Business
Advantage Solutions Reports Healthy Third Quarter 2021 Financial Results and Affirms 2021 Outlook
IRVINE, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” the “Company,” “we” or “our”), the leading provider of
About this update from Advantage Solutions Inc.
[{"type":"text","content":"IRVINE, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” the “Company,” “we” or “our”), the leading provider of outsourced sales and marketing services to consumer goods manufacturers and retailers, today reported financial results for its fiscal third quarter ended September 30, 2021. “We are pleased with how our team navigated the third quarter,” said Tanya Domier, Chief Executive Officer of Advantage. “At-home consumer demand remains elevated – supported by steady volume and rising prices. Our higher growth, higher margin digital services continue to outperform. And we are investing and will continue to invest to stand up critical services for brands and retailers,” Domier commented. “While the operating environment remains dynamic during the pandemic, we’re confident in delivering against FY 2021 Adjusted EBITDA guidance of $520 to $530 million. Demand for our essential services remains high as we help our partners navigate through unprecedented change – in both brick-and-mortar and e-commerce. And we’ve been disciplined in realizing price to offset wage inflation in our most labor intensive services.” “Importantly, I’d like to again thank our associates. They’re providing essential, high ROI services to consumer goods companies and retailers – helping to lead our clients and communities out of this pandemic better, cheaper and faster,” Domier added. Third Quarter 2021 Highlights Revenues were $928.8 million for the third quarter of 2021, representing an increase of $144.4 million, or 18.4%, from the third quarter of 2020 revenues of $784.3 million.Operating income was $65.6 million for the third quarter of 2021, representing a decline of $23.0 million, or 26.0%, from the third quarter of 2020 operating income of $88.6 million.Net income was $24.3 million for the third quarter of 2021, representing a decline of $12.4 million, or 33.8%, from the third quarter of 2020 net income of $36.7 million.Adjusted EBITDA was $133.8 million for the third quarter of 2021, representing a decline of $2.5 million, or 1.8%, from the third quarter of 2020 Adjusted EBITDA of $136.3 million. The year-over-year increase in revenues was driven by $89.3 million of growth in the marketing segment (an increase of 37% year-over-year), and $55.1 million of growth in the sales segment (an increase of 10% yea...