Description
Summary
Alight is a provider of human capital management and benefits administration solutions, focusing on recurring revenue contracts and expanding its BPaaS offerings. The company has experienced steady organic revenue growth driven by these factors, as well as tuck-in acquisitions. However, gross margins and adjusted EBITDA margins have remained stagnant since 2020, raising concerns about the company's financial performance. Additionally, management turnover and key stakeholders selling out question the stability and future prospects of the company. Accounting validation issues, such as stock-based compensation and recurring add-backs, further complicate Alight's financial standing. Taking these factors into account, we see downside to $2/share in the next 24 months in a bear case and a base case valuation of $6.
Thesis
Alight has demonstrated strong organic revenue growth with an 8.5% CAGR from 2020 to 2023, primarily driven by recurring revenue contracts and tuck-in acquisitions. The company's higher growth in BPaaS compared to overall revenue also contributes to this growth. Despite these positive trends, Alight's gross margins and adjusted EBITDA margins have not grown since 2020 due to various factors, including the acquisition of legacy companies and pricing pressure for its core services. Employer Solutions gross margins have remained stagnant since 2020 despite the BPaaS push, and adjusted EBITDA margins have been flat at 21% since 2020. When subtracting stock-based compensation, these margins decline to 16%. The company has not specified BPaaS margins, but incremental gross margins are said to be 60%+.
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)
Risks
Alight faces risks from management turnover, with several key executives leaving in recent years, including CEO Chris Michalak in April 2020, Chief Commercial Officer Cathinka Wahlstrom in January 2023, and Chief Customer Experience Officer Cesar Jelvez in August 2023. Furthermore, pre-IPO and PIPE investors have sold a significant amount of stock since the deSPAC, raising concerns about their confidence in the company's future performance. The involvement of Blackstone and Cannae Holdings on the board of directors raises questions about their selling actions, and PIPE investors selling down just as aggressively and at a loss adds to these concerns. There have been no management/board open market buys in the stock since IPO, and the tax receivable agreement serves as a recurring dividend to pre-IPO shareholders, even after they have sold their shares. There is unlikely to be a strategic exit as Blackstone has tried to sell ALIT since 2019 so any buyers had plenty of opportunity to kick the tires.
Valuation and Target Price
Based on our analysis, we propose three scenarios for Alight's valuation and target price: (1) Bull case: EPS of $0.63 at 16x P/E, resulting in a target price of $10/share; (2) Base case: EPS of $0.40 at 15x P/E, resulting in a target price of $6/share; and (3) Bear case: EPS of $0.20 at 10x P/E, resulting in a target price of $2/share. There are no direct publicly traded comps, and previous transactions framing the valuation, such as Aon (8x EBITDA), Blackstone (9x EBITDA), and SPAC (13x EBITDA), may be too high considering the capex burden and SBC inflation. Notably, Voya acquired BenefitFocus for 15.5x Adjusted EBITDA. We see BenefitFocus as much closer to a software company than Alight as it had 53% gross margins, only 1,560 employees, and its EBITDA was affected by being a subscale public company with a high growth strategy.
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)
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)
Key Drivers
The key drivers for Alight's strategy include organic revenue growth, expansion of BPaaS offerings, and the ability to improve margins. The company's performance will also be impacted by management stability and the actions of key stakeholders. Alight serves a significant portion of Fortune 100 and 500 companies and has maintained stable gross margins since 2021. The revenue model is based on a fee per employee per month, with BPaaS as the latest generation of product and service delivery. BPaaS deals are 1.5x larger than the legacy deals they replace, and incremental margins on BPaaS revenue approach 60%, although not broken out in detail. The company reports a high 96% renewal rate, but it calculates it based on a net basis (customers who upsize contracts net out customers who shrink/terminate contracts), meaning the gross retention rate is likely materially lower. It’s also notable that the company hasn’t won any net new logos in the Fortune 100/500 in the last 5 years. Revenue growth has to come from either headcount growth at existing customers, cross selling new products, or pushing into the middle market where Alight has minimal share/traction today.
Accounting Validation
Concerns arise from the company's accounting practices, such as the use of stock-based compensation, recurring add-backs, and transformation initiatives. Capex has doubled since 2016, increasing from 3.4% to 5% of sales, and capex, tuck-in acquisitions, and share buybacks have exhausted organic cash flow generation, leaving net debt unchanged since the IPO. The tax receivable agreement inflates EPS without benefiting the company's cash flow, and the company points to the SPAC transaction driving elevated stock-based compensation expense. However, even with a go-forward expense expected to be "2-3% of revenue," this still equates to $100M/year or 15% of total EBITDA, potentially impacting the company's valuation and target price.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise do not hold a material investment in the issuer's securities.
Catalyst
- Continued insider selling
- Pricing pressure and lack of real growth
- Weak accounting