Alight (ALIT) 1 Nov 232023 Q3 Earnings call transcript

Good morning, and thank you for holding. My name is Judith, and I will be your conference operator today. Welcome to Alight Third Quarter of 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.

I would now like to turn it over to Jeremy Cohen, Head of Investor Relations at Alight to introduce today's speakers.

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

factors. in please Before XX-K discussed include the updated filings forward-looking factors forward-looking are does expressed of or in in factors from more will Such These company's future note we Actual undertake company company's statements. variety The due time be get not with that update of detail statements. to may discussion the the any forward-looking including most may not the filings. are to statements company's the from those results implied statements to the some as SEC a forward-looking performance. time recent in today company's periodic guarantees of Form such materially started, differ obligation

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

management performance call Jeremy Operating Katie and open today question-and-answer our Rooney, prepared CFO, we who call will their CFO remarks, Stephan our who will Scholl, from will and the provide strategy a Global the On for COO, discuss participate in will update; and CEO guidance; business financial and are who questions. Heaton, session. After up

to call the Stephan. I over hand will now

the our a our everyone, resilience of our into reflecting and our platform morning, results, products, Good you durable joining into consistent of more transformation company. markets transformation mission-critical and of Jeremy. Thanks, delivering years thank the nature importantly, end the Nearly we're success for us. and journey, X financial

are second largest executed our high strategy, single-digit we to quarter quarterly EBITDA growth, the largest in and program date. This ever our achieved growth, and our our operating restructuring quarter, buyback same delivering adjusted BPaaS time, of on cash investing At platform flow expansion bookings. we double-digit stock drove revenue

results. the to Turning

high-growth Our our revenues third led and BPaaS X.X% the by category of growth quarter from XX%. had revenue quarter business, which included of increased by another outstanding solutions,

BPaaS have our Over strategy, platform. quality on Worklife focus prioritized reflected This our the million higher from years, our recurring is X projects onetime the plan. BPaaS Alight have of revenue into $XXX past an total shifting we long-term in QX booked of bookings, increase over year-over-year. XXXX, XX% or aggregate, representing since $X.X value billion $X ahead In billion of of contract XX% we nearly now

service. strategy enabled to platform our cost through also us of Standardization down drive our

flow adjusted year-to-date, to the $XXX Alight nearly EBITDA public. level the for going record An was XX% operating For from quarter, prior million. to since up cash increased year XX% a

revenue than While the we impact the delivered impacted well as related wins, in-year to expected as for new quarter, timing great closing results later project-based quarter. from the

However, revenue contract and billion we us our have $XXX million $X.X under are of for X-year for midterm guidance. revenue XXXX on enables XXXX bookings target, of XXXX, BPaaS XX% and reaffirm our to which over under contract ahead

are range. XXXX we guidance addition, EPS our raising adjusted In

Turning to technology. and product

effective more annual navigate way simpler to enrollment are investments Our and experience. driving a the

and will As translating for our over is the more driving long-term the XX% year-over-year. enrollments which same are into The as efficiency mobile reduced key is nearly profitability process volumes, period of drive seen XX, down way call a element continue tripling last to in experience have a are of better reduction care in year. volume digital clients. the we and This XX% October call a through

content integrating within new and strides made more lease Worklife Alight we've management decision drive Additionally, the great support. to features platform added and the better deeply have

are market into HR integrated continue validate platforms. that conversations around gaps a to there client experience in and consumer-grade the research Our

and engagement how alone. our combination business, powerful active savings advancing for we're other that administration is drive where for AI of cases an including engagements can of number We're this excited with We offerings how employer. client the year also and showcasing a have our generative several underway use significant leaves AI

savings. are and to as features a which AI their efficient engagement optimization. boost the in better driving and Alight's personalization employer close example, a population campaign for eligible and in for leveraged emerging One XX of $X with clients client actively employees outcomes pivotal engagement participation, enhancing an HSA seeking AI-driven Fortune to resulted As million cost XX% tax tool highly

platform expansions Fortune Our and and help yet strategy employees wins generate comprehensive make support to engagement XXX client can translating enterprise IQ, BMW offering future is product and accomplished new simplified wins want tissue remains several new be include clients. engagement demonstrably between into quarter a enhancements that many is and logo this mix AI At benefits, payroll the platform and producing, core, Alight a that its growth. improve of what we digital our and expanded savings. relationships pipeline wins employee industries, our our Clients connective that can a leveraging healthy and are that Significant and by FedEx, that across These and differentiating data analytics cost represent robust. offerings, Nielsen decisions. better

deliver enable our simplifying the as better planned. is analytics high-priority which and back-end complete of migrating leverage data track when the to annual includes XXXX. million latest also in deliver the $XXX in we us including lake, on applications, should rate progress quarter, program infrastructure our restructuring AI, savings and and During run are This developments made our to on program

trajectory put let our the Alight. have context investments Finally, and into me transformational what long-term initiatives for meant of

the operational The have laid BPaaS plan. the months, delivering successfully platform. and Alight building X-year in many few Worklife higher a including for initiatives a client a just we even result our more midterm groundwork value through as our of have value success concluded will of proposition our growth original In compelling

expansion. margin Next,

strengthen to finally, capital the balance needed. sheet them free standardization when As with the we and see providing shareholders. still experience. to undergoing to all-important shift to of and costs better flow for simplified business, where help stack market And take move enhanced generation corporations while We from customization personal decades simultaneously the in lines looking the a offering our paradigm front a cash touch are tech return out be employee while a partner to on reinvest

transformation, well of result be positioned partner our a we their to are As choice. of

With that, Katie, over you. to

growth. revenue, good Thank strength you, cash everyone. across while We Stephan, quarter third Board EBITDA operating showed our and to total morning, performance, invest the and revenue, adjusted robust in flow with continuing including business. All the BPaaS

we Recurring X.X%, history. In of solutions, one We our our category grew to company consolidated new bookings in with quarters well of of related X.X% BPaaS by XX% advanced wins delivered Starting addition, high-growth Timing achieved results. revenue comprised best our which revenue. growth over later impacted of quarter's in-year highlighted and revenue XX%. than the project-based BPaaS as as impact revenue this closing total revenue growth. from expected

with $XXX significant profit increase XXX increased gross margin XX%, basis revenue. Adjusted year. with million of to up was XXX expansion margin points by prior XX.X%. and XX.X% driven EBITDA Adjusted point from basis XX.X%, This of a a the to savings productivity higher represents

of capital we simultaneously restructuring stronger with level as flow profitability, on program. working generating increasing execute our improvements even are Our coupled cash

in year. than and cash operating more flow the And generated XX% a a year million, conversion million prior represents is we as of which $XX XX% of compared Year-to-date, rate $XXX last with to and program reminder, QX as spending with XXXX. restructuring will expect year we annual activities new completion in slow planned temporarily on target during scheduled enrollment, resume program during our the

rate We annual in full expect start seeing run late benefits achieved XXXX. in to financial XXXX with

record We third growth performance. Turning to $XXX quarter delivered bookings our representing million, bookings year-over-year. of XX% BPaaS of

is better remains employers the driving elevated. Our of intensity outcomes value and resonating of proposition with conversations

We and more achieve HR looking continue an environment spend. better in reduce costs demand strong particularly to solutions, ROI for for see employers to where are acutely our their

As engaged us and obvious. more opportunities. is this in is addressing time sacrifice with expanded experience. my this in build is logo a the upgrade so enabling in that season I to with spend macro new our in The pressures, budget doing This more role, more employee doesn't C-suite dynamic but way pipeline becoming clients

turn now with segments, our Solutions. to starting With let Employer that, me

overall was ReedGroup December and the which XXXX. quarter quarter. acquisition, X.X% no the new of impact Third wins, well. and up was of recurring upgrades drivers revenue revenue commercial in from growth There up from [ ] from impact volumes incremental net X.X% as this closed include with Key activity Thrift

upfront see in supporting typically we profitability we due costs higher growth, better productivity QX, our While drove QX initiatives. to

third to XX.X%. quarter adjusted XXX and profit result, a $XXX As adjusted points to up margin XX.X% gross million, basis gross increased was

to Professional segment. Services Turning our

due costs up This was growth revenue a a $XXX On record project quarter and gross nearly in X% the slightly increase margins increase the to XX% nearly growth. million. profitability a adjusted implementation higher was in driven XX.X% by of and in revenue. to accelerated part year, to Third GE up support prior XX% was impacted profit by revenue basis, our personnel the a recurring from deal with sequentially

Turning sheet. to the balance

Our was quarter $XXX cash and total billion. equivalents end debt was $X.X million and balance cash

We through continue XX% XXXX. XX% through and to our actively which manage XXXX is fixed debt,

of savings. term quarter, $X points, expected completed expense repricing The interest the we basis of During an million of interest annualized result improved to an opportunistic equating loan. XXXX our is rate XX

keeping us to X.Xx, to our of ratio the million, repricing. are stock, and updating of at on $XXX to We quarter. improve, target net million, buyers achieve of also And given our interest expected $XXX our shares rates of track $XX end down leverage active lastly, XXXX to the market million Meanwhile, a range the quarter $XXX of were we million our expense and leverage million approximately worth to was $XXX from midterm during continues the Xx. repurchasing net

our be achieving was we a and growth Our and returning quarter strong key in sheet, reinvesting Overall, in success to priorities allocation capital end. pillars: our to million shareholders. balance at $XX disciplined remaining capital authorization serving opportunities across on continue for X

outlook. Turning our to

year, closely to the environment look we finish of nonrecurring we activity our monitoring solutions. and macro out the sales As are

professional larger have the years, shorter our of through from and As a contribution retiree in within prior revenue projects, health sales business which carries all season. short-term cycle QX a enrollment services, commissions

reaffirming contract, of and are with more adjusted flow adjusted raising cash revenue However, guidance we EPS our guidance. XX% revenue, conversion than EBITDA also XXXX our We're range. under

in compared EPS interest to Our the of expected adjusted $X.XX of or to the reflects to prior now primarily decrease and $X.XX the of $X.XX XX% XX% expense. to range is $X.XX in growth range

Overall, and a set are upon course developing so results, growth, By we momentum which our have profitable to delivering forward profitability experience the a strong to the and has building winning look employees. transformation for the our clients included continue as growth. a great market and better We even platform, Alight in their sustainable deliver our bookings reflection Worklife third of we quarter important. and been better

you would how Operator, and concludes our remarks, move questions. into we ask the session. instruct prepared participants now please on This will question-and-answer to

Instructions] Our Scott question of first from Capital Schoenhaus KeyBanc comes [Operator Markets.

to wanted first bookings, you BPaaS being for can I talk Stephan, pushed did give and with Katie XQ since macro for lumpy nice more also about from wondering about talk you a reacceleration I'm about kind being into just the XQ. out product for the if kind and I Katie and given the as offering of the of well this talked conditions. demand commentary is guess, strengthening clearly,

of But press know of Or release, in what in the the -- give BPaaS on delayed as color sort color broad-based the here of it deals? on kind we terms of year-end more you for you're bookings. with but accelerated pipeline? more looking global the the I it's kind side signing approach enterprises pipeline your on international currently, us you seeing what kind in seeing Is just and interest mentioned more in just are of

last for the thing. now do we've looking the how few every macro clients. take And and I is talked Sure that big is know, have to environment, client, XX consolidate better. for happened and the lived about best-of-breed hope many to years platform last has and this in is clients resonating HR with listen, years, ways every And out. that with to customers And that holdout the talk enterprise it Scott, or CEO this of I really landscape. which you their cost the all so around for is the realm through simplify to the transformation feel to employee never as our you with deal companies last

what biggest we're where niche to some I listen, saying, So of when they're or to deals, view to but a that see our want us RFP coming call it's some take transactions, and coming we for these is out of broad and a review approach. would platform products broader you

payroll global how navigation, with one So you overarching approach. benefits do into consolidate

quarter last were our of in some exactly that deals So biggest vein.

with that spend So drive client lot and type the a an ranks that's CFOs HR enterprise And more time -- are especially us. what's to a from exciting we're effort lot now their the CIO spending and activity for constituents of really seeing consolidated more with CEOs to that approach. help their

that's in wheelhouse for right us. our So

is, kind did Yes. going terms a through and they of And the in in Nielsen better down together, was which IQ an thing cost. excellent I'd payroll Scott, fantastic of a you're named opportunity how comes a a they obviously, have I merger, think view all drive right, landscape, was into big kind Nielsen like right, add team with really a the global only of a needed that the acquisition, how we landing job that the experience, quarter,

demand great space. there's And in that so do I think

for our win on up payroll rates come we're a to the these we've maybe coming it's narrative than the really BenAdmin together, well. just And a been rather I who have best-of-breed that as we've the is ones competes or against has beaten in big global payroll decision piece been because competitors and largest -- because able our of from so BenAdmin, the a X global one think some advantage strategic only more change X

money. great And of this and that you Stephan, their enrollment curious than included quarter. the was And mentioned Just Clearly, then thought on interesting quarter. enrollment. the that obviously to I great on breakdown how kind to towards center fourth open initiatives? open frame season cost doing phone continue year, should it the call is a people into initiatives in the because it on but my just for productivity think margin quarter mobile navigating about follow-up these rather wanted a these saving margin all about And Is performance in next margins.

the again, thank mobile I you, our about see, point, you talked usage. And to advantage just tripling Scott. as customers. can Yes. advantage And is Alight, to The your the to of

center can see again, never it's double-digit that to curve our reduction halfway I that's And cost enroll just see We've talked mean possible. calls, was for call structure. that about our You years. now. through But bending the on in

did millions serve population ago major years is for door participants you that serve had creating the of a of Worklife our that to have up and we've few and needs XX, go now to we went always wins terms servicing and years needed that the do We've even we added headcount to and Our with a Alight and better to need much resources all down people platform, see last the had. XX years know, much larger front with less a base experience. than in as than it X of to the back, we experience because,

it. but super and us, early progress excited super days, again, So good for about we're

then And maybe, Katie, on.

to where think Yes. about we how we a I to ago mean, this started that year momentum. I -- that about some talked see actually remember, And think is of

based to the year, You staff we right, accordingly last year out, then this performance have think because on a year. could almost

continued what we of seeing also our we're program, restructuring staff reductions peak in changing we're levels. the with obviously, Now terms for infrastructure how plus,

variability, have into help next as well. which We will going more year us

So definitely continued driver margin that is the a improvement. of

next Peter from D.A. question Davidson. comes Heckmann the of

in the you about your pipeline. logos some large very Could little bit you implementation know schedules. have talk I a

you those Some hire will schedule 'XX, retain like right those? of you implement some those on with projects? to 'XX. go people finding go they and feeling in live Are live in can the Are you're

to that. touch think to I driving. and going question, on we're super great a Jeremy important ask what it's It's to I'm Yes.

seeing terms we're of implementations. progress in great Yes,

here as more deal enrollment period helping and infrastructure, part is about, to the capacity live talked allow have goes being us of go the create for beginning it us the the larger the live annual in about, for the just at of technology standardization XXXX talked Stephan to deals through to very live a And large just fully that going XXXX. faster. tech that GE as continually well in we same we've As technology that's

see, and we've continuing acceleration our about, So on in implementations we're of deals. to we're talked everything of terms the that is track -- again,

come Good. That's you hear. but the measure bit, ability in if little it a feels has I cost employment to thinking about as pass off And your to are mean, to good wage index how inflation of through pricing some relative XXXX?

Pete. Yes, mean so -- you're I right.

of As employment cost the at September XX, was index X.X%.

technology of of So a lot clear we're also small the our perspective change trying where -- investments really but right, still we're to being we've while those. a importance making of a benefit we're kind capability value our both the terms service and in of about, getting bifurcating model driver from delivery really and terms for pricing talked a the of in how of services on also going,

an obviously to continue I impacts we're investments business, still but So think making. it's is to for opportunity the us I drive think the value for

question next from comes JP Tien-Tsin Morgan. of Huang The

quarter, of that the in little curious cost that? with a revenue a conscious, just being did you was well? Just them is issue in-year the the that the as side impacted more broad-based quantify how timing And results that client

one, take me I'll -- Let that Jeremy.

project notes was clarify, quarter seen So morning, is $XX just call revenue the as in it, this -- primarily we -- to million the the Solutions. in just let's impact, we've were within our this Employer nonrecurring

impact. is which as big is as driver on of us minimal saw where and But of that So Employer where impact QX high-value into as really our we ramp revenue, very more through is annual very going for terms recurring in this the enrollment, really Solutions base, of minimal the that we a look nonrecurring about some in-year. focus again, really, we you is revenue, think

we because through can focus once BPaaS from the really again, in importantly XX% But quarter. that quarter. well see XXXX drives third XXXX a plan as outlook as the what the again, record transactions, $X.X revenue what good saw and midterm of in contract the on thinking for recurring through through contract, front in of you're us in of Once getting revenue base, the for the visibility and billion a us under the have year you no terms larger standpoint growth impact and a XX% under the within it's the again, that's

there. bookings feel are I terms so we from And great of really in perspective where a

under talk that... at you XX% business point, when the And would of X, about at imagine I November contract we're this

third of the As quarter. of the end

And I has a the reasonably Any year-end there? I based on it bit additional visible. that range the so the outlook, nonrecurring. And know little visibility of in more sounds comment it's way know on like the

got record Correct. shorter quarter, the we've pipeline. project a as that there's elements is which are well within as within Retiree the within We've of terms base, And of execute as got Correct. fourth like the sales nonrecurring fourth in business. again, the to reaffirming being 'XX aspects Health Yes, us the the Professional the work mentioned, cycle, Solutions, X which Deployments Employer so again, the Katie quarter. really drive Services able But those guidance. track for really, our

to has continue confidence to our to gives not that's midterm think Employer that. strength. and the one what the Solutions, QX, into key business piece 'XX continued guidance that to support I see really is type ARR into us that good out but just only within especially pull high-value And

side. quality just I a it. Right, get

you if the I more, question. third apologize mind. don't one just So for

it I quarter get year. full asked, bookings but about midpoint looks like was third for to side. know the you it BPaaS to Just amount the the same you in on need saw the

year fourth recall important same So from is quarter? happened in standpoint I what there, a visibility here, and including the fourth can't seasonality on question how last quarter

Sure. Sure. Yes.

it we're of and transaction, in great terms second is drove there feel opportunities plenty a is is performance that typically, third and what in overall the and the of through QX of what We an seeing deals we us. we seen demand for there's pipeline which there we've quarter, So robust GE bookings. in obviously, terms the but are ramp of the what and year had weeks Last year, from out saw half large feeling again, good is to of going within days binary determine kind -- the -- the quarter. quarter into itself. step quarter but we'll what of deal can the where -- fourth bookings for deal, see number and an is by terms goes fourth up tough we in can at. -- do It's it or Typically, pipeline But actual environment the every into strong. deal see and the again, we're it take

the Yes, and domestically internationally. U.S. strong price is

see good is good pipeline it's our exciting So think what We -- for seeing world. right? And strong towards scale is by level the know the by is a with I what I continued saying us, again, Global or deal around Tien-Tsin, is cross-section by we're And exciting or a at stopping think to lot of large level a and X,XXX you footprint, department what's division of clients. Board geography. rogue trend spending CEO a

So own you're seeing decisions a stop executives senior lot the international. or making U.S. saying, their of

strength playing which competitors that really consolidated strength to So our plays know, capability as because we can. sales more platform we're like of a do lot our can't of real international the most enterprise into you campaign,

lot of Jeremy it of just So and involved. a as that's strength. really just the The big takes is the that are harder these department the divisional not CHRO course, individuals, and lumpy these our said, on deals, are part, and

cases, CIO in we've You seen have stronger in pipeline now long CEO the heavily a involved, and is but and CFO than many time.

Kyle of next Needham question Peterson from The & Company. comes

of kind time helpful? it's quiet line that's get Any surround be into conversations like see and if of factoring or line? decision-making good just Obviously, color whether how -- But some touch on macro. finish the would as to more to could maybe these quarter. into is bookings how playing you macro bookings Wanted of strong on client to to maybe across touch kind

in we're and well you change that we and haven't seeing demand significant the There's remarks overall, of some the Stephan's as it is kind continued I environment a full I'd need both how C-suite, at say the of Jeremy with improve drive, that heard in a are said at comments earlier year think my into in what I seen real that earlier. budget next also they of need to look going season us. to especially continue and that's spend, kind taking, for being a right, conscious the we opportunity of while broader their do they that a employee outcomes experience,

we're of spending to a improving making our lot clients that with use time So and cases those move. enable

are So these conversations. tougher

You've in seen overall our execution large terms kind But the of see to cycle deals them sales longer. is we those of continue the line. pipeline, in and the about demand, getting build. over It's now

thinking to across begins That's my vendor engagement, $X tension we're are couple up Kyle, employee Workday said maybe, it I've dinner a ]. beat what TAM a And and mean, $XXX says, of to the you data, and $XXX of how I million it's clients the our Alight but [ large of that had a element different cost that was spend lot community. spend employees, and weeks framed dealing impact it And equals of -- I with attrition claims a most administrative systems data, about is one company. of CEO ago. it a billion of with. start company actually "Listen, of the -- CEO million interesting spend about earlier, maybe to But I " When cost

$XXX that solving about thinking billion approach what you're if transaction so $X That's more problem. is solves oriented. platform The problem. million the And

first and on so their having why a is of that's in benefits is dealing kind happening? the of better are lot of is Why lot your the that? spend on for a our clients of not a employees clear category board, where really A connecting attrition with a we're and to big the year well-being And CEO. CEO big going? attrition support topic So is dots

been So our exciting to it's us. because, bear, but context do because problem the again, that's really us for so unique much of billion position it has unique in of think bring been capability a really content to in solving that of I Worklife. the puts Alight And $X what's it for us

That's it. helpful Got color. really

the little you follow-up should Just pipeline to how how is? bit it's stepped and balancing third of are use opportunities? are cash Or the you but has think M&A whether the buyback see a here. stock, on a those where about the how up we quarter, of kind guys in it balancing Great buyback you and what guys

as for looking as And at opportunities We're a think us. taking about approach on we're do, we right? best all, capital the return we always

You some know the we're have perspective That's the of pipeline. our saw balance partnerships terms obviously we have and we've we obviously only quarter at aggressively kind will key we right. M&A any builds debt, seen not in than And been you've doing in with the into business. bought And shares time, investing continue year, repricing valuations this more product to for an that but strengthen trade-off the we as of organic sit did given we get do we where our from the that sheet look to quarter. back disciplined same at can very and across what think of we in a priority us, we

a that So perspective. right we'll continue focus it to at coming and from balance return on getting

from comes Christiansen of question Pete Citi. next Our

actually of bunch a questions. getting We're

it's recurring least ES revenue gap the on I think side. at was consensus versus I really one the but estimates a recurring realize decline was it sequentially. tough did it comp,

side, as you if operating called and provide interesting just context enrollment more wondering could And if on follow-up, then so some stats the but the my any color any performance early far a I benefit certainly Just rate wondering on season had Stephan, on attachment know the on was there. out there? bit you you changes

your the This question. first part is of Jeremy. I'll take

revenue nonrecurring nonrecurring seeing sitting in bit the within again as the business we we were was getting clarify and on Solutions, a is think solutions. just project saw side you So within possibly employer revenue and about on just on of you're in question, Employer to what it, notes expectations what the lighter

So important there. piece that's the

quarter. what which Sequentially, its thrift we loaded, year-over-year again, is by year was last just talked X-year front-end about, right, had driven we was had in that anniversary this plan the growth contract the

the internal the of that's guidance within for that again, the and that sequential and helpful? gave all driver so our part change, we And expectations of year. plan Is but

Yes. Thank you.

And I question. it part? fully then because I understood -- the Say a lot I'm understand second again, not -- just that attach, said I'm sure not sure benefits

Sure, yes.

mean, the XX% through I season. So the enrollment obviously,

called neat the so side, operating volumes, some call on on You and reduced forth. out so things

and any guess, inflation, types health Perhaps weaker you're Just those at changes, related out some side payroll to those of if I attachment providers curious revenue benefit have of attachment other on, seeing with things. the rates, insurance other least types the called things. of

if there's that any noticed season takeaways you've the far? so curious already from Just enrollment

Yes.

what taking mobile think the employees goal to last that's So something the been XX, with in right? years of engineering really not an I and has really the to the we're My log end this product at here all experience. the of is simplify easy team's experience. really XX Listen, complicated. in, you when tripling speaks intuitively goal the day,

our for speaks maybe answering reduction the mobile making more by way, this a have ability to tripling your but to center and of So point, to me much employees. now if double call the experience experience I'm intuitive, easier the digits know, let use right that

the clinical the or -- has the our not basis data because That our of start elements, be basis, we but components, across weekly annualized on connecting the our these platform. value employees the on engaging goal daily elements, of sets that's payroll more retirement platform a to an basis, of the point is a when

not across it Our and better simpler a goal It's but make that, experience. it's a connecting BenAdmin is transactions. dots making the multitude different of just to

#X is fulsome objective and financially So company for experience employees an them help secure. it's healthy employee because to our keep a remember, a as

all to data the that on need regular consumer-grade to to and basis, you and It and has a has to that, be easy you a able do aggregate to a engage need employees simple And to be experience. experience. be beautiful,

increase of So points the just And of need you're in proof the mentioned. that of then. largely see we impact because it gross basis seeing less already a you stats XXX adjusted people now the the technology-oriented more in capability. profit And is is points I what

for there. looking hope but answered answer, So it's you're I I long hope a I what

comes of question Heather from of Balsky next America. Our Bank

I visibility This be, should [indiscernible] is have into And we first of the would about into is now, XXXX question with for that revenue on that? how be the given beginning product where rollout thinking you guess how Heather do my going GE? much Balsky.

hit understand, about I good finishing strong, which it importantly, BPaaS in there. little the business but book to that's so is up like. the it clarified us -- process as I'm feeds components, all what's But the recurring mean not our on why business, a not and Solutions really service, here feel we've the think show which business midterm out we only sure is of segments be which the I what's bit, a all to to for investors, much into based and Yes. high-quality high-value they obviously, Employer what so want 'XX, as look of is and everybody more continue needs

Our is of strong that revenue XX% growth. midterm XX% because bookings, guidance BPaaS BPaaS

of do kind of is have in anywhere, guidance. it that 'XX of you midterm that if $XX to really million pocket, is through 'XX air want the a onetime impact lower lot business value not segments in The call

that shows revenue. some higher So Solutions the is onetime category in up category still revenue of Employer recurring it even versus though Employer within that Solutions,

gives what So beyond. the and that's in 'XX us confidence

Okay. we XXXX? following coming about about And think semiannually? into pricing going given new pricing should think up, we out should the modules then how How

Sure.

you has the rollouts as out think and we've about we year. pricing technology a standpoint, from standpoint So us to so product to received X a that market well from allows each of model with been talked about new monetize the are which

it to us an monetize that So gives in. ability

will life of hold. the the for to business it that cycles in we have renewal time that over course, take the take Of

of a of we midterm is and guidance driving what on we how the in although is expect about today in we look which it margin profile already both standardization, of what we you're revenue part see for see. as the to given seeing outlook, level the that what But specific SKU year next and then haven't expectations, we then think some

time and So for it's over period well continue of going drive. a to us. But very will again,

we I question-and-answer will his remarks. Ladies of Scholl to reached end and the have now Stephan over gentlemen, for session. hand

look finishing strong. to us year momentum and appreciate building all and on really everybody. I Thanks, today, you the our forward joining we

you. So I to in look seeing Thank all future. forward the you

Ladies may Thank lines. sir. and today's event. now gentlemen, Thank your attending, you, disconnect and that concludes you you for