Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Current Reportable Segments

Information regarding the Company’s current reportable segments is as follows (in millions):

	Revenue
	Successor						Predecessor
	Three Months Ended		Nine Months Ended		Three Months Ended		Six Months Ended
	September 30,		September 30,		September 30,		June 30,
	2022		2022		2021		2021
Employer Solutions
Recurring	$	583	$	1,712	$	522	$	1,049
Project		62		170		65		107
Total Employer Solutions		645		1,882		587		1,156
Professional Services
Recurring		32		94		32		60
Project		63		182		61		124
Total Professional Services		95		276		93		184
Hosted Business		10		32		10		21
Total	$	750	$	2,190	$	690	$	1,361

There was no single client who accounted for more than 10% of the Company’s revenues in any of the periods presented.

	Segment Profit
	Successor									Predecessor
	Three Months Ended			Nine Months Ended			Three Months Ended			Six Months Ended
	September 30,			September 30,			September 30,			June 30,
	2022			2022			2021			2021
Employer Solutions	$	130		$	419		$	151		$	274
Professional Services		3			—			4			7
Hosted Business		—			(2	)		(2	)		(3	)
Total of all reportable segments		133			417			153			278
Share-based compensation		54			129			15			5
Transaction and integration expenses(1)		2			11			3			—
Non-recurring professional expenses(2)		—			—			17			18
Restructuring		23			43			3			9
Other(3)		5			16			2			(5	)
Depreciation		21			56			14			49
Intangible amortization		78			237			74			100
Operating (Loss) Income		(50	)		(75	)		25			102
Loss (Gain) from change in fair value of financial instruments		10			(53	)		90			—
(Gain) Loss from change in fair value of tax receivable agreement		(20	)		(63	)		27			—
Interest expense		31			89			28			123
Other (income) expense, net		(6	)		(14	)		—			9
Loss Before Income Tax Benefit	$	(65	)	$	(34	)	$	(120	)	$	(30	)

(1)Transaction and integration expenses includes activity related to acquisitions.

(2)Non-recurring professional expenses includes external advisor and legal costs related to the Company’s Business Combination completed in 2021.

(3)For the Successor three and nine months ended September 30, 2022, Other primarily includes expenses related to debt refinancing completed in the first quarter of 2022 and other non-operational activities, offset by Other income, net. For the Successor three months ended September 30, 2021 and the Predecessor six months ended June 30, 2021, Other includes long-term incentive expenses, offset by Other expense, net.