Business
Advantage Solutions Reports Fourth Quarter and Full Fiscal Year 2022 Financial Results and Provides 2023 Outlook
IRVINE, Calif., March 01, 2023 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we” or “our”),
About this update from Advantage Solutions Inc.
[{"type":"text","content":"IRVINE, Calif., March 01, 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 fiscal fourth quarter and full fiscal year ended December 31, 2022. “Over the past month, I’ve had the unique opportunity to meet with many of our key clients, customers, and associates,” said Advantage Solutions Chief Executive Officer, Dave Peacock. “Throughout this process, I’ve quickly come to conclude that the work Advantage provides is highly valued by our partners and critical to the success of their businesses. These interactions have made me even more passionate about what Advantage contributes to the retail and CPG industries and the quality of our associates.” Mr. Peacock continued, “In joining Advantage I am most proud of our people; they are the reason our core business has remained resilient and why revenues for full year 2022 exceeded $4 billion for the first time in Company history. While it is early in my tenure, these topline results are indicative of a proven track record across economic cycles and offer our Company a great foundation to continue building upon going forward.” Fourth Quarter 2022 Highlights Revenues were $1,102.8 million for the fourth quarter of 2022, representing an increase of $70.2 million, or 6.8%, from the fourth quarter 2021 revenues of $1,032.6 million.Operating loss of $1,537.5 million for the fourth quarter of 2022, representing a decrease of $1,621.9 million from the fourth quarter 2021 operating income of $84.4 million.Net loss of $1,421.7 million for the fourth quarter of 2022, representing a decrease of $1,449.7 million from the fourth quarter 2021 net income of $28.0 million.Adjusted EBITDA was $112.7 million for the fourth quarter of 2022, representing a decrease of $41.4 million, or 26.9%, from the fourth quarter 2021 Adjusted EBITDA of $154.0 million. The year-over-year increase in revenues was driven by $36.3 million of growth in the marketing segment (an increase of 9% year over year) and $33.9 million of growth in the sales segment (an increase of 5% year over year). Fourth quarter growth in the marketing segment was driven primarily by the continued recovery of our in-st...