Alight grows revenue, profit in first quarter
LINCOLNSHIRE -- Alight, a cloud-based Human Resources company and provider of employee and business solutions, Monday reported financial results for its fiscal year first quarter ended March 31, including revenue of $725 million, up 5.2% as compared to $689 million for the same quarter in 2021.
Gross profit for the quarter increased 2.3% to $223 million, or 30.8% of revenue, from $218 million, or 31.6% of revenue, in the prior year period.
"Coming out of the pandemic, companies continue to struggle with attracting and retaining a more discerning workforce," said Chief Executive Officer Stephan Scholl. "Our first quarter results illustrate the traction we are getting with new and expanded client relationships in the marketplace with (business process as a service) revenue and bookings all showing strong growth."
Selling, general and administrative expenses for the quarter were $140 million, compared to $117 million for the prior year period. The increase was primarily due to the issuance of equity compensation related incentive awards, the company said.