Alight, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Alight, Inc. has filed its Q1 2024 10-Q report, detailing financial activities and corporate structure.</b>

AI Summary

Alight, Inc. / Delaware (ALIT) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Alight, Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is 4 Overlook Point, Lincolnshire, IL 60069. Alight, Inc. was formerly known as Alight Group, Inc. and Foley Trasimene Acquisition Corp. The filing includes references to various financial instruments and segments, such as Employer Solutions Segments and interest rate swaps.

Why It Matters

For investors and stakeholders tracking Alight, Inc. / Delaware, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for Alight, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: medium — Alight, Inc. / Delaware shows moderate risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting. However, the absence of specific financial performance data (revenue, net income, etc.) in the provided text prevents a more precise risk assessment.

Analyst Insight

Review the full 10-Q filing to analyze Alight, Inc.'s financial performance, including revenue, expenses, and debt levels for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 7389 — Standard Industrial Classification (SIC code for Services-Business Services, NEC)

Key Players & Entities

• Alight, Inc. (company) — Filer name
• Delaware (company) — State of incorporation
• 0000950170-24-055909 (other) — Accession number
• 20240331 (date) — Conformed period of report
• 20240508 (date) — Filed as of date
• 4 Overlook Point, Lincolnshire, IL 60069 (other) — Business address
• Alight Group, Inc. (company) — Former company name
• Foley Trasimene Acquisition Corp. (company) — Former company name

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Employer Solutions Segments

A business segment of Alight, Inc. focused on providing employer-related solutions. (Key operational segment for Alight, Inc., indicating a significant portion of its business activities.)

Interest Rate Swap

A derivative contract where two parties exchange interest rate payments. (Indicates Alight, Inc. uses financial instruments to manage interest rate risk.)

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share ALIT New York Stock Excha

Filing Documents

• alit-20240331.htm (10-Q) — 2817KB
• alit-ex10_1.htm (EX-10.1) — 246KB
• alit-ex10_2.htm (EX-10.2) — 252KB
• alit-ex10_3.htm (EX-10.3) — 21KB
• alit-ex10_4.htm (EX-10.4) — 67KB
• alit-ex31_1.htm (EX-31.1) — 15KB
• alit-ex31_2.htm (EX-31.2) — 15KB
• alit-ex32_1.htm (EX-32.1) — 9KB
• alit-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-055909.txt (&nbsp;) — 15190KB
• alit-20240331.xsd (EX-101.SCH) — 2069KB
• alit-20240331_htm.xml (XML) — 3207KB

Forward-Looking Statements

Forward-Looking Statements PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q 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 (the "Exchange Act"). These forward-looking statements include, but are not limited to, statements regarding the sale of our Payroll & Professional Services business, including the likelihood of the consummation of the transaction, the expected time period to consummate the transaction, statements that relate to expectations regarding future financial performance, and business strategies or expectations for our business. Forward-looking statements can often be identified by the use of words such as "anticipate," "appear," "approximate," "believe," "continue," "could," "estimate," "expect," "foresee," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "would" or similar expressions or the negative thereof. These forward-looking statements are based on information available as of the date of this report and the Company's management's current expectations, forecasts and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company's views as of any subsequent date. The Company does not undertake any obligation to update, add or otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may b

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. Alight, Inc. Condensed Consolida ted Balance Sheets (Unaudited) March 31, December 31, 2024 2023 (in millions, except par values) Assets Current Assets Cash and cash equivalents $ 256 $ 324 Receivables, net 393 435 Other current assets 217 260 Fiduciary assets 250 234 Current assets held for sale 2,501 1,523 Total Current Assets 3,617 2,776 Goodwill 3,212 3,212 Intangible assets, net 3,066 3,136 Fixed assets, net 387 331 Deferred tax assets, net 86 38 Other assets 346 341 Long-term assets held for sale — 948 Total Assets $ 10,714 $ 10,782 Liabilities and Stockholders' Equity Liabilities Current Liabilities Accounts payable and accrued liabilities $ 278 $ 325 Current portion of long-term debt, net 25 25 Other current liabilities 282 233 Fiduciary liabilities 250 234 Current liabilities held for sale 1,475 1,370 Total Current Liabilities 2,310 2,187 Deferred tax liabilities 32 32 Long-term debt, net 2,762 2,769 Long-term tax receivable agreement 784 733 Financial instruments 132 109 Other liabilities 166 142 Long-term liabilities held for sale — 68 Total Liabilities $ 6,186 $ 6,040 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; 550.0 and 510.9 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Class B Common Stock: $ 0.0001 par value, 20.0 shares authorized; 9.9 and 9.9 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Class V Common Stock: $ 0.0001 par value, 175.0 shares authorized; 1.2 and 29.0 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively —

View Full Filing

View this 10-Q filing on SEC EDGAR