Alight Inc Delaware
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows
| Three Months Ended · Three Months Ended | ||||
|---|---|---|---|---|
| March 31, · March 31, | ||||
| (in millions) · 2024 · 2023 | ||||
| Operating activities: | ||||
| Net income (loss) | $ | (116) | $ | (74) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Depreciation | 29 | 24 | ||
| Intangible asset amortization | 80 | 80 | ||
| Noncash lease expense | 5 | 6 | ||
| Financing fee and premium amortization | (1) | (1) | ||
| Share-based compensation expense | 28 | 37 | ||
| (Gain) loss from change in fair value of financial instruments | 21 | 25 | ||
| (Gain) loss from change in fair value of tax receivable agreement | 55 | 8 | ||
| Release of unrecognized tax provision | — | (1) | ||
| Deferred tax expense (benefit) | (30) | (7) | ||
| Other | — | 1 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | 48 | 40 | ||
| Accounts payable and accrued liabilities | (63) | (117) | ||
| Other assets and liabilities | 44 | 51 | ||
| Cash provided by operating activities | $ | 100 | $ | 72 |
| Investing activities: | ||||
| Capital expenditures | (36) | (45) | ||
| Cash used in investing activities | $ | (36) | $ | (45) |
| Financing activities: | ||||
| Net increase (decrease) in fiduciary liabilities | 60 | (121) | ||
| Repayments to banks | (6) | (6) | ||
| Principal payments on finance lease obligations | (9) | (7) | ||
| Payments on tax receivable agreements | (62) | (7) | ||
| Tax payment for shares/units withheld in lieu of taxes | (57) | (6) | ||
| Deferred and contingent consideration payments | — | (3) | ||
| Repurchase of shares | — | (10) | ||
| Cash used in financing activities | $ | (74) | $ | (160) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2) | — | ||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (12) | (133) | ||
| Cash, cash equivalents and restricted cash at beginning of period(a) | 1,759 | 1,759 | ||
| Cash, cash equivalents and restricted cash at end of period(a) | $ | 1,747 | $ | 1,626 |
| Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets(a) | ||||
| Cash and cash equivalents | $ | 286 | $ | 239 |
| Restricted cash included in fiduciary assets | 1,461 | 1,387 | ||
| Total cash, cash equivalents and restricted cash | $ | 1,747 | $ | 1,626 |
| Supplemental disclosure of non-cash investing and financing activities: | ||||
|---|---|---|---|---|
| Fixed asset additions acquired through finance leases | $ | 52 | $ | 4 |
| Right of use asset additions acquired through operating leases | 8 | 1 | ||
(a) The cash flows related to discontinued operations have not been separated and are included in the Condensed Consolidated Statements of Cash Flows. The Cash and cash equivalents and Restricted cash included in fiduciary assets amounts presented above differ from the Condensed Consolidated Balance Sheets due to cash and fiduciary assets included in Current assets held for sale.
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