Exhibit 99.2

David Ossip
Chair and Co-CEO, Ceridian

Dear Fellow Stockholders,

I am very pleased to report that we closed fiscal year 2021 with strong momentum and financial performance. Dayforce recurring revenue, excluding float revenue, grew by 32% in the fourth quarter and by 29% for the full year.

The end of a fiscal year provides an important opportunity to report not just on the accomplishments of the recent year but also to address the potential of the future.

This is especially true as we position Ceridian for 2022 and beyond. While we hope and expect that the impact of the pandemic will recede, it will nonetheless leave a lasting impact in what our customers need from us to redefine their workforce experience. I believe all business leaders would agree – many aspects of how we worked previously will not ever return. Given that reality, and as I look into the future, I am invigorated by the potential for our growth opportunities to expand on multiple fronts.

The future of work is here now and that requires our solutions to provide an ever more sophisticated experience for our customers. They are transitioning into a new world of work that is more fluid, borderless, skills-based, augmented, and always-on than ever before.

Our vision to be the always-on people platform for the global workforce is the foundation of our growth potential. This vision supports our customers as they adjust to becoming more agile, resilient, and better equipped to respond to the new workforce reality that puts workers in the driver’s seat.

This significant trend in the new world of work, coupled with another major trend of organizations accelerating their transition into cloud solutions, puts Ceridian at the center of two dynamic market forces where our customers benefit greatly from the power of our modern Dayforce platform along with the deep expertise of our services and partner ecosystem teams that help ensure their success.

During my many meetings with customers over the past months, I have been particularly struck by how much we can help them and by how much they recognize the value we provide.

I am especially pleased that our focus on delivering value to our customers has allowed us to deliver strong financial and operating results, while we are simultaneously building for future growth through our investments in people and products.

Turning to our results – as mentioned, in the fourth quarter, Dayforce recurring revenue, excluding float revenue, grew by 32%. In addition, total revenue grew by 27%, exceeding our guidance for the quarter.

Sales performance in the quarter was very strong. We saw continued growth and momentum in both the size and volume of sales transactions.

Go-live performance also was tremendous. We took live and activated a record amount of recurring revenue across 207 customers.

We also achieved two remarkable milestones for our company:

Customer satisfaction was at record levels. Cloud revenue retention rate, including Dayforce and Powerpay, increased by 100 basis points to 96.8%.

* Excluding the 2021 acquisitions of Ascender and ADAM HCM

Our five strategic levers continued to guide our execution and overall growth agenda:

As we have further defined and advanced our product vision, we also continue to take the necessary steps within our business to maintain high growth as a global HCM leader.

We are making strategic investments in our product to continue building the full-suite capabilities of Dayforce. We believe our proven ability to innovate in response to the changing dynamics of our industry will continue to accelerate our market leadership.

We are building a strong partner ecosystem to further enhance our well-defined implementation process and enhance the quantifiable value our customers have come to expect from Ceridian and the Dayforce platform.

We are capitalizing on the strategic acquisitions we have made in Asia Pacific Japan (APJ) with Ascender and Excelity. In early 2022, we took some actions to balance our workforce across our global offices. This will strengthen our ability to service our global customers, and over time, increase our overall profitability.

With all components of our plan working together, we are taking full advantage of this significant growth opportunity in front of us, helping customers around the world win in the new world of work.

Formalizing our leadership structure

Delivering strong results today, while building for the future, is due to the outstanding team we have built at Ceridian. In particular, through Leagh Turner’s leadership and execution in her role as President and Chief Operating Officer, we have been able to scale our organization to support the aggressive growth we have delivered.

Since Leagh joined us in the third quarter of 2018:

Regardless of challenges like COVID-19 and operating through a pandemic, we have continued to grow, and the company has never been more successful.

Equally important, Leagh has been a talent magnet, helping us recruit new and develop existing executives to create an incredible team that has the necessary skills and operating experience to lead us into our next phase of growth.

That’s why I am excited to announce her promotion to Co-CEO and her appointment to the Board of Directors. In her new role, Leagh will continue to report to me, as Chair and Co-CEO.

As we focus on the future, this step formalizes how Leagh and I have run the company together during the last three years.

To be clear, I love Ceridian; I’m not going anywhere, and I’ve never been more committed and excited about our future. In fact, this structure will help me go even deeper into key areas of growth for the business. I want to increase my capacity to keep Ceridian in the forefront of innovation. I will be deeply focused on product innovation and the massive opportunity in front of us with Dayforce Wallet, including our ability to expand the Wallet to the extended workforce.

Additionally, I am going to continue to spend significant time with prospects and our incredible community of customers. As I detailed above, we are in the middle of the most significant workforce transformation in decades, and Ceridian has never been more relevant and necessary as organizations of all sizes navigate these changes.

In this expanded role for Leagh, she will be able to continue to fully drive the end-to-end operations and strong execution that is fundamental to Ceridian’s growth. She also will continue to expand our talent base, leveraging her tremendous ability to identify and recruit leaders, who are at the center of our success.

Together, Leagh and I will lead Ceridian into its next chapter of growth. We believe this is what a modern, future-focused company should look like.

* Excluding float revenue, Ascender and ADAM HCM revenue, and COVID-19 volume impact, on a constant currency basis.

Financial highlights

We had strong financial and operating performance in the fourth quarter. We maintained strong topline growth driven by Dayforce recurring revenue, which grew by 32% excluding float revenue, or 31% on a constant currency basis.

Sales performance was significantly above the fourth quarter of 2020 as well as pre-COVID levels.

We increased annual cloud retention rate by 100 basis points to 96.8%.

Cloud recurring gross margin was 72.2%, up 130 basis points compared to the fourth quarter of 2020. Excluding float revenue cloud recurring gross margin expanded by 170 basis points.

From a profitability standpoint, Adjusted EBITDA was $38.7 million, or 13.7% of revenue.

Customer highlights

We are focused on delivering value to our customers throughout their lifecycle, and thereby earning customers for life. Our modern cloud platform, in combination with our services team and partner ecosystem, enable us to take customers live quickly, predictably, and on-time at a consistent pace.

As we noted previously, our go-live performance was very strong. We took live a record amount of recurring revenue across 207 customers.1 We ended the fourth quarter with 5,434 customers live on the Dayforce platform, an 11% increase compared to the fourth quarter of 2020.1 We are successfully selling the broader HCM suite, and our trailing twelve-month Dayforce recurring revenue per customer for the same period was $108,631 up 10%2 year-over-year. Incremental Dayforce recurring revenue per customer for the same period increased to $201,326.2

During the quarter, we took some notable companies live on Dayforce with key customers, including:

1Excluding the 2021 acquisitions of Ascender and ADAM HCM.

2 Excluding float revenue, Ascender and ADAM HCM revenue, and COVID-19 volume impact, on a constant currency basis.

Sales highlights

Our focus on helping our customers adapt and evolve their workforce with our modern platform is driving strong demand for Dayforce.

In North America during the fourth quarter, we had continued success across enterprise and large enterprise markets:

We continue to execute on the strategic growth lever of expanding globally in both the APJ region as well as in EMEA. Our key global wins during the fourth quarter included:

Product innovation

As the always-on people platform for the global workforce, our vision guides our innovation agenda and how we deliver value to our customers.

As organizations of all sizes navigate new hybrid work environments, the necessity to create a connected culture defined by an empowered employee experience is essential. In the fourth quarter, we made Dayforce Hub fully available to all customers. We worked in close collaboration with our charter customers to ensure we crafted the right experiences and metrics that would serve our customers best in the new world of work.

At the same time, we understand that to be able to effectively empower employees, our customers need to be able to make data-informed decisions that are augmented by intelligence, taking full advantage of the data inside their organizations. To serve this need, we recently delivered Dayforce People Intelligence, Analytics Studio, and Analytics Data Connector to our customers.

Dayforce People Intelligence brings together the richness of our ad-hoc reporting environment with access across the broad spectrum of Dayforce HCM data to deliver advanced business intelligence and data visualization capability.

Dayforce Analytics Studio, which offers 15 new analytics views, provides real-time insights into diversity, equity, and inclusion; benefit health elections; candidate activity; and other HR initiatives that can be customized and readily shared.

Dayforce Analytics Data Connector unlocks the power of our customers’ HCM data using the BI tools of their choice. It enables the transfer of larger volumes of data to our customers so they can utilize their data with familiar and consistent internal tools.

On global payroll, we announced the acquisition of ADAM HCM, which will accelerate Ceridian’s commitment to deliver Dayforce Payroll in Mexico currently planned for later in 2022 as well as over 30 countries across Latin America, South America, and the Caribbean.

We also introduced 110 unique updates to the Dayforce platform in North America and EMEA to help our customers navigate their year-end close.

Dayforce Wallet

We now have more than 970 customers signed onto Dayforce Wallet with over 425 customers live on the product.

Dayforce Wallet continues to positively impact win rates in market as evidenced by the 80% attach rate of Dayforce Wallet to new sales.

In addition, we continue to see strong evidence that the Dayforce Card is top of wallet:

Dayforce Wallet users are enjoying new features such as cash back rewards and two day early direct deposit. Looking ahead in 2022 and taking advantage of our strong roadmap, we will be launching a referral program, streaming pay, and a new market – welcoming users in the United Kingdom.

To further the adoption of Dayforce Wallet, we formed a strategic partnership with PRO Unlimited, who will offer Dayforce Wallet as part of its comprehensive Worker Experience solution, providing contingent workers with direct access to their net pay as they earn it. In the contingent workforce industry’s highly competitive labor market, Dayforce Wallet will provide true value and a competitive advantage to an organization’s ability to recruit and engage workers more effectively.

We are continuing to accelerate our vision to fundamentally change how workers at every level get paid, enabling more ways for them to take full control of their financial wellbeing.

* Tenured customers have been live on Dayforce Wallet for more than a year.

Global expansion

As we discussed over previous quarters, we believe we have a significant opportunity for growth outside of North America as we execute against our strategy to be a global leader in the cloud HCM market.

In our APJ region, we are optimizing the strategic acquisitions we made with Ascender and Excelity, utilizing key markets in Asia to streamline our operations, ensuring we continue to deliver strong service and support levels to our customers wherever they operate in the world.

In addition, our acquisition in the fourth quarter of ADAM HCM, a payroll and HCM company serving customers in 33 countries across Central America, South America, and the Caribbean, positions Ceridian as a leading HCM provider in Latin America and will create value for existing and prospective customers in key markets, including Mexico and Brazil.

Through this acquisition, we expect ADAM HCM customers to be able to access the Dayforce platform for global HCM, allowing them to scale and grow globally across new geographies. At the same time, extending our platform in Latin America will better serve our existing multinational customers with operations in this region.

The combination of these acquisitions is a significant step forward in our strategy to make Dayforce a leading solution in all major regions of the world.

Summary

Our fourth quarter performance closed out a year defined by continued momentum across all areas of our business. We exceeded the financial and operational metrics we set out at the start of the year, as we stay focused on accelerating our position as a global HCM leader.

Looking ahead in 2022, our vision to be the always-on people platform for the global workforce, coupled with our customer-driven innovation, puts us directly at the center of two large trends: the new world of work and the transition to cloud-based solutions that enable organizations to change and adapt to it.

Our relentless customer focus, product vision, scale, and geographic reach give us great confidence in our ability to take full advantage of these market dynamics and deliver strong, profitable growth.

As we continue to invest in Dayforce, our people, and our business, we know it all serves to strengthen the quantifiable value our customers have come to expect from us and further our ability to deliver value to you, our fellow stockholders.

Noémie Heuland
EVP and Chief Financial Officer

The quarterly and annual financial highlights and business outlook below are on a year-over-year basis and reported in U.S. dollars, unless otherwise stated.

Revenue

Our financial performance in the fourth quarter of 2021 was strong:

Our fourth quarter results included $23.3 million of Ascender revenue, of which $5.4 million was recognized in Dayforce recurring revenue, $0.6 million was recognized in Dayforce professional services and other revenue, and $17.3 million was recognized in Bureau revenue.

The average float balance for our customer funds during the fourth quarter increased 28% to $4,031.4 million, compared to $3,145.5 million. The average yield on our float balance was 1.01% during the fourth quarter, a decline of 32 basis points. As a result, float revenue from invested customer funds was $10.1 million in the fourth quarter, compared to $10.6 million. The allocation of fourth quarter 2021 float revenue to Dayforce and Cloud revenue was $7.2 million and $9.4 million, respectively.

Impact of COVID-19

As anticipated, the COVID-19 pandemic has had an adverse impact on revenue during the fourth quarter, primarily in the form of lower employment levels at our customers, and lower demand for professional services.

We estimate that lower employment levels at our customers adversely affected fourth quarter revenue by approximately $2.5 million, of which approximately $2.0 million was related to Dayforce and approximately $0.5 million was related to Powerpay.

We believe that our ability to earn float revenue on invested customer funds is a positive aspect of our business model. Insofar as market investment rates return to pre-pandemic levels, we believe there is opportunity for high-margin float revenue to increase and provide a tailwind to future revenue growth and cash flow. Based on current market conditions, portfolio composition, and investment practices, a 100-basis point increase in market investment rates would result in an approximately $23 million increase in float revenue, and an approximately $17 million increase in cash flow, over the ensuing twelve-month period.

Gross margin

In the fourth quarter of 2021, Cloud recurring gross margin was 72.2%, compared to 70.9%, an expansion of 130 basis points. Excluding float revenue, Cloud recurring gross margin expanded by 170 basis points as we continue to realize economies of scale in customer support and hosting costs. Professional services and other gross margin was (6.3)%, compared to (4.1)% last year.

Earnings per share

Net loss in the fourth quarter of 2021 was ($9.5) million, or ($0.06) per diluted share, compared to ($17.3) million, or ($0.12) per diluted share. Adjusted net income in the fourth quarter of 2021 was $9.3 million, or $0.06 per diluted share, compared to $14.0 million, or $0.09 per diluted share.

Adjusted EBITDA

Adjusted EBITDA increased by 17% to $38.7 million in the fourth quarter of 2021. Excluding float revenue, Adjusted EBITDA increased by 27%, and Adjusted EBITDA margin contracted by 10 basis points, reflecting continued investment in product development and sales and marketing.

Depreciation and amortization

In the fourth quarter of 2021, depreciation and amortization increased by $3.3 million to $18.2 million. The increase is primarily driven by $3.7 million of depreciation and amortization from Ascender and Ideal, which includes amortization of intangible assets and depreciation of fixed assets.

Full year 2021 revenue and gross margin

We are pleased by our full year 2021 financial performance:

Other key performance metrics

Annual Cloud revenue retention rate was 96.8% in 2021, compared to 95.8% in 2020.

2021 Cloud annualized recurring revenue (“ARR”) was $779.8 million as of December 31, 2021, an increase of 26.2%, or $161.9 million, from December 31, 2020.

Balance sheet and liquidity

As of December 31, 2021, we had cash and equivalents of $367.5 million, and our total debt balance was $1,242.5 million.

During the fourth quarter of 2021, we sold the office building, land, and fixed assets of our St. Petersburg, Florida facility for $40 million, less fees and expenses, which resulted in a gain on the sale of $19.1 million, which was recognized in the consolidated statements of operations within selling, general, and administrative expense. This gain on sale has been excluded from Adjusted EBITDA and improved our cash flow from investing activities in 2021.

Business outlook

Based on information available as of February 9, 2022, Ceridian is issuing guidance for the full year and first quarter of 2022 as indicated below.

Comparisons are on a year-over-year basis, unless stated otherwise.

Full Year 2022 guidance

First quarter 2022 guidance

Supplemental guidance details

Our guidance assumes productivity gains through further integration of the Excelity and Ascender acquisitions and specifically a re-balancing of our resources across our global offices. We expect this balancing of our workforce to result in one-time severance and restructuring costs of approximately $25 million, to be accounted for in cost of recurring revenue, primarily in the first quarter of 2022. These costs will be excluded from Adjusted EBITDA. Excluding these costs, we expect cloud recurring gross margin to continue to improve in 2022.

In addition, our guidance assumes an increase of 25 basis points in the Federal Reserve discount rate and current Bank of Canada interest rate in both March and June of 2022. Based on current market conditions, portfolio composition, and investment practices, each 100 basis point change in market investment rates would result in approximately $23 million of change in float revenue over the ensuing twelve month period.

While we experienced adverse impacts on our fourth quarter revenue from the COVID-19 pandemic in the form of lower employment levels at our customers, we ended 2021 with employment levels at our customers in-line with

pre-pandemic levels. As a result, our guidance for the full year and first quarter of 2022 assumes no further improvement or reduction in employment levels at our customers due to the COVID-19 pandemic.

We have not reconciled the Adjusted EBITDA range for the full year or first quarter of 2022 to the directly comparable GAAP financial measure because applicable information for the future period, on which this reconciliation would be based, is not readily available due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

Foreign exchange impacts

For the full year and first quarter of 2022, our guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.25, compared to an average rate of $1.25 for the full year of 2021.

Ceridian HCM Holding Inc.

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Ceridian HCM Holding Inc.

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Ceridian HCM Holding Inc.

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