Ceridian HCM Holding Inc.
Q3 2022 Earnings Call
Nov 02, 2022, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Matt Wells
Hello, and welcome to Ceridian's third quarter 2022 earnings conference call. I'm Matt Wells, senior director of investor relations. And on the call today, we have our co-CEOs, David Ossip and Leagh Turner; and our CFO, Noemie Heuland. As a reminder, all participants are in listen-only mode.
And a question-and-answer session will follow the opening remarks. 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. Both our earnings press release and SEC filings are available on the Ceridian Investor Relations website. As a final note, A replay of this call will also be available on our Investor Relations website.
And with that, I'd like to turn the call over to David.
David Ossip -- Co-Chief Executive Officer
Hello, everyone, and thank you for joining our Q3 earnings. Today, I'll speak about our very strong performance in the quarter and continued company momentum, as well as some exciting product highlights as we prepare for our global customer conference insights taking place next week. Leagh will elaborate on both our market momentum and our continued ability to scale. And then now Noemie will provide commentary on the Q3 results and full-year guidance before we open the call for questions.
Let me start with our financial performance. We had a very strong third quarter. We exceeded the high end of our guidance across all metrics despite the headwind of a stronger U.S. dollar.
Our PEPM revenue growth remains strong and float income continues to benefit from a return to a more normalized interest rate environment. On a constant-currency basis, Dayforce recurring revenue grew 32% and 27% excluding float. Our business continues to scale very well. I'm pleased to report that adjusted EBITDA was $63.5 million, a 61% improvement year on year, and adjusted EBITDA margin was 20.1% of revenue and expansion versus a year ago when the business was operating at 15.3%.