Business
Advantage Solutions Reports First Quarter 2023 Financial Results and Reaffirms Annual Outlook
IRVINE, Calif., May 10, 2023 (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, 2023 (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 first quarter ended March 31, 2023. Revenues grew 10.6% year-over-year, up 12.1% excluding foreign exchange, to reach $1.0 billion, and EBITDA reached $92.1 million, down 4.8% year-over year. The quarter came in ahead of our internal expectations driven by a stronger revenue performance. “It has been a busy and productive first quarter at Advantage,” said Advantage Solutions CEO, Dave Peacock. “In my first 90 days, we have built out our executive team with experienced leaders from best-in-class consumer and retail companies, and now have the foundation in place to simplify our core offerings while simultaneously building the business for the future. With each day, I grow increasingly confident in Advantage’s ability to win with clients and customers.” Peacock continued, “Although the macro environment remains challenging, our year-over-year topline growth of approximately 11% in the first quarter represents continued expansion in our must-have services as well as success in pricing realization as we navigate the higher cost environment hand-in-hand with our clients and customers. From a capital allocation perspective, we remain committed to maximizing returns for our equity holders, including deleveraging our balance sheet and investing behind our core business offerings, as reinforced by our voluntary term loan repayment made in the quarter and our margin-enhancing divestiture subsequent to quarter-end. I’m energized by the strategic capabilities and collaboration across our executive leadership team as we continue building on the momentum and growth in our business to create even more value for our stakeholders.” First Quarter 2023 Highlights Comparison of the Three Months Ended March 31, 2023 and 2022Revenues Three Months Ended March 31, Change (amounts in thousands)2023 2022 $ % Sales$613,344 $591,969 $21,375 3.6%Marketing 398,639 322,839 75,800 23.5%Total revenues$1,011,983 $914,808 $97,175 10.6% Adjusted EBITDA and Adjusted EBITDA by Segment Three Months Ended March 31, Change (amounts in thousands)2023 2022 $ % Sales$65,8...