Thanks, Joe. We started 2024 strong, underpinned by healthy top line growth and continued profitability improvements. As David said, we exceeded guidance across all key revenue and profitability metrics. We delivered Dayforce recurring revenue of $337.2 million, growing 24% and excluding float, Dayforce recurring revenue grew 23% underpinned by strong go-lives and healthy underlying customer trends.
Total revenue of $431.5 million grew 16% on a GAAP basis and 17% on a constant currency basis, highlighting the continued convergence of Dayforce recurring revenue and total revenue growth rates, as 78% of our total revenue is Dayforce recurring revenue.
Powerpay recurring revenue was $26 million, growing 8%, including float and 5% excluding float. On a GAAP basis, gross profit was $205 million, up 28%; and operating profit was $41 million, up 6%, including a full quarter of the amortization of the Ceridian trade name, which is in G&A expenses at approximately $21 million.
Cloud recurring gross margin was 79%, up 170 basis points versus last year. And excluding float, our cloud recurring gross margin also continued to expand nicely, improving by 170 basis points year-over-year. On a non-GAAP basis, adjusted cloud recurring gross margin was 80%, expanding 130 basis points year-over-year as the Dayforce platform continues to scale.
We view adjusted cloud recurring gross margins as a key metric that shows how much we make from an average dollar of recurring revenue after customers go-live on the platform. It's a great comparison to our HCM peers and market and it excludes noncash items like depreciation, share-based compensation as well as R&D-related costs.
Adjusted EBITDA was $129.9 million, up 23% or a 30.1% margin, expanding 170 basis points year-over-year and reflecting our continued improvement in gross profit margins and scale in adjusted G&A. From a cash flow perspective, operating cash flows were $9.1 million in Q1, $2 million lower than last year, primarily due to higher trade receivables.
This was the result of timing, specifically related to the change in our brand name as some customer payment cycles were delayed as a result of our name change to Dayforce. We remain confident in our full year cash flow targets of upper 50% conversion from full year adjusted EBITDA to operating cash flow.
As expected, eloomi revenue added approximately 100 basis points of growth to our Dayforce recurring revenue in the first quarter.
Looking ahead, for the full year, we now expect Dayforce recurring revenue ex float of $1.163 billion to $1.168 billion or growth of 21% as reported and on a constant currency basis. Total revenue of $1.73 billion to $1.74 billion or approximately 14% to 15% growth as reported and on a constant currency basis.
Adjusted EBITDA of $484 million to $499 million or 28% to 28.7% margin. Float revenue is now expected to be $183 million for the full year, reflecting fewer rate cuts than originally anticipated. For the second quarter, we expect Dayforce recurring revenue ex float of $276 million to $279 million, or growth in the range of 19% to 21% as reported or 20% to 21% on a constant currency basis.
Total revenue of $414 million to $419 million or growth of 13% to 15% as reported and on a constant currency basis. And adjusted EBITDA is expected to be in the range of $108 million to $113 million or 26.1% to 27% margin. Float revenue is expected to be $47 million for the second quarter.
As you recall, there are typically a handful of items that impact sequential growth between Q1 and Q2, including year-end print and filing revenue that drive Q1 higher but don't reoccur in Q2 and seasonal employee volumes that tend to fall off in Q2. This is reflected in our guidance.
We have also updated the FX rate assumptions used for our guidance as the current spot rate of approximately USD 1.37 to CAD has worsened from the 1.33 level observed at the beginning of 2024.
Before we go into Q&A, I want to remind investors and stakeholders that our financial reporting and accounting policies are underpinned by strong processes and procedures that undergo multiple layers of internal and external review. We stand behind our financial reporting and accounting policies, which have been carefully considered, reviewed and audited and transparently disclosed since becoming a public company in 2018.
We encourage investors to review our financial statements along with our past earnings call, transcripts and press releases for a comprehensive view of our financial profile, our accounting policies and our viewpoint on key financial and operating metrics.
Thank you for your continued support and conviction in Dayforce. We are excited for the future.
With that, we can begin the Q&A portion of our call.
