Thanks, Rui, and good afternoon, everyone. I've had the pleasure to speak with some of you since I joined and look forward to meeting more of you in the coming months. I'll now walk through our second quarter 2026 results. As we discussed in the second quarter, we exceeded expectations of revenue, adjusted EBITDA, and free cash flow. Revenue for the second quarter was $511 million, a decrease of approximately 3%. We delivered $471 million of recurring revenue in the second quarter, a decrease of 4% compared to the second quarter of 2025, reflecting the impact of lower than desired commercial execution in prior years. Project revenue for the quarter was $40 million, up 11% compared to the second quarter last year. As Rohit noted, project revenue can also often vary quarter to quarter and drive fluctuations in our consolidated results. Adjusted gross profit in the second quarter was $176 million, down $29 million from the prior year period, reflecting an adjusted gross profit margin decline of 440 basis points. Second quarter, 2026 adjusted EBITDA was $92 million, with an adjusted EBITDA margin of 18%, compared to $127 million or an adjusted EBITDA margin of 24% in the prior year period. The bid on guidance in the quarter was primarily due to the flow-through of higher-than-expected volumes and project revenue in the quarter. Adjusted net income in the second quarter was $26 million with adjusted EPS of $0.91 compared to $56 million of adjusted net income and adjusted EPS of $2.09 in the second quarter of 2025. We maintained a strong liquidity position and exited the quarter with $545 million in total liquidity, consisting of $215 million of cash and our $330 million undrawn revolver. Year-to-date, free cash flow was $101 million. We believe our liquidity and cash generation will continue to provide us with the flexibility to effectively pursue our business objectives. Looking forward with our visibility today for the full year, we expect revenue to be between $2 billion, $78 million and $2,098,000, with adjusted EBITDA between $400 and $415 million. As you all know, our Q3 tends to be weaker on profitability due to an uptick in expense from investment in annual enrollment. As a result, we expect third quarter 2026 revenue to be between $469 and $479 million, with adjusted EBITDA between $55 and $61 million. This implies a significant rebound in EBITDA and cash in the fourth quarter, enabling us to set the full-year expectations where we have. It is also important to note that the back half of the year represents the biggest P&L impact from the commercial activity of 2025 and prior. That said, our liquidity and cash generation remain strong. And we continue to benefit from disciplined cost management, operational streamlining, and progress on our transformation initiatives across IT and operations. We believe we have a strong foundation in place to support reinvestment in the business as you look to build momentum in 2027 and beyond. With that, I'll turn the call back to Rohit.

Thanks, Steve. It's been a pleasure to have you on the team. My first couple of quarters at Alight have been intensely busy. And they've left me increasingly energized and excited about the opportunity we have ahead. As I touched upon earlier, our leadership team is now largely in place, as we made key hires during the quarter as part of our leadership transformation. Their experience and record of impact speaks for itself. Our refreshed board adds further strength to the governance and strategic focus of the company. It boasts deep public company governance experience, as well as unique and complementary financial, operational, and industry perspectives that continue to play a fundamental role in our evolving transformation. Together, we are confident that we have the right leadership team in place to guide the company through the next phase of our journey. Our long-term growth strategy is focused on three primary areas, growing the market reach of our health solution business, expanding our lead solution, and market growth in our core and adjacent spaces. We continue to make impactful strides in health solution as we explore opportunities beyond our traditional Fortune 500 client base, and we are focused on driving growth in point solutions and expanding our Alight Partner Network. We're also making concerted efforts to strengthen our broker and consultant relationships to further penetrate the segment. In our leads business, Alight is one of the few major players with the scaled capabilities and expertise to handle the current growing marketplace. We remain focused on maintaining and growing our position as a leader in the space, as we're capitalizing on opportunities we're seeing in the marketplace, in part by cross-selling alongside our health business as applicable. Despite the depth and breadth of our services, we're consistently looking at additive and complementary offerings in adjacent spaces, and we are utilizing our partner network where we can work to expand upon our capabilities. Additionally, we continue to see wealth as a very active space for us. We completed our 300th PRT solution and continue to provide a light financial advisory services to several of our clients and see more opportunity to broaden financial wellness and planning. As we move forward, we are concentrated on strengthening the areas of our business within our control. Retention remains a key area of focus. As we've discussed on this call, we're making investments across a range of initiatives that ultimately drive service excellence and user experience. We've also placed an increased emphasis on rebuilding our commercial execution, through addition of account coverage, and increasing rigor on renewal activity. We look at our growth trajectory in three distinct segments. It is important to remember that the sales cycle are inherently long in our business, so it can take some time to see the progress we're making reflected in our numbers. We are confident that we're doing the right things to drive future long-term performance for shareholders. 2026 is where we build upon the foundation that is in place, reinvesting in our business through the support of strong cash generation. We have prioritized delivery excellence and retention while investing in the user experience, increasing our use of AI, and expanding our sales coverage. 2027 is where we expect to gain momentum and start to realize meaningful platform advantages. Our focus next year will be on achieving efficiency gains from our work to drive operational transformation, in addition to seeing improvement in our bookings and renewal activities from strengthened commercial execution. 2028 is where we begin to drive quarter-over-quarter growth as a result of the improvements we're making across the organization. At that point, we also expect AI to have created a real and tangible impact on margin expansion. The underlying foundation through each stage is our healthy liquidity and cash generation, which we expect will continue to be a competitive advantage as we move forward. I, along with a broader leadership team, remain confident in a life's long-term outlook. The path forward is clear. Drive service excellence, deepen client relationships, and execute on our transformation agenda with urgency and discipline.

Operator will now open it up for questions.

Thank you.

We will now be conducting a question and answer session. If you would like To ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

One moment, please, while we poll for questions. Our first question is from Pete Heckman. with DA Davidson.

Please go ahead.

Good afternoon. Thanks for taking the questions. Steve, welcome. As we think about retention, can one of you talk a little bit about the retention rates that you saw for full year 2025 and how that progressed kind of through the year? And then in the first half of 2026, do you feel like that number has continued to deteriorate?

Hey, Peter.

It's Rohit. How are you? Good to hear from you. The way I've been looking at this, and as you know, right, our focus has been on pushing the renewals. The piece that we've been working on hardest has been expanding our account coverage. So we've added, as I mentioned on the call, several individuals, both on the leadership side, but also deeper in the organization to help us get a better handle on the coverage of the account. So we've increased that coverage from 100 to 500. What that has done is it's given us better visibility into our renewal work. What I can tell you is that we're actually very encouraged by the trends that we're seeing both from a loss as well as compression side at this point of the year when we compare it to at this point last year. So we feel good about where things are heading. More importantly, I feel good about the overarching pieces that I see. I'm seeing better momentum and velocity on the changes that we're making from a delivery excellence. That is very encouraging. We just held four client council meetings and four innovation days with our clients that, you know, in total probably included about 100 to 150 total clients that we met. And the feedback that we got from there was very, very encouraging in terms of what they saw that we're implementing. And these were not just PowerPoints, but actual demos of things that are in place. So those are, I would see the indicators that encourage me. Obviously, as you pointed out, we have a long cycle, so some of these things just take time before they show up on the P&L.

Understand, understand. Okay, and I appreciate the company providing four-year guidance that's helpful and should help everyone get kind of their models in line. I didn't hear you say it, but certainly I think that one of the highlights of the main positives has been how well free cash flow has held up on a year-over-year basis. In terms of, if I didn't hear you say it, I apologize, but did you mention at all how you're thinking about free cash flow conversion for the full year against EBITDA?

Yeah, Peter, this is Steve. Thank you, and I look forward to working with you as you go here. When we think about free cash flow, based off the seasonality of our business, I think third quarter is going to be a little more taxing on the business just because of some of the activities and outflows from a cash perspective that we have within the business. But then you'll see that rebound within the fourth quarter. So if you look at a full-year perspective, we'll probably be in that, you know, 40 to 43-ish percent conversion range when you look at it on a full-year basis. Obviously, again, I'll reiterate, third quarter is going to be a little bit less for us. but you'll see a rebound within fourth quarter.

Peter, you're aware that in the third quarter, expenses go up to support annual enrollment for a bulk of our clients. So, you know, we see that sort of trough, but then it picks up in Q4.

Sure, sure. Okay, well, Phil, I view that as very encouraging and it compares positively to what we do. Thank you. I'll get back in the queue.

Thank you. Once again, if you would like to ask a question, please press star one on your telephone keypad.

Our next question is from Curtis Snagel with Bank of America. Please go ahead.

Sure. Just a quick one for me, maybe just again, kind of square the commentary on the better retention trends. I know these things take a long time to flow through given the contract cycles, but just given the pretty material step down and applied recurring revenue for the back half of the year, just trying to square again, kind of the timing and, you know, what's, you know, I guess which contracts, you know, I guess, you know, for that step down, which, you know, of those from last year or just, yeah, again, it's kind of a big step down. So, just if you could square that.

Curtis, good to hear from you. As you, as I mentioned in Q1 call last time, as well as in the Q4 call, right, we have sort of a 12 to 18-month lag in terms of what we see in the commercial activity to when it starts to show up in our revenue. So, a lot of the 2027, 2026 weakness that I've talked about is related to renewal activity that we saw in some of it in 2024, but quite a bit in 2025. So, I would say most of the 27, I'm sorry, the Q3 impact is coming from that.

And then some point solutions but that's um that's a minority of um of the impact all right thank you next question is from kyle peterson with need men and co please go ahead hi this is ross cole on for kyle peterson i wanted to ask a little bit more about your uh adjusted ebitda guide uh so for you know 3q it makes sense but then can you maybe go into a little bit more about how you're thinking about the implied 4Q guide? Because, you know, that's a pretty big step up. I'm wondering, you know, how do you plan on getting to that or maybe, you know, what's going into that number?

So, look, as you know, that Q3, we, as I mentioned, we tend to have a higher level of expense. So, the drag really is coming from that increased expense that happens for annual enrollment as opposed to anything else. And as we get into Q4, you know, some of that gets offset. So that's the reason why you're seeing the increase back in the EBITDA. And Q4 tends to be our higher EBITDA quarter anyway. If you look at the seasonality over the last several years, you will see that Q4 picks up. And I think proportionately it's picking up in the same way and is not, you know, not off that. So I don't believe there is anything abnormal happening in Q4 that you haven't seen in the past years. There is some level of, you know, new accounts that are coming in line in Q4, and you're starting to see the impact of that. So there's some positivity coming from there. But I think on a relative basis, the lift is very similar to what has been in the prior quarters. Steve, would you agree?

No, I totally agree. And as Rohit mentioned, again, as you'll see, you know, the revenue shortfall in third quarter kind of will flow through as we looked at our guidance as we prepared for fourth quarter. That seasonality is really driven by the annual enrollment expenses that we'll see within third quarter. And then we expect free cash flow to rebound as we move into the fourth quarter. So, again, that really says we've laid it out based off what we can see. That seasonality of our business is kind of – you'll see the stronger revenues within fourth quarter, which will create some of the natural fluctuations within our EBITDA as well as our cash.

Great. Thank you for the caller.

Sure.

Our next question is from Pete Heckman with DA Davidson. Please go ahead.

Hey, just a quick follow-up. Rahit, you had said a brief comment basically saying, like, looking out at 2028 should start to see, I think you said quarter over quarter improvements. I just want to, if you could, additional commentary there. And I just want to make sure you weren't talking about year-over-year improvements, just given some of the seasonality of the business, or I guess quarter over quarter in some of the metrics.

Yeah, no, that's right. Look, I think when I look at it, I'm looking at it overarching as the net commercial activity. And what I'm looking at is that as we get our foundation consolidated by doing the work that I'm talking about, right, we've established the team. We started to insource the work that had been outsourced, which is helping us shore up our delivery. Our velocity of implementations has increased, and we're bringing a lot of AI capability online. Those capabilities today we are doing demos of and showing it to our clients, right? Right. 2027, when clients start to pick that up and they become standard part of our RFP responses. And as you can imagine, right, as we do that in 2027, right, those are the RFPs that come through in 28. So, I'm looking at the overall activity picking up. And as a result of that, you know, you should see improvement in our commercial execution. I think from a P&L standpoint, again, we're not prepared to give any guide because we're still working through it. But I think what you should see is that the growth factor in 2028 should start to get better because of that improvement in the commercial execution, which is being foreshadowed by the improvement of the operationals that we're working on right now and in the better half of 2027. So it's really giving clarity on, you know, how we're thinking about phasing their turnaround.

Yeah, yeah, that's very helpful. And then, you know, I'm still working on the model, but just assuming that no other uses of kit, would you assume kind of your net level would maybe peak maybe in the first quarter?

Yeah, I think, you know, we're still working through, and this is Steve, so Pete, thank you for that, still working through the models within that. Again, as I look at our net leverage ratio, you know, obviously one of the focus for me is to shore up our balance sheet, so looking for all opportunities. The third quarter obviously will be difficult, of course, because of the reduction in revenue, the reduction in cash, but then it rebounds in the fourth quarter. So, again, from a ratio perspective, we'll be balanced from a full year, but you'll see some – we're not looking to make any major paydowns at this point. Focus is really for us to continue to reinvest within the business and make sure we have that financial flexibility as we look to continue to strengthen our balance sheet.

Yeah, I think, Pete, as you know, this has been sort of a feature of what I've talked about pretty much since the Q4 earnings call that I did, that I want to make sure that we have flexibility of all capital allocation options open to us. We were kind of locked into that by the dividend, so that's the reason why we canceled the dividend. It has helped us build a decent amount of cash on the balance sheet, and that gives us the flexibility to deploy that cash that we think makes the best sense for us to implement our long-term strategy. So, we want to continue to maintain that flexibility until we get clarity on exactly what's the best way for us to use that cash to get the best cash-on-cash return. And, you know, buybacks, leverage, M&A, all those options are open. We're evaluating those options as we speak, and, you know, with Steve on board. it's given me a great thought partner to work through that. So we'll soon be coming out on, you know, how we want to deploy this cash.

That is helpful.

We have reached the end of the question and answer session. I would like to turn the floor back over to Rohit for closing remarks.

Thank you, Jasmina. Thank you all for joining our call. I appreciate the hard work of all our colleagues at Alight, the trust of our clients, and the confidence of our investors. I look forward to updating you on our progress in the quarters ahead.

Until then, thank you, and God bless.

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.