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Advantage Solutions Inc. (ADV+1.26%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenues to $939.3 million, a 7.9% decline from $1,019.7 million in the same quarter the previous year. This decrease is attributed to the deconsolidation of the European joint venture and a weaker economic environment for consumer packaged goods clients.
The company reported an operating loss from continuing operations of $3.2 million, compared to an operating income of $6.7 million in the previous year. This shift is due to increased costs associated with internal reorganization and restructuring activities.
Net loss from continuing operations increased to $37.3 million from $29.6 million in the previous year. This increase was driven by higher selling, general, and administrative expenses and a decrease in the benefit from income taxes.
Adjusted EBITDA from continuing operations was $100.9 million, up from $93.3 million in the previous year, reflecting improved performance in the Experiential Services segment.
Cash provided by operating activities from continuing operations was $78.0 million, down from $172.6 million in the previous year, primarily due to increased one-time transformation costs.
Net cash provided by investing activities from continuing operations was $211.4 million, primarily from proceeds of divestitures, while net cash used in financing activities was $207.1 million, largely due to repurchases of Senior Secured Notes and Term Loan Facility.
Advantage Solutions continues to focus on restructuring and reorganization efforts to align its cost structure with current business needs, as part of its ongoing transformation strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Advantage Solutions Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.