related changes in investment strategy associated with protecting the now fully funded status, and $0.4 million related to the net impact of the abandonment of certain leased facilities, along with a $7.3 million net adjustment for the effect of income taxes related to these items.
(c)   Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
(d)   GAAP diluted net loss per share is calculated based upon 152,752,369 weighted-average shares of common stock, and Adjusted diluted net income per share is calculated based upon 155,050,394 weighted-average shares of common stock.
     
       
    Six Months Ended June 30, 2023  
    As reported     As reported margins (a)     Share-based
compensation
    Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
    (Dollars in millions)  
Cost of Cloud recurring revenue   $ 134.9       77.0 %   $ 8.0     $     $     $ 126.9       78.4 %
                                           
Operating profit   $ 67.8       9.2 %   $ 81.9     $ 12.2     $ 9.6     $ 171.5       23.3 %
                                           
EBITDA   $ 111.7           $ 81.9     $     $ 10.2     $ 203.8       27.7 %
Interest expense, net     18.3                               18.3        
Income tax expense (c)     35.0                         (17.2 )     52.2        
Depreciation and amortization     45.4                   12.2             33.2        
Net income   $ 13.0       1.8 %   $ 81.9     $     $ (7.0 )   $ 87.9       11.9 %
Net income per share – diluted (d)   $ 0.08           $ 0.52     $     $ (0.04 )   $ 0.56        
                                                     
(a)   Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for the definitions of Adjusted Cloud recurring gross margin, Adjusted operating profit, Adjusted EBITDA margin, and Adjusted net profit margin.
(b)   The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $7.2 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $2.2 million of restructuring consulting fees, $0.6 million of foreign exchange loss, and $0.2 million related to the net impact of the abandonment of certain leased facilities, along with a $17.2 million net adjustment for the effect of income taxes related to these items.
(c)   Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
(d)   GAAP and Adjusted diluted net income per share are calculated based upon 157,790,796 weighted-average shares of common stock.
     
       
    Six Months Ended June 30, 2022  
    As reported     As reported margins (a)     Share-based
compensation
    Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
    (Dollars in millions)  
Cost of Cloud recurring revenue   $ 124.8       70.8 %   $ 7.5     $     $ 14.6     $ 102.7       75.9 %
                                           
Operating (loss) profit   $ (25.4 )     (4.3 )%   $ 74.4     $ 15.4     $ 30.0     $ 94.4       14.0 %
                                           
EBITDA   $ 11.6           $ 74.4     $     $ 33.2     $ 119.2       20.1 %
Interest expense, net     12.5                               12.5        
Income tax expense (c)     3.8                         (22.3 )     26.1        
Depreciation and amortization     42.5                   15.4             27.1        
Net (loss) income   $ (47.2 )     (7.9 )%   $ 74.4     $ 15.4     $ 10.9     $ 53.5       8.5 %
Net (loss) income per share – diluted (d)   $ (0.31 )         $ 0.48     $ 0.10     $ 0.07     $ 0.34        
                                                     
(a)   Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for the definitions of Adjusted Cloud recurring gross margin, Adjusted operating profit, Adjusted EBITDA margin, and Adjusted net profit margin.
(b)   The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $24.3 million of severance charges, $3.7 million of restructuring consulting fees, $2.8 million of foreign exchange loss, $2.0 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $0.7 million related to the difference between the historical five-year average pension expense and the current period actuarially determined pension expense associated with the planned termination of the frozen U.S. pension plan and related changes in investment strategy associated with protecting the now fully funded status, and $0.3 million related to the net impact of the abandonment of certain leased facilities, along with a $22.3 million net adjustment for the effect of income taxes related to these items.
(c)   Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
(d)   GAAP diluted net loss per share is calculated based upon 152,439,996 weighted-average shares of common stock, and Adjusted diluted net income per share is calculated based upon 155,374,807 weighted-average shares of common stock.
     

Non-GAAP Financial Measures

Ceridian uses certain non-GAAP financial measures in this release including:

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Non-GAAP Financial Measure GAAP Financial Measure
EBITDA Net income (loss)
Adjusted EBITDA Net income (loss)
Adjusted EBITDA margin Net profit margin
Adjusted Cloud recurring gross margin Cloud recurring gross margin
Adjusted operating profit Operating profit (loss)
Adjusted operating profit margin Operating profit (loss) margin
Adjusted net income Net income (loss)
Adjusted net profit margin Net profit margin
Adjusted diluted net income per share Diluted net income (loss) per share
Revenue, including total revenue and revenue by solution, on a constant currency basis Revenue, including total revenue and revenue by solution
Dayforce recurring revenue per customer No directly comparable GAAP measure
   

Ceridian believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Ceridian’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin is a component of certain performance based equity awards for its named executive officers. These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Ceridian’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in our industry. Ceridian’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Ceridian’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.ceridian.com.

Ceridian defines its non-GAAP financial measures as follows:

  • EBITDA is defined as net income (loss) before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
  • Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
  • Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
  • Adjusted operating profit is defined as operating profit (loss), as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
  • Adjusted operating profit margin is determined by calculating the percentage Adjusted operating profit is of total revenue.
  • Adjusted net income is defined as net income (loss), as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
  • Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
  • Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average shares outstanding. When adjusted net income is positive, diluted weighted average shares outstanding incorporate the effect of dilutive equity instruments.
  • Revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
  • Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, Ceridian starts with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue, the impact of lower employment levels in 2021 due to the COVID-19 pandemic, and Ascender and ADAM HCM revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender and ADAM HCM. Ceridian has not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

Source: Ceridian HCM Holding Inc.

For further information, please contact:

Investor Relations
1-844-829-9499
[email protected]

Public Relations
1-647-417-2117
[email protected]

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ADQ Appoints Modon as Master Developer for Ras El Hekma Megaproject in Egypt

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adq-appoints-modon-as-master-developer-for-ras-el-hekma-megaproject-in-egypt

In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi
The event marked the signing of several significant agreements aimed at driving the development of the new destinationABU DHABI, UAE, Oct. 4, 2024 /PRNewswire/ — In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject.

In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
During the ceremony, Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
– A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
– A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
– A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
– A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
– A memorandum of understanding with Valderrama for the development and operation of golf communities.
– A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
– A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
– A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
– A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
– Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
About ADQEstablished in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy. 
For more information, visit adq.ae or write to [email protected]. You can also follow ADQ on Instagram, LinkedIn and X.
About Modon HoldingModon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project CompanyA wholly owned subsidiary of ADQ, an Abu Dhabi-based investment and holding company, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
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Electronic Access Control Systems Market Set for Significant Expansion, with Projected Growth to USD 16 Billion by 2031: Market Research Intellect

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The Electronic Access Control System market is driven by increasing security concerns and advancements in technology. As businesses and institutions face growing threats, there is a rising demand for sophisticated access control solutions to protect assets and data. Technological innovations, including biometrics, IoT integration, and cloud-based systems, enhance system functionality and appeal. Additionally, the trend toward smart buildings and stringent regulatory requirements further fuels the market’s expansion, reflecting a broadening need for advanced security solutions.
LEWES, Del., Oct. 4, 2024 /PRNewswire/ — The Electronic Access Control System market is projected to grow from approximately USD 10 billion in 2024 to USD 16 billion by 2031, achieving a compound annual growth rate (CAGR) of around 7.5%. This growth is driven by rising security needs, advancements in technology, and increased adoption of smart and connected security solutions across various sectors.

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202 – Pages126 – Tables37 – Figures
Scope Of The Report
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand).
SEGMENTS COVERED
By Type, By Application And By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
Electronic Access Control System Market Overview
Market Size and Growth:The Electronic Access Control System market is experiencing robust growth, expected to expand from approximately USD 10 billion in 2024 to USD 16 billion by 2031, representing a compound annual growth rate (CAGR) of about 7.5%. This growth trajectory is driven by the increasing need for enhanced security solutions across various sectors, including commercial, residential, and industrial applications. The rising concerns over security breaches and unauthorized access are prompting organizations to invest in advanced access control technologies. Additionally, the growing adoption of smart buildings and connected infrastructure contributes to the market’s expansion, as these technologies offer more efficient and scalable security solutions. As the demand for higher security standards continues to rise, the EACS market is poised for substantial growth in the coming years.Technological Advancements:The EACS market is significantly influenced by rapid technological advancements. Innovations such as biometric authentication, including fingerprint and facial recognition, are enhancing the capabilities of access control systems, providing more secure and user-friendly solutions. The integration of Internet of Things (IoT) technology allows for remote monitoring and management of access control systems, increasing their flexibility and effectiveness. Cloud-based solutions are also gaining traction, offering scalable and cost-effective options for businesses of all sizes. These technological advancements not only improve security but also streamline system management and integration with other smart technologies. As the technology continues to evolve, the EACS market is expected to benefit from more sophisticated, efficient, and adaptable access control solutions that meet the growing demands for security and convenience.Market Drivers:The primary drivers of the EACS market include heightened security concerns and the need for compliance with regulatory standards. Organizations across various sectors are increasingly investing in advanced access control solutions to safeguard their assets, sensitive information, and personnel. The growing frequency of security breaches and unauthorized access incidents further amplifies the need for reliable and robust security systems. Additionally, the trend toward smart buildings and the integration of IoT technology are driving market growth by offering more sophisticated and interconnected security solutions. Regulatory requirements related to data protection and physical security are also influencing the adoption of EACS, as businesses seek to meet these standards while ensuring the safety and security of their operations.Regional Insights:The EACS market shows varying growth patterns across different regions. North America and Europe lead the market due to their high adoption rates of advanced security technologies and stringent regulatory requirements. In these regions, the emphasis on high-security standards and the presence of major market players contribute to significant market growth. Conversely, the Asia-Pacific region is emerging as a key growth area due to rapid urbanization, industrialization, and increasing investments in infrastructure development. Countries such as China and India are witnessing a surge in demand for electronic access control systems as they modernize their infrastructure and enhance security measures. The diverse regional dynamics reflect varying levels of market maturity and growth opportunities, influencing the overall global market landscape.Download Sample Report Now: https://www.marketresearchintellect.com/download-sample/?rid=194769Market Segmentation:The EACS market can be segmented based on type, application, and technology. Key types include biometric systems, card-based systems, and electronic locks. Biometric systems are gaining popularity for their high security and convenience, while card-based systems remain widely used due to their affordability and ease of integration. Electronic locks offer versatile security options for both residential and commercial applications. In terms of application, the market serves commercial buildings, residential complexes, government facilities, and industrial sites. Each segment has unique requirements and preferences, driving the development of specialized solutions. Technology-wise, advancements such as IoT integration, cloud-based systems, and mobile access are shaping the market, offering improved functionality and user experience. Understanding these segments helps stakeholders tailor their offerings to meet diverse market needs effectively.Challenges:Despite its growth, the EACS market faces several challenges. High initial investment costs can deter small and medium-sized enterprises (SMEs) from adopting advanced access control solutions. Integration complexities, particularly with existing security infrastructure, can also pose hurdles for implementation. Additionally, concerns about data privacy and cybersecurity risks associated with connected systems may affect market adoption. The rapid pace of technological advancements requires continuous updates and upgrades, adding to the cost and complexity of maintaining access control systems. Addressing these challenges involves developing cost-effective solutions, enhancing system compatibility, and ensuring robust cybersecurity measures. Overcoming these obstacles is crucial for market players to successfully expand their customer base and capture emerging opportunities in the evolving security landscape.Competitive Landscape:The EACS market is characterized by intense competition, with numerous players vying for market share. Major companies include Honeywell, Johnson Controls, ASSA ABLOY, and Allegion, each offering a range of innovative products and solutions. These players focus on technological advancements, strategic partnerships, and mergers and acquisitions to strengthen their market positions. Additionally, emerging players and startups are introducing novel solutions, contributing to market dynamism and innovation. Competitive strategies involve differentiating products through advanced features, improving customer service, and expanding distribution channels. As the market evolves, companies must stay ahead of technological trends and customer demands to maintain a competitive edge and drive growth in a rapidly changing environment.Future Outlook:The future outlook for the EACS market is promising, with continued growth expected as security concerns and technological advancements drive demand. Emerging trends such as the integration of artificial intelligence (AI) and machine learning are likely to enhance system capabilities, providing more proactive and intelligent security solutions. The growing emphasis on smart cities and connected infrastructure will further propel market growth, as EACS plays a crucial role in modernizing urban environments. Additionally, increasing awareness of data privacy and security will lead to greater adoption of advanced access control systems. As the market evolves, stakeholders should focus on innovation, user experience, and addressing emerging security challenges to capitalize on future opportunities and sustain long-term growth.Geographic Dominance:
The Electronic Access Control System market exhibits significant geographic dominance, with North America and Europe leading due to their advanced infrastructure and stringent regulatory standards. North America, particularly the United States, holds a substantial share of the market, driven by high security concerns, technological advancements, and a robust presence of major EACS providers. Europe follows closely, with countries like the UK, Germany, and France investing heavily in security solutions due to strict regulations and high adoption rates. Meanwhile, the Asia-Pacific region is emerging as a major growth area, fueled by rapid urbanization, industrial expansion, and increasing investments in smart infrastructure. Countries such as China and India are witnessing rising demand for advanced access control systems as they modernize and enhance their security measures. The diverse regional dynamics highlight varying levels of market maturity and growth potential across the globe.
Electronic Access Control System Market Key Players Shaping the Future
The Electronic Access Control System market is significantly influenced by key players such as Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand). These companies are at the forefront of technological innovation and market development, shaping the future of access control solutions through their advanced products and strategic initiatives.
Electronic Access Control System Market Segment Analysis
The Electronic Access Control System market is segmented based on By Type, By Application and Geography, offering a comprehensive analysis of the industry.
By Type:
Biometric Systems: These systems use unique biological characteristics, such as fingerprints, facial recognition, and iris scans, to provide secure access. They offer high security and are increasingly adopted in sensitive areas.Card-Based Systems: These systems use magnetic stripe cards, smart cards, or proximity cards to control access. They are popular due to their affordability, ease of use, and integration capabilities.Electronic Locks: These include keypads, smart locks, and other electronic mechanisms that can be controlled remotely or via electronic credentials. They are versatile and used in various residential and commercial settings.By Application:
Commercial Buildings: EACS in commercial buildings includes office complexes, retail spaces, and hospitality venues. These systems focus on managing employee access, visitor control, and security integration.Residential Complexes: Access control systems for residential complexes include apartment buildings and gated communities, emphasizing security and convenience for residents.Government Facilities: High-security access control solutions are used in government buildings, military bases, and other critical infrastructure to ensure tight security and regulatory compliance.Industrial Sites: EACS for industrial sites manage access to sensitive areas, protect valuable assets, and ensure safety compliance in manufacturing and industrial environments.By Geography:
North America: This region leads the market due to high adoption rates of advanced security technologies, stringent regulations, and a strong presence of major market players.Europe: Europe follows closely, with significant market activity in countries such as the UK, Germany, and France, driven by regulatory standards and high security needs.Asia-Pacific: The Asia-Pacific region is emerging as a key growth area, with increasing urbanization, industrial expansion, and investments in smart infrastructure driving demand for EACS.Latin America: Growth in Latin America is fueled by increasing security concerns and infrastructural development, with a growing adoption of electronic access solutions.Middle East and Africa: The market in this region is expanding due to rising security needs and infrastructure projects, with increasing investments in advanced access control technologies. Automotive And Transportation:
The Electronic Access Control System  market within the automotive and transportation sector is experiencing notable growth, driven by advancements in vehicle security and the need for enhanced access management. In vehicles, EACS technology includes electronic locks, biometric systems, and keyless entry solutions that improve convenience and security for drivers and passengers. These systems are increasingly integrated into both commercial and personal vehicles, offering features such as remote access control, advanced theft prevention, and personalized settings. In the transportation sector, EACS is utilized for secure access to restricted areas within transportation hubs, including airports, train stations, and cargo facilities. This enhances the management of personnel and vehicle access, contributing to overall safety and operational efficiency. As the demand for smarter and more secure transportation solutions grows, the EACS market is expected to expand, driven by ongoing innovations and the increasing adoption of connected technologies.
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Artificial Intelligence

System-on-Chip (SoC) Market worth $205.97 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Oct. 4, 2024 /PRNewswire/ — The System-on-Chip (SoC) market is projected to grow from USD 138.46 billion in 2024 and is estimated to reach USD 205.97 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the System-on-Chip (SoC) market is driven with the increasing trend of SoC in automotive industry along with the adoption of IoT and connected devices that require SoCs to carry out real time processing. Moreover, the surging adoption of AI and machine learning technologies is likely to fuel the demand for system-on-chips.

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250 – Tables73 – Figures326 – Pages
System-on-Chip (SoC) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 138.46 billion
Estimated Value by 2029
$ 205.97 billion
Growth Rate
Poised to grow at a CAGR of 8.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Core Count, Core Architecture, Device and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Rapid technological changes challenge SoC longevity
Key Market Opportunities
Growing penetration of AI PCs and GenAI smartphones
Key Market Drivers
Rising adoption of ADAS in autonomous vehicles to fuel the growth of automotive SoCs
By core architecture, RISC-V is projected to grow at a high CAGR for system-on-chip market during the forecast period
The market for System-on-Chips (SoC) for RISC-V architecture segment is expected to grow at highest CAGR during the forecast period. The RISC-V architecture is bound to grow at a higher rate in view of the flexibility, cost, and scalability advantages it has over others, driving wide adoption across diversified applications. The open-source nature of the architecture is one of the major growth drivers because it reduces licensing costs and accelerates innovation since customizations are allowed for use cases as per various needs. This flexibility is valuable in the emerging and high-growth sectors of AI, 5G, and IoT, where a solution that is tailor-made to complex requirements needs to be provided. For instance, in May 2024, Arteris, Inc. (US) and Andes Technology Corporation (Taiwan) partnered to develop the Andes Qilai RISC-V platform. It incorporates the high-performance RISC-V processor IPs from Andes Technology Corporation (Taiwan) and the FlexNoC interconnect IP from Arteris, Inc. (US). Their joint effort shows their efforts towards advancing RISC-V based SoC designs for a wide range of applications, which include AI, 5G, Networking, Mobile, Storage, AIoT, and Space. With open-source RISC-V model, such developments further continue to accelerate innovation and drive adoption in these high-growth areas, positioning RISC-V as the choice for future technology roadmaps.
The automotive segment in System-on-Chip (SoC) market will account for the high CAGR from 2024 to 2029
The SoC market for automotive segment will grow at highest CAGR during the forecast period. The SoCs integrated in automotive applications enable enhanced performance, reduced power consumption, and compact designs, which makes them essential for numerous vehicle systems. The automotive segment will experience growth due to the increasing adoption of advanced driver assistance systems (ADAS), infotainment systems, and the rising popularity of electric vehicles. EVs rely heavily on sophisticated electronics for battery management, powertrain control, and energy efficiency optimization, all of which require advanced SoCs. For instance, in June 2024, Intel Corporation (US) launched OLEA U310 SoC chip for automotive applications. It is developed to improve the performance of electric vehicles. This chip combines hardware and software in one SoC to enable seamless operation across various EV station platforms. They are designed to manage the complex systems within EVs. It ensures optimal performance, safety, and extended range. The increasing complexity of autonomous driving systems, along with the demand for safer and more reliable vehicles fuels the adoption of SoCs in the automotive industry, driving significant growth in this segment.
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Asia Pacific is expected to register the highest CAGR during the forecast period
The system-on-chip (SoC) industry in Asia Pacific includes economies such as South Korea, Japan, China, and India and Rest of Asia Pacific. The Rest of Asia Pacific countries include Australia, Singapore, the Philippines, Taiwan, Thailand, and Indonesia. There is a presence of leading SoC manufacturers in this region including MediaTek Inc. (Taiwan), Samsung (South Korea), Infineon Technologies AG (Germany), and Renesas Electronics Corporation (Japan). The Asia-Pacific region is still the biggest revenue generator in terms of SoC market globally due to the fast-growing consumer electronics and mobile device-related sectors. Other regions considered as major manufacturing centers in the world are China, South Korea, Japan, and India for making the latest smartphones, tablets, and other consumer electronic products that require state-of-the-art SoCs for delivering high performance, energy efficiency, and integrated functionalities. A highly and technologically advanced population in the region has always formed the basis for a sustained demand in terms of innovative and feature-rich devices, thereby showing sustainable growth in the SoC market. Automotive and industrial automation are another major sector driving the SoC market in Asia Pacific. This region contains some of the largest automobile manufacturers in the world, such as Hyundai Motor Company (South Korea), Toyota (Japan), and Tata Motors Limited (India). These car manufacturers are now putting SoCs into their automobiles so that they are equipped with ADAS capabilities, infotainment features, and autonomous driving technologies.
Key Players
Key companies operating in the System-on-Chip (SoC) companies are Qualcomm Technologies, Inc. (US), MediaTek Inc. (Taiwan), Samsung (South Korea), Apple Inc. (US), Broadcom (US), Intel Corporation (US), Advanced Micro Devices, Inc. (US), NVIDIA Corporation (US), HiSilicon (China), Microchip Technology Inc. (US), among others.
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