I'd like to welcome everyone to the Ceridian second quarter 2021 earnings call. All participants are in listen-only mode, and a question and answer session will follow the formal remarks. As a reminder, this conference is being recorded. On the call today, we have Ceridian CEO, David Ossip, and CFO, Noémie Heuland. Before I hand the call to David for some brief remarks, allow me to provide a disclaimer regarding forward-looking statements. This call may include forward-looking statements about our current and future outlook, guidance, plans, expectations and intentions, results, levels of activities, performance, goals or achievements, or any other future events or developments. These statements are based on management's reasonable assumptions and beliefs in light of information currently available to us. Listeners are cautioned not to place undue reliance on such statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those set forth in such statements. We refer you to our previous filings with the SEC for information regarding the significant assumptions underlying forward-looking statements and certain risks and other factors that could affect our future performance and ability to deliver on those statements. We undertake no obligation to update or revise any forward-looking statements made on this call, except as may be required by law. The second quarter stockholders' letter, earnings release, and Form 10-Q have been furnished or filed with the SEC and will be available on the SEC's EDGAR database in the U.S. and the SEDAR database in Canada, as well as on the Ceridian investor relations website at investors.ceridian.com. With that, I will turn the call over to David. Thanks there, Jeremy, and good evening, everyone. Thank you for joining the call today. Before we go into Q&A, I want to spend a few minutes on some key points from the quarter. First, we had strong financial performance in the second quarter. Our results were meaningfully above guidance across all metrics. Dayforce recurring revenue, excluding float revenue, grew by 30%. Total revenue, including Powerpay and Bureau, also grew by 30%. Cloud recurring gross margin was 72%, up 130 basis points year-over-year, and up 200 basis points excluding float revenue. Based on our solid execution and increased confidence in employment levels at our customers, we are raising our guidance, and we now expect third quarter Dayforce recurring revenue, excluding float revenue, to grow 31%-32%. Fourth quarter Dayforce recurring revenue, excluding float revenue, to grow 32%-33%. Full-year total revenue between $1 billion and $8 million and $1 billion and $18 million. Adjusted EBITDA between $155 million and $165 million. We were also pleased with our second quarter sales performance, which was both above 2019 and 2020. We continue to see success in the enterprise and large enterprise segments, and we also saw solid traction in the major market segments. Our pipeline is strong, and we expect healthy sales performance to continue into the second half of 2021. Second, employee counts at our Dayforce customers began to show improvement compared to the last quarter. The average employee count per Dayforce customer is now larger than pre-pandemic levels, reflective of our move into enterprise and also better employment levels. This is expected to positively benefit our second half revenue. Finally, we have seen strong market momentum for Dayforce Wallet. We now have more than 600 customers signed with over 200 customers live on the Dayforce Wallet. Inside our top quartile of live customers, registration rates are averaging about 40% of eligible users. We are now seeing impressive traction and spending patterns further positioning the Dayforce Card as top of wallet go-to card for spending earned money. The average active wallet holder loads money onto their wallet five to six times per month at an average of approximately $120 per load. In addition, an average active user transacts with the card approximately 24 times per month, almost every day. In summary, our execution was strong across segments and geographies, and our financial performance exceeded expectations. We are seeing significant momentum across all areas of the company. We also have reopened our offices in the U.S., and I've been thrilled to see the level of engagement from our employees, whom I've met in various town halls across the country. I've also been busy visiting our customers at their offices throughout the U.S., and some consistent themes have emerged. First, their desire to improve the wellbeing and productivity of their workforce. Second, their challenges to maintain and unify their company culture in an environment where employees expect and do work from anywhere in a hybrid fashion. Finally, their difficulties attracting and retaining talent in a very competitive talent market. I left each of these in-person conversations with the conviction that we are uniquely positioned to address these challenges and help our customers be more competitive. I would now like to hand it back to Jeremy to open the call up for questions. Thanks, David. As we go through the Q&A portion of the call, I will announce your name. At that point, may I ask you to please unmute your line and ask a question, and then remute your line. May I also ask you to please limit your time to one question and one follow-up? Thank you. The first question comes from the line of Sitikantha Panigrahi from Mizuho. Siti, please go ahead. Hey, thanks for taking my question. It's really nice to see this 30% recurring revenue growth, back to that 30%, even guiding 30% plus in the second half. I want to dig a little bit into your confidence level. Mainly, what's your expectation in terms of employment going into the second half, Q3, Q4? Also, specifically on the enterprise segment traction, what are you seeing there? Mainly, how SI is helping you, and how does that change your activation or revenue recognition in the enterprise deals? Sure. In terms of employee headwinds, in the quarter, we saw employee headwinds of $6 million in Q2, which was in line of what we had expected. For Q3, we expect a $3 million headwind, so an improvement of $3 million. In Q4, we expect it to only be $1.5 million. That's on the Dayforce side. On the Powerpay side, in Q2, we saw a headwind of $1.5 million. In Q3, we expect it to improve to a headwind of $1 million, and in Q4, a headwind of $0.5 million. Our traction, Siti, in the enterprise segment and as well in what we call major market 2, which is the upper segment of the major market, remains very strong. We saw both a nice increase in ACV year-over-year, and we also saw a significant increase in the volume of deals coming through the system as well. Okay. Thanks for that color. Quick follow-up on the Dayforce Wallet side. It's good to see the traction there, now 200 customer live. What could you do further to drive registration? You talked about 40% in some instances. What have you learned in last one year to drive further penetration? Do you have to rely on this HR of your customer, HR department of your customer, or can you do something else? Yeah. It's a great question. There are two parts to that. The first is when we look at the top quartile of our customers, it's largely the customers who have been live the longest. What we're seeing is month-over-month, the registration rates of eligible employees at our customers go up. As I mentioned, the top quartile, we're seeing numbers about 40%. Again later. Goodbye. The second piece that we actually see as well, is that we do have specific initiatives on the product side that we're adding. Things like referrals, so I can refer a friend, give $10, get $10, and that will come online in the next few months. We also have added a messaging component into the actual system that will allow us to, again, encourage people to use the system. We've added enhancements on the direct deposit side to help people set up the Dayforce Wallet as their primary direct deposit accounts. There are various other initiatives we're doing on the product side that we believe will continue to drive not only registration, but usage of the products. That's great. Thank you. Thank you. Our next question comes from the line of Jared Levine, who's in place for Brian Bergin at Cowen. Jared, please go ahead. Thank you. Has there been any change in the competitive environment, particularly against ADP or UKG this past quarter? Not really, Jared. I would say that it's been largely consistent since we've actually IPO'd. As you know, we have two prime competitors in major markets. When we go up market into the enterprise and large enterprise segment, it shifts a bit more to the ERP side. Got you. Then in terms of Dayforce Wallet, can you provide an update in terms of that revenue you're seeing per active user? Is it still pretty much an effective doubling of that PEPM with those active registered users? That's about right. Jeremy, have we provided the actual ARPU per account? I don't think so, right? We have not. Yeah. Generally, it's in line that we can effectively see a doubling of the recurring revenue per active user. Okay, great. Thank you. All right, next question comes from Daniel Jester at Citi. Dan, please go ahead. Thanks, Jeremy. Good afternoon, everyone. I noticed that Wallet was launched in Canada earlier this month. Can you just help us think about the market in Canada versus U.S.? I think there's clearly other competitors that are trying to go on-demand pay in the U.S., but help us think about what the opportunity in Canada could look like, please. Dan, it's looking very similar. Right out of the gate, we got very good traction with the wallet in Canada, which is really tremendous to see. We're seeing registration rates follow those, what we're seeing inside the actual U.S. It's a slight difference in that in the U.S., you do have an unbanked or low-banked population that's smaller in Canada. But surprisingly, the registration, the desire to use the wallet doesn't seem to be any different in Canada versus the U.S. We had some great coverage with the actual launch. If you haven't seen, there's a piece on CTV News that I encourage you to look at. What was great about that is that they interviewed random people on the street to test the value of the actual wallet, and the results were really great. Great. Then in the shareholder letter, there's a metric that incremental Dayforce recurring revenue per customer was up 8% year-over-year. If I go back a few quarters, I think that was like 13% or higher. Maybe just help me think about what's driving the deceleration here, because client growth, live Dayforce customers has been pretty steady, but that metric seems to have come down. What's driving that, please? Thank you. It's mostly down overlapping. We started to move into the enterprise segment, you got a nice lift up into the enterprise segment. When we look at it at the moment, I think you need to look at it on an ex float basis. The number is actually 11% inside the quarter. If I look at Q2 of 2021 to Q2 of 2020, it went from 93,656 to 103,757, which is up about 11% year-over-year. Great. I'll follow up offline. Thank you. Thanks. Next question comes from Mark Marcon of Baird. Mark, please go ahead. Good afternoon, congrats on the strong results. I'm wondering, can you talk a little bit about some of the wins that you ended up having during the quarter? I'm particularly interested in the international wins, in particular, Coupa. Can you talk a little bit about where you're seeing the international wins come from, what the pace of momentum is like, and how you're feeling about international just in terms of being able to drive new sales? First, the growth on the global side is tremendous year-over-year, both in the number of deals that we're doing, the number of deals we're doing with the actual size and the revenue side has gone up quite significantly year-over-year. In terms of the particular types of wins, obviously we had Coupa, which is just a tremendous software company, I think everyone knows about that, operating on a global basis. What I love about that one is that it's great evidence that we are very competitive in the software industry as well. We had a great fitness company that I think everyone knows, everyone uses, everyone probably has a subscription to them on a global basis. I know that my wife and family have been supporting them for quite a long time. D&B also obviously a great one as well in financial services. Then we have the typical, we had a great, I want to call them an environmental resourcing company out of Europe, which is a great name that we got, and then your typical retail and veterinarian types of clinics. We had a very nice and strong quarter when it came to winning globally and in the domestic markets. Who'd you win Coupa from? Can you say? It was again, the big ERP that you would expect. Okay, great. Then just in terms of the guidance, can you talk a little bit about some of the drivers with regards to the EBITDA guidance? You're obviously investing, there's obviously all sorts of different opportunities. Where's the incremental investment coming? Yeah. Let me just start by talking about EBITDA in the quarter, because as you can see, it came in meaningfully above the actual guide. In fact, we came in about $9 million, I think, above the high of our guide for the quarter on EBITDA. If you look at it from a dollar perspective, it was up 6.4% year-over-year. We've kept the EBITDA number conservative because we are investing quite heavily in product, and if you read through the shareholder letter, we've highlighted a lot of the number of initiatives that we're actually doing. We're obviously doing a tremendous amount of investment in the Dayforce Wallet as well. We also are now investing heavily in in-person marketing events, which we didn't have in the prior quarters. We have the world tour that's coming up that is really exciting. We're starting that in Vegas and New York, and then we'll follow up as soon as possible in the U.K. and in Singapore. We've been doing some smaller sales events and customer events in New York. I have one coming up in L.A. in about two weeks' time as well. A little bit more on the marketing spend. Noémie, anything that you would want to comment on that? I think you've covered it well. In Q2, we had obviously a beat in our adjusted EBITDA versus what we had guided, which is primarily as a result of the revenue beat that we saw. We've continued to invest consistently, as we said before, in the areas that David just covered. Product and technology is a significant area of spend for us, as David mentioned, for the wallet as well as for the global expansion and native payroll capabilities. You would expect that to continue throughout the year, as well as investments in sales and marketing to support the effort to the upmarket. Great. Thank you so much. Our next question comes from Matt Coss at JP Morgan. He's in place for Mark Murphy. Matt, please go ahead. Hey, good afternoon. David, in the shareholder letter, you mentioned core delivery metrics remain strong and continued improvement with customer satisfaction scores is something that you saw. I assume things like no starts are probably smaller or perhaps nonexistent to begin with, but to the extent that they do exist, can you talk about any headway you've made there? Then perhaps along with that, the trajectory of things like NPS scores, overall customer sat, growth in the number of customers willing to be references. Thank you. Yeah. Matt, I'm going to have to ask you for group clarity on the first part of your question, but the second part of your question, we've seen NPS scores go up materially year-over-year, both on the implementation side and on the customer support side. We've got exceptionally strong scores now on both of those metrics. In fact, I doubt that there's anyone in industry who's as strong as we are when it comes to NPS scores. As you know, NPS is a very honest metric. What was the first part? Did it have to do with do you think you used the word no starts? Yeah, no starts. Just like I mentioned, I assume that you probably don't have any customers who sign and then just never end up going live. It would be the absolute rarity for us to see that going. When I look at the service organization and when I look in the actual number of kickoffs and go lives, they've done very nicely. When I look at the accuracy of our services team being able to predict when a customer is going to go live, it's very strong. Now, I think most of you know that every other week, I meet with the services team. We go through the company by different segments. Any account that has a potential of pushing more than 30%, we go deep into it. If I look at it quarter-over-quarter, we're seeing tremendous accuracy coming out of the service team. Okay, great. That's all. Noémie? Can I add something on the services? I think we've seen the PS and other lines coming back in growth territory this quarter after a couple of quarters of decline. That's pretty good evidence of them getting also more efficient in taking customer live. We have seen some increase in the professional services margin as well. We had a higher share now of value-added services, which is customers purchasing our services post go live, where we also have significant value added to have those customers taking the best ROI of the development and the implementation of the solution. Okay. That's helpful color. Thank you. Maybe just on the better employment levels at your customers. If you think about the jobs lost at the peak of COVID in March and April last year, what percentage of those jobs you think are back? Maybe if they're not all back, when do they come back? Matt, as I actually mentioned, when I look at the average employee count across our customer base, it's actually higher now than it was pre-COVID levels, both in Canada and in the U.S. I would actually argue that the jobs have actually come back into the actual market. When I look at the growth in employment levels over the last 90 days alone, we're seeing tremendous growth, 4% or 5% employment growth across inactive and active employees at our customers. Great. Thank you. The next question comes from Michael Turrin at Wells Fargo. Michael, please go ahead. Hey there. Thanks. Appreciate the time as always. On the international side, I want to just spend some time on Ascender. Was that the $23 million you reported just for level setting in line with what you're expecting? I think you've said the migration is expected to kick off here in the second half of the year. Can you just talk about the expectations? I know it's a multi-year journey, but how we should think about the start there and the trajectory as you kick off those efforts. Thank you. I'll start, and I'll add it to Noémie for a little bit more color. The Ascender line was $22.9 million, broken down into Dayforce recurring revenue, which came in at $5 million versus the $4.5 million that we had expected. Dayforce professional services came in at $1.2 million versus the $1.5 million that we had expected. Bureau came in at $16.7 million versus $15 million, but there were some purchase accounting adjustments that were inside that particular number. When you look at Q3 and Q4, we would expect, including in our guidance, $4.5 million per quarter on Dayforce recurring revenue, $1.5 million on Dayforce professional services, and $15 million on the actual Bureau side. The migration begins, as we mentioned, in the second half of the year. Remember that it will take time to activate those accounts. You aren't going to see the impact of that really until 2022. One other data point that we did call out inside the shareholders' letter is that when we look at RITEQ, which we purchased about two years ago, the Dayforce revenue that we have sold to those accounts now exceeds the total revenue of RITEQ at the time of purchase. It's really a great data point about the strategy that we can position Dayforce, as we do that, we get the upsell of the talent modules, the workforce management modules, which obviously increase the revenue that we can expect from those customers. Noémie, anything you would add? No, I think that covered it well. Just the Dayforce Wallet engagement stats, those are tremendous. We keep seeing the breadcrumbs of progress there. Any color you can add on the types of transactions you're seeing? That average load metric also looks like a pretty compelling value proposition. Can we just talk about the engagement levels you're seeing and the potential for monetization there as we think about potential impacts to the model going forward? Thank you. Yeah. The engagement numbers are great. As I mentioned, in the top quartile, about 40% registration rates across the clients, which I would argue is a bit ahead of what we had expected. The second part is the loads that we're seeing have gone up slightly, but they're effectively 6x per month at over $120 per load. On the spend time, we're seeing the cards be used almost daily. The average usage of the card is in excess of 24x per month. The typical types of transactions are what you would expect. They are grocery purchases, convenience store, gas, ATM withdrawals, which is the majority of the transactions. In terms of further ways of monetizing that, we are going to launch a cashback program with a particular partner, where there is a revenue share, and we believe that could add about 0.9% of the actual spend, if you like, into revenue. There are other programs that we are looking at, things like, sorry, buy now, pay later programs that I think will further add it. Then as we get into more of the financial wellness side, there's really a tremendous opportunity for us. So Michael, you're actually muted. I'm not sure if you're aware. Oh, no, that's great. Thank you very much. Appreciate the color. Very sure. Thank you. The next question comes from Bradley Clark, who's in for Keith Bachman at BMO. Hi. Thank you for taking my question. I wanted to follow up on the international trends, and specifically, could you talk more broadly about the size of the opportunity that exists now in the ANZ greater Asia-Pac area with Ascender beyond the installed base? And then broader than that, are there any differences in demand appetite for HCM deployment between the international markets, including Europe versus U.S. and Canada? Any comments you could make on more global trends that you're seeing? Thank you. Brad, right off the bat, we're seeing very strong growth on the global side. If I look at the number of deals that we have in pipe today for global deals versus last year, or if I look at, from a deployment perspective, the number of countries we currently are deploying in now versus what we were deploying in about a year ago, they're up in double digits. We're talking really tremendous growth and tremendous opportunity coming through. In terms of ANZ, which is actually APJ as well, there are 1,500 customers we have between Excelity and between Ascender. All of them obviously will lead to Dayforce. When we move to Dayforce, we obviously position the entire talent suite as well as the workforce management and payroll, which does give us a nice lift in revenue. As I mentioned with RITEQ, I think we've been able to prove that out. As we migrate a single application, like in RITEQ's case, it was workforce management only, so we sell payroll, we sell talent for workforce management accounts. In the case of Excelity and the case of Ascender, it's now selling workforce management core HR and talent components onto that. We see a nice lift in revenue. We also are seeing tremendous benefit from having the APJ assets on how attractive we are on a global basis to sell with companies that have operations around the world. We're very optimistic about global, and we also do believe it is a differentiation of us relative to both the ERPs and the other HCM providers. Great. Thank you. Our next question comes from Matthew Pfau of Blair, William Blair. Go ahead, Matthew. Yes, thanks. Wanted to ask on the partner ecosystem. You now have relationships with some very large partners. How do you go about building on and expanding these relationships specifically to get them to start influencing more deals? The second one on the partner ecosystem is that you did mention in the shareholder letter that you saw continued growth in partner-primed deals. Are these a meaningful component of the pipeline yet? Matthew, to answer your 1st question, I think there are three stages that I've discussed beforehand. The first is you have to train the SIs so they have resources available. The second is you have to allow them to prime the actual implementation so that they can take the customers live and get references. Once they do that, I think you do get the lift in pipeline. The majority of pipeline lifts, I think we're still probably a quarter or two away as we need to complete the implementations or the SIs have to complete the implementations. We are seeing some benefit already in terms of deals where we are seeing a positive impact of the SI influence coming through. Another point that I think I'd like to make as well is that we are operating in a tight talent market. The fact that we now have 19 SIs that have capability to implement is helping us because it does allow us to continue to grow and scale the company without having to hire people directly. I think that in retrospect, it was a fantastic move to be able to build out a bench of very capable people across a range of very accomplished organizations. Thanks. That is all I have. Thank you. All right. The next question comes from Samad Samana at Jefferies. Hi, David. Good to see you. Thanks for taking my questions. As you can see, I'm no longer in my own home. I would love to ask a couple of questions. Maybe first, just that 0.9% rev share that you mentioned for Wallet, was that when you start to rebate back, or were you saying 90 basis points, is that the take rate that you're getting on Dayforce Wallet transactions today? I was curious what you were saying. Yeah. We still are about to launch the actual partnership, but generally, the way it works is that the employee gets a cash back of about 4%-5%. The network gets about 4%. We get about 40%-50% of that revenue share. That's where that 90 basis points comes from. Okay. Okay, great. Maybe just one more housekeeping question. The Ideal acquisition, I don't know if that contributed anything to revenue in the quarter. I know it closed in April. I'm curious if that contributed to 2Q, and if so, which revenue segment it falls into. Sure. I'll give that one to Noémie. It's a small contribution for the second quarter. Remember, it was primarily an acqui-hire, where we got a lot of talented individuals, various experts in machine learning development capabilities, as well as artificial intelligence. That's the primary reason why we made this acquisition, but there's a slight couple hundred thousand dollars in the Q2 number, to be precise. Great. Then maybe zooming out a little bit, David, it sounds like the bookings in 2Q were nicely up over the prior two year second quarters. I'm curious, when you think about the new customers that you've been adding, how many of those were in the pipeline prior to COVID? I guess, as I think about the current pipeline, how many are just new to Ceridian from a pipeline perspective, where they're just completely new leads? How's new pipeline generation looking? I don't actually have a number of how many were in there prior to pre-COVID. Lastly, I would think it actually depends on the actual segment. If you're talking about the large enterprise, then it's likely that they were around before because it takes a while to go through those. If I'm talking about enterprise, major market 2 or major market 1, it goes large enterprise, MM 2, sorry, MM 1, MM 2. The major market deals typically move much quicker. Most of what we are seeing, I would argue, is relatively new. As you know, we've done a tremendous number of virtual events that really have led to the build-out of the pipeline. As we've been seeing the last number of quarters, the pipeline is strong. As I mentioned in the very opening, we've seen an increase in volume of deals as well. If I look at major market two and I look at the enterprise space, those particular markets seem to be moving very quickly relative to last year. We've seen really healthy growth in those segments. Great. Very helpful. Apologies for all the housekeeping questions, but maybe just one last one. I know that historically the company has invoiced on go live, and I think that the goal is to get more customers to start invoicing on activation. I was just wondering maybe, Noémie, how that trend is going, and how should we think about that flowing through the Dayforce recurring line over time? Yeah. We've seen a significant attach rate on what we call pre-PEPM provisioning for our new sales. It's actually aligned with what we had expected and modeled ahead of the year, which is great because it was a new business model for us. I think we're pleased with what we're seeing in terms of execution and customer appetite to go and sign those contracts with pre-PEPM provisioning. We expect that number to be significantly higher next year, so it's still ramping up as any new program. The benefit of it is, it's actually what we've observed is customers with paying recurring revenue before go live are actually getting more passionate about getting live on time, as you would expect. Actually, it helps our professional services delivery team as well. To answer your question, it's really been a program that's aligned with what we expected. The attach rate is strong, and we expect that revenue to be more material next year, and we'll start disclosing more of that. Great. Thank you. As always, great to see you all, and nice to see the strong numbers. Take care. Thanks, Samad. Next question comes from Alex Zukin at Wolfe. Hey, guys. Thanks for taking the question. David, first maybe for you, if you think about the bookings mix, you just talked about bookings growth being pretty solid in Q2. I want to ask a question around if you take the demand environment that you're seeing in the market right now and you look at the proportion of bookings first half versus second half and compare that to kind of traditional pre-COVID periods, is there any more or less concentration of bookings? Is it a more back-end loaded year this year than usual kind of coming out from the pandemic, seeing some of these normalizations take time? I want to start there. Alex, generally the linearity in our business is that you are more swayed towards H2, in particular Q4. I think you'll see something similar again in this particular year. In terms of the recovery, it's happening quicker in certain segments, particularly in the enterprise segment and in the major market 2 segment. That's where we're seeing the highest volume of actual deals coming through. When I look at the pipeline, it's strong across the board. Got it. For Noémie, if I think about the numbers themselves, if I look at Dayforce recurring ex float, constant currency, ex Ascender, ex employee tailwinds, what's the right way to think about that growth, both not in just the second half guide that you're putting up, but the durability, given the bookings strength. The durability, what's the right way for us to think about that net new normal now that the base has roughly started to normalize? There's different ways you could slice and dice the number. I would argue that Ascender contribution is actually key. We've acquired those customers, there's a plan to start cross-selling to those customers and upselling and migrating them to Dayforce. I wouldn't necessarily back those numbers out of the normalized growth going forward. I think we continue to see employment levels coming up. We expect to end the year pretty close to what we were pre-COVID, Powerpay also has been significantly improving over the past few months, we expect that to continue as well. I think we'll communicate guidance for next year and expected growth rates for Dayforce recurring in due course, I wouldn't necessarily back out Ascender and the like, because that's really part of our overall strategy. We start to see customers of the existing Ascender base actually buying some other modules, and we expect that to continue going forward. Understood. David, maybe finally one for you. We've seen both some commentary around competition, Paycom's moving up market increasingly on their call yesterday. You've got a new IPO. UKG is still in the market. What's the right way to think about the competitive dynamics in the market right now, how they're different, similar, and where you're either seeing incremental opportunity for share gains or sales cycles are taking longer? We don't really see a lot of Paycom inside the market, and I think we rarely, if ever, see the guys at Paycom. I don't think we've seen any particular change. Obviously, as we have gone up market, we do see the ERPs more than we have beforehand. They're probably up the most. In terms of competitive win rate, they are still very healthy. They haven't changed. I think when you look at the actual product, we're quite differentiated in so many different ways, that the value prop that we can offer the market causes the win rates. Perfect. Thank you, guys. I'll pass them on. Thank you. Next question comes from Arvind Ramnani from Piper Sandler. Arvind, please go ahead. Hi. Thanks for taking my question. I had a broader level question. With the expected stimulus sort of looking to expire in September, things like hiring is going to ramp up quite aggressively, because I see a lot more kind of openings for jobs as opposed to people willing to get back to work. Do you expect revenue to really kind of accelerate as you exit this year and into next year, assuming the stimulus basically expires? We've given guidance for the remainder of the year, and you can see the pattern is Q3 goes up, and then Q4 goes up on Q3 as well. We haven't completed our SRP yet for 2022. I would argue there are still tailwinds when it comes to employment. When we look across our customer base, and we can obviously monitor the number of open job postings that they have and the time to close those postings, we definitely are seeing that go up. One other data point that I'll probably refer you to, if you look at the average float balance of our customers. The average float balance is up 27% year-over-year, which is usually indicative of the size of the payrolls across our customers. Another good kind of data point that the economy is coming back very strong. Perfect. If I look at the float balance last year, are you able to share at least kind of ballpark, how much it was down and the up 27% this year was the last, but last year versus the year before was? Sure. If I actually look at the float balances, if I go to Q2 of 2019, it was $3.4 billion. In Q2, it obviously came down to $2.98. In this year, it is $3.8, so it is still quite significantly ahead of the volumes that we saw in Q2 of 2019. You can further go back a year before. If you look at Q2 of 2018, it was $3.35. There is definitely a significant increase in the float balance in Q2. We also saw, if you remember, an increase in the float balance in Q1. It's a very good sign the economy is coming back strong. Right. Thank you very much. Next question comes from Stephanie Price at CIBC. Stephanie, go ahead. Hi, good evening. After selling virtually for about 18 months, sounds like you're moving back to a little bit in person. Just curious about how you're thinking about sales and marketing and if you're looking at any changes in the sales structure, just given remote work over the last little bit. Stephanie, I've started actually traveling quite a bit. We did a client event in New York a few weeks ago. To kind of give you an idea, normally when you do these client dinners, they go from 6:00 P.M. to 8:30 P.M., 9:00 P.M. This went from 6:00 P.M. to 12:30 A.M. I would say there's just a huge pent-up demand for people to get out and to interact again. I did two town halls. I did one in Tampa, and I did one in Minneapolis. The energy inside the town halls was just wonderful to see. Just people smiling and happy to be together. Next week I'm in Chicago doing another kind of departmental town hall, and then I'm going off to visit two clients as well in kind of the Midwest/West area, and I'm obviously very eager for that. Then a week or so after that, I'm on the West Coast, going to San Fran and L.A. In L.A., we have a nice client event. I also participated in a recent user group. So the user group is a group that's run outside of Ceridian. They run it on Basecamp. I was asked to kind of just join the Q&A section. At the end of that, I asked a question. I asked if the user group would like to get together in person, and we would help sponsor it as part of the world tour. We had 141 customers respond that they'd like to attend in person. The world is definitely moving to getting out in front of people, developing relationships, building on interactions. I would say that we are still going to be operating in a hybrid world where we can get kind of the best of virtual types events, virtual types of selling. A lot of digital types of programs and such mixed together with the right experiences for in-person events and such. That's helpful color. Maybe a bit about the international strategy in EMEA and how we should think about the build-out there and how that should translate into larger global wins. EMEA is going really tremendously. As I did mention, two metrics that we do track internally is just the bookings year-over-year and also just the number of active projects, the number of countries that we're active in. They both are up really considerably year-over-year. In EMEA, we've got a very good sales team. In terms of native countries, as you know, we have the U.K., we have Ireland, we're also about to launch in Germany. We have resources on the ground now in Germany, both on the product and technology side, the services side, the sales side. We're making quite a lot of traction over there. We're actually very encouraged, not only by the sales but by the go-live traction. In the quarter, we had two nice go-lives of very large global accounts headquartered out of EMEA as well. Great. Thank you very much. Great. The next question comes from Raimo Lenschow of Barclays. Raimo, go ahead. Hey, thanks for squeezing me in, and congrats from me as well. Two quick questions. First on, if I look at the client wins you had this quarter and discussed, it looks really impressive. It looks like you're moving nicely up market. Can you talk a little bit. The pandemic almost helped you a little bit because it gave you more time to build out and kind of get kind of more visibility higher up. I'm sorry to say that, but I see that in the accounts that you're seeing there with Coupa, et cetera. Can you talk a little bit of what you see in terms of pipeline building there and how the vendors are seeing you against the competitors? I have one follow-up on the Wallet, please. No, look, Raimo, it's not by chance. We put in place a strategy to go up market starting in 2018. We made changes to the way that we actually sell. As you know, we verticalized. We brought in value advisory people who were able to kind of communicate the ROI and get ahead of the RFI, RFP process. We have invested and continue to invest very heavily in the SI channel to influence those particular types of deals. We brought in great people into the organization, particularly in sales leadership, that know how to communicate with the SIs and know how to communicate well as well with the large enterprises. One of the areas that's driving the wins we're seeing up market is our global capability. That if you compare us with a big core HR, workforce management, payroll on a global basis, we have a lot more to offer, and the solution is much better architected than others in market. That does help us. When I look at the enterprise segment in the upper end of major market, we're also seeing tremendous success in the talent side. When we brought in Joe and we brought in a number of other people, also very, very strong in talent and in data and in AI. That's now beginning to show through the actual product and show through the product roadmap, which further has allowed us to move up market and to also continue selling to the base. Yeah. The second question is, do you see an increased priority now post-pandemic that people realize, okay, the front office was probably kind of already a lot more cloud-native, more modernized, where the back office was still sitting in kind of old processes, old payroll. Do you think that now post-pandemic, we will see an extra push of people striving to modernize a little bit more? Well, there are a couple things. A partially modernized system doesn't work. If I have five different talent components and each is on a different cloud platform, the chances are is I can't have the correct experiences or get access to data which I need to run the business. So the fact that we now have very strong talent, and you see that reflected through some of the acquisitions like Ideal that we've done, which really allow us to do things in a very I don't like using the word modern anymore because I think modern is overplayed. It's really making use of data and user experience to do it correctly. That is driving a lot of it. On the compliance side, it drives a lot of business because it's not so much as whether it is back office or front office, it's really can you do the calculations correctly? Can you pay people correctly? Are you offside from a regulatory perspective? There we remain very strong. Especially when you start to work with global workforces, it gets even more complicated, and we can simplify that for customers. Okay. Perfect. Congratulations. Thank you. The next question comes from Scott Berg at Needham. Scott, go ahead. Hi, everyone. Congrats on the good quarter, and thanks for taking my questions. I have two here. I guess, first of all, David, I'd like to follow up with the question or follow up on the question Raimo just asked about your upmarket activities and success. Our industry work over the last quarter has pretty consistently talked about how the downmarket activity is really robust, in line with pre-pandemic levels. Kind of that mid-market, customers with, I don't know, couple thousand employees and larger the enterprise, is a little bit more sluggish than that downmarket opportunity. I guess help us understand maybe what you're seeing there. Is your increased deal flow maybe as a result of you just getting involved with more deals with some of the partners and other areas like you just mentioned on Raimo's question, or do you think the actual volume of deals is truly higher today than maybe it was a year ago? Scott, we actually haven't seen that. In fact, I think we've actually seen the reverse. We don't really play in the small business in the U.S., so I can speak about the small business in Canada, and we have seen robust growth over there. In fact, if I look at the Powerpay numbers, they're up quite significantly versus what we had expected. When I look at global, which includes obviously the U.S. and Canada as well as Europe and APJ, we've seen tremendous sales growth in major market two and in the enterprise segment. That's both on a dollar basis and on a volume of deal basis. It's a little bit different, I think what we're seeing, I think, versus I think what your research is showing. Got it. That's helpful. Then kind of a housekeeping question for Noémie. Your guidance has Ascender revenues of $4.5 million, as you mentioned in Q3 and Q4 in the Dayforce slide item. Maybe help us understand why you're guiding those revenues to be a little bit lower than what you actually realized in Q2. I know it's only half a million dollars, obviously, which isn't a big material number, but just trying to understand the dynamic why that, and I guess the Bureau revenues are also guided a little bit less than what you saw in the quarter. Yeah. It's really pretty consistent. We said $4.5 million for quarter, and we had in Q2 a little bit of uptick due to purchase accounting adjustments, as we talked about before. I think the message is consistent with what we've said before, both on the cloud recurring and on Bureau as well. what happened in Q2, we had a bit of a purchase accounting adjustments, but the rest of it is consistent with what we said before. Yeah. Scott, one thing I would add is that Ascender also had a good sales quarter. They came in really, really nicely with the Ascender product that we're still selling in market. Got it. Helpful. Thanks for taking my questions. All right. Well, that was our final question for the evening, but before we close out the call, I'll hand it over to David for some final remarks. Great. Well, thanks everyone. Really, really appreciate it. It's with mixed emotion that I'm sharing with you that after nearly 10 years, Jeremy is leaving Ceridian. He's taking a CFO role at a very fast-growing company that's IPO-bound. From my perspective, a bit mixed, but what I would say, it's a great opportunity for a really, really great guy. I really want to thank Jeremy because I, as you know, have really enjoyed working with Jeremy over the last number of years. Jeremy's last day is August 6th. Over the past month, we transitioned his IR responsibilities to Erik Zimmer. He's someone that I know most of you are very familiar with. Erik and I have worked together for at least 10 years very, very closely. He's our EVP of corporate development. Erik, do you want to say a few words to maybe introduce yourself? Yeah, sure. Thanks, David. I'll be short and sweet, but looking forward to working with all the folks that I already know that are out there and definitely looking forward to making new acquaintances and relationships and working on a new challenge. Thank you, David. Oh, appreciate it, Erik. Jeremy, just a huge thanks, and obviously wishing you tremendous success, which I'm sure you'll be very successful. As you know, any organization is really lucky to get you. Thank you. Just handing it back to Jeremy. Any final words before we move on to the analyst call later? No. Thank you very much, and it was great working with everyone. Thanks, everyone. Goodbye