US Market News
2月前
Alight Commits to Remain on NYSE After Receiving Continued Listing Standard NoticeMarch 27, 2026 7:30 AM
Business Wire
The Company’s common stock continues to trade on the NYSE under symbol “ALIT”
Alight, Inc. (NYSE: ALIT), a leading benefits administration provider of health, wealth, leave and point solutions, announced that on March 24, 2026, it received written notice from the New York Stock Exchange (the “NYSE”) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s Class A common stock was less than $1.00 per share over the consecutive 30 trading-day period ended March 20, 2026.
Alight has responded to the NYSE with respect to its commitment to regain compliance with Rule 802.01C and remain listed on the NYSE. The Company is considering all options to regain compliance with the NYSE’s continued listing standards, including, but not limited to, a reverse stock split, subject to stockholder approval no later than at the Company’s next annual meeting of stockholders.
The Company can regain compliance at any time within a six-month cure period following its receipt of the NYSE notice if, on the last trading day of any calendar month during such cure period, the Company’s Class A common stock has both: (i) a closing share price of at least $1.00 and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of the applicable calendar month.
There is no immediate direct impact on the listing of Alight’s Class A common stock, which will continue to trade on the NYSE during the cure period, subject to the Company’s compliance with the NYSE’s other continued listing requirements.
Furthermore, the notice is not anticipated to impact the ongoing business operations of the Company or its reporting requirements with the U.S. Securities and Exchange Commission.
About Alight Solutions
Alight is a leading benefits administration provider of health, wealth, leave and point solutions for many of the world’s largest organizations and over 30 million people. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem across health, wealth, wellbeing, absence management and navigation. Our Alight Worklife® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life’s most important moments with personalized benefits management and data-driven insights, leading to increased employee wellbeing, engagement and productivity. Learn more at 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, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, the Company’s intentions regarding regaining compliance with the minimum price condition of NYSE and remaining listed on the NYSE and the Company’s intended methods to cure such related deficiency. In some cases, these forward-looking statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “would,” “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 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 February 24, 2026, 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260327465346/en/
Investors:
investor.relations@alight.com
Media:
Mariana Fischbach
mariana.fischbach@alight.com
Original: Alight Commits to Remain on NYSE After Receiving Continued Listing Standard Notice
US Market News
3月前
Alight Expands Partner Network with the Additions of nudge and BenifexMarch 10, 2026 8:30 AM
Business Wire
Alight, Inc. (NYSE: ALIT), a leading benefits administration provider of health, wealth, leave and point solutions, today announced the expansion of its Alight Partner Network with the addition of nudge Global and Benifex, two UK-based, global partners that strengthen Alight’s financial wellbeing and total rewards capabilities for multinational employers.
The Alight Partner Network offers a curated ecosystem of solutions designed to help employers deliver a more connected and engaging employee experience. With the addition of nudge and Benifex, Alight continues to expand its global partner ecosystem, enabling large, multinational clients to access trusted financial wellbeing and global benefits solutions through their existing Alight relationship.
“Global employers are looking for ways to deliver consistent, high-quality benefits and financial wellbeing support across regions, while still meeting local needs,” said Jessica Borchik, SVP, Partner Strategy and Sales at Alight. “By welcoming nudge and Benifex into our Partner Network, we’re expanding the options available to our clients and helping them support employees’ financial confidence and rewards experiences around the world.”
Expansion of wealth ecosystem with nudge financial education
nudge is a global financial education platform that helps employees make more informed financial decisions, when it matters. In a world where financial choices are constant and complex, nudge delivers proactive, impartial guidance tailored to each individual’s life stage and location — turning moments of uncertainty into opportunities for action.
By integrating nudge into Alight’s Wealth ecosystem, employers can now provide consistent, high-quality financial education to employees across regions, strengthening Alight’s global reach and making it easier than ever to foster better financial habits and confidence across diverse workforces.
“Financial education is a multiplier benefit,” said Tim Perkins, nudge co-founder and CEO. “When employees understand their finances, they make better decisions – about savings, healthcare, retirement and the benefits available to them. Partnering with Alight allows us to deliver proactive, impartial guidance at the moments that matter most – helping individuals feel in control, reduce stress and build lasting financial resilience.”
Comprehensive benefits and total rewards with Benifex
Benifex is a global benefits and total rewards platform that helps employers design and deliver engaging rewards experiences across regions. Benifex has an established history of working with Alight, rebranded following the merger of Benify and Benefex in 2025.
The renewed partnership builds on that foundation, combining Benifex’s global benefits and rewards expertise with Alight’s services, empowering organizations to provide a seamless, digital-first benefits journey for every employee, everywhere.
“Employees increasingly expect a benefits and rewards experience that feels relevant, intuitive, and consistent no matter where they work,” said Adam Mason, Chief Strategy Officer at Benifex. “Our partnership with Alight helps employers meet those expectations by bringing together global benefits capabilities and a strong services platform.”
The Alight Partner Network helps extend the breadth of employers’ offerings for organizations to thrive and provide benefits that support health, wealth and leave. To learn more about Alight’s Partner Network, visit alight.com.
About Alight Solutions
Alight is a leading benefits administration provider of health, wealth, leave and point solutions for many of the world’s largest organizations and over 30 million people. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem across health, wealth, wellbeing, absence management and navigation. Our Alight Worklife® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life’s most important moments with personalized benefits management and data-driven insights, leading to increased employee wellbeing, engagement and productivity. Learn more at alight.com.
About nudge
nudge is the global impartial financial education platform — helping employees make great financial decisions, when it matters. Combining behavioral science, software and data, nudge delivers proactive, personalized guidance tailored to each employee’s location, life stage, goals and benefits — always in their best interest. Trusted by millions worldwide, nudge partners with leading organizations, such as Microsoft, PepsiCo and Accenture, to build financially resilient employees and healthier, more productive workplaces.
About Benifex
Benifex is a global leader in employee reward and benefits technology. We help organizations around the world connect their people to the benefits, well-being, and recognition they need, anytime, anywhere. Our mission is simple: to build remarkable experiences that employees love. Today, Benifex supports more than five million employees in over 3,000 organizations across more than 100 countries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260310546475/en/
Media Contacts
For Alight
Mariana Fischbach
Mariana.Fischbach@alight.com
For nudge
Kirsty Kirkhope
Kirsty.Kirkhope@nudge-global.com
For Benifex
Sofia Koski
sofiakoski@benifex.com
Original: Alight Expands Partner Network with the Additions of nudge and Benifex
US Market News
4月前
Alight Reports Fourth Quarter and Full Year 2025 ResultsFebruary 19, 2026 7:30 AM
Business Wire
– Fourth quarter revenue of $653 million –
– Full year cash provided by operating activities of $360 million; free cash flow of $250 million –
Alight, Inc. (NYSE: ALIT), a leading provider of health, wealth, and leave administrative solutions, today reported results for the fourth quarter and full year ended December 31, 2025.
“In 2025, Alight delivered revenue of $2.3 billion, strong cash provided by operating activities, and free cash flow,” said Rohit Verma, Alight’s Chief Executive Officer. “As a leader in the benefits administration space with significant market share across the Fortune 500, our results reflect the Company’s tremendous market recognition with over 30 million people on our platform and $1.7 trillion in assets under administration. Our plan to return to sustainable growth is rooted in our enviable market position and is grounded in three operating principles: deliver service and operational excellence; innovate products that create value and actionable insights; and build relationships that result in enduring, trusted partnerships. These principles are reflected in the high satisfaction rate we achieved during the 2025 annual enrollment season, the favorable response to our recently piloted conversational AI assist agent, and our recent renewals and expansions.”
Presentation of Results
Beginning with the quarter ended March 31, 2024, the Company began accounting for the assets, liabilities and operating results of the Payroll & Professional Services business as discontinued operations. As such, the financial information contained in this release is presented on a continuing operations basis, unless otherwise noted. The Payroll & Professional Services business transaction closed on July 12, 2024.
Fourth Quarter 2025 Highlights (all comparisons are relative to fourth quarter 2024)
Revenue decreased 4.0% to $653 million
Gross profit of $240 million and gross profit margin of 36.8%, compared to $271 million and 39.9% in the prior year period, respectively, and adjusted gross profit of $272 million and adjusted gross profit margin of 41.7%, compared to $300 million and 44.1% in the prior year period, respectively
Net loss of $933 million compared to the prior year period net income of $29 million, primarily driven by a $803 million non-cash goodwill impairment charge
Adjusted EBITDA of $178 million compared to the prior year period of $217 million
Diluted earnings (loss) per share of $(1.78) compared to $0.05 in the prior year period, and adjusted diluted earnings per share of $0.18 compared to $0.24 per share in the prior year period
Declared and paid a $0.04 per share dividend
Full Year 2025 Highlights (all comparisons are relative to full year 2024)
Revenue decreased 3.0% to $2,262 million
Gross profit of $765 million and gross profit margin of 33.8%, compared to $794 million and 34.0% in the prior year period, respectively, and adjusted gross profit of $883 million and adjusted gross profit margin of 39.0%, compared to $904 million and 38.8% in the prior year period, respectively
Net loss of $3,078 million compared to the prior year period net loss of $140 million, primarily driven by the $3,124 million non-cash goodwill impairment charge
Adjusted EBITDA of $561 million compared to the prior year period of $556 million
Diluted earnings (loss) per share of $(5.83) compared to $(0.25) in the prior year period, and adjusted diluted earnings per share of $0.50 compared to $0.48 per share in the prior year period
Repurchased $65 million of common stock under existing share repurchase program
Fourth Quarter 2025 Results
Revenue decreased 4.0% to $653 million, as compared to $680 million in the prior year period. The decrease was due to lower project revenue and lower net commercial activity. Recurring revenues were 93.0% of total revenue.
Gross profit was $240 million, or 36.8% of revenue, compared to $271 million, or 39.9% of revenue in the prior year period. The decrease in gross profit was primarily due to lower revenues and an increase in compensation expense.
Selling, general and administrative expenses decreased $37 million when compared to the prior year period. This was due to a reduction in professional fees incurred related to the sale and separation of the Payroll & Professional Services business, lower share based compensation expense and lower restructuring costs.
During the quarter, the Company recognized a non-cash goodwill impairment charge of $803 million after evaluating current business trends and the market valuation of the Company. This non-cash charge does not impact day-to-day operations.
Interest expense of $24 million increased $4 million from the prior year period. The increase was due to higher interest expense net of swaps, lower interest income, partially offset by the benefit of the 2025 debt repricing.
The Company’s loss from continuing operations before income taxes was $713 million compared to income from continuing operations before income taxes of $55 million in the prior year period. The change was primarily attributable to the non-cash goodwill impairment charge partially offset by, the non-operating fair value remeasurement of the tax receivable agreement and lower selling, general and administrative expenses.
Full Year 2025 Results
Revenue decreased 3.0% to $2,262 million, as compared to $2,332 million in the prior year period. The decrease was due to lower net commercial activity and lower project revenue. Recurring revenues were 93.2% of total revenue.
Gross profit was $765 million, or 33.8% of revenue, compared to $794 million, or 34.0% of revenue in the prior year period. The decrease in gross profit was primarily driven by lower revenue as noted above partially offset by productivity savings.
Selling, general and administrative expenses decreased $150 million when compared to the prior year period. This was due to lower professional fees incurred related to the sale and separation of the Payroll and Professional Services business, a reduction in stock based compensation expense and productivity savings.
Interest expense of $92 million decreased $11 million from the prior year period. Interest expense benefited from the repricing of the 2028 term loan and the $740 million debt pay down in the third quarter of 2024, partially offset by the Company's hedges and lower interest income.
The Company’s loss from continuing operations before income taxes was $3,062 million compared to loss from continuing operations before income taxes of $148 million in the prior year period. The change was primarily attributable to the non-cash goodwill impairment charge, and the non-operating fair value remeasurements of financial instruments, partially offset by lower selling, general and administrative expenses, a change in fair value remeasurements of the tax receivable agreement and lower interest expense as a result of the debt pay down.
Balance Sheet Highlights
As of December 31, 2025, the Company’s cash and cash equivalents balance was $273 million, total debt was $2,005 million and total debt net of cash and cash equivalents was $1,732 million.
Subsequent Event
The Company announces it will replace its cash dividend with more efficient capital allocation activities, including deleveraging the balance sheet and, subject to market and other conditions, for share repurchases. The Company believes that these are more effective mechanisms to drive long-term shareholder value creation than dividends at the current price levels.
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s fourth quarter and full year 2025 financial results is scheduled for today, February 19, 2026 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 provider of health, wealth, and leave administrative solutions for many of the world’s largest organizations and over 30 million people. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem across health, wealth, wellbeing, absence management and navigation. Our Alight Worklife® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life’s most important moments with personalized benefits management and data-driven insights, leading to increased employee wellbeing, engagement and productivity. Learn more about the Alight Benefits Advantage™ at 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, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our capital allocation activities including our potential to deleverage our balance sheet and engage in share repurchases, as well as our ability to drive long-term shareholder value creation. In some cases, these forward-looking statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “would,” “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 our ability to successfully execute the next phase of our strategic transformation, including our ability to effectively and appropriately separate the Payroll and Professional Services business, risks related to declines in economic activity in the industries, markets, and regions our clients serve, including as a result of macroeconomic factors beyond our control, heightened interest rates or changes in monetary, trade and fiscal policies, competition in our industry, risks related to cyber-attacks and security vulnerabilities and other significant disruptions in our information technology systems and networks, risks related to our ability to maintain the security and privacy of confidential, personal or proprietary data, risks related to actions or proposals from activist stockholders, and risks related to our compliance with applicable laws and regulations, including changes thereto. 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 February 27, 2025, 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 press release 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 and Other Information
The Company refers to certain non-GAAP financial measures in this press release, including: Adjusted EBITDA From Continuing Operations, Adjusted EBITDA Margin From Continuing Operations, Adjusted Net Income From Continuing Operations, Adjusted Diluted Earnings Per Share From Continuing Operations, Free Cash Flow, 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 From Continuing Operations, which is defined as earnings from continuing operations before interest, taxes, depreciation and intangible amortization adjusted for the impact of certain non-cash and other items, including goodwill impairments, that we do not consider in the evaluation of ongoing operational performance. Adjusted EBITDA Margin From Continuing Operations is defined as Adjusted EBITDA From Continuing Operations divided by revenue. Both Adjusted EBITDA From Continuing Operations and Adjusted EBITDA Margin From Continuing Operations 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 From Continuing Operations, which is defined as net income (loss) from continuing operations adjusted for intangible amortization and the impact of certain non-cash items, including goodwill impairments, 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 From Continuing Operations.
Adjusted Diluted Earnings Per Share From Continuing Operations is defined as Adjusted Net Income From Continuing Operations divided by the adjusted weighted-average number of shares of Alight Inc. common stock, diluted. Adjusted Diluted Earnings Per Share From Continuing Operations is used by us and our investors to evaluate our core operating performance and to benchmark our operating performance against our competitors.
Free Cash Flow is defined as cash provided by operating activities net of capital expenditures. Management believes that free cash flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to repay debt obligations, make strategic acquisitions and investments and for certain other activities such as dividends and stock repurchases.
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.
Revenue Under Contract is an operational metric that represents management’s estimate of anticipated revenue expected to be recognized in the period referenced based on available information that includes historical client contracting practices. The metric does not reflect potential future events such as unexpected client volume fluctuations, early contract terminations or early contract renewals. Our metric may differ from similar terms used by other companies and, therefore, comparability may be limited.
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(in millions, except per share amounts)
2025
2024
2025
2024
Revenue
$
653
$
680
$
2,262
$
2,332
Cost of services, exclusive of depreciation and amortization
383
383
1,386
1,442
Depreciation and amortization
30
26
111
96
Gross Profit
240
271
765
794
Operating Expenses
Selling, general and administrative
114
151
435
585
Depreciation and intangible amortization
73
76
296
299
Goodwill impairment
803
—
3,124
—
Total Operating expenses
990
227
3,855
884
Operating Income (Loss) From Continuing Operations
(750
)
44
(3,090
)
(90
)
Other (Income) Expense
(Gain) Loss from change in fair value of financial instruments
(2
)
(3
)
(1
)
(57
)
(Gain) Loss from change in fair value of tax receivable agreement
(59
)
(17
)
(93
)
34
Interest expense
24
20
92
103
Other (income) expense, net
—
(11
)
(26
)
(22
)
Total Other (income) expense, net
(37
)
(11
)
(28
)
58
Income (Loss) From Continuing Operations Before Taxes
(713
)
55
(3,062
)
(148
)
Income tax expense (benefit)
220
26
16
(8
)
Net Income (Loss) From Continuing Operations
(933
)
29
(3,078
)
(140
)
Net Income (Loss) From Discontinued Operations, Net of Tax
1
(21
)
(21
)
(19
)
Net Income (Loss)
(932
)
8
(3,099
)
(159
)
Net income (loss) attributable to noncontrolling interests
—
—
(2
)
(2
)
Net Income (Loss) Attributable to Alight, Inc.
$
(932
)
$
8
$
(3,097
)
$
(157
)
Earnings (Loss) Per Share
Basic and Diluted
Continuing operations
$
(1.78
)
$
0.05
$
(5.83
)
$
(0.25
)
Discontinued operations
$
0.00
$
(0.04
)
$
(0.04
)
$
(0.04
)
Net Income (Loss)
$
(1.78
)
$
0.01
$
(5.87
)
$
(0.29
)
Condensed Consolidated Balance Sheets
(Unaudited)
December 31,
2025
December 31,
2024
(in millions, except par values)
Assets
Current Assets
Cash and cash equivalents
$
273
$
343
Receivables, net
387
471
Other current assets
234
214
Fiduciary assets
248
239
Total Current Assets
1,142
1,267
Goodwill
83
3,212
Intangible assets, net
2,573
2,855
Fixed assets, net
378
396
Deferred tax assets, net
15
41
Other assets
377
422
Total Assets
$
4,568
$
8,193
Liabilities and Stockholders' Equity
Liabilities
Current Liabilities
Accounts payable and accrued liabilities
$
253
$
355
Current portion of long-term debt, net
20
25
Other current liabilities
353
273
Fiduciary liabilities
248
239
Total Current Liabilities
874
892
Deferred tax liabilities
14
22
Long-term debt, net
1,985
2,000
Long-term tax receivable agreement
508
757
Financial instruments
—
51
Other liabilities
141
158
Total Liabilities
$
3,522
$
3,880
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; 566.5 and 560.5 shares issued, and 523.9 and 531.7 shares outstanding as of December 31, 2025 and December 31, 2024, respectively
—
—
Class B Common Stock: $0.0001 par value, 20.0 shares authorized; 9.9 and 10.0 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
—
—
Class V Common Stock: $0.0001 par value, 175.0 shares authorized; 0.5 and 0.5 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
—
—
Class Z Common Stock: $0.0001 par value, 12.9 shares authorized; none issued and outstanding
—
—
Treasury stock, at cost (42.6 and 28.8 shares at December 31, 2025 and December 31, 2024, respectively)
(284
)
(219
)
Additional paid-in-capital
5,065
5,141
Accumulated deficit
(3,757
)
(660
)
Accumulated other comprehensive income
20
47
Total Alight, Inc. Stockholders' Equity
$
1,044
$
4,309
Noncontrolling interest
2
4
Total Stockholders' Equity
$
1,046
$
4,313
Total Liabilities and Stockholders' Equity
$
4,568
$
8,193
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Year Ended December 31,
(in millions)
2025
2024
Operating activities:
Net Income (Loss) From Continuing Operations
$
(3,078
)
$
(140
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation
126
115
Intangible asset amortization
281
280
Noncash lease expense
7
11
Financing fee and premium amortization
2
—
Share-based compensation expense
19
76
(Gain) loss from change in fair value of financial instruments
(1
)
(57
)
(Gain) loss from change in fair value of tax receivable agreement
(93
)
34
Release of unrecognized tax provision
—
(1
)
Deferred tax expense (benefit)
8
(19
)
Goodwill impairment
3,124
—
Other
15
(1
)
Changes in operating assets and liabilities:
Accounts receivable
84
(37
)
Accounts payable and accrued liabilities
(90
)
31
Other assets and liabilities
(44
)
(99
)
Cash provided by operating activities - continuing operations
360
193
Cash provided by operating activities - discontinued operations
—
59
Net cash provided by operating activities
$
360
$
252
Investing activities:
Net proceeds from sale of business
(13
)
968
Capital expenditures
(110
)
(121
)
Cash provided by (used in) investing activities - continuing operations
(123
)
847
Cash used in investing activities - discontinued operations
—
(11
)
Net cash provided by (used in) investing activities
$
(123
)
$
836
Financing activities:
Dividend payments
(86
)
(21
)
Net increase (decrease) in fiduciary liabilities
9
5
Repayments to banks
(20
)
(765
)
Principal payments on finance lease obligations
(22
)
(27
)
Payments on tax receivable agreements
(100
)
(62
)
Tax payment for shares/units withheld in lieu of taxes
(12
)
(59
)
Repurchase of shares
(65
)
(167
)
Other financing activities
(2
)
—
Cash used for financing activities - continuing operations
(298
)
(1,096
)
Cash provided by (used in) financing activities - discontinued operations
—
22
Net Cash provided by (used in) financing activities
$
(298
)
$
(1,074
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash - continuing operations
—
1
Effect of exchange rate changes on cash, cash equivalents and restricted cash - discontinued operations
—
(3
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(61
)
12
Cash, cash equivalents and restricted cash balances from:
Continuing operations - beginning of year
$
582
$
558
Discontinued operations - beginning of year
—
1,201
Less fiduciary cash transferred with sale of business
—
1,189
Continuing operations - end of period
$
521
$
582
Reconciliation of Net Income (Loss) From Continuing Operations to Adjusted EBITDA from Continuing Operations (Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(in millions)
2025
2024
2025
2024
Net Income (Loss) From Continuing Operations
$
(933
)
$
29
$
(3,078
)
$
(140
)
Interest expense
24
20
92
103
Income tax expense (benefit)
220
26
16
(8
)
Depreciation
33
32
126
115
Intangible amortization
70
70
281
280
EBITDA From Continuing Operations
(586
)
177
(2,563
)
350
Share-based compensation
5
17
19
76
Transaction and integration expenses (1)
4
25
16
82
Restructuring
11
18
55
63
(Gain) Loss from change in fair value of financial instruments
(2
)
(3
)
(1
)
(57
)
(Gain) Loss from change in fair value of tax receivable agreement
(59
)
(17
)
(93
)
34
Goodwill impairment and other (2)
805
—
3,128
8
Adjusted EBITDA From Continuing Operations (3)
$
178
$
217
$
561
$
556
Revenue
$
653
$
680
$
2,262
$
2,332
Adjusted EBITDA Margin From Continuing Operations (4)
27.3
%
31.9
%
24.8
%
23.8
%
(1)
Transaction and integration expenses primarily relate to acquisition and divestiture activities.
(2)
Goodwill impairment and other primarily includes $3,124 non-cash goodwill impairment charges for the year ended December 31, 2025.
(3)
Adjusted EBITDA excludes the impact of discontinued operation.
(4)
Adjusted EBITDA Margin From Continuing Operations is defined as Adjusted EBITDA From Continuing Operations as a percentage of revenue.
Reconciliation of Net Income (Loss) From Continuing Operations to Adjusted Net Income and Adjusted Diluted Earnings per Share From Continuing Operations (Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in millions, except share and per share amounts)
Numerator:
Net Income (Loss) From Continuing Operations Attributable to Alight, Inc. (1)
$
(933
)
$
29
$
(3,076
)
$
(138
)
Conversion of noncontrolling interest
—
—
(2
)
(2
)
Intangible amortization
70
70
281
280
Share-based compensation
5
17
19
76
Transaction and integration expenses (2)
4
25
16
82
Restructuring
11
18
55
63
(Gain) Loss from change in fair value of financial instruments
(2
)
(3
)
(1
)
(57
)
(Gain) Loss from change in fair value of tax receivable agreement
(59
)
(17
)
(93
)
34
Goodwill impairment and other (3)
805
—
3,128
8
Tax effect of adjustments (4)
195
(12
)
(61
)
(85
)
Adjusted Net Income From Continuing Operations
$
96
$
127
$
266
$
261
Denominator:
Weighted average shares outstanding - basic
523,003,557
532,282,913
527,567,685
539,861,208
Dilutive effect of the exchange of noncontrolling interest units
—
510,237
—
510,237
Dilutive effect of RSUs
—
1,287,553
—
—
Weighted average shares outstanding - diluted
523,003,557
534,080,703
527,567,685
540,371,445
Exchange of noncontrolling interest units(5)
494,717
28,080
506,234
518,412
Impact of unvested RSUs(6)
7,617,889
6,037,553
7,617,889
7,325,106
Adjusted shares of Class A Common Stock outstanding - diluted(7)(8)
531,116,163
540,146,336
535,691,808
548,214,963
Basic (Net Loss) Earnings Per Share From Continuing Operations
$
(1.78
)
$
0.05
$
(5.83
)
$
(0.25
)
Diluted (Net Loss) Earnings Per Share From Continuing Operations
$
(1.78
)
$
0.05
$
(5.83
)
$
(0.25
)
Adjusted Diluted Earnings Per Share From Continuing Operations
$
0.18
$
0.24
$
0.50
$
0.48
(1)
Excludes the impact of discontinued operations.
(2)
Transaction and integration expenses primarily relate to acquisition and divestiture activities.
(3)
Goodwill impairment and other primarily includes $3,124 million non-cash goodwill impairment charges for the year ended December 31, 2025.
(4)
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.
(5)
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.
(6)
Includes non-vested time-based restricted stock units that were determined to be antidilutive for U.S. GAAP diluted earnings per share purposes.
(7)
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 any 20 trading days within a consecutive period of 30 trading days; (ii) 7.5 million shares will be issued if the Company's Class A Common Stock VWAP is >$15.00 for any 20 trading days within a consecutive period of 30 trading days. Both tranches have a seven-year duration.
(8)
Excludes approximately 0.7 million and 10.9 million performance-based units, which represents the gross number of shares expected to vest based on achievement of performance conditions as of December 31, 2025 and 2024, respectively.
Gross Profit to Adjusted Gross Profit Reconciliation
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
($ in millions)
2025
2024
2025
2024
Gross Profit
$
240
$
271
$
765
$
794
Add: stock-based compensation
2
3
7
14
Add: depreciation and amortization
30
26
111
96
Adjusted Gross Profit
$
272
$
300
$
883
$
904
Gross Profit Margin
36.8
%
39.9
%
33.8
%
34.0
%
Adjusted Gross Profit Margin
41.7
%
44.1
%
39.0
%
38.8
%
Free Cash Flow Reconciliation
(Unaudited)
Year Ended December 31,
($ in millions)
2025
2024
Non-GAAP free cash flow reconciliation:
Cash provided by operating activities - continuing operations
$
360
$
193
Capital expenditures
(110
)
(121
)
Non-GAAP free cash flow
$
250
$
72
Other Select Financial Data
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
($ in millions)
2025
2024
2025
2024
Revenue Disaggregation
Recurring
$
607
$
617
$
2,108
$
2,135
Project
46
63
154
197
Total revenue
$
653
$
680
$
2,262
$
2,332
BPaaS revenue
$
166
$
146
$
539
$
499
Gross Profit
Total gross profit
$
240
$
271
$
765
$
794
Total gross margin
36.8
%
39.9
%
33.8
%
34.0
%
Adjusted Gross Profit
Total adjusted gross profit
$
272
$
300
$
883
$
904
Total adjusted gross margin percent
41.7
%
44.1
%
39.0
%
38.8
%
Adjusted EBITDA From Continuing Operations
Adjusted EBITDA From Continuing Operations
$
178
$
217
$
561
$
556
Adjusted EBITDA Margin From Continuing Operations
27.3
%
31.9
%
24.8
%
23.8
%
Free Cash Flow
Free Cash Flow From Continuing Operations
$
250
$
72
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219020189/en/
Investors:
investor.relations@alight.com
Media:
Mariana Fischbach
mariana.fischbach@alight.com
Original: Alight Reports Fourth Quarter and Full Year 2025 Results
realfast95
4年前
Alight Reports Second Quarter 2022 Results
August 03 2022 - 06:30AM
– Achieved 6.4% Revenue Growth and 7.9% Employer Solutions Revenue Growth –
– Delivered Strong BPaaS Revenue Growth of 36.2% to $128 Million –
–BPaaS Bookings of $356 Million in First Half Ahead of $680 to $700 Million 2022 Target –
– Over 90% of Anticipated 2022 Revenue Under Contract –
– Reiterating Outlook for 2022 and Providing Quarterly Expectation for Second Half of the Year –
– Authorized a $100 Million Stock Repurchase Program –
Alight (NYSE: ALIT), a leading cloud-based human capital technology and services provider, today reported results for the second quarter ended June 30, 2022.
"Over the past 5 years we have grown our estimated total addressable market by 121% from $33 billion to $73 billion by adding key content and leveraging the buildout of the Alight Worklife® platform that enables us to help people make better decisions around their health, wealth and wellbeing. It also drives ROI for our clients through higher engagement and cost savings. In the second quarter, we rolled out the second major update of Alight Worklife in just 12 weeks moving over 500 clients from a custom to a standardized platform with a focus on deepening employee engagement. In addition, we launched our Alight Digital Wallet solution, went live with our largest client ever and secured new client wins which is translating to higher BPaaS revenue and bookings," said Chief Executive Officer Stephan Scholl.
Second Quarter 2022 Highlights and Subsequent Events * (all comparisons are relative to second quarter 2021)
Grew revenue 6.4% to $715 million and net income to $52 million from prior year net loss of $(4) million
Gross profit rose 0.9% to $219 million led by 4.7% growth in Employer Solutions gross profit
Adjusted EBITDA was $142 million compared to $145 million due to 6.5% growth in Employer Solutions offset by a reduction in Professional Services
Business Process as a Service (BPaaS) revenue grew 36.2%, represents 17.9% of total revenue
BPaaS bookings on a total contract value basis of $234 million in second quarter and $356 million in first half more than halfway to 2022 target of $680 to 700 million
Over 90% of anticipated 2022 revenue under contract
Secured new wins and expanded relationships with AutoZone, Siemens Energy, Unilever, The Home Depot and Geodis
Authorized a $100 million stock repurchase program
* The Company’s discussion of the results of operations compares the results of the Successor three months ended June 30, 2022 ("Successor") to the results of the Predecessor three months ended June 30, 2021 ("Predecessor").
Second Quarter 2022 Consolidated Results
Revenue for the Successor three months ended June 30, 2022 grew 6.4% to $715 million, as compared to $672 million for the Predecessor prior year period. The growth was driven by a 7.9% increase in Employer Solutions revenue due to net commercial activity, increased volumes and acquisitions. This was partially offset by revenue reductions of 1.1% in Professional Services and 9.1% in Hosted Business.
Gross profit for the Successor three months ended June 30, 2022 increased 0.9% to $219 million or 30.6% of revenue, from $217 million, or 32.3% of revenue for the Predecessor prior year period. The improvement in gross profit was primarily driven by revenue growth, partially offset by higher costs associated with compensation expenses related to awards issued beginning in the second half of 2021, recent acquisitions in the fourth quarter of 2021 and higher costs related to growth in revenue, including investments in key resources.
Selling, general and administrative expenses for the Successor three months ended June 30, 2022 were $157 million, compared to $105 million for the Predecessor prior year period. The increase was primarily due to compensation expenses related to non-cash equity awards issued beginning in the second half of 2021.
Interest expense for the Successor three months ended June 30, 2022 improved to $29 million as compared to $61 million for the Predecessor prior year period. The reduction was primarily due to the redemption of our Unsecured Senior Notes and the partial paydown of a Term Loan in conjunction with the Business Combination completed during the third quarter of 2021.
Income before income tax benefit for the Successor three months ended June 30, 2022 was $43 million compared to a loss before income tax benefit of ($6) million for the Predecessor prior year period.
Second Quarter 2022 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 for the Successor three months ended June 30, 2022 grew 7.9% to $614 million, as compared to $569 million for the Predecessor prior year period, as a result of net commercial activity, increased volumes, acquisitions and project revenue. Recurring revenue grew 8.3% to $559 million, while project revenue was up 3.8% to $55 million.
Employer Solutions gross profit for the Successor three months ended June 30, 2022 was $200 million, as compared to $191 million for the Predecessor prior year period. The increase was primarily due to revenue growth partially offset by costs associated with growth of current and forecasted future revenues and increases in compensation expenses related to awards issued beginning in the second half of 2021.
Employer Solutions Adjusted EBITDA for the Successor three months ended June 30, 2022 was up 6.5% to $147 million, as compared to $138 million for the Predecessor prior year period. The increase was primarily due to revenue growth partially offset by increases in costs associated with growth of current and forecasted future revenues, including investments in our commercial functions and technology.
Professional Services
Professional Services revenues for the Successor three months ended June 30, 2022 were $91 million as compared to $92 million for the Predecessor prior year period as a result of lower project revenue. Recurring revenue grew by $1 million, while project revenue declined by $2 million.
Professional Services gross profit for the Successor three months ended June 30, 2022 was $20 million as compared to $26 million for the Predecessor prior year period. The decrease was primarily due to increases in costs associated with growth of forecasted future revenues, including investments in key resources and lower revenue in the current period.
Professional Services Adjusted EBITDA for the Successor three months ended June 30, 2022 was a loss of ($3) million as compared to $7 million for the Predecessor prior year period. The decrease was primarily due to increases in costs associated with growth of forecasted future revenues, including investments in our commercial functions.
Hosted Business
Hosted Business revenues for the Successor three months ended June 30, 2022 were $10 million as compared to $11 million for the Predecessor prior year period. The reduction of $1 million was due to lower volumes.
Hosted Business gross profit (loss) for the Successor three months ended June 30, 2022 was a loss of ($1) million as compared to an immaterial amount for the Predecessor prior year period. The decrease was due to lower revenue.
Hosted Business Adjusted EBITDA for the Successor three months ended June 30, 2022 was a loss of ($2) million compared to an immaterial amount for the Predecessor prior year period. The change was primarily due to lower revenue.
Balance Sheet Highlights
As of June 30, 2022, the Company’s cash and cash equivalents balance was $272 million, total debt was $2,840 million and total debt net of cash and cash equivalents was $2,568 million.
The Company’s debt portfolio, due to swaps, is 70% fixed rate for 2022 and 2023 and has no significant debt maturity until 2025.
Stock Repurchase Program
The Company’s Board of Directors authorized the purchase of up to $100 million of the Company’s Class A shares. Repurchases of shares of the Company’s Class A common stock may be conducted through open market purchases or privately negotiated transactions in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. The actual timing and amount of future repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The stock repurchase program does not obligate Alight to acquire any particular amount of common stock, and the program may be suspended or terminated at any time by Alight at its discretion without prior notice.
Business Outlook
The Company is affirming its full-year 2022 outlook:
Revenue of $3.09 to $3.12 billion (growth of 6% to 7%).
Adjusted EBITDA in the range of $650 to $662 million.
Adjusted diluted EPS of $0.54 to $0.60.
BPaaS total contract value bookings of $680 to $700 million.
The Company is also providing an outlook for the second half of 2022 to provide better insight into the seasonality of the business:
For the third quarter of 2022, revenue of $735 to $750 million and Adjusted EBITDA of $115 to $125 million.
For the fourth quarter of 2022, revenue of $915 to $930 million and Adjusted EBITDA of $245 to $255 million.
realfast95
4年前
Alight reports Q4 adjusted EPS 31c, consensus 17c
Alight sees 2022 adjusted EPS 54c-60c, consensus 52c
Alight revenue $864 million, consensus $803.31
--- Full year BPaaS bookings grew 52.4% to $602 million well ahead of original target of $395 million -
--- Delivered strong full-year BPaaS revenue growth of 16.8% -
--- Providing 2022 revenue outlook of $3.09 to $3.12 billion (growth of 6% to 7%) and EBITDA outlook of $650 to $662 million, ahead of initial 2022 guidance of $640 million; on track to 2023 revenue growth target of 10% -
Alight (NYSE: ALIT), a leading cloud-based provider of integrated digital human capital and business solutions, today reported results for the fourth quarter and full year ended December 31, 2021.
"In January 2021, we outlined a three-year plan to fundamentally change the siloed approach to benefits and human capital management by bringing together all aspects of employee health, wealth, wellbeing and payroll into one, seamless, integrated technology experience. The Alight Worklife platform which enables our business process as a service (BPaaS) model is an enterprise-wide employee engagement platform that brings together content, AI and analytics to help keep employees financially secure and healthy," said Chief Executive Officer Stephan Scholl. "Our results demonstrate the traction we achieved in 2021. BPaaS revenue and bookings ended the year well ahead of original goals as we concurrently grew our Employer Solutions business and improved gross margins. This positive momentum allows us to raise our 2022 guidance from our initial estimates that we outlined when we went public."
Fourth Quarter 2021 and Subsequent Highlights (all comparisons are relative to fourth quarter 2020)
Increased revenue 20.0% to $864 million and adjusted EBITDA 28.4% to $190 million Improved net (loss) income to $72 million from $(18) million in the prior year period Business Process as a Service (BPaaS) revenue grew 14.0% to $106 million, representing 12.3% of total revenue BPaaS bookings on a total contract value basis increased 131% to $143 million Ended 2021 with over 80% of projected 2022 revenue under contract ahead of historical levels of 75% New wins and expanded relationships with companies include Ingka Group, the largest IKEA retailer; Mercado Libre; Prym; CM.com; Kalera; and Walgreens Completed acquisitions of the Retiree Health Exchange business and ConsumerMedical Completed a largely cashless redemption of 60 million warrants for approximately 15.3 million shares of Class A common stock Subsequent to quarter-end, refinanced $2.5 billion in term loans reducing the Term SOFR borrowing margin by 25 basis points, achieved a maturity extension and effected a pricing benchmark conversion
Full Year 2021 Highlights (all comparisons are relative to full year 2020)
Grew full year revenue 6.9% to $2,915 million and adjusted EBITDA 10.1% to $621 million well ahead of the initial 1% revenue growth and $600 million adjusted EBITDA outlook Reduced net (loss) income by 29.1% to $(73) million from $(103) million in the prior year BPaaS full year revenue growth of 16.8% to $390 million, representing 13.4% of total revenue, ahead of our initial 12% 2021 outlook BPaaS full year bookings on a total contract value basis increased 128% to $602 million well ahead of original January full-year forecast of $395 million Made significant investments in our go-to market workforce and technology which includes the release of 11 new products, most prominently our Alight Worklife platform Gross profit growth for the full year of 15.9% to $967 million, with gross profit margin improving 260 basis points to 33.2% and operating income of $167 million 9.4% increase in full year Employer Solutions revenue to $2,503 million and Employer Solutions gross margin expansion of 350 basis points to 35.2% On July 2, 2021, Foley Trasimene Acquisition Corp. (FTAC) completed the Business Combination with Alight Holding Company, LLC
Fourth Quarter Results
We prepared our discussion of the results of operations by comparing the results of the combined Successor six months ended December 31, 2021 and Predecessor six months ended June 30, 2021 to the Predecessor year ended December 31, 2020 to provide enhanced comparability to the reader about the current year's results. We believe this approach provides a more meaningful comparison for the reader.
Consolidated Results
For the fourth quarter, total revenue for the Successor three months ended December 31, 2021, increased 20.0% to $864 million, as compared to $720 million for the Predecessor prior year period driven by 24.6% growth in Employer Solutions revenue due to acquisition and net commercial activity partially offset by a 3.1% decrease in Professional Services revenue and previously anticipated 21.4% decline in the legacy Hosted Business segment.
Gross profit for the Successor three months ended December 31, 2021, increased 45.5% to $294 million or 34.0% of revenue, from $202 million, for the Predecessor prior year period, or 28.1% of revenue. The increase in gross profit was primarily driven by revenue growth as noted above, partially offset by increases in costs associated with the growth in current and future revenues.
Selling, general and administrative expenses for the Successor three months ended December 31, 2021 increased by $72 million to $169 million as compared to $97 million for the Predecessor prior year period. The increase was primarily due to a full quarter of non-cash share-based compensation from grants awarded at the end of September 2021 and higher expense associated with two completed acquisitions.
Interest expense for the Successor three months ended December 31, 2021 improved to $29 million as compared to $62 million for the Predecessor prior year period. The change was primarily a result of a total debt reduction of $1.2 billion in conjunction with the Business Combination (as defined below) completed during the third quarter of 2021.
Profit before income tax expense for the Successor three months ended December 31, 2021 was $97 million compared to a loss before income tax benefit of $21 million for the Predecessor prior year period.
Fourth Quarter 2021 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 total revenues for the Successor three months ended December 31, 2021 were $760 million, as compared to $610 million for the Predecessor prior year period, up 24.6% or $150 million primarily due to the acquisition of the retiree health exchange, which is predominately a fourth quarter business and positive net commercial activity. Recurring revenue increased 29.2% to $691 million, while project revenue declined 8.0% to $69 million driven by softer demand for one-time services.
Employer Solutions gross profit for the Successor three months ended December 31, 2021 was $274 million, as compared to $175 million for the Predecessor prior year period, up 56.6% driven by the revenue growth as discussed above and lower expenses related to productivity initiatives, including the impact of lower restructuring and integration related costs partially offset by increases in costs associated with growth of current and future revenues.
Employer Solutions Adjusted EBITDA for the Successor three months ended December 31, 2021 was $193 million, as compared to $144 million for the Predecessor prior year period, up 34.0% or $49 million primarily due to revenue growth as discussed above.
Professional Services
Professional Services total revenues for the Successor three months ended December 31, 2021 were $93 million, as compared to $96 million for the Predecessor prior year period, down 3.1% or $3 million due to a decrease in project revenue of $6 million partially offset by an increase in recurring revenue of $3 million. Project revenue has been impacted by weaker client demand for one-time implementation work due to COVID-19 related cost-cutting, while recurring revenue has benefited from ongoing client demand to optimize existing systems.
Professional Services gross profit for the Successor three months ended December 31, 2021 was $20 million as compared to $29 million for the Predecessor prior year period. The decrease of $9 million, or 31.0%, was primarily due to lower revenue and the Company's continued investment in retaining a specialized workforce.
Professional Services Adjusted EBITDA for the Successor three months ended December 31, 2021 was a loss of ($3) million as compared to $8 million for the Predecessor prior year period. The decrease of $11 million was primarily due to lower revenue and investments in key resources and workforce.
Hosted Business
Hosted Business revenues for the Successor three months ended December 31, 2021 were $11 million as compared to $14 million for the Predecessor prior year period. The decrease of $3 million was due to expected transitions from our Hosted Business to cloud-based services.
Hosted Business Gross Profit (Loss) for the Successor three months ended December 31, 2021 was an immaterial amount as compared to a loss of ($2) million for the Predecessor prior year period.
Hosted Business Adjusted EBITDA for the Successor three months ended December 31, 2021 was an immaterial amount compared to a loss of ($4) million for the Predecessor prior year period. The increase of $4 million was driven by a decrease in costs in the period which outpaced a decrease in revenue during the period.
Full Year 2021 Results
Consolidated Results
Revenues were $1,554 million for the Successor six months ended December 31, 2021, $1,361 million for the Predecessor six months ended June 30, 2021 and $2,728 million for the Predecessor year ended December 31, 2020. Revenues, for the combined year ended December 31, 2021, increased 6.9% to $2,915 million underpinned by 9.4% growth in Employer Solutions revenue due to the two completed acquisitions and net commercial activity partially offset by flat Professional services revenue and a previously anticipated reduction in the legacy Hosted Business segment.
Gross profit grew 15.9% to $967 million or 33.2% of revenue for the Successor six months ended December 31, 2021, from $834 million, or 30.6% of revenue for the Predecessor prior year period. The increase was primarily driven by revenue growth, partially offset by higher costs associated with the growth in current and future revenues including investments in key resources and recent acquisitions. This was partially offset by lower expenses related to productivity initiatives, including lower restructuring related costs and $21 million of lower costs in the Hosted Business as clients transition to cloud-based services.
Selling, general and administrative expenses were $304 million for the Successor six months ended December 31, 2021, $222 million for the Predecessor six months ended June 30, 2021 and $461 million for the Predecessor year ended December 31, 2020. Selling, general and administrative expenses, for the combined year ended December 31, 2021, increased by $65 million, or 14.1%, to $526 million primarily due to a rise in compensation expenses related to non-cash stock awards issued in the third quarter of 2021 and non-recurring professional expenses related to costs incurred in relation to the Business Combination completed in the third quarter of 2021, partially offset by lower restructuring expenses related to productivity initiatives.
Interest expenses were $57 million for the Successor six months ended December 31, 2021, $123 million for the Predecessor six months ended June 30, 2021 and $234 million for the Predecessor year ended December 31, 2020. Interest expenses, for the combined year ended December 31, 2021, improved to $180 million as compared to $234 million for the Predecessor prior year period. The $54 million, or 23.0%, reduction was primarily due to the redemption of Unsecured Senior Notes and partial paydown of the Term Loan in conjunction with the Business Combination completed during the third quarter of 2021, partially offset by incremental interest associated with the term loan issued in the third quarter of 2021.
Loss before income tax expense (benefit) was $23 million for the Successor six months ended December 31, 2021, $30 million for the Predecessor six months ended June 30, 2021 and $94 million for the Predecessor year ended December 31, 2020. Loss before income tax expense (benefit) was $53 million for the combined year ended December 31, 2021, a decrease of $41 million compared to $94 million for the Predecessor year ended December 31, 2020, due to the drivers identified above and the fair value remeasurement associated with certain liabilities.
Balance Sheet Highlights and Subsequent Events
As of December 31, 2021, the Company's cash and cash equivalents balance was $372 million, total debt was $2,868 million and total debt net of cash and cash equivalents was $2,496 million. During the quarter, the Company announced the redemption of all of the Company's 45 million public warrants and 15 million Class C units. In connection with the redemption, the vast majority of holders elected to exercise on a cashless basis. This resulted in the issuance of approximately 15.3 million shares of the Company's Class A common stock. This transaction further simplified the Company's capital structure and reduced potential future dilution.
In January 2022, the Company updated the Benchmark reference rate on $2.5 billion of term loans to Term SOFR from LIBOR. It also extended the maturity date and reduced the Term SOFR borrowing margin by 25 basis points on $2.0 billion of those term loans.
Business Outlook
Given the strong results in 2021 and recent momentum, the Company is introducing its full-year 2022 outlook:
Revenue of $3.09 to $3.12 billion (growth of 6% to 7%) on a higher 2021 revenue base than the Company's original guidance. Current full year 2022 outlook exceeds original outlook of $2.95 billion. Adjusted EBITDA in the range of $650 million to $662 million. This compares to the Company's original guidance of $640 million for 2022. Adjusted diluted EPS of $0.54 to $0.60, a new metric. BPaaS total contract value bookings of $680 to $700 million driven by strong client reception
realfast95
5年前
Alight Announces Redemption of All Outstanding Class C Units
December 02 2021 - 06:00AM
Alight (NYSE: ALIT) (“Alight” or the “Managing Member”), a leading cloud-based provider of integrated digital human capital and business solutions, today announced that Alight Holding Company, LLC (the “Company”) will redeem all of its 15,133,333 outstanding Class C Units (the “Units”) to purchase shares of the Managing Member’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), for a redemption price of $0.10 per Unit (the “Redemption Price”), that remain outstanding at 5:00 p.m. New York City time on December 27, 2021 (the “Redemption Date”). This redemption follows the redemption of the 44,499,941 outstanding Public Warrants (which include the Forward Purchase Warrants) which were called for redemption on November 26, 2021 pursuant to a notice of redemption delivered on the same date.
These Units were issued under the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of July 2, 2021, by and between the Managing Member, Bilcar FT, LP, a Delaware limited partnership (“Bilcar”), Trasimene Capital FT, LP, a Delaware limited partnership (“Trasimene”), the Company and the other parties from time to time party thereto, as amended by the First Amendment to Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of December 1, 2021 (together, the “LLC Agreement”), by and between the Managing Member, Bilcar, Trasimene and the Company and are subject to the Warrant Agreement, dated as of May 29, 2020, by and between Foley Trasimene Acquisition Corp. (n/k/a Alight Group, Inc.) (“FTAC”) and Continental Stock Transfer & Trust Company (the “Warrant Agent”), as amended by the Warrant Assumption Agreement, dated as of July 2, 2021 (together, the “Warrant Agreement”), by and between the Managing Member, FTAC and the Warrant Agent.
Redemption Details
Under the terms of the LLC Agreement, the Company is entitled to redeem all of the outstanding Units if the Reference Value (as defined below) equals or exceeds $10.00 per share. “Reference Value” means the last reported sales price of the shares of the Class A Common Stock for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given. This share price performance target has been met.
In accordance with the Warrant Agreement, upon delivery of the notice of redemption, the Units may be exchanged either for cash or on a “cashless basis.” Accordingly, holders may continue to exchange Units and receive Class A Common Stock in exchange for payment in cash of the $11.50 per Unit exchange price. Alternatively, a holder may surrender Units for a certain number of shares of Class A Common Stock (such fraction determined by reference to the Warrant Agreement and described in the notice of redemption) that such holder would have been entitled to receive upon a cash exchange of Units. Holders of Units that elect a “make-whole” cashless exchange of the Units will receive a number of shares of Class A Common Stock for each Unit surrendered for exchange to be provided to the holders of Units no later than December 13, 2021. The exchange procedures are described in the notice of redemption and the election to purchase included therein. Any Units that remain unexchanged at 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders will have no rights with respect to those Units, except to receive the $0.10 per Unit.
The number of shares of Class A Common Stock that each exercising Unit holder will receive by virtue of the make-whole cashless exchange (instead of paying the $11.50 per Unit cash exchange price) will be calculated in accordance with the terms of the Warrant Agreement with reference to the table set forth in Section 6.2 of the Warrant Agreement based on the fair market value of the shares of Class A Common Stock and length of time to the applicable expiration of the Units. If any holder of Units would, after taking into account all of such holder’s Units exchanged at one time, be entitled to receive a fractional interest in a share of Class A Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares.
None of Alight, its board of directors or employees has made or is making any representation or recommendation to any holder of the Units as to whether to exchange, whether on a cash or cashless basis, or refrain from exchanging any Units.
Issuance of the shares of Class A Common Stock underlying the Units has been registered by Alight under the Securities Act of 1933, as amended, and is covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-258350). In addition to the broker of any Unit holder, questions may also be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, Telephone Number (212) 509-4000.
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