Company: ALIT
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-049916
Chunk: 83

Company: Alight, Inc. / Delaware
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 contemplated by the Purchase Agreement, (2) a note with an aggregate principal amount of $50 million, and an initial fair value of $35 million as of July 12, 2024 issued at Closing (the “Seller Note”) by an indirect parent of Buyer (the “Note Issuer”) and (3) contingent upon the financial performance of the Divested Business for the 2025 fiscal year, a note with an aggregate principal amount of up to $150 million (the “Additional Seller Note”) and an initial fair value of $43 million as of July 12, 2024 to be issued by the Note Issuer. The Seller Note has a stated interest rate of 8.0%. The Company incurred higher operating expenses in 2024 as a result of professional fees paid in conjunction with the Transaction. 

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EXECUTIVE SUMMARY OF FINANCIAL RESULTS

The following table sets forth our historical results of operations for the periods indicated below:

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Revenue$533 $555 $1,609 $1,652 Cost of services, exclusive of depreciation and amortization327 358 1,003 1,059 Depreciation and amortization28 23 81 70 Gross Profit178 174 525 523 Operating ExpensesSelling, general and administrative87 142 321 434 Depreciation and intangible amortization75 74 223 223 Goodwill impairment1,338 — 2,321 — Total Operating expenses1,500 216 2,865 657 Operating Income (Loss) From Continuing Operations(1,322)(42)(2,340)(134)Other (Income) Expense(Gain) Loss from change in fair value of financial instruments(19)(23)1 (54)(Gain) Loss from change in fair value of tax receivable agreement(66)27 (34)51 Interest expense24 19 68 83 Other (income) expense, net(8)(12)(26)(11)Total Other (income) expense, net(69)11 9 69 Income (Loss) From Continuing Operations Before Taxes(1,253)(53)(2,349)(203)Income tax expense (benefit)(198)(9)(204)(34)Net Income (Loss) From Continuing Operations(1,055)(44)(2