Low single digit, although growing market share in an overall highly competitive and fragmented global human capital management (HCM) software market Although, the company has made good head-way in its transition from premise to cloud, we expect margins to remain pressured due to higher ramp-up costs in the near term We expect 25%-35% year-over-year revenue growth in cloud-based offerings, including the DayForce and Powerpay products Very high leverage metrics Weak free cash flow due to growing capital expenditures necessary to support the growth in cloud during a period of declining premise revenues Adequate liquidity, due to significant cash on hand The stable outlook on Ceridian HCM Holding Inc. reflects our expectation that the company will continue to increase revenues for
