Business
Advantage Solutions Reports 2024 Second Quarter Results and Reaffirms its Full-Year Outlook
Management expects 2024 revenues and Adjusted EBITDA to grow low single digits on a continuing operations basis. Actions to simplify the business are
About this update from Advantage Solutions Inc.
[{"type":"text","content":"Management expects 2024 revenues and Adjusted EBITDA to grow low single digits on a continuing operations basis. Actions to simplify the business are substantially complete, marking an important milestone in the Company's strategic transformation. Divestiture of non-core assets in 2024 generated proceeds of ~$280 million available to opportunistically reduce debt. ST. LOUIS, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we,” or “our”), a leading business solutions provider to consumer goods manufacturers and retailers, today reported financial results for the three and six months ended June 30, 2024. Unless otherwise noted, results presented in this release are on a continuing operations basis. Revenues for the three months ended June 30, 2024 were $873 million, compared with $964 million a year ago. Net loss from continuing operations was $113 million, compared to a net loss of $13 million for the second quarter of 2023. Revenues increased by 1% when excluding the impact of $101 million related to the deconsolidation of its European joint venture.Adjusted EBITDA was $90 million, in line with the prior year, and margins were 10.3%.Management remains focused on disciplined capital allocation with debt and share repurchases of $27 million and $9 million, respectively, in the second quarter. “I want to thank our teammates for their hard work and focus in delivering improved underlying second quarter performance in a dynamic market environment,” said Advantage Solutions CEO Dave Peacock. “Importantly, we made meaningful progress on our strategic transformation by substantially completing the divestitures of non-core assets to simplify our business and pay down debt.\" \"As we look to the second half of the year, we remain committed to enhancing our core capabilities through investments in technology and third-party collaborations to offer clients unmatched interconnected service offerings. We are excited about our progress and pleased to reaffirm our full-year guidance to deliver growth during a year of significant investment.” Second Quarter 2024 Highlights Revenues Three Months Ended June 30, Change (amounts in thousands) 2024 2023 $ % Branded Services $322,340 $447,265 $(124,925) (27.9)%Experiential Services 319,508 285,174 34,334 12.0%Retailer Servic...