Dayforce

Management has prioritized product investment and durable cash generation while initiating a 500 million dollar repurchase program in 2024. The company repurchased roughly 30 million dollars of stock in Q1 2025 and around 60 million dollars year‑to‑date by Q3 2025. SBC remains meaningful (about 139 million dollars over the first nine months of 2025), diluting some repurchase benefits.

M&A has been focused and product‑adjacent. The 2026 take‑private crystallized value for public holders but removes transparency on future allocation. Net: generally sound, with room to moderate SBC.