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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alight Inc | NYSE:ALIT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.085 | -1.11% | 7.605 | 7.73 | 7.50 | 7.71 | 2,888,084 | 15:28:19 |
– Achieved total revenue growth of over 8%, and nearly 9% Employer Solutions revenue growth –
– Generated robust BPaaS bookings of $262 million or growth of 26% –
– Sustained strong double-digit expansion of profitability –
– Raises 2023 adjusted EPS guidance range –
– Over 95% of revenue under contract for 2023 –
Alight, Inc. (NYSE: ALIT), a leading cloud-based provider of integrated digital human capital and business solutions, today reported results for the third quarter ended September 30, 2023.
“Alight delivered high single-digit revenue growth and double-digit profitability expansion as our successful transformation into a platform company is enabling consistent and durable financial performance,” said Chief Executive Officer Stephan Scholl. “With the platform as our foundation, we are seeing broad-based demand for our solutions, underscored by robust BPaaS bookings that grew 26% over the prior year. Our continued strong financial performance, along with $2.7 billion of revenue already under contract for 2024, enables us to reaffirm our 2023 and mid-term guidance.”
Third Quarter 2023 Highlights
Third Quarter 2023 Results
Consolidated Results
Revenue grew 8.4% to $813 million, as compared to $750 million in the prior year period. The improvement was driven by an 8.7% increase in Employer Solutions revenue due to increased net commercial activity, project revenue, and volumes as well as the impact of our 2022 acquisition, and 10.5% growth in Professional Services revenue. Recurring revenues, which comprised 83.3% of total revenue, grew 8.3% to $677 million mainly due to growth in Employer Solutions revenue.
Gross profit was $257 million, or 31.6% of revenue, compared to $212 million, or 28.3% of revenue in the prior year period. The increase in gross profit was primarily driven by revenue growth as noted above and productivity savings, partially offset by additional costs associated with the rise in revenues.
Selling, general and administrative expenses were $177 million, compared to $178 million in the prior year period. The decrease was primarily driven by compensation expenses related to share-based awards, partially offset by the inclusion of expenses from our 2022 acquisition and costs incurred from our previously announced restructuring program.
Interest expense was $34 million as compared to $31 million in the prior year period. The change in expense was primarily due to higher interest expense on our term loan borrowings due to movement in market interest rates.
The Company’s loss before income tax expense was $15 million compared to loss before income tax benefit of $65 million in the prior year period. The change was primarily due to non-operating fair value remeasurements of financial instruments and the tax receivable agreement.
Third Quarter 2023 Segment Results
Employer Solutions
Employer Solutions is driven by Alight’s digital, software and AI-led capabilities and spans total employee wellbeing and engagement, including integrated benefits administration, healthcare navigation, financial health, employee wellness and payroll.
Employer Solutions revenues grew 8.7% to $701 million, as compared to $645 million in the prior year period, as a result of increased net commercial activity, project revenue, and volumes as well as the impact of our 2022 acquisition. Recurring revenue grew 8.7% to $634 million, while project revenue was up 8.1% to $67 million.
Employer Solutions gross profit was $231 million, as compared to $189 million in the prior year period, up 22.2%, driven by revenue growth and productivity savings, partially offset by employee compensation costs and additional costs associated with funding growth of current and future revenues. Employer Solutions adjusted gross profit was $260 million, as compared to $214 million in the prior year period, up 21.5% or $46 million, primarily due to the factors impacting gross profit above.
Professional Services
Professional Services revenues were up 10.5% to $105 million as compared to $95 million in the prior year period as a result of higher recurring revenue and higher project revenue. Recurring revenue and project revenue rose by $4 million and $6 million, respectively.
Professional Services gross profit was $26 million and adjusted gross profit was $27 million, representing an increase of $3 million and $2 million, respectively, compared to the prior year period.
Balance Sheet Highlights
As of September 30, 2023, the Company’s cash and cash equivalents balance was $276 million, total debt was $2,801 million and total debt net of cash and cash equivalents was $2,525 million.
During the quarter, the Company completed a repricing of its 2028 term loan that decreased its interest rate by 25 basis points for $6 million of anticipated annualized interest expense savings.
The interest rates on the Company’s debt are 84% fixed through 2024 and 60% through 2025.
Business Outlook
The Company's 2023 outlook includes:
Reconciliations of the historical financial measures used in this press release that are not recognized under U.S. generally accepted accounting principles ("GAAP") are included below. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s third-quarter financial results is scheduled for today, November 1, 2023 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). Interested parties can access the live webcast and accompanying presentation materials by logging on to the Investor Relations section on the Company’s website at http://investor.alight.com. A replay of the conference call and the accompanying presentation materials will be available on the investor relations website for approximately 90 days.
About Alight Solutions
Alight is a leading cloud-based human capital technology and services provider that powers confident health, wealth and wellbeing decisions for 36 million people and dependents. Our Alight Worklife® platform combines data and analytics with a simple, seamless user experience. Supported by our global delivery capabilities, Alight Worklife is transforming the employee experience for people around the world. With personalized, data-driven health, wealth, pay and wellbeing insights, Alight brings people the security of better outcomes and peace of mind throughout life’s big moments and most important decisions. Learn how Alight unlocks growth for organizations of all sizes at alight.com.
For more information, please visit www.alight.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the expectations regarding the performance and outlook for Alight’s business, financial results, liquidity and capital resources, and other non-historical statements, including statements in the “Business Outlook” section of this press release. In some cases, these forward-looking statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties including, among others, risks related to declines in economic activity in the industries, markets, and regions our clients serve, including as a result of increases in inflation rates or interest rates or changes in monetary and fiscal policies, risks related to the performance of our information technology systems and networks, risks related to our ability to maintain the security and privacy of confidential and proprietary information, risks related to changes in regulation, including developments on the use of artificial intelligence and machine learning, and competition in our industry. Additional factors that could cause Alight’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” of Alight’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 1, 2023, as such factors may be updated from time to time in Alight's filings with the SEC, which are, or will be, accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be considered along with other factors noted in this presentation and in Alight’s filings with the SEC. Alight undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Non-GAAP Financial Measures
The Company refers to certain non-GAAP financial measures in this press release, including: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Operating Cash Flow Conversion, Adjusted Gross Profit and Adjusted Gross Profit Margin. Please see below for additional information and for reconciliations of such non-GAAP financial measures. The presentation of non-GAAP financial measures is used to enhance our investors’ and lenders’ understanding of certain aspects of our financial performance. This discussion is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.
Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and intangible amortization adjusted for the impact of certain non-cash and other items that we do not consider in the evaluation of ongoing operational performance. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Both Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures used by management and our stakeholders to provide useful supplemental information that enables a better comparison of our performance across periods as well as to evaluate our core operating performance.
Adjusted Net Income, which is defined as net income (loss) attributable to Alight, Inc. adjusted for intangible amortization and the impact of certain non-cash items that we do not consider in the evaluation of ongoing operational performance, is a non-GAAP financial measure used solely for the purpose of calculating Adjusted Diluted Earnings Per Share.
Adjusted Diluted Earnings Per Share is defined as Adjusted Net Income divided by the adjusted weighted-average number of shares of Alight Inc. common stock, diluted. Adjusted Diluted Earnings Per Share is used by us and our investors to evaluate our core operating performance and to benchmark our operating performance against our competitors.
Operating Cash Flow Conversion is defined as cash provided by operating activities divided by Adjusted EBITDA. Operating Cash Flow Conversion is used by management and stakeholders to evaluate our core operating performance.
Adjusted Gross Profit is defined as revenue less cost of services adjusted for depreciation, amortization and share-based compensation, and Adjusted Gross Profit Margin is defined as Adjusted Gross Profit divided by revenue. Management uses Adjusted Gross Profit and Adjusted Gross Profit Margin as key measures in making financial, operating and planning decisions and in evaluating our performance. We believe that presenting Adjusted Gross Profit and Adjusted Gross Profit Margin is useful to investors as it eliminates the impact of certain non-cash expenses and allows a direct comparison between periods.
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended September 30
Nine Months Ended September 30
(in millions, except per share amounts)
2023
2022
2023
2022
Revenue
$
813
$
750
$
2,450
$
2,190
Cost of services, exclusive of depreciation and amortization
535
523
1,618
1,497
Depreciation and amortization
21
15
61
39
Gross Profit
257
212
771
654
Operating Expenses
Selling, general and administrative
177
178
555
475
Depreciation and intangible amortization
84
84
254
254
Total operating expenses
261
262
809
729
Operating Income (Loss)
(4
)
(50
)
(38
)
(75
)
Other (Income) Expense
(Gain) Loss from change in fair value of financial instruments
(36
)
10
(11
)
(53
)
(Gain) Loss from change in fair value of tax receivable agreement
11
(20
)
30
(63
)
Interest expense
34
31
100
89
Other (income) expense, net
2
(6
)
9
(14
)
Total other (income) expense, net
11
15
128
(41
)
Income (Loss) Before Income Tax
(15
)
(65
)
(166
)
(34
)
Income tax expense (benefit)
31
(20
)
26
(28
)
Net Income (Loss)
(46
)
(45
)
(192
)
(6
)
Net loss attributable to noncontrolling interests
2
(8
)
(9
)
(9
)
Net (Loss) Income Attributable to Alight, Inc.
$
(48
)
$
(37
)
$
(183
)
$
3
Earnings Per Share
Basic (net loss) earnings per share
$
(0.10
)
$
(0.08
)
$
(0.38
)
$
0.01
Diluted (net loss) earnings per share
$
(0.10
)
$
(0.08
)
$
(0.38
)
$
-
Condensed Consolidated Balance Sheets
(Unaudited)
September 30,
December 31,
2023
2022
(in millions, except par values)
Assets
Current Assets
Cash and cash equivalents
$
276
$
250
Receivables, net
664
678
Other current assets
290
379
Total Current Assets Before Fiduciary Assets
1,230
1,307
Fiduciary assets
1,319
1,509
Total Current Assets
2,549
2,816
Goodwill
3,682
3,679
Intangible assets, net
3,632
3,872
Fixed assets, net
357
320
Deferred tax assets, net
5
6
Other assets
524
542
Total Assets
$
10,749
$
11,235
Liabilities and Stockholders' Equity
Liabilities
Current Liabilities
Accounts payable and accrued liabilities
$
428
$
508
Current portion of long-term debt, net
25
31
Other current liabilities
312
300
Total Current Liabilities Before Fiduciary Liabilities
765
839
Fiduciary liabilities
1,319
1,509
Total Current Liabilities
2,084
2,348
Deferred tax liabilities
63
60
Long-term debt, net
2,776
2,792
Long-term tax receivable agreement
634
568
Financial instruments
87
97
Other liabilities
213
281
Total Liabilities
$
5,857
$
6,146
Commitments and Contingencies
Stockholders' Equity
Preferred stock at $0.0001 par value: 1.0 shares authorized, none issued and outstanding
$
—
$
—
Class A Common Stock: $0.0001 par value, 1,000.0 shares authorized; 501.1 and 478.3 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
—
—
Class B Common Stock: $0.0001 par value, 20.0 shares authorized; 10.0 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
—
—
Class V Common Stock: $0.0001 par value, 175.0 shares authorized; 36.6 and 63.5 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
—
—
Class Z Common Stock: $0.0001 par value, 12.9 shares authorized; 5.2 and 5.6 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
—
—
Treasury stock, at cost (6.4 and 1.5 shares at September 30, 2023 and December 31, 2022, respectively)
(52
)
(12
)
Additional paid-in-capital
4,823
4,514
Retained deficit
(341
)
(158
)
Accumulated other comprehensive income
96
95
Total Alight, Inc. Stockholders' Equity
$
4,526
$
4,439
Noncontrolling interest
366
650
Total Stockholders' Equity
$
4,892
$
5,089
Total Liabilities and Stockholders' Equity
$
10,749
$
11,235
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30
(in millions)
2023
2022
Operating activities:
Net income (loss)
$
(192
)
$
(6
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation
76
56
Intangible asset amortization
239
237
Noncash lease expense
15
19
Financing fee and premium amortization
(2
)
(1
)
Share-based compensation expense
110
129
(Gain) loss from change in fair value of financial instruments
(11
)
(53
)
(Gain) loss from change in fair value of tax receivable agreement
30
(63
)
Release of unrecognized tax provision
(1
)
(29
)
Deferred tax expense (benefit)
30
(6
)
Other
7
4
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable
12
(73
)
Accounts payable and accrued liabilities
(79
)
(2
)
Other assets and liabilities
17
(11
)
Cash provided by operating activities
$
251
$
201
Investing activities:
Capital expenditures
(127
)
(115
)
Cash used in investing activities
$
(127
)
$
(115
)
Financing activities:
Net increase (decrease) in fiduciary liabilities
(190
)
74
Borrowings from banks
—
104
Financing fees
—
(3
)
Repayments to banks
(19
)
(134
)
Principal payments on finance lease obligations
(17
)
(20
)
Payments on tax receivable agreements
(7
)
—
Tax payment for shares/units withheld in lieu of taxes
(8
)
(1
)
Deferred and contingent consideration payments
(9
)
(81
)
Repurchase of shares
(40
)
(12
)
Other financing activities
1
—
Cash provided by (used in) financing activities
$
(289
)
$
(73
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
1
(7
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(164
)
6
Cash, cash equivalents and restricted cash at beginning of period
1,759
1,652
Cash, cash equivalents and restricted cash at end of period
$
1,595
$
1,658
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(Unaudited)
Three Months Ended September 30
Nine Months Ended September 30
(in millions)
2023
2022
2023
2022
Net Income (Loss)
$
(46
)
$
(45
)
$
(192
)
$
(6
)
Interest expense
34
31
100
89
Income tax expense (benefit)
31
(20
)
26
(28
)
Depreciation
26
21
76
56
Intangible amortization
79
78
239
237
EBITDA
124
65
249
348
Share-based compensation
35
54
110
129
Transaction and integration expenses(1)
6
2
16
11
Restructuring
17
23
73
43
(Gain) Loss from change in fair value of financial instruments
(36
)
10
(11
)
(53
)
(Gain) Loss from change in fair value of tax receivable agreement
11
(20
)
30
(63
)
Other(2)
1
(1
)
2
2
Adjusted EBITDA
$
158
$
133
$
469
$
417
Revenue
$
813
$
750
$
2,450
$
2,190
Adjusted EBITDA Margin(3)
19.4
%
17.7
%
19.1
%
19.0
%
(1) Transaction and integration expenses primarily relate to acquisition activity.
(2) Other primarily includes expenses related to debt financing.
(3) Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.
Reconciliation of Net Income (Loss) Attributable to Alight, Inc. to Adjusted Net Income and Adjusted Diluted Earnings per Share
(Unaudited)
Three Months Ended September 30
Nine Months Ended September 30
(in millions, except share and per share amounts)
2023
2022
2023
2022
Numerator:
Net (Loss) Income Attributable to Alight, Inc.
$
(48
)
$
(37
)
$
(183
)
$
3
Conversion of noncontrolling interest
2
(8
)
(9
)
(9
)
Intangible amortization
79
78
239
237
Share-based compensation
35
54
110
129
Transaction and integration expenses
6
2
16
11
Restructuring
17
23
73
43
(Gain) Loss from change in fair value of financial instruments
(36
)
10
(11
)
(53
)
(Gain) Loss from change in fair value of tax receivable agreement
11
(20
)
30
(63
)
Other
1
(1
)
2
2
Tax effect of adjustments(1)
7
(37
)
(44
)
(104
)
Adjusted Net Income
$
74
$
64
$
223
$
196
Denominator:
Weighted average shares outstanding - basic
493,226,324
457,904,703
486,683,943
457,535,329
Dilutive effect of the exchange of noncontrolling interest units
—
—
—
75,800,317
Dilutive effect of RSUs
—
—
—
770,953
Weighted average shares outstanding - diluted
493,226,324
457,904,703
486,683,943
534,106,599
Exchange of noncontrolling interest units(2)
40,858,016
75,800,317
47,618,819
—
Impact of unvested RSUs(3)
9,161,197
10,289,937
9,161,197
9,518,984
Adjusted shares of Class A Common Stock outstanding - diluted(4)
543,245,537
543,994,957
543,463,959
543,625,583
Basic (Net Loss) Earnings Per Share
$
(0.10
)
$
(0.08
)
$
(0.38
)
$
0.01
Diluted (Net Loss) Earnings Per Share
$
(0.10
)
$
(0.08
)
$
(0.38
)
$
—
Adjusted Diluted Earnings Per Share(4)(5)
$
0.14
$
0.12
$
0.41
$
0.36
(1) Income tax effects have been calculated based on the statutory tax rates for both U.S. and foreign jurisdictions based on the Company's mix of income and adjusted for significant changes in fair value measurement.
(2) Assumes the full exchange of the units held by noncontrolling interests for shares of Class A Common Stock of Alight, Inc. pursuant to the exchange agreement.
(3) Includes non-vested time-based restricted stock units that were determined to be antidilutive for U.S. GAAP diluted earnings per share purposes.
(4) Excludes two tranches of contingently issuable seller earnout shares: (i) 7.5 million shares will be issued if the Company's Class A Common Stock's volume-weighted average price ("VWAP") is >$12.50 for 20 consecutive trading days; and (ii) 7.5 million shares will be issued if the Company's Class A Common Stock VWAP is >$15.00 for 20 consecutive trading days. Both tranches have a seven-year duration.
(5) Excludes 28,547,275 and 33,148,917 performance-based units, which represents the gross number of shares expected to vest based on achievement of performance conditions as of September 30, 2023 and September 30, 2022, respectively.
Reconciliation of Segment Profit to Income (Loss) Before Income Tax Benefit
(Unaudited)
Segment Profit
Three Months Ended September 30
Nine Months Ended September 30
(in millions)
2023
2022
2023
2022
Employer Solutions
$
231
$
189
$
709
$
593
Professional Services
26
23
64
62
Other
-
-
(2
)
(1
)
Total Gross Profit
257
212
771
654
Selling, general and administrative
177
178
555
475
Depreciation and intangible amortization
84
84
254
254
Operating Income (Loss)
(4
)
(50
)
(38
)
(75
)
(Gain) Loss from change in fair value of financial instruments
(36
)
10
(11
)
(53
)
(Gain) Loss from change in fair value of tax receivable agreement
11
(20
)
30
(63
)
Interest expense
34
31
100
89
Other (income) expense, net
2
(6
)
9
(14
)
Income (Loss) Before Income Tax
$
(15
)
$
(65
)
$
(166
)
$
(34
Gross Profit to Adjusted Gross Profit Reconciliation by Segment
(Unaudited)
Three Months Ended September 30, 2023
($ in millions)
Employer Solutions
Professional Services
Other
Total
Gross Profit
$
231
$
26
$
-
$
257
Add: stock-based compensation
9
-
-
9
Add: depreciation and amortization
20
1
-
21
Adjusted Gross Profit
$
260
$
27
$
-
$
287
Gross Profit Margin
33.0
%
24.8
%
-
31.6
%
Adjusted Gross Profit Margin
37.1
%
25.7
%
-
35.3
%
Three Months Ended September 30, 2022
($ in millions)
Employer Solutions
Professional Services
Other
Total
Gross Profit
$
189
$
23
$
-
$
212
Add: stock-based compensation
11
1
-
12
Add: depreciation and amortization
14
1
-
15
Adjusted Gross Profit
$
214
$
25
$
-
$
239
Gross Profit Margin
29.3
%
24.2
%
-
28.3
%
Adjusted Gross Profit Margin
33.2
%
26.3
%
-
31.9
%
Nine Months Ended September 30, 2023
($ in millions)
Employer Solutions
Professional Services
Other
Total
Gross Profit
$
709
$
64
$
(2
)
$
771
Add: stock-based compensation
25
2
-
27
Add: depreciation and amortization
58
1
2
61
Adjusted Gross Profit
$
792
$
67
$
-
$
859
Gross Profit Margin
33.4
%
21.1
%
-7.7
%
31.5
%
Adjusted Gross Profit Margin
37.3
%
22.1
%
-
35.1
%
Nine Months Ended September 30, 2022
($ in millions)
Employer Solutions
Professional Services
Other
Total
Gross Profit
$
593
$
62
$
(1
)
$
654
Add: stock-based compensation
27
2
-
29
Add: depreciation and amortization
36
1
2
39
Adjusted Gross Profit
$
656
$
65
$
1
$
722
Gross Profit Margin
31.5
%
22.5
%
-3.1
%
29.9
%
Adjusted Gross Profit Margin
34.9
%
23.6
%
3.1
%
33.0
%
Other Select Financial Data
(Unaudited)
Three Months Ended September 30
Nine Months Ended September 30
($ in millions)
2023
2022
2023
2022
Segment Revenues
Employer Solutions:
Recurring
$
634
$
583
$
1,942
$
1,712
Project
67
62
179
170
Total Employer Solutions
701
645
2,121
1,882
Professional Services:
Recurring
36
32
104
94
Project
69
63
199
182
Total Professional Services
105
95
303
276
Total Reportable Segments
806
740
2,424
2,158
Other (1)
7
10
26
32
Total revenue
$
813
$
750
$
2,450
$
2,190
Segment Gross Profit
Employer Solutions
$
231
$
189
$
709
$
593
Professional Services
26
23
64
62
Other
—
—
(2
)
(1
)
Total gross profit
$
257
$
212
$
771
$
654
Segment Gross Margin
Employer Solutions
33.0
%
29.3
%
33.4
%
31.5
%
Professional Services
24.8
%
24.2
%
21.1
%
22.5
%
Other
0.0
%
0.0
%
(7.7
%)
(3.1
%)
Total gross margin
31.6
%
28.3
%
31.5
%
29.9
%
Segment Adjusted Gross Profit
Employer Solutions
$
260
$
214
$
792
$
656
Professional Services
27
25
67
65
Other
—
—
—
1
Total adjusted gross profit
$
287
$
239
$
859
$
722
Segment Adjusted Gross Margin Percent
Employer Solutions
37.1
%
33.2
%
37.3
%
34.9
%
Professional Services
25.7
%
26.3
%
22.1
%
23.6
%
Other
0.0
%
0.0
%
0.0
%
3.1
%
Total adjusted gross margin percent
35.3
%
31.9
%
35.1
%
33.0
%
Adjusted EBITDA
$
158
$
133
$
469
$
417
Cash provided by operating activities
$
251
$
201
Other Key Statistics
Recurring revenue
$
677
$
625
$
2,072
$
1,838
BPaaS revenue
$
184
$
151
$
534
$
393
BPaaS revenue as % of total revenue
22.6
%
20.1
%
21.8
%
17.9
%
BPaaS bookings(2)
$
262
$
208
$
486
$
564
(1) Other revenues primarily attributable to the former Hosted Segment.
(2) BPaaS bookings are reported on a total contract value (TCV) basis.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231101436163/en/
Investors: Jeremy Cohen investor.relations@alight.com Media: Sandra Kelder sandra.kelder@alight.com
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