Ceridian Hcm
Q1 2023 Earnings Call
May 03, 2023, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Matt Wells
I'm Matt Wells, head of investor relations. And on the call today, we have our co-CEOs, David Ossip and Leagh Turner; and our CFO, Noemie Heuland; and our CTO, Joe Korngiebel. As a reminder, all participants are in a listen-only mode, and a question-and-answer session will follow our opening remarks. And before I hand the call over to David, I want to remind everyone that our commentary may include forward-looking statements.
These statements are subject to risks and uncertainties that could cause Ceridian's results to differ materially from historical experience or present expectations. A description of some of these risks and uncertainties can be found in the reports we filed with the Securities and Exchange Commission such as the cautionary statements in our filings. Additionally, over the course of this call, we will reference non-GAAP measures to describe our performance. Please review our earnings press release and filings with the SEC for our rationale behind the use of non-GAAP measures and for a full reconciliation of these GAAP to non-GAAP metrics.
These documents, in addition to a replay of this call, will be available on the Ceridian Investor Relations website. And with that, I'd like to turn the call over to David.
David Ossip -- Chairman and Co-Chief Executive Officer
Thank you, Matt, and thank you all for joining us today. for our first-quarter earnings call. Today, I'll discuss our strong first quarter results and talk to our continued technology leadership in HCM. Leagh will give more information on recent sales wins, successful customer implementations, and continued efficiencies in our organization.
Joe is also in the call and will discuss our investments in innovation, including new products and generative AI. And Noemie will then provide insights on our quarterly performance and 2023 full-year guidance. I will begin with our financial results. We had another fantastic quarter, exceeding guidance across all revenue and profit metrics.
On a constant-currency basis, Dayforce recurring revenue grew 46% year over year. As that's a very high number, let me break it down. Dayforce recurring revenue ex float grew 29% on a constant-currency basis, with tax modernization contributing approximately 600 basis points of growth. Adjusted EBITDA was $105.4 million or 28.4% of revenue.