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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly reporting period ended September 30, 2021

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                     to                    

Commission file number 001-38467

 

Ceridian HCM Holding Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

46-3231686

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer

Identification Number)

3311 East Old Shakopee Road

Minneapolis, Minnesota 55425

(952) 853-8100

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.01 par value

 

CDAY

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as the latest practicable date: 151,331,281 shares of Common Stock, $0.01 par value per share, as of October 27, 2021.

 

 


Table of Contents

 

Ceridian HCM Holding Inc.

Table of Contents

 

2 |       Q3 2021 Form 10-Q


Table of Contents

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”) and that are subject to the safe harbor created by those sections. Forward-looking statements, including, without limitation, statements concerning the conditions of the human capital management solutions industry and our operations, performance, and financial condition, including, in particular, statements relating to our business, growth strategies, product development efforts, and future expenses. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “assumes,” “projects,” “could,” “may,” “will,” “should,” and similar references to future periods, or by the inclusion of forecasts or projections.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national, or global political, economic, business, competitive, market, and regulatory conditions and the following:

 

 

the impact of the Coronavirus disease 2019 (“COVID-19”) pandemic on our business, operations, and financial results;

 

our inability to manage our growth effectively or execute on our growth strategy;

 

our inability to successfully expand our current offerings into new markets or further penetrate existing markets;

 

our failure to provide new or enhanced functionality and features;

 

significant competition in the market in which our solutions compete;

 

our failure to manage our aging technical operations infrastructure;

 

system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information;

 

our failure to comply with applicable privacy, security, data, and financial services laws, regulations and standards, including our ongoing consent order with the Federal Trade Commission regarding data protection;

 

our failure to properly update our solutions to enable our customers to comply with applicable laws;

 

changes in regulations governing financial services, privacy concerns, and laws or other domestic or foreign data protection regulations;

 

our inability to maintain necessary third party relationships, and third party software licenses, and identify errors in the software we license;

 

our inability to offer and deliver high-quality technical support, implementation and professional services;

 

our inability to attract and retain key executive officers and highly skilled employees;

 

the impact of our outstanding debt obligations on our financial condition, results of operations, and value of our common stock; or

 

other risks and uncertainties described in our most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission.

Please refer to Part II, Item IA, “Risk Factors” of this Form 10-Q and Part I, Item IA, “Risk Factors” of our most recently filed Annual Report on Form 10-K, for the year ended December 31, 2020 (“2020 Form 10-K”), for a further description of these and other factors. Although we have attempted to identify important risk factors, there may be other risk factors not presently known to us or that we presently believe are not material that could cause actual results and developments to differ materially from those made in or suggested by the forward-looking statements contained in this Form 10-Q. If any of these risks materialize, or if any of the above assumptions underlying forward-looking statements prove incorrect, actual results and developments may differ materially from those made in or suggested by the forward-looking statements contained in this Form 10-Q. For the reasons described above, we caution you against relying on any forward-looking statements. Any forward-looking statement made by us in this Form 10-Q speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or to revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should be viewed as historical data.

3 |       Q3 2021 Form 10-Q


Table of Contents

 

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Ceridian HCM Holding Inc.

Condensed Consolidated Balance Sheets

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

(Dollars in millions, except share data)

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and equivalents

 

$

378.8

 

 

$

188.2

 

Restricted cash

 

 

1.9

 

 

 

 

Trade and other receivables, net

 

 

116.6

 

 

 

101.1

 

Prepaid expenses and other current assets

 

 

86.0

 

 

 

73.9

 

Total current assets before customer funds

 

 

583.3

 

 

 

363.2

 

Customer funds

 

 

5,380.3

 

 

 

3,759.4

 

Total current assets

 

 

5,963.6

 

 

 

4,122.6

 

Right of use lease asset

 

 

31.2

 

 

 

27.9

 

Property, plant, and equipment, net

 

 

143.5

 

 

 

136.4

 

Goodwill

 

 

2,318.1

 

 

 

2,031.8

 

Other intangible assets, net

 

 

332.4

 

 

 

195.0

 

Other assets

 

 

212.7

 

 

 

187.6

 

Total assets

 

$

9,001.5

 

 

$

6,701.3

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

8.3

 

 

$

7.2

 

Current portion of long-term lease liabilities

 

 

9.7

 

 

 

10.5

 

Accounts payable

 

 

42.4

 

 

 

38.9

 

Deferred revenue

 

 

46.5

 

 

 

24.4

 

Employee compensation and benefits

 

 

68.3

 

 

 

64.6

 

Other accrued expenses

 

 

34.1

 

 

 

20.5

 

Total current liabilities before customer funds obligations

 

 

209.3

 

 

 

166.1

 

Customer funds obligations

 

 

5,345.5

 

 

 

3,697.8

 

Total current liabilities

 

 

5,554.8

 

 

 

3,863.9

 

Long-term debt, less current portion

 

 

1,121.8

 

 

 

660.6

 

Employee benefit plans

 

 

22.1

 

 

 

24.4

 

Long-term lease liabilities, less current portion

 

 

36.5

 

 

 

33.6

 

Other liabilities

 

 

44.5

 

 

 

20.6

 

Total liabilities

 

 

6,779.7

 

 

 

4,603.1

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.01 par, 500,000,000 shares authorized, 151,165,177 and

   148,571,412 shares issued and outstanding, respectively

 

 

1.5

 

 

 

1.5

 

Additional paid in capital

 

 

2,805.7

 

 

 

2,606.5

 

Accumulated deficit

 

 

(299.7

)

 

 

(233.8

)

Accumulated other comprehensive loss

 

 

(285.7

)

 

 

(276.0

)

Total stockholders’ equity

 

 

2,221.8

 

 

 

2,098.2

 

Total liabilities and equity

 

$

9,001.5

 

 

$

6,701.3

 

 

See accompanying notes to condensed consolidated financial statements.

4 |       Q3 2021 Form 10-Q


Table of Contents

 

 

Ceridian HCM Holding Inc.

Condensed Consolidated Statements of Operations

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(Dollars in millions, except share and per share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

$

215.0

 

 

$

168.1

 

 

$

619.1

 

 

$

508.7

 

Professional services and other

 

 

42.2

 

 

 

36.3

 

 

 

123.0

 

 

 

111.0

 

Total revenue

 

 

257.2

 

 

 

204.4

 

 

 

742.1

 

 

 

619.7

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

 

66.0

 

 

 

54.3

 

 

 

191.1

 

 

 

155.8

 

Professional services and other

 

 

48.9

 

 

 

40.2

 

 

 

140.9

 

 

 

120.7

 

Product development and management

 

 

36.6

 

 

 

22.9

 

 

 

94.2

 

 

 

57.5

 

Depreciation and amortization

 

 

12.6

 

 

 

10.3

 

 

 

37.5

 

 

 

29.9

 

Total cost of revenue

 

 

164.1

 

 

 

127.7

 

 

 

463.7

 

 

 

363.9

 

Gross profit

 

 

93.1

 

 

 

76.7

 

 

 

278.4

 

 

 

255.8

 

Selling, general, and administrative

 

 

109.1

 

 

 

77.3

 

 

 

316.5

 

 

 

226.1

 

Operating (loss) profit

 

 

(16.0

)

 

 

(0.6

)

 

 

(38.1

)

 

 

29.7

 

Interest expense, net

 

 

10.0

 

 

 

5.9

 

 

 

25.5

 

 

 

19.4

 

Other expense (income), net

 

 

3.4

 

 

 

(0.2

)

 

 

16.2

 

 

 

2.7

 

(Loss) income before income taxes

 

 

(29.4

)

 

 

(6.3

)

 

 

(79.8

)

 

 

7.6

 

Income tax benefit

 

 

(8.5

)

 

 

(5.5

)

 

 

(13.9

)

 

 

(5.7

)

Net (loss) income

 

$

(20.9

)

 

$

(0.8

)

 

$

(65.9

)

 

$

13.3

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.14

)

 

$

(0.01

)

 

$

(0.44

)

 

$

0.09

 

Diluted

 

$

(0.14

)

 

$

(0.01

)

 

$

(0.44

)

 

$

0.09

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

150,450,595

 

 

 

147,141,403

 

 

 

149,083,666

 

 

 

145,798,169

 

Diluted

 

 

150,450,595

 

 

 

147,141,403

 

 

 

149,083,666

 

 

 

152,105,719

 

 

See accompanying notes to condensed consolidated financial statements.

5 |       Q3 2021 Form 10-Q


Table of Contents

 

Ceridian HCM Holding Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(Dollars in millions, except share data, unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(20.9

)

 

$

(0.8

)

 

$

(65.9

)

 

$

13.3

 

Items of other comprehensive (loss) income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

(19.7

)

 

 

12.8

 

 

 

4.3

 

 

 

(14.7

)

Change in unrealized (loss) gain from invested customer funds

 

 

(8.4

)

 

 

(0.2

)

 

 

(30.5

)

 

 

43.3

 

Change in pension liability adjustment (a)

 

 

3.8

 

 

 

3.3

 

 

 

11.4

 

 

 

9.9

 

Other comprehensive (loss) income before income taxes

 

 

(24.3

)

 

 

15.9

 

 

 

(14.8

)

 

 

38.5

 

Income tax (benefit) expense, net

 

 

(1.3

)

 

 

1.4

 

 

 

(5.1

)

 

 

14.3

 

Other comprehensive (loss) income after income taxes

 

 

(23.0

)

 

 

14.5

 

 

 

(9.7

)

 

 

24.2

 

Comprehensive (loss) income

 

$

(43.9

)

 

$

13.7

 

 

$

(75.6

)

 

$

37.5

 

 

 

(a)

The amount of the pension liability adjustment recognized in the condensed consolidated statements of operations within other expense, net was $3.8 million and $3.3 million during the three months ended September 30, 2021, and 2020, respectively, and $11.3 million and $9.9 million during the nine months ended September 30, 2021, and 2020, respectively.

 

See accompanying notes to condensed consolidated financial statements.

6 |       Q3 2021 Form 10-Q


Table of Contents

 

Ceridian HCM Holding Inc.

Condensed Consolidated Statements of Stockholders’ Equity

 

 

 

Common Stock

 

 

Additional

Paid In

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

 

 

(Dollars in millions, except share data, unaudited)

 

Balance as of December 31, 2020

 

 

148,571,412

 

 

$

1.5

 

 

$

2,606.5

 

 

$

(233.8

)

 

$

(276.0

)

 

$

2,098.2

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(19.2

)

 

 

 

 

 

(19.2

)

Issuance of common stock under share-based compensation plans

 

 

341,975

 

 

 

 

 

 

11.3

 

 

 

 

 

 

 

 

 

11.3

 

Share-based compensation

 

 

 

 

 

 

 

 

22.8

 

 

 

 

 

 

 

 

 

22.8

 

Equity component of convertible senior notes

 

 

 

 

 

 

 

 

77.7

 

 

 

 

 

 

 

 

 

77.7

 

Purchase of capped calls related to convertible senior notes

 

 

 

 

 

 

 

 

(33.0

)

 

 

 

 

 

 

 

 

(33.0

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.0

 

 

 

11.0

 

Change in unrealized gain, net of tax of ($4.4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12.3

)

 

 

(12.3

)

Change in pension liability adjustment, net of tax of $1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.8

 

 

 

2.8

 

Balance as of March 31, 2021

 

 

148,913,387

 

 

$

1.5

 

 

$

2,685.3

 

 

$

(253.0

)

 

$

(274.5

)

 

$

2,159.3

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(25.8

)

 

 

 

 

 

(25.8

)

Issuance of common stock under share-based compensation plans

 

 

838,862

 

 

 

 

 

 

23.1

 

 

 

 

 

 

 

 

 

23.1

 

Share-based compensation

 

 

 

 

 

 

 

 

31.4

 

 

 

 

 

 

 

 

 

31.4

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.0

 

 

 

13.0

 

Change in unrealized gain, net of tax of ($1.4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4.0

)

 

 

(4.0

)

Change in pension liability adjustment, net of tax of $1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.8

 

 

 

2.8

 

Balance as of June 30, 2021

 

 

149,752,249

 

 

$

1.5

 

 

$

2,739.8

 

 

$

(278.8

)

 

$

(262.7

)

 

$

2,199.8

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(20.9

)

 

 

 

 

 

(20.9

)

Issuance of common stock under share-based compensation plans

 

 

1,412,928

 

 

 

 

 

 

36.5

 

 

 

 

 

 

 

 

 

36.5

 

Share-based compensation

 

 

 

 

 

 

 

 

29.4

 

 

 

 

 

 

 

 

 

29.4

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19.7

)

 

 

(19.7

)

Change in unrealized loss, net of tax of ($2.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6.1

)

 

 

(6.1

)

Change in pension liability adjustment, net of tax of $1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.8

 

 

 

2.8

 

Balance as of September 30, 2021

 

 

151,165,177

 

 

$

1.5

 

 

$

2,805.7

 

 

$

(299.7

)

 

$

(285.7

)

 

$

2,221.8

 

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid In

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

 

 

(Dollars in millions, except share data, unaudited)

 

Balance as of December 31, 2019

 

 

144,386,618

 

 

$

1.4

 

 

$

2,449.1

 

 

$

(229.8

)

 

$

(338.4

)

 

$

1,882.3