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Jun 30, 2023
Alight Q2 2023 Earnings Report
Alight's financial performance in Q2 2023 was marked by double-digit growth in revenue, profitability, and operating cash flow.
Key Takeaways
Alight reported a strong second quarter with a 12.7% increase in revenue, driven by Employer Solutions. The company's transformational progress and stable core business provide long-term visibility, with over 90% of 2023 revenue under contract and $2.5 billion of backlog for 2024.
Revenue increased 12.7% year-over-year to $806 million.
Over 90% of projected 2023 revenue is under contract.
Business Process as a Service (BPaaS) revenue grew 39.8% to $179 million, representing 22.2% of total revenue.
Gross profit was $257 million, with a gross profit margin of 31.9%.
Alight
Alight
Alight Revenue by Segment
Revenue by Segment
BPaaS Revenue
CapyFin.com Forward Guidance
The Company's 2023 outlook includes:
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 $700 million to $900 million.
- Operating Cash Flow Conversion rate of 45-55%.