Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

10. Revenue

Disaggregation of Revenue

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Dollars in millions)
Revenue:
Recurring revenue:
Dayforce recurring	$	279.6	$	207.8	$	819.0	$	590.7
Powerpay® recurring		24.0		22.6		72.2		66.5
Total Cloud recurring		303.6		230.4		891.2		657.2
Other recurring		21.8		33.4		67.0		105.6
Total recurring revenue		325.4		263.8		958.2		762.8
Professional services and other		52.1		51.8		155.8		147.3
Total revenue	$	377.5	$	315.6	$	1,114.0	$	910.1

Recurring revenue includes float revenue of $38.8 million and $21.3 million for the three months ended September 30, 2023, and 2022, respectively, and $127.5 million and $47.4 million for the nine months ended September 30, 2023, and 2022, respectively.

Contract Balances

A contract asset is generally recorded when revenue recognized for professional service performance obligations exceed the contractual amount of billings for implementation related professional services. Contract assets were $81.5 million and $68.5 million as of September 30, 2023, and December 31, 2022, respectively. Contract assets expected to be recognized in revenue within twelve months are included within prepaid expenses and other current assets, with the remaining contract assets included within other assets on our condensed consolidated balance sheets.

Deferred Revenue

Deferred revenue primarily consists of payments received in advance of revenue recognition. The changes in deferred revenue were as follows:

	Nine Months Ended September 30,
	2023			2022
	(Dollars in millions)
Deferred revenue, beginning of period	$	41.2		$	48.7
New billings		572.8			483.2
Revenue recognized		(542.5	)		(486.5	)
Effect of exchange rate		(23.7	)		(2.8	)
Deferred revenue, end of period	$	47.8		$	42.6

Transaction Price for Remaining Performance Obligations

As of September 30, 2023, approximately $1,181.1 million of revenue is expected to be recognized over the next three years from remaining performance obligations, which represents contracted revenue for recurring services and fixed price professional services, primarily implementation services, that has not yet been recognized, including deferred revenue and unbilled amounts that will be recognized as revenue in future periods. Performance obligations that are billed and recognized as they are delivered, primarily professional services contracts that are on a time and materials basis, are excluded from the transaction price for remaining performance obligations disclosed above.