Revenue

6 Months Ended

Jun. 30, 2022

Revenue From Contract With Customer [Abstract]

Revenue

10. Revenue

Disaggregation of Revenue

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Dollars in millions)
Revenue:
Cloud
Dayforce
Recurring	$	194.3	$	150.6	$	382.9	$	295.9
Professional services and other		46.2		38.0		87.8		74.8
Total Dayforce revenue		240.5		188.6		470.7		370.7
Powerpay
Recurring		22.3		20.5		43.9		40.8
Professional services and other		0.1		0.3		0.3		0.6
Total Powerpay revenue		22.4		20.8		44.2		41.4
Total Cloud revenue		262.9		209.4		514.9		412.1
Bureau
Recurring		34.5		37.0		72.2		67.4
Professional services and other		3.8		4.0		7.4		5.4
Total Bureau revenue		38.3		41.0		79.6		72.8
Total revenue	$	301.2	$	250.4	$	594.5	$	484.9

Recurring revenue includes float revenue of $14.7 million and $10.4 million for the three months ended June 30, 2022, and 2021, respectively, and $26.1 million and $21.1 million for the six months ended June 30, 2022, and 2021, 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 $69.9 million and $62.7 million as of June 30, 2022, and December 31, 2021, 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:

	Six Months Ended June 30,
	2022			2021
	(Dollars in millions)
Deferred revenue, beginning of period	$	48.7		$	24.4
New billings		298.3			244.0
Acquired billings		—			17.0
Revenue recognized		(303.5	)		(241.7	)
Effect of exchange rate		(1.2	)		(0.5	)
Deferred revenue, end of period	$	42.3		$	43.2

Transaction Price for Remaining Performance Obligations

As of June 30, 2022, approximately $1,084.7 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. In accordance with the practical expedient provided in ASC Topic 606, 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.