Business
Advantage Solutions Reports First Quarter 2022 Financial Results and Affirms Full Year 2022 Outlook
IRVINE, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we” or “our”), a
About this update from Advantage Solutions Inc.
[{"type":"text","content":"IRVINE, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we” or “our”), a leading provider of outsourced sales and marketing services to consumer goods manufacturers and retailers, today reported financial results for its fiscal first quarter ended March 31, 2022. “I am pleased to report we delivered approximately 16% year-on-year increase in revenues during the first quarter, primarily driven by the ongoing recovery of our businesses most impacted by the pandemic,” said Advantage Solutions Chief Executive Officer Jill Griffin. “Our product demonstration and sampling, retail merchandising and select European businesses were key drivers of our revenue growth in the quarter. We continue to make significant investments in innovative new services, infrastructure, systems and tools to drive new revenues in higher-growth, higher-margin areas as well as improve business productivity and operational efficiencies. Concurrently, we are stepping up spending in wages, recruiting and retention of our workforce but remain disciplined in realizing price from our clients to offset inflation in these labor-intensive services that are critical for brands and retailers.” “Looking ahead, as we continue to navigate the evolving operating environment, challenging macroeconomic headwinds and emergence from the pandemic, we remain confident in our ability to deliver against our full year 2022 Adjusted EBITDA guidance of $490 million to $510 million,” Griffin concluded. First Quarter 2022 Highlights Revenues were $914.8 million for the first quarter of 2022, representing an increase of $123.8 million, or 15.6%, from the first quarter 2021 revenues of $791.0 million.Operating income was $23.0 million for the first quarter of 2022, representing a decrease of $14.6 million, or 38.7%, from the first quarter 2021 operating income of $37.6 million.Net income was $17.5 million for the first quarter of 2022, representing an increase of $18.1 million from the first quarter 2021 net loss of $0.5 million.Adjusted EBITDA was $96.7 million for the first quarter of 2022, representing a decrease of $14.7 million, or 13.2%, from the first quarter 2021 Adjusted EBITDA of $111.4 million. The year-over-year increase in revenues was driven by $66.1 million of growth in the marketing segment...