Overview Key strengths Key risks Recurring revenues from cloud customer base provide predictability of cash flows Debt-funded acquisitions lead to temporarily elevated credit measures Strong customer retention rates Cyclical risk driven by the effects of unemployment rates International acquisition continues to support geographic diversity Small market share compared with that of large-scaled peers With an increase in the proportion of non-North American revenue base to 14% in fiscal 2021 from 4% in fiscal 2020, we expect Ceridian HCM Holding Inc. will penetrate further into the human capital management (HCM) market outside North America through its projects to grow globally. We anticipate the company?s continuous payroll calculation and tax capabilities, along with a competitively priced product offering, should support Ceridian?s ability
