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Alight Inc. Class A (ALIT-1.23%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing total revenue of $555 million for the quarter, a slight decrease from $557 million in the same quarter of the previous year. The decrease is attributed to lower project revenue and the winding down of certain business operations.
Cost of services, excluding depreciation and amortization, was $358 million, down from $372 million in the previous year, due to lower share-based compensation and productivity initiatives.
The company reported a gross profit of $174 million for the quarter, compared to $166 million in the previous year, with the increase driven by lower expenses.
Operating expenses, including selling, general, and administrative costs, were $216 million, up from $211 million, primarily due to professional fees related to the sale of certain business segments.
Alight recorded a net loss from continuing operations of $44 million, compared to a net loss of $40 million in the previous year. The loss was impacted by fair value remeasurements of financial instruments and the tax receivable agreement.
Interest expense decreased to $19 million from $34 million, reflecting partial debt repayment.
The company generated $75 million in cash from operating activities during the nine months ended September 30, 2024, compared to $226 million in the previous year, due to increased overhead expenses.
Alight reported cash and cash equivalents of $300 million as of September 30, 2024, a decrease from $324 million at the end of 2023.
The filing also notes that Alight completed the sale of its Professional Services segment and Payroll & HCM Outsourcing business, which contributed to cash inflows from investing activities.
Alight's Board of Directors approved a new quarterly dividend program, with an initial dividend of $0.04 per share to be paid in December 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alight Inc. Class A quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.