Dayforce

Predictability is supported by recurring revenue, high retention, and a large installed base. However, 2025 updates noted headwinds from lower employment levels at customers and declining float as balances and yields eased from 2024 peaks.

We view core Dayforce recurring ex‑float growth in the low‑to‑mid teens as reasonably steady, but reported revenue and cash generation will remain partially exposed to the interest‑rate cycle. Overall: above‑average predictability for the software core, partly offset by macro sensitivity.