Good evening, everyone. My name is Matt Wells, and I'm the Senior Director of Investor Relations at Ceridian. I would like to welcome everyone to the Ceridian First Quarter 2022 conference 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. Joining me on the call today, we have Co-CEOs David Ossip and Leagh Turner, CFO Noémie Heuland, and EVP of Corp Dev and Investor Relations, Erik Zimmer. Before I hand the call over to David, I'd like to remind everyone that our remarks may include forward-looking statements and projections. These forward-looking statements are based on management's reasonable assumptions and current beliefs. There are a number of factors that could cause Ceridian's results to differ materially from our expectations. You can learn more about these risks in the press release and shareholder letter we issued earlier this afternoon on our website and in our SEC filings. Ceridian undertakes no obligation to revise any forward-looking statements made on this call, except as required by law. With that, I'll turn the call over to David. Thanks, Matt, and good evening, everyone. Thank you for joining the call today. Before we go into Q&A, I want to spend a few minutes highlighting the quarter. We had a strong start to the year, executing well across sales, implementation, customer support, and product and technology. Dayforce recurring revenue, excluding float, grew by 31% year-over-year, exceeding the high end of our guidance range. Total revenue grew by 25.1%, and adjusted gross margin on recurring increased by 220 basis points to 75.5%. Adjusted EBITDA margin exceeded the high end of our guide by 347 basis points. On the customer side, we added 175 customers and now have 5,609 customers live on Dayforce. At the same time, the average recurring revenue per Dayforce customer grew by 10%. On new sales, we saw over 35% of customers acquiring a full suite. Dayforce Wallet continues to do well. We now have sold over 1,100 customers on the Dayforce Wallet, of which 530 are live. Registration rates have increased to 36% across the eligible employees. Float balances also increased by 17% year over year. Overall, a very strong quarter. On the macro environment, our business remains resilient, and we continue to benefit from healthy employee indicators and rising interest rates. As such, we are raising our fiscal year 2022 guidance for revenue and profitability as detailed in our shareholder letter. With that, I'd like to turn the call over to Matt, who'll guide us through the Q&A. Thank you, David. As we go through the Q&A portion of the call, I'll announce your name, and at that point, we ask that you please unmute your line and ask your question and then remute your line. We also ask that you please limit your time to one question and one follow-up. Thank you. First question from Siti Panigrahi from Mizuho. Hey, David and team. Thanks for taking my question. Just wanted to dig into the Wallet. It's almost like two years. The first year was the trying period, trial period, and now full year. It's good to see the momentum and even registration 36%. Just wondering how it is trending compared to your expectation, so far? And also, what sort of feedback you're getting on the new products like Cashback and Rewards you introduced, and what should we expect, you know, in the remainder of 2022? Thanks, Siti. To answer your question, it's tracking well against our expectations. Also of note is that 89% of our new US customers are attaching Wallet, which is obviously an increase that we've seen year-over-year. We've seen good reception from the cash back partnership that we have with Dosh. Also within the quarter, we added support for minor employees, which allows us obviously to deliver the solution better to hospitality and retail. Okay. Just quick follow-up to EBITDA margin seems to be pretty good this quarter. Is there any kind of one-time thing or how should we think about the remainder of the quarter, given how some of the you're realigning workforces? No, Siti, I'll start by just saying, look, we've raised guidance for the year. We've raised both the low end and the top end by $10 million. I'll ask Noémie to add a bit more color to that. Yeah, sure. For Q1, Siti, we had a couple of things. We've increased our cloud recurring gross margin. That actually exceeded our expectations. Last quarter, as you remember, we've discussed that we took some actions to rebalance some of our workforce into our shared services center in APJ. We've executed that very well. We've gained efficiencies in our cloud recurring gross margin, and that will continue throughout the year. That's very important because that also helps us scale in the long term. We had also taken a little bit of a upside on Euro. We had a better volume than expected in our tax and payroll in North America, so that flowed also directly through the bottom line. We had a little bit of float upside as well. Those are the main things that happened in Q1. Of note, we also continued to make some investments in our product and technology as well in Q1, and we'll continue to do so in the second half of the year in Q2 as well. Great. Thank you. Next up, we have Jared Levine from Cowen. Thank you. Can you discuss how Q1 bookings performance came in versus your internal expectations, including contributions by employer size, segment, and geography as well? Leagh, do you wanna take that one? Sure. I mean, here's what I'll say. Q1 was an excellent bookings quarter. Really solid result and really robust customer demand. Solid growth in the North American mid-market. An excellent quarter in EMEA, and a really good out of the gate performance in APJ. As David said, more than 35% of our sales in the first quarter were full suite. We're seeing continued innovation on the platform, and therefore, ability to go back into the base and continue to sell. We're seeing that our retention rates and Net Promoter Score remain very, very high, which makes for a very warm base to be able to sell back into. The pipeline for the full year, rolling 2-quarter and rolling 4-quarter is very strong, and our win rates have gone up pretty demonstrably year-over-year as a result of a number of things. One of which is our consistently building SI ecosystem and the referred pipeline that we're seeing from that ecosystem, which is well-known by the SIs, and therefore drives greater win rates. A really solid bookings quarter overall. Okay, great. In terms of sales force productivity, is that trending higher? Is it basically improving sales force productivity as well as a healthy demand environment? It sounds like kinda no impacts from any macro concerns, whether that be Russia, Ukraine or inflation, but just be great to hear your color there. None at all. The sales force executed well across geo and across the segment. Thank you. Next up, we have Matthew Pfau from William Blair. Great. Nice results, guys, and thanks for taking my question. Wanted to ask on the full suite attach that you're seeing, how does that 35% compare to what you've seen historically? Are there any major differences in attach by client size? We've seen the attach rate go up quarter-over-quarter for quite some time now, so it's significantly higher than where it was, say, a year ago or two years ago. We will continue to see that do well. We're doing particularly well in our mid-market, which goes up to about 3,500 employees. I would say when I look at us comparatively now on the talent side, we are very strong relative to both the ERPs and more the pure play players. Got it. Follow up on the Dayforce Talent Intelligence and some of the functionality you released. Is that a major discussion point in some of the full service wins that you're seeing there? Is that you know, a big differentiation point relative to some of your competition? Yeah. Again, as you know, we differentiate by having a single database, a single application, one user experience within the system. When we actually compete, we are dd, I think, from all in terms of our end-to-end capability across core HR, talent, and payroll. Great. Thanks, guys. Appreciate it. Mm-hmm. Next up, we have Kevin McVeigh from Credit Suisse. Kevin, it sounds like you're muted. Sorry about that. No worries. Hey, thank you so much, and congratulations on the results. Can you give us a sense of where you beat expectations in the cloud recurring gross margin in the first quarter and really nice leverage coming through the model for the full year, but just relative to expectations in the first quarter? Yeah. Look, we performed very well. What we're finding is that the robustness of the technology, which is reflected in the very high customer retention rate as well as our Net Promoter Score, has led to a decrease in inbound call volumes, and so lower cost. We're also seeing more efficiencies across implementation and obviously the parts of hosting and customer support. The only other thing I would add is we spent the last eight years building customer communities, where customers can self-solve issues that may have previously come into our support center. As a result, we have, like, a really sustainable way of solving customer need that's been built by a really good team. Great. Just a quick follow-up. Of the 1,100 customers that are signed on the Dayforce Wallet, I think in the shareholder letter you said 530 were live. The incremental 570, how should we think about the sequencing of that in terms of them going live? It's you know, there's no real magic to the sequencing of the actual customers. As you know, we typically try to take our payroll customers live on a quarter end in the US. In the UK and Canada, it'll be more monthly in EMEA and APJ. When it comes to wallet, it really comes down to how quickly the customers want to move. Most customers start off with a smaller group of employees, which they test it out, roll it out, and once they get comfortable, they then extend it to the full population. Thank you so much. Next up, we have Mark Marcon from Baird. Hey, congratulations on the quarter, and thanks for taking my call. Wanted to delve more deeply in terms of the bookings that you highlighted in the shareholder letter. I was particularly impressed, you know, by the Government of Canada. Looks like that is progressing well. Wondering if you can give some color there, as well as with regards to the magnitude of the international wins that you're getting. It looks like you're making really nice progress from that perspective. Wondering if you can comment about, you know, what the competitive environment is like there, who the takeaways are from, and what the scope of the services are that the international clients are taking on. I've got a follow-up. I'll start directionally, and I'm sure Leagh will add a lot more color. The Government of Canada project appears to be progressing very well. The contract value was increased by CAD 21 million inside the quarter. I think that's a good reflection of the progress that we're making over there. On the global side, I think I would be amiss if I didn't talk about the expansion we've had across native payroll. Within the quarter, we started releasing Singapore native payroll, which is now in pilot with a few charter customers. As well with Project Unify, which is the Excelity and the Ascender pay engines, we are now supporting countries in Indonesia, the Philippines, Thailand, Malaysia, South Korea, Taiwan, and Hong Kong. We've made just tremendous progress on the global side. Two data points on the global side. One, our products are very competitive to the players inside those geographies. So we are not only selling to North American companies who have populations in the EMEA, APJ, LATAM, Brazil, and Caribbean marketplaces, but we actually compete head-on with the local players. Because of the investments we have made in core HR and talent and workforce management, our product obviously is very, very competitive inside the market. In terms of percentage of ACV, global is now becoming quite considerable. I believe that of the ACV numbers, the sales number within the quarter, about 20% of it was outside of North America. Now, Lee, do you want to add any color to either global or to GOC? Yeah. I think the only thing I would add is the way that we think about global is, as we expand, there's an opportunity to do two things, Mark. We can sell locally, so to customers that only have an employee base in the locale that we're servicing, or we can sell to global multinationals with lots of different geographies. Our global expansion allows us to unlock TAM in both of those indices simultaneously. You can see that in our shareholder letter. What I would say is, in the shareholder letter, we call out the longest standing retailer based in EMEA. With 10,000 employees, they bought the full suite. They're EMEA based largely, and they're gonna roll it out to their entire population. A global online gaming company in the UK with operations across 10 countries and 7,000 employees can also be serviced by us. When you shift to some of the larger references that we noted in the shareholder letter, the second-largest global consultancy in the world chose Ceridian to deploy to their North American population of 52,000, but with opportunity to expand globally. As we referenced under our customer section, the world's largest leading global business information company chose us to service their North American population first, which went live in less than a year, and they're now rolling us out to 16 countries over the course of the next 14 months. We have an opportunity to do those two things as we grow globally, which is a really important marker to our success. That's fantastic. I had a question for Noémie. Can you talk a little bit about the impact in terms of rising rates? What did you already bake into the guidance? What, you know, could potentially be a further addition as we think about, you know, the Fed's discussions this afternoon? Yeah. In terms of rolling out short-term rate hikes? We've raised our guidance, as you saw on cloud revenue and total revenue, to account for the near-term rate environment. We've accounted for the recent hikes that we saw, including today. We also have to take into account our laddered portfolio. Remember, we have half of our portfolio that's invested in liquidity, and the other half is invested in longer-term instruments. There's a little bit more timing until all those interest rates benefit will flow through, but we've reflected what we believe is the near-term interest rate environment. Great. Thank you so much. Mm-hmm. Next up, we'll go to Robert Simmons from D.A. Davidson. Hey guys, thanks for taking a question. First, I was wondering what impact are you seeing from higher inflation rates? Are you able to pass some of that on in terms of price increases to your customers, presumably at renewals? Yeah, in a few of our contracts we have CPI rises inside, so we do benefit over time from an increased inflation. Hey, the sound quality is a little off. I think maybe there's something wrong with your microphone or speaker or something like that. I've been kinda having a hard time hearing you at times. Second question. The severance charges in the quarter were pretty high. I guess, can you talk about kind of what kind of changes you're making? Do you think you've got things pretty much set at this point? Let me take that, and maybe you can add some color. First of all, as we've discussed before, now, as we expected, we had rebalanced our workforce, especially in the support and operations, into our shared services centers in APJ. We've expanded our support center in Manila. We've done that quite successfully. We had very good hiring trends over there. That has helped us be more efficient and gain scale in the cloud recurring gross margin, as we've mentioned. We've also done. Typically what we do at the beginning of the year, we've also performance managed and look at our existing sales force as well as resources in the product technology group and looked at performance management typical as you would expect us to do every beginning of the year. That's the other part of it. Got it. Great. Thank you very much. Mm-hmm. Next up we have Pinjalim Bora from JP Morgan. Oh, great. Hey, everyone. Congrats on the quarter and thanks for taking our question. I'm just sitting in for Mark here. David, I have a question on Wallet. How far along are you with respect to the original vision of the product? Because I remember it was a pretty grand vision with respect to, you know, the Dayforce Identity where employees will be able to carry their wallet across different organizations. Help us understand where you are in that journey and maybe just the unit economics that you're realizing on Wallet at this point. Yeah. We're very happy with the traction we're getting with Wallet and the Wallet capabilities. I also would say that the Wallet is a very robust system. In other words, we've moved a lot of money very reliably over the last about 18 months to 2 years. In terms of the full vision, we are actively now building that, and I would expect it to come to market late next year. Later this year. We'll expect more revenue. Late next year. Sorry. Late next year. Okay. Got it. The second question about sales hiring. Help us understand where you are with respect to sales capacity for this year given the tight labor market? I would say the sales organization is near capacity now. We spent a huge amount of time in Q1 doing what every organization does in Q1, which is setting their go-to-market, making the changes that we believed were required in order to unlock the year. To Noémie's point, we performance managed the sales team appropriately, which one should do every year in a healthy sales organization, and we hired the backfill appropriately and of higher quality in our belief, and so as a result, have a really great go-to-market set up for the full year. Good to hear. Thank you. Mm-hmm. Next up we have Bhavin Shah, Deutsche Bank. Bhavin? Okay. We'll circle back. Next up we have Dan Jester from BMO. Hey, good afternoon. Just conceptually, how should we be thinking about in a higher interest rate environment and how you fund the Wallet? Any sort of puts and takes we thinking about from that perspective? In terms of the actual Wallet, as the interest rates go up, the basis points do go up as well. If you take it at a 25 basis points, it amounts to probably about, I don't know, 7 basis points the amount of time that's outstanding. If it goes up by 1%, it would be 28 basis points type of thing. Okay. With regards to the international commentary, sounds very positive. I didn't catch how much of that was net new versus conversions from some of the acquisitions you made over the years. Can you just dive into that, please? Thank you. They were net new. Did you hear that? I don't know if we're a little choppy on this end. David said they were all net new. Okay, great. Thank you. Okay, next up we have Josh Reilly from Needham. Hey, guys. Thanks for taking my questions. Maybe one on the macro here. You know, when you're looking at the business outside the United States, you know, we know that the US has been pretty resilient here since the Ukraine war started. Have you seen any divergence in customer confidence outside the US since the war has started, specifically? We have very little exposure to Russia and Ukraine. I was in London probably about four weeks ago, and I didn't see any impact from the war. As strange as that might be. We've continued to do very well in EMEA and in the UK and Ireland. Got it. That's helpful. You mentioned in the shareholder letter that the Dayforce card continues to be used an average of 23 times per month by customers. Twenty-five. Where it's relevant. 25 times. Oh, is it 25? Okay. Sorry, I thought it was 23. Curious, is the mix and/or size of these transactions changing now that the economy is reopening? You know, I haven't looked at that in particular. It still seems to be the same. Largely grocery, fast food, restaurants, gas, and convenience, followed by ATM withdrawals. The average day withdrawal typically is about $30. Got it. Thanks, guys. Mm-hmm. Next up, we have Raimo Lenschow from Barclays. Hey, thank you. I'm going with the black T-shirts as well, yeah. David, I wanted to ask about the wallet in terms of it offering a differentiation factor for you in sales pitches. Like, how's that playing out? What do you also expect from the industry there in terms of trying to come up with copycat products to kind of say, "Oh, we have that as well." Can you speak to that, please? Yeah. Look, Raimo, it's very strong. As I mentioned, in the U.S., we're seeing an 89% attachment rate for wallet to new sales, which talks about, obviously, the perceived strength of the product and the value that it brings to the employees of our customers. We have seen the other players in markets bring kind of bolted-on solutions into the marketplace. The major difference is, with us, there's no reconciliation that's required, and there is no loan made to the employee. In all of the other solutions, the card vendor effectively gives a loan to the employee for the number of days outstanding. We don't do that. We do a true payroll where we do the remittances at the federal and the state level the very next day. It's a truly compliant type of solution. The other difference is we do not charge any direct fees to the employees of our customer. We don't believe in doing that. We think that would be morally wrong, whereas the other solutions do require membership fees or fees to use the actual wallet. Okay. If I may, one follow-up. As you start winning more, like upmarket, you have bigger accounts, what do you see in terms of customer interest, customer appetite to kind of revisit their HR systems? Going back to that whole theme of back office and realizing, like, "Oh, my front office systems look really good, but my back office is very dated." You have more success upmarket now. What do you see in terms of customer conversations there? Thank you, and congrats from me as well. You know, Raimo, I would start off by saying with the Government of Canada, what we are piloting and testing is core HR, talent, payroll, and workforce management. As you know, if that goes forward, that's for well over 100,000 people. In the major market and enterprise space, we have a very, very healthy attachment rate and upsell rate to the customers where we do the core HR as well as the talent module. In EMEA, we typically start off with core HR and talent, because as you know, those are more demanded than probably payroll in that particular market, and probably the same across APJ. We now are getting traction and our Gartner positioning means that we are being considered for the back office pieces, as you would say, the core HR, but as well, some of the talent components. Good. Thank you. At this point, we'd like to poll the audience to check if there are any remaining questions. If you have one, please raise your hand. There are no further questions. Thank you all for joining us on the call, and we look forward to speaking with you in the future. Thank you, everyone. Thank you. Thank you. Thank you.