Alight, Inc. / Delaware (ALIT): restructuring charge — Alight announces two-year restructuring program with $140M pre-tax charges, expects $100M+ annual savings

Alight, Inc. / Delaware

Approved two-year strategic transformation program to accelerate cloud migration and reduce costs.
Expects aggregate pre-tax restructuring charges of approximately $140M over two years.
Severance charges estimated between $20M and $30M; other charges $100M to $120M.
Program expected to commence Q1 2023 and be substantially completed over two years.
Annual savings of over $100M expected after completion.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Alight, Inc. / Delaware reported financial results for fourth quarter and fiscal year ended December 31, 2022.

Period: fourth quarter and fiscal year ended December 31, 2022
Result: reported results

Exact text from the filing

On February 21, 2023, Alight, Inc. (the “Registrant”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Alight, Inc. / Delaware announced a restructuring with charges of approximately $140 million affecting back-office infrastructure and operating model (elimination of full-time positions).

Type: restructuring
Charge: approximately $140 million
Affected area: back-office infrastructure and operating model
Headcount: elimination of full-time positions

Exact text from the filing

costs associated with technology infrastructure transformation, and elimination of full-time positions. The Company currently expects to record in the aggregate approximately $140 million in pre-tax restructuring charges over the next two years. The restructuring charges are expected to include severance charges with an estimated to range from $20 million to $30

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Alight, Inc. / Delaware filing history →

Source: SEC EDGAR

accession 0000950170-23-003442

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