Business
Advantage Solutions Reports Solid Second Quarter 2021 Financial Results and Raises 2021 Outlook
IRVINE, Calif., Aug. 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., Aug. 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 second quarter ended June 30, 2021. “We are pleased to report solid second quarter financial results,” said Tanya Domier, Chief Executive Officer of Advantage. “Our COVID-impacted services are rebounding steadily, especially in-store sampling. At-home demand volume remains elevated, while pricing is an additional tailwind. And services we scaled rapidly during the pandemic in digital and e-commerce are staying strong. We are pleased with our trajectory and confident in second half momentum,” Domier commented. “Given sustained strength in our sales segment and ramping recovery in our marketing segment during the second quarter, we are raising our FY 2021 Adjusted EBITDA guidance by $5 million to a range of $520 to $530 million.” “Importantly, I’d like to again thank our associates. They continue to be instrumental in helping consumer goods companies and retailers navigate out of this pandemic, providing our essential services better, cheaper and faster,” Domier added. Second Quarter 2021 Highlights Revenues were $850.0 million for the second quarter of 2021, representing an increase of $208.4 million, or 32.5%, from the second quarter of 2020 revenues of $641.5 million.Operating income was $42.4 million for the second quarter of 2021, representing growth of $42.4 million from the second quarter of 2020 operating income of approximately zero.Net income was $5.8 million for the second quarter of 2021, representing an improvement of $43.6 million from the second quarter of 2020 net loss of $37.8 million.Adjusted EBITDA was $122.0 million for the second quarter of 2021, representing growth of $9.9 million, or 8.9%, from the second quarter of 2020 Adjusted EBITDA of $112.0 million. The year-over-year increase in revenues was driven by $107.0 million growth in the marketing segment (an increase of 59% year-over-year), and $101.4 million of growth in the sales segment (an increase of 22% year-over-year). The second quarter’s growth in the marketing segment was driven by solid sequential recovery in product demonstration and sampling and continued ou...