Alight, Inc. (NYSE:ALIT) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET

Company Participants

Jeremy Cohen - Vice President of Investor Relations

Stephan Scholl - Chief Executive Officer

Katie Rooney - Chief Financial Officer

Conference Call Participants

Scott Schoenhaus - KeyBanc Capital Markets

Tien-Tsin Huang - JPMorgan

Kyle Peterson - Needham & Company

Peter Heckmann - D.A. Davidson

Kevin McVeigh - Credit Suisse

Emily Marzo - Bank of America

Operator

Good morning, and thank you for holding. My name is Irene, and I will be your conference operator today. Welcome to Alight's First Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's call is being recorded, and a replay of the call will be available on the Investor Relations section of the company's website.

And now I would like to turn the call over to Jeremy Cohen, Vice President of Investor Relations at Alight. Please go ahead.

Jeremy Cohen

Good morning, and thank you for joining us. Earlier today, the company issued a press release with first quarter 2023 results. A copy of the release can be found on the Investor Relations section of the company's website at investor.alight.com.

Before we get started, please note that some of the company's discussion today will include forward-looking statements. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors.

These factors are discussed in more detail in the company's filings with the SEC, including the company's most recent Form 10-K as such factors may be updated from time to time in the company's periodic filings. The company does not undertake any obligation to update forward-looking statements.

Also, throughout this conference call, the company will be presenting non-GAAP financial measures. Reconciliations of the company's historical non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's earnings press release.

On the call from management today are Stephan Scholl, CEO; and Katie Rooney, CFO. After their prepared remarks, we will open the call up for questions.

I will now hand the call over to Stephan.

Stephan Scholl

Thanks, Jeremy. Good morning, everyone, and thank you all for joining us. Earlier today, we released our Q1 results and are pleased to report a strong quarter to begin the year, building on our momentum from 2022.

At the start, we surpassed $1.5 billion in cumulative BPaaS bookings, nine months earlier than our original 3 year projections. This important milestone signifies how we have improved both the quality of revenue and the trajectory of our business. And the bookings are translating into top line performance, as we delivered quarterly revenue growth of nearly 15%, led by BPaaS growth of 50%. BPaaS represented over 20% of our total revenue for the quarter, a nearly 5 percentage point increase year-over-year.