Alight, Inc. (NYSE:ALIT) Q2 2022 Earnings Conference Call August 3, 2022 8:30 AM ET

Company Participants

Greg Faje - Head, Investor Relations

Stephan Scholl - Chief Executive Officer

Katie Rooney - Chief Financial Officer

Conference Call Participants

Kevin McVeigh - Credit Suisse

Peter Heckmann - D.A. Davidson

Tien-Tsin Huang - JPMorgan

Operator

Good morning and thank you for holding. My name is Irene and I will be your conference operator today. Welcome to Alight's Second Quarter 2022 Earnings Conference Call. At this time, all parties are in listen-only mode. 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 Greg Faje Head of Investor Relations at Alight to introduce today's speakers.

Greg Faje

Good morning. Thank you for joining us. Earlier today the company issued a press release with second quarter 2022 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 filed with the SEC as such factors may be updated from time-to-time in the company's periodic filings with the SEC. 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 the most directly comparable GAAP financial measures will 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 up the call for questions.

I will now hand the call over to Stephan.

Stephan Scholl

Thanks Greg and good morning everyone. When we announced plans to go public in January 2021, we laid out an ambitious plan focused on transforming Alight from a custom services-led model into a technology-led organization that delivers better engagement and outcomes for companies and their workforces.

We are midway through our three-year journey and we can already see the impact of that transformation and have a clear vision for the opportunity ahead. We've delivered first half year revenue growth of 5.8%, successfully launched the Federal Thrift contract, and have over 90% of 2022 revenue under contract. And we've recorded $958 million in cumulative BPaaS bookings since the first quarter of 2021, putting us well on the path towards $1.3 billion in bookings by year end 2022.