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Mar 31, 2023
Alight Q1 2023 Earnings Report
Alight reported Q1 2023 results with total revenue growth of nearly 15% and Employer Solutions revenue growth of over 16%.
Key Takeaways
Alight achieved a key milestone in the first quarter surpassing $1.5 billion in cumulative BPaaS bookings, nine months earlier than original projections. The company reaffirmed its full-year 2023 financial guidance, expecting double-digit growth, margin expansion, and improved operating cash flow conversion.
Revenue increased 14.6% over the prior year period to $831 million.
Business Process as a Service (BPaaS) revenue grew 50.0% to $171 million, representing 20.6% of total revenue.
BPaaS bookings on a total contract value basis were $75 million, bringing cumulative BPaaS bookings above $1.5 billion.
Gross profit was $257 million and gross margin of 30.9%.
Revenue by Segment
Forward Guidance
The Company is reaffirming its 2023 outlook:
Positive Outlook
- Revenue of $3.47 billion to $3.51 billion (growth of 11% to 12%).
- Adjusted EBITDA of $735 million to $750 million.
- Adjusted diluted EPS of $0.62 to $0.67.
- BPaaS total contract value bookings of $900 million to $1.0 billion.
- Operating Cash Flow Conversion rate of 45-55%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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