Business
Advantage Solutions Reports Second Quarter 2023 Financial Results and Reaffirms Annual Outlook
IRVINE, Calif., Aug. 04, 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., Aug. 04, 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 second quarter ended June 30, 2023. The results continue to reflect a trendline of improving revenue and Adjusted EBITDA performance for the Company. Revenues for the quarter grew 5.7% year-over-year, an increase of 6.1% excluding foreign exchange, to reach $1.0 billion, and Adjusted EBITDA for the quarter reached $104.2 million, down 3.8% year-over year with a margin decline of approximately 100 basis points. The decline in Adjusted EBITDA reflects an improvement in dollar and margin trajectory relative to prior quarter (which, in the first quarter of 2023, had decreased 4.8% in dollars and approximately 150 basis points in margin, in each case, on a year-over-year basis) and includes the impact of the completed divestiture. “We’re proud to deliver another consecutive quarter of strong company performance while advancing our transformation journey to position Advantage for long-term, profitable growth,” said Advantage Solutions CEO Dave Peacock. “We‘re taking a strategic approach to strengthen our culture, simplify our operations, improve our financial discipline and enhance our processes as a unified company. These efforts are designed to deliver more value to our stakeholders and better position our business in the marketplace. Our reach, relationships, insights and expertise are unmatched, and I remain confident in our capabilities delivering critical, need-to-have solutions for the world’s largest CPG and retail companies.” Peacock continued, “Despite an unprecedently tight labor supply, our year-over-year topline growth of approximately 6% in the second quarter was primarily driven by continued volume growth as well as success in pricing realization. Our capital allocation philosophy has maintained a focus on maximizing returns for our equity holders, including deleveraging our balance sheet, as reinforced by our continued voluntary repurchases of our term loan, and investing behind our core business offerings. Over the quarter, we continued to bolster our roster of world-class talent, and our executive leadership team is...