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LINCOLNSHIRE, Ill.--(BUSINESS WIRE)-- Adjustments to reconcile net loss to net cash provided by operations: Acquisition of businesses, net of cash acquired, Net (decrease) increase in fiduciary liabilities, Principal payments on finance lease obligations, Tax payment for units withheld in lieu of taxes, Restricted cash included in fiduciary assets, Total cash, cash equivalents and restricted cash, Financing fee amortization and other non-cash items, Change in operating assets and liabilities, Adjusted EBITDA less Capital Expenditures, Recurring and total Hosted Business revenue, Total revenue increased 3.9% to $672 million, driven by a 5.4% increase in Employer Solutions revenue and a 3.4% increase in Professional Services Revenue, Business Process as a Service (BPaaS) revenue increased 19.0% to $94 million and represented 14.0% of total revenue, Operating income increased 211.1% to $56 million, net loss decreased to $4 million from $25 million and adjusted EBITDA increased to $145 million from $136 million, Total bookings increased 13.9% to $435 million and BPaaS bookings increased 287.1% to $240 million on a total contract value basis, Landed and expanded a number of new logos and existing clients, including Sartorius, ABN AMRO, Ledesma and GE Appliances (a Haier company), Completed Business Combination Agreement with Foley Trasimene Acquisition Corp. and repaid more than 40% of total debt on July 2, 2021 and began trading on NYSE under ticker ALIT on July 6, 2021. Learn more about how we can help your business. After submitting your request, you will receive an activation email to the requested email address. Copyright 20082023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in Alights filings with the SEC. As a result it needs to operate as efficiently as possible. The decrease was primarily due to increased investments in the Companys commercial functions. Reconciliations of the historical non-GAAP financial measures used in this press release are included in the attached tables. Alight Mobile - Apps on Google Play Employers are realizing that their people sit at the heart of their own transformation, and they must accelerate their digital strategies to address the two most important issues for employees, staying healthy and becoming financially secure., Scholl continued: Our results for the first half of 2021 were ahead of plan. Investors and analysts can participate on the conference call by dialing 1-877-407-0792 or 1-201-689-8263. Expert help that assesses your technology and guides you in your cloud journey. These products capitalize on the Companys robust data combined with artificial intelligence (AI) and analytics to deliver greater employee engagement and employer outcomes. Heres ourprivacy policy. The transaction is expected to be completed during the fourth quarter of 2021 and remains subject to regulatory approvals and other customary closing conditions. Proceeds from the business combination and the related PIPE transaction were used to repay certain existing borrowings of the Company. They may be eligible to the following benefits once they are qualified: Health Vision Dental Prescription Drug Life Insurance Accident Insurance Flexible Spending Accounts Employee Purchase Program Employee Stock Purchase Plan 401 (k) Company Match The respondents worked for mid-sized and large companies across multiple industries. ROI guaranteed. Alight mobile app is available for any employee and benefit participants of companies that partner with Alight Solutions to administer their HR and benefit programs. LONDON, March 02, 2023--(BUSINESS WIRE)--According to a report released today from Alight, a leading cloud-based human capital technology and services provider, workplace benefits play an important role in attracting, engaging and retaining talent yet employees do not always see value in their existing benefits, while employers generally overestimate them. "At Alight, we are powering human capital by bringing to market the first integrated employee benefits engagement platform, Alight Worklife, which drives improved outcomes and productivity through a personalized experience for our more than 30 million participants and their family members," said Chief Executive Officer Stephan Scholl . Ease administrative burden and boost workforce wellbeing during enrollment and throughout the year. By providing your email address below, you are providing consent to Alight Solutions to send you the requested Investor Email Alert updates. https://www.businesswire.com/news/home/20210812005069/en/, Investors: 107 0 obj <> endobj They may be eligible to the following benefits once they are qualified: Health Insurance. The Company and Foley Trasimene Acquisition Corp. (FTAC), a publicly traded special purpose acquisition company, successfully completed their business combination on July 2, 2021. You can sign up for additional alert options at any time. mariana.fischbach@alight.com, Alight Investor Relations 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. Alight Worklife Alight Solutions is committed to the health and wellbeing of all colleagues. Raising Full-Year Outlook . However, far as I can tell the app is about the same speed as the web site and pretty much displays the same information. Robust solutions to help your people grab hold of their financial future. Reset password? Learn more about how we can help your business. They may be eligible to the following benefits once they are qualified: Health Insurance; Dental Insurance Vision Program The Wellbeing Marketplace is part of Alights comprehensive suite of wellbeing solutions designed to help employers create an ecosystem of holistic wellbeing for employees with key offerings such as: 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. Please use our support tool to find your HR website and your company's service center contact information. Designed to help administer your health benefits, cut costs and unlock the wellbeing of your people. Our Alight Worklife platform combines data and analytics with a simple, seamless user experience. For the three months ended June 30, 2021, total bookings increased 13.9% to $435 million and BPaaS bookings increased 287.1% to $240 million from the prior year period. On top of this, the banks were also unable to pay in certain currencies meaning employees were having to do their own currency conversions at their own expense. Professional Services includes project-based cloud deployment and advisory work on human capital and financial platforms such as Workday, SAP SuccessFactors, Oracle, and Cornerstone OnDemand. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Cons. . Benefits information above is provided anonymously by current and former Alight Solutions employees, and may include a summary provided by the employer. %%EOF Decent pay, good benefits and they have great employee incentive programs. Eliminate the complexity of managing multi-country payroll by leveraging a unified payroll experience for your global workforce. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Access your employer benefits health, retirement and payroll details anytime, anywhere. Employer Solutions are driven by Alights 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. You must click the activation link in order to complete your subscription. 3.1. In connection with the closing of the merger with FTAC, the Company repaid $1,786 million of debt, consisting of $556 million of term loan debt and $1,230 million of unsecured notes. Reported anonymously by Alight Solutions employees. Their employees may join in a wide selection of benefit programs as soon as they become eligible. 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. As a result, and in conjunction with the business combination, the Company reduced its total debt by more than 40% to $2,351 million. The Wellbeing Marketplace enables employers to create a comprehensive benefits experience that meet the unique needs of employees and their families. Adjusted EBITDA growth to a range of 8%-10%, or $610 million to $620 million. This global commodity company was using local banks to manage payroll payments to their employees which were unreliable, expensive and operationally burdensome. Professional Services Gross Profit of $26 million for the three months ended June 30, 2021 was flat with the prior year period. Cut through complexity and map out a clear deployment for your organization. Lower healthcare costs with guaranteed ROI, Single destination for employees health benefit needs, Configured to match annual enrollment strategy, Analytics and tools to help your people make smart decisions across the care spectrum, Omni-channel to meet people where they are, Identify highly-rated, cost-effective providers, Help employees become better consumers of healthcare, In the moment benefit and clinical guidance, Drive sustainable improvement with challenges, journeys and incentives, Timely, customized communications to sustain engagement, Personalized guidance to help individuals meet their unique wellbeing goals, Prevent loss and uncover massive cost savings, Easy form processing on cloud-based platform. Webinars Additional factors that could cause Alights results to differ materially from those described in the forward-looking statements can be found under the section entitled "Risk Factors" of Alights Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 2, 2021, as such factors may be updated from time to time in Alights filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Reconciliations of projected non-GAAP measures included in the Business Outlook section of this press release are not included as they cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. Alight was formed in May 2017 after the acquisition of the benefits outsourcing department of Aon Hewitt by private equity funds affiliated with . Coverage under any Chipotle employee benefit plan or program is subject to the rules, conditions, and restrictions that apply pursuant to the governing plan docu-ments, including the summary plan descriptions (SPDs) and any The increase in gross profit was primarily driven by revenue growth as discussed above and lower delivery expenses related to the Companys cloud-based services and productivity initiatives, including the impact of lower restructuring and integration related costs, partially offset by increases in costs associated with the growth in current and future revenues. Wondering how we use your information? This is my companys new app to help centralize benefits and encourage wellness. Note: EY Better You is administered on EY's behalf by Alight Solutions, and is subject to Alight's terms and conditions linked to at the bottom of this page. best in class, full-service solutions. Our value-led approach powered by advanced health technology allows employees to make clearer choices, putting you at ease. The decrease of $7 million was due to transitions from the Hosted Business to cloud-based services and the wind down of this segment. EY Better You - EY - Alight 3 plans , 2 High Deductible plan and 1 PPO - the harder you work the more you might get paid. Income tax benefit was $2 million for the three months ended June 30, 2021, as compared to $5 million in the prior year period. As a result of the above factors, loss before income tax benefit was $6 million for the three months ended June 30, 2021 compared to $30 million for the three months ended June 30, 2020. Search below to find your company's HR website. Alight mobile app is available for any employee and benefit participants of companies that partner with Alight Solutions to administer their HR and benefit programs. !\{F%eM$M{(&Z3#ss9;Xt!?tG=>tI+oL$FF]yydo>n{?{}kS|8Wkj?KX V6(GUb ?>lwK}*krExjQ5c)iv+XS#M_@2+]tc&r?i/g=P4YN&FwiiLa{Myqu4|2-. In connection with the completion of our business combination transaction with FTAC on July 2, 2021, we undertook certain reorganization transactions so that substantially all of our assets and business are held by Alight Holdings, of which Alight, Inc. is the managing member. In addition, the Companys updated full-year adjusted EBITDA outlook now. Alight Solutions Pay & Benefits reviews - indeed.com Webinars That's why we put the health and vitality of our people at the absolute center of everything we do through EY Better You a holistic approach to well-being. Interested parties can also listen to a live webcast or replay of the conference call and access accompanying presentation materials by logging on to the Investor Relations section on the Companys website at http://investor.alight.com. With Alight as your partner, you can count on flexible and scalable payroll solutions that modernize, harmonize and simplify your payroll operations. With personalized, data-driven health, wealth, pay and wellbeing insights, Alight brings people the security of better outcomes and peace of mind throughout lifes big moments and most important decisions. Alights 15,000 dedicated colleagues serve more than 30 million employees and family members. Many people dont understand their health benefits, where to find care and how to handle the complexities of family, dependents and chronic conditions. Benefits are way overpriced but there is a great variety of benefits and perks. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Alights new Workplace Benefits in a Changing World 2023 report surveyed 1,400 employees and 420 mid-sized to large employers across France, Germany, Italy, Netherlands, Spain and the United Kingdom to understand the differences between employers and employees priorities and needs regarding benefits. Gross profit, inclusive of depreciation and amortization, increased 16.0% to $217 million, or 32.3% of revenue, for the three months ended June 30, 2021 from $187 million, or 28.9% of revenue, in the prior year period. See how our strategic partnerships deliver Whether youre managing payroll in a single country or multiple countries, you need a payroll experience that delivers process automation, real-time calculations and insights that drive outcomes. According to the findings, more than half (58%) of companies believe they understand what benefits their employees want, whereas only 37% of employees say their employers benefit offerings meet their needs. By logging on, you are agreeing to the Terms of Service, Privacy Statement, and Cookie Notice. We are proud to be shaping the future of work and life for organizations, people and their families. Which is why I removed the bulk of my 401k to a self-directed IRA back when my company made the shift; depends upon whether your company allows for that or not, I guess.But the app does what it says on the tin. Investor.relations@alight.com. By providing your email address below, you are providing consent to Alight Solutions to send you the requested Investor Email Alert updates. This compares to the previous full-year 2021 adjusted EBITDA growth outlook of approximately 6%, or $600 million. "Organisations need to take a proactive approach to workplace benefits to bridge the gap between employers and employees. It is crucial for employers to identify ways to innovate and future-proof benefits strategies and provide employees with an integrated, personalised and technology-driven experience. When our people thrive, we thrive. At the heart of it all is you a Better You. For your people to better enroll and engage in their benefits,they need support. Committed to helping America's military veterans find work, Has programs that support a diverse and inclusive workforce, Taking steps to prioritize employee well-being, Maintain entry-level hiring and career development programs to give people career starts, Alight Solutions is proud to be named to the Top 100 Companies for Remote Jobs by @FlexJobs! In 2020, Alight began measuring revenue growth as it relates to the cloud-based products and solutions that are central to its Alight Worklife platform and next-generation product suite, BPaaS solutions. A simple, seamless, integrated and connected employee experience. Alight allows employees to enrich their health, wealth and work while enabling global organizations to achieve a high-performance culture. absolute trash. Healthcare is very complex and frustrating. endstream endobj 108 0 obj <>>> endobj 109 0 obj <> endobj 110 0 obj <>/Font<>/XObject<>>>/Rotate 0/Tabs/W/TrimBox[0 0 612 792]/Type/Page>> endobj 111 0 obj <>stream Vision Insurance. 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, is a non-GAAP financial measure used by management and our stakeholders to provide useful supplemental information that enables a better comparison of our performance across periods.