ABSXACAHAMARAWBBBGBLBMBNBOBPBQBRBSBTBUBVBWBXBYBZCACBCCCDCECFCGCHCICJ
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Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Dec-25Dec-26Dec-27Dec-28Dec-29BaseBullBear
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FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026FY2027FY2028FY2029FY2027FY2027FY2027202120222023202420252026202720282029
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 Income Statement
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 Revenue 2,301 2,378 2,552 2,728 2,915 3,132 3,410 2,332 2,341.5 2,402.5 2,465.5 2,530.6 2,597.8 2,465.5 2,587.0 2,052.5 2,915 3,132 3,410 2,332 2,342 2,403 2,466 2,531 2,598
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 Cost of services (excl. D&A) 1,493 1,619 1,829 1,889 2,080 2,188 1,442 1,427.2 1,440.4 1,453.5 1,466.5 1,479.5 1,453.5 1,500.5 1,354.7 1,889 2,080 2,188 1,442 1,427 1,440 1,453 1,467 1,479
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 Depreciation & amortization 34 50 65 59 56 82 96 93.7 96.1 98.6 101.2 103.9 98.6 103.5 82.1 59 56 82 96 94 96 99 101 104
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 Gross profit 851 883 834 967 996 1,140 794 820.7 866.1 913.4 962.8 1,014.4 913.4 983.1 615.8 967 996 1,140 794 821 866 913 963 1,014
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 Selling, general and administrative 452 415 461 526 671 754 585 468.3 468.5 468.4 480.8 493.6 468.4 491.5 431.0 526 671 754 585 468 468 468 481 494
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 Deprecation and intangible amortization 195 203 226 274 339 339 299 292.7 276.3 271.2 253.1 246.8 271.2 284.6 225.8 274 339 339 299 293 276 271 253 247
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 Goodwill impairment 148 148
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 Operating income 204 265 147 167 (14) 47 (90) 59.7 121.3 173.8 229.0 274.0 173.8 207.0 (41.1) 167 (14) 47 (90) 60 121 174 229 274
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 Loss from change in fair value of financial instruments 65 (38) 10 (57) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) 65 (38) 10 (57) (5) (5) (5) (5) (5)
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Loss from change in fair value of tax receivable agreement
(37) (41) 118 34 18.5 18.5 18.5 18.5 18.5 18.5 18.5 18.5 (37) (41) 118 34 19 19 19 19 19
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 Interest expense 208 224 234 180 122 131 103 95.2 95.2 95.2 95.2 95.2 95.2 95.2 95.2 180 122 131 103 95 95 95 95 95
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 Other expense, net - 3 7 12 (16) 6 (22) (1.7) (1.7) (1.7) (1.7) (1.7) (1.7) (1.7) (1.7) 12 (16) 6 (22) (2) (2) (2) (2) (2)
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 (Loss) income before income tax expense (4) 38 (94) (53) (41) (218) (148) (47.3) 14.3 66.8 122.0 167.0 66.8 100.0 (148.1) (53) (41) (218) (148) (47) 14 67 122 167
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 Current tax expense 17 14 9 - 5 5 11 - 5 5 11
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 Deferred tax expense - 2 - - 26 (9) (19) - 26 (9) (19)
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 Income tax expense 17 16 9 20 31 (4) (8) (12.8) 3.9 18.0 32.9 45.1 18.0 27.0 (40.0) 20 31 (4) (8) (13) 4 18 33 45
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 Net (loss) income from continuing operations (21) 22 (103) (73) (72) (214) (140) (34.6) 10.4 48.7 89.0 121.9 48.7 73.0 (108.1) (73) (72) (214) (140) (35) 10 49 89 122
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 Net (loss) from discontinued operations (19) (19)
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 Net income (loss) 22 (103) (73) (72) (214) (159) (34.6) 10.4 48.7 89.0 121.9 48.7 73.0 (108.1) (73) (72) (214) (159) (35) 10 49 89 122
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 Net (loss) income attributed to noncontrolling interests (13) (10) (17) (2) (2.0) (2.0) (2.0) (2.0) (2.0) (13) (10) (17) (2) (2) (2) (2) (2) (2)
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 Net (loss) income attributable to Alight, Inc. - 22 (103) (60) (62) (197) (157) (32.6) 12.4 50.7 91.0 123.9 50.7 73.0 (108.1) (60) (62) (197) (157) (33) 12 51 91 124
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 Earnings Per Share - WAB $ (0.14) $ (0.14) $ (0.40) $ (0.29) $ (0.06) $ 0.02 $ 0.10 $ 0.18 $ 0.24 $ 0.10 $ 0.14 $ (0.21) (0) (0) (0) (0) (0) 0 0 0 0
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 Earnings Per Share - WAD $ (0.14) $ (0.14) $ (0.40) $ (0.29) $ (0.06) $ 0.02 $ 0.10 $ 0.18 $ 0.24 $ 0.10 $ 0.14 $ (0.21) (0) (0) (0) (0) (0) 0 0 0 0
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 Adjusted Earnings Per Share - WAD $ (0.11) $ 0.57 $ 0.71 $ 0.48 $ 0.57 $ 0.64 $ 0.68 $ 0.76 $ 0.82 $ 0.68 $ 0.76 $ 0.29 (0) 1 1 0 1 1 1 1 1
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 Shares Outstanding - WAB 439.8 458.6 489.5 539.9 529.1 522.4 516.8 512.0 507.6 516.8 513.0 514.3 440 459 489 540 529 522 517 512 508
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 Shares Outstanding - WAD 439.8 458.6 489.5 540.4 529.6 522.9 517.3 512.5 508.2 517.3 513.5 514.8 440 459 489 540 530 523 517 513 508
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 Adjusted Shares Outstanding - WAD 538.8 540.8 544.1 548.2 537.5 530.8 525.1 520.4 516.0 525.1 521.4 522.6 539 541 544 548 537 531 525 520 516
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 Shares Out Basic - Beg 532.7 525.5 519.3 514.3 509.7 519.3 519.3 519.3
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 New shares issued
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 Shares repurchased (7.1) (6.3) (5.0) (4.5) (4.2) (5.0) (12.5) (10.0)
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 Shares Out Basic - End 532.7 525.5 519.3 514.3 509.7 505.6 514.3 506.8 509.3
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 Share buyback price assumption $ 7.00 $ 8.00 $ 10.00 $ 11.00 $ 12.00 $ 10.00 $ 12.00 $ 5.00
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 Margins
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 Cost of Services 62.8%63.4%67.0%64.8%66.4%64.2%61.8%61.0%60.0%59.0%58.0%57.0%59.0%58.0%66.0% 1 1 1 1 1 1 1 1 1
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 D&A (COS) 1.4%2.0%2.4%2.0%1.8%2.4%4.1%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0% 0 0 0 0 0 0 0 0 0
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 Gross Margin 35.8%34.6%30.6%33.2%31.8%33.4%34.0%35.0%36.0%37.0%38.0%39.0%37.0%38.0%30.0% 0 0 0 0 0 0 0 0 0
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 SG&A Margin 19.0%16.3%16.9%18.0%21.4%22.1%25.1%20.0%19.5%19.0%19.0%19.0%19.0%19.0%21.0% 0 0 0 0 0 0 0 0 0
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 D&A (Opex) 8.2%8.0%8.3%9.4%10.8%9.9%12.8%12.5%11.5%11.0%10.0%9.5%11.0%11.0%11.0% 0 0 0 0 0 0 0 0 0
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 Operating Margin 8.6%10.4%5.4%5.7%-0.4%1.4%-3.9% 0 (0) 0 (0)
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 Other income / expense 0.0%0.0%0.0%1.0%-2.5%3.8%-1.0% 0 (0) 0 (0)
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 Net Interest Rate 6.2%5.9%5.2%4.3%4.7%4.3%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7% 0 0 0 0 0 0 0 0 0
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 EBT Margin -0.2%1.5%-3.4%-1.8%-1.3%-6.4%-6.3% (0) (0) (0) (0)
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 Effective Tax Rate -425.0%42.1%-9.6%-37.7%-75.6%1.8%5.4%27.0%27.0%27.0%27.0%27.0%27.0%27.0%27.0% (0) (1) 0 0 0 0 0 0 0
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 Net Profit Margin 0.0%0.9%-3.8%-2.1%-2.0%-5.8%-6.7% (0) (0) (0) (0)
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 SBC as % of Revenue 0.6%0.4%0.2%2.5%5.8%4.7%3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3% 0 0 0 0 0 0 0 0 0
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 Operating Income 204.0 265.0 147.0 167.0 (14.0) 47.0 (90.0) 59.7 121.3 173.8 229.0 274.0 173.8 207.0 (41.1) 167 (14) 47 (90) 60 121 174 229 274
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 D&A 229.0 253.0 291.0 333.0 395.0 421.0 395.0 386.4 372.4 369.8 354.3 350.7 369.8 388.0 307.9 333 395 421 395 386 372 370 354 351
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 SBC 14.0 9.0 5.0 72.0 181.0 160.0 76.0 77.3 79.3 81.4 83.5 85.7 81.4 85.4 67.7 72 181 160 76 77 79 81 84 86
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 Adjustments 83.0 27.0 90.0 46.0 97.0 111.0 175.0 89.9 89.9 89.9 89.9 89.9 89.9 89.9 89.9 46 97 111 175 90 90 90 90 90
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 Adj. EBITDA 530.0 554.0 533.0 618.0 659.0 739.0 556.0 613.2 662.9 714.9 756.7 800.3 714.9 770.3 424.5 618 659 739 556 613 663 715 757 800
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 Net loss attributable to Alight, Inc. (300) (138) (33) 12 51 91 124 51 73 (108)
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 Conversion of noncontrolling interest (17) (2)
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 Intangible amortization 281 280 269 264 259 253 247 259 272 216
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 Share-based compensation 139 76 77 79 81 84 86 81 85 68
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 Transaction and integration 29 82
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 Non-recurring professional expenses
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 Restructuring 73 63 50 40 20 20 20 20 20 20
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Loss from change in fair value of financial instruments
10 (57) (5) (5) (5) (5) (5) (5) (5) (5)
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Loss from change in fair value of tax receivable agreement
118 34 19 19 19 19 19 19 19 19
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 Other 1 8
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 Total adj. 634 484 410 397 374 370 366 374 391 317
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 Tax effect of adjustments (100) (85) (72) (70) (66) (65) (64) (66) (69) (56)
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 Adjusted net income 234 261 305 340 359 396 426 359 395 153
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 Segment Level 1,937 1,973 2,084 2,288 2,503 2,718 2,963 2,332 #REF!#REF!#REF!#REF!
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 Employer solutions revenue, mm 141 198 285 368 370 371 421 - 2,503 2,718 2,963 2,332
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 Professional services revenue, mm 222 207 183 72 42 43 26 - 370 371 421 -
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 Hosted business revenue, mm 42 43 26 -
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 Total revenue, mm 2,300 2,378 2,552 2,728 2,915 3,132 3,410 2,332 2,915 3,132 3,410 2,332
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 Employer solutions - Health revenue mix, % 44.9%
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 Employer solutions - Wealth revenue mix, % 20.0%
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 Employer solutions - Payroll & Cloud revenue mix, % 19.0%
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 Employer solutions revenue mix, % 84.2% 83.0% 81.7% 83.9% 85.9% 86.8% 86.9% 100.0% 1 1 1 1
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 Professional services revenue mix, % 6.1% 8.3% 11.2% 13.5% 12.7% 11.8% 12.3% - 0 0 0 -
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 Hosted business revenue mix, % 9.7% 8.7% 7.2% 2.6% 1.4% 1.4% 0.8% - 0 0 0 -
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 Total revenue mix, % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 1 1 1 1
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 Recurring revenue, mm 1,880 1,961 2,073 2,231 2,429 2,638 2,863 2,135 2,429 2,638 2,863 2,135
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 Project services revenue, mm 420 417 479 497 486 494 547 197 486 494 547 197
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 Total revenue, mm 2,300 2,378 2,552 2,728 2,915 3,132 3,410 2,332 2,915 3,132 3,410 2,332
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 Recurring revenue mix, % 81.7% 82.5% 81.2% 81.8% 83.3% 84.2% 84.0% 91.6% 1 1 1 1
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 Project revenue mix, % 18.3% 17.5% 18.8% 18.2% 16.7% 15.8% 16.0% 8.4% 0 0 0 0
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 Total revenue mix, % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 1 1 1 1
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 Revenue Build