Advantage Solutions(US:ADV)2024-11-08 15:27Financial Performance - Revenues for 3Q'24 were $101 million, a decrease of 10% year-over-year, but with a 2% organic growth[6] - Adjusted EBITDA for 3Q'24 was $69 million, an increase of 8% year-over-year[6] - Adjusted Unlevered Free Cash Flow (FCF) conversion was 67% for 3Q'24[6] - Net Debt/LTM Adjusted EBITDA ratio was 3.9x[6] - The company paid down approximately $80 million of debt[7] Segment Performance - Branded Services revenues decreased by 4% excluding the impact of the deconsolidation of European JV in 4Q'23 and pass-through costs[25], with an Adjusted EBITDA margin of 172%[26] - Experiential Services revenues increased by 12% excluding pass-through costs[28], with Adjusted EBITDA up 41%[28] and an Adjusted EBITDA margin of 92%[28] - Retailer Services revenues increased by 2%[30], with Adjusted EBITDA up 11%[30] and an Adjusted EBITDA margin of 109%[30] Balance Sheet and Capital Allocation - Total Net Debt was $1528 billion as of September 30, 2024[33] - Cash balance of $196 million[39] - Voluntary debt repurchases year-to-date through 9/30/24 totaled $158 million (face value)[39] - Share repurchases in 3Q'24 amounted to approximately $13 million / 35 million Shares[39] Outlook - The company reaffirmed its 2024 guidance, expecting low single-digit revenue and Adjusted EBITDA growth[18] - Adjusted Unlevered FCF conversion is expected to be at the high end of the guidance range of 55%-65% of Adjusted EBITDA[41]