Low-single-digit market share in an overall highly competitive and fragmented global human capital management (HCM) software market We expect 25%-30% year-over-year growth in cloud-based offerings, including Dayforce and Powerpay products Improvement in profitability resulting from the successful transition to cloud from legacy products Very high leverage metrics Adequate liquidity due to sufficient cash on hand Expectation of an equity offering The stable outlook on Ceridian HCM Holding Inc. reflects S&P Global Ratings' expectation that the company will continue to increase revenues for its cloud-based HCM products over 25% annually along with improving its EBITDA margins. Although, we do not expect any material deleveraging, we believe the company will have adequate liquidity to meet its operational and financial commitments over the
