v3.21.2

Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Summary of Preliminary Consideration Transferred | The following table summarizes the preliminary consideration transferred (in millions):
Cash consideration to prior equityholders(1) |  | $ |  | 1,055 |
Repayment of debt |  |  |  | 1,814 |
Total cash consideration |  | $ |  | 2,869 |
Continuing unitholders rollover equity into the Company(2) |  |  |  | 1,414 |
Contingent consideration - Tax Receivable Agreement(3) |  |  |  | 578 |
Contingent consideration - Seller Earnouts(3) |  |  |  | 109 |
Total consideration transferred |  | $ |  | 4,970 |
Noncontrolling interest(4) |  | $ |  | 838 |
(1) Includes cash consideration paid to reimburse seller for certain transaction expenses. (2) The Company issued approximately 141 million shares that had a total fair value of approximately $1.4 billion based on the price of $10 per share on July 2, 2021, the acquisition date. (3) The TRA and Seller Earnouts represent liability classified contingent consideration. The estimated fair values are preliminary and subject to adjustments in subsequent periods. Refer to Note 9 “Stockholders’ and Members’ Equity”, Note 14 “Financial Instruments” and Note 15 “Fair Value Measurement” for further discussion. (4) The fair value of the noncontrolling interest is estimated based on the fair value of acquired business. The fair value of the noncontrolling interest is preliminary and subject to adjustments in subsequent periods. The noncontrolling interest is exchangeable for Company Class A Common Stock at the option of the holder. Refer to Note 9 “Stockholders’ and Members’ Equity” for additional information.
Summary of Preliminary Purchase Price allocation | The following table summarizes the preliminary purchase price allocation (in millions):
Cash and cash equivalents |  | $ |  | 460 |
Receivables |  |  |  | 486 |
Fiduciary assets |  |  |  | 1,015 |
Other current assets |  |  |  | 159 |
Fixed assets |  |  |  | 206 |
Deferred tax assets, net |  |  |  | 4 |
Other assets |  |  |  | 440 |
Accounts payable and accrued liabilities |  |  |  | (327 | )
Fiduciary liabilities |  |  |  | (1,015 | )
Other current liabilities |  |  |  | (302 | )
Debt assumed |  |  |  | (2,370 | )
Other liabilities |  |  |  | (381 | )
Intangible assets |  |  |  | 4,078 |
Total identifiable net assets |  | $ |  | 2,453 |
Goodwill |  | $ |  | 3,356 |
Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives | Intangible assets were identified that met either the separability criterion or the contractual-legal criterion described in ASC 805. The trade name intangible asset represents the corporate Alight tradename, which was valued using the relief-from-royalty method. The technology related intangible assets represent software developed by Alight Holdings to differentiate its product/service offerings for its customers, valued using the relief-from-royalty method. The customer related and contract based intangible assets represent strong, long-term relationships with customers, valued using the multi-period excess earnings method. The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:
|  | Fair value |  |  | Useful life
Identifiable intangible assets |  | (in millions) |  |  | (in years)
Definite lived trade names |  | $ |  | 400 |  |  | 15
Technology related intangibles |  | $ |  | 222 |  |  | 6
Customer related and contract based intangibles |  | $ |  | 3,456 |  |  | 15
Summary of Unaudited Pro forma Financial Information | The unaudited pro forma financial information is as follows (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Pro forma revenue |  | $ |  | 690 |  |  | $ |  | 668 |  |  | $ |  | 2,051 |  |  | $ |  | 2,008 |
Pro forma net loss |  | $ |  | (111 | ) |  | $ |  | (70 | ) |  | $ |  | (121 | ) |  | $ |  | (136 | )
Pro forma net loss attributable to controlling interest |  | $ |  | (99 | ) |  | $ |  | (56 | ) |  | $ |  | (107 | ) |  | $ |  | (111 | )
Pro forma net loss attributable to noncontrolling interest |  | $ |  | (12 | ) |  | $ |  | (14 | ) |  | $ |  | (14 | ) |  | $ |  | (25 | )

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