- Earnings Update: Here's Why Analysts Just Lifted Their Advantage Solutions Inc. (NASDAQ:ADV) Price Target To US$42.50
May 8, 2026
The investors in Advantage Solutions Inc.'s (NASDAQ:ADV) will be rubbing their hands together with glee today, after the share price leapt 30% to US$44.43 in the week following its quarterly results. The results don't look great, especially considering that statutory losses grew 47% toUS$5.49 per share. Revenues of US$870m did beat expectations by 4.5%, but it looks like a bit of a cold comfort. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
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Taking into account the latest results, Advantage Solutions' two analysts currently expect revenues in 2026 to be US$3.58b, approximately in line with the last 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 46% to US$9.98. Yet prior to the latest earnings, the analysts had been forecasting revenues of US$3.53b and losses of US$7.53 per share in 2026. So it's pretty clear the analysts have mixed opinions on Advantage Solutions even after this update; although they reconfirmed their revenue numbers, it came at the cost of a considerable increase to per-share losses.
View our latest analysis for Advantage Solutions
Despite expectations of heavier losses next year,the analysts have lifted their price target 51% to US$42.50, perhaps implying these losses are not expected to be recurring over the long term.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Advantage Solutions' past performance and to peers in the same industry. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 0.5% by the end of 2026. This indicates a significant reduction from annual growth of 0.5% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 2.5% annually for the foreseeable future. It's pretty clear that Advantage Solutions' revenues are expected to perform substantially worse than the wider industry.
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The Bottom Line
The most important thing to take away is that the analysts increased their loss per share estimates for next year. Fortunately, the analysts also reconfirmed their revenue estimates, suggesting that it's tracking in line with expectations. Although our data does suggest that Advantage Solutions' revenue is expected to perform worse than the wider industry. There was also a nice increase in the price target, with the analysts clearly feeling that the intrinsic value of the business is improving.
Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At least one analyst has provided forecasts out to 2028, which can be seen for free on our platform here.
Even so, be aware that Advantage Solutions is showing 2 warning signs in our investment analysis, you should know about...
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Undervalued Small Caps With Insider Buying Opportunities In May 2026
May 7, 2026
The United States market has shown robust performance recently, with a 3.2% increase over the last week and a remarkable 31% rise over the past year, while earnings are expected to grow by 16% annually. In this thriving environment, identifying small-cap stocks that may be undervalued and exhibit insider buying can present unique opportunities for investors seeking potential growth in their portfolios.
Top 10 Undervalued Small Caps With Insider Buying In The United States
Name PE PS Discount to Fair Value Value Rating First United 9.5x 2.7x 47.59% ★★★★★☆ Financial Institutions 9.0x 2.9x 31.46% ★★★★★☆ Ferroglobe NA 0.6x 45.75% ★★★★★☆ Ribbon Communications 15.0x 0.6x 32.80% ★★★★★☆ Metropolitan Bank Holding 13.0x 3.7x 39.45% ★★★★☆☆ PCB Bancorp 8.8x 3.0x 17.70% ★★★★☆☆ German American Bancorp 12.1x 4.4x 44.26% ★★★☆☆☆ Bank of Marin Bancorp NA 11.7x 33.40% ★★★☆☆☆ New Peoples Bankshares 9.7x 2.3x 23.07% ★★★☆☆☆ Aldeyra Therapeutics NA NA 45.67% ★★★☆☆☆
Click here to see the full list of 64 stocks from our Undervalued US Small Caps With Insider Buying screener.
Underneath we present a selection of stocks filtered out by our screen.
SNDL
Simply Wall St Value Rating: ★★★☆☆☆
Overview: SNDL is a Canadian company engaged in the production and retail of cannabis products, with a market cap of approximately CA$1.45 billion.
Operations: SNDL's revenue has shown significant growth, reaching CA$951.58 million by September 2025, with a gross profit margin of 27.13%. The cost of goods sold (COGS) was CA$694.36 million in the same period, indicating a substantial portion of revenue is absorbed by production costs. Operating expenses include significant general and administrative costs, which were CA$202.03 million as of September 2025. Despite increasing revenues and gross profit margins over time, the company reported a net income loss of CA$92.28 million for the same quarter, reflecting ongoing financial challenges in achieving profitability.
PE: -46.4x
SNDL, a cannabis-focused company, recently reported first-quarter 2026 sales of CAD 195.91 million with a net loss reduced to CAD 9.91 million from the previous year. Despite the unprofitable status and reliance on external funding, they show insider confidence through share repurchases of over 4 million shares for CAD 8.85 million between November 2025 and March 2026. Leadership changes may impact strategy as they navigate these challenges in pursuit of growth within their industry segment.
Take a closer look at SNDL's potential here in our valuation report. Evaluate SNDL's historical performance by accessing our past performance report.SNDL Ownership Breakdown as at May 2026
Advantage Solutions
Simply Wall St Value Rating: ★★★☆☆☆
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Overview: Advantage Solutions is a provider of outsourced sales and marketing services to consumer goods companies and retailers, with a market cap of approximately $1.13 billion.
Operations: Advantage Solutions generates revenue primarily through its services, with a notable gross profit margin of 14.02% as of March 2026. The company incurs significant costs, including cost of goods sold (COGS) and operating expenses, which impact its profitability. Over recent periods, the net income has shown negative margins, reflecting challenges in managing non-operating expenses and overall financial performance.
PE: -2.3x
Advantage Solutions, a player in the U.S. market with fluctuating share prices over the past three months, faces challenges with profitability and relies on higher-risk external borrowing for funding. Despite these hurdles, insider confidence is evident as David Peacock purchased 8,000 shares in April 2026 for US$128,780. The company recently underwent a reverse stock split and anticipates flat to low single-digit revenue growth in 2026. Leadership changes aim to drive growth and innovation amidst industry shifts.
Click to explore a detailed breakdown of our findings in Advantage Solutions' valuation report. Understand Advantage Solutions' track record by examining our Past report.ADV Ownership Breakdown as at May 2026
Tecnoglass
Simply Wall St Value Rating: ★★★☆☆☆
Overview: Tecnoglass is a company that specializes in the manufacturing and distribution of architectural glass and windows, with a market capitalization of approximately $2.25 billion.
Operations: The primary revenue stream comes from the Architectural Glass and Windows segment, generating $983.61 million. The gross profit margin has shown an upward trend, reaching 50.59% in Q1 2023 before slightly decreasing to 42.84% by the end of 2025. Operating expenses have consistently increased over time, with notable components including sales and marketing expenses and general & administrative costs.
PE: 12.4x
Tecnoglass, operating in the glass and window industry, is a small cap stock showing potential for value appreciation. Despite relying on external borrowing for funding, insider confidence is evident with recent share purchases. The company projects revenue growth between US$1.06 billion and US$1.13 billion in 2026, an 11% increase at midpoint. Recent buybacks of over 3 million shares suggest management's belief in its value proposition. With earnings set to grow annually by nearly 4%, Tecnoglass presents intriguing prospects amidst market dynamics.
Delve into the full analysis valuation report here for a deeper understanding of Tecnoglass. Gain insights into Tecnoglass' past trends and performance with our Past report.TGLS Ownership Breakdown as at May 2026
Seize The Opportunity
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SNDLADV and TGLS.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Advantage Solutions (ADV) Q1 2026 Earnings Transcript
May 7, 2026
Image source: The Motley Fool.
DATE
Wednesday, May 6, 2026 at 8:30 a.m. ET
CALL PARTICIPANTS
Chief Executive Officer — David Peacock Chief Financial Officer — Christopher Growe
Full Conference Call Transcript
David Peacock: Thanks, operator. Good morning, and thank you for joining us. I want to first acknowledge our team for a solid start to the year. We have a lot of work ahead of us, but I am grateful for the resilience our people are showing in this uncertain time. Our first quarter was solid and ahead of our internal expectations, reflecting strong growth in Experiential Services, improvement in Retailer Services and continued headwinds affecting Branded Services. In the first quarter, total company net revenues of $723 million were up 4% year-over-year and up 4.7% on a pro forma basis, excluding divestitures.
Adjusted EBITDA of $68 million was up over 16% and up 22% on a pro forma basis, excluding divestitures, driven by strong incremental margins in Experiential Services and improved profitability in Retailer Services. Our results reflect continued progress on the growth and productivity initiatives outlined last quarter, especially our centralized labor model, which is driving improved retail execution and profitability. Our technology investments also continue to enhance our workforce productivity and improve our ability to drive sales for clients. We are still in the early stages of realizing the benefits of these initiatives. We recently launched the last phase of our SAP implementation, and we continue to advance the rollout of our human capital management system.
First quarter cash flow was strong. We generated $74 million in adjusted unlevered free cash flow and ended the quarter with $144 million in cash after a meaningful debt paydown in March. While we remain focused on cash generation and productivity, we have increased our efforts to drive growth across our platform. Technology will enable this push. Faster insights to action using AI built on top of our data lake will enable us to better meet increasing demand for Experiential and other in-store services and drive demand for clients' brands through a better understanding of product level performance.
In Experiential, Retailer Services, we are using AI tools integrated with legacy systems as well as process redesign to increase our hiring speed to better meet in-store labor needs. Our Branded Services team continues to advance our analytic architecture, driving faster action, increasing the likelihood of accelerating brand performance and driving in-store brand merchandisers dynamically. We leveraged partnerships like our alliance with Instacart to help drive better retail pricing and assortment decisions on behalf of clients. We're collaborating to leverage proprietary data and an alert-based model to more effectively deploy retail reps to the highest yielding in-store opportunities. Our retail pilot with Instacart is expanding and initial results have been positive.
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We're also expanding into new markets and services and see a meaningful opportunity to expand beyond grocery retail. We are in active discussions with several non-food retailers to perform similar services that we've been doing with grocers and in other food channels for years. While growth is our focus, we continue to pursue several productivity initiatives. First, our centralized labor model is improving service quality and supporting long-term margin expansion, particularly in Experiential Services. We also see an opportunity to extend some of these capabilities into our Retailer Services segment as we execute product resets and store remodel work in approximately 80% of the U.S. grocery channel. Second, we are in the final stages of our enterprise technology transformation.
Our SAP and Oracle platforms have strengthened our data integrity, improved our reporting capability, reduced duplicative systems and are improving our ability to deliver insight-driven services while our Workday implementation will further improve our talent management. The heavy lifting of this transformation will be mostly complete by year-end. Beginning in 2027, we expect to more fully realize the efficiency benefits of these investments. Finally, we are integrating AI across our operations. Today, AI-enabled staffing and scheduling tools are already improving our speed and labor utilization. We're leveraging AI to drive further efficiency across our businesses and expect it to play a large role in improving execution, forecasting and labor productivity.
This includes a use case-based approach to AI tool selection and development and accelerating the fidelity and maturity of our data to ensure accuracy. I am proud of our execution in the quarter, controlling what we can amid ongoing consumer softness. Several enduring trends impacted our business and the consumer sector more broadly. Lower and middle-income consumers remain highly focused on value, while higher income consumers are shifting spending towards healthier options and also beginning to look for savings opportunities. Rising gas prices are constraining consumer spending and have contributed to the lowest consumer sentiment since tracking began in 1952.
We do not expect these dynamics to change in the near term, but we are adapting our business accordingly and helping our manufacturing clients and retailer customers also adjust their strategies. Additionally, our exposure to the fast-turning consumer packaged goods sector provides less volatility in this environment compared to other sectors and our heavier focus on the food category, which represents the majority of Branded Services revenues, provides a degree of built-in resilience as consumption patterns in food tend to be relatively stable or shift more slowly over time. Finally, as a scaled outsourced labor provider, we are well positioned to support clients as they seek greater efficiency and return on their investment at retail.
Hiring remains competitive, but it is consistent with recent quarters, and we are investing in our workforce and training to support the durable demand growth we are seeing. As I stated at the outset of this call, our segment results were mixed. Experiential Services delivered very strong first quarter results. Events grew over 19% and execution rates improved on both an annual and sequential basis. As we build top line momentum, we are focused on increasing profitability by advancing the centralized labor model rollout, enhancing training and safety protocols and driving a favorable mix shift toward higher-margin events. Branded Services continues to navigate a challenging environment, resulting in some client turnover that we will continue to lap through the year.
Our focus is on stabilizing the revenue base with strengthened client retention efforts, executive engagement and targeted growth opportunities with existing clients. We are already seeing progress with several existing clients have shifted retail account coverage to us earlier this year. New business development remains active with a disciplined focus on higher-quality opportunities. While still under pressure, we believe the business will move towards stabilization as the initiatives take hold. Retailer Services delivered a solid quarter of positive revenue and EBITDA growth despite a timing-related benefit in the quarter. We are encouraged by improving activity, pricing and the more moderate impact of channel mix shifts.
Pipeline momentum is strong, and we are converting our pipeline of new customers and new service offerings, which should continue to support growth in this segment. We have seen strong conversion in our retail merchandising business in particular. Finally, we remain focused on revenue and cost alignment and improving execution discipline. Cash generation remains a core strength of our business. Strong cash flow performance continued in the quarter, supported by disciplined working capital management, though the timing of some new system implementations contributed to a slight sequential increase in DSOs. We expect DSOs to be elevated in the near term before improving later in the year.
Our capital spending is on pace with our full year expectation, and we paid down roughly $130 million of debt in the quarter. Overall, enhanced liquidity is supporting our operations and strategic flexibility. While we are pleased with our results, we are maintaining a prudent outlook reflecting the continued uncertainty that I mentioned earlier. We expect strength in Experiential Services and improved growth performance in Retailer Services and progress toward achieving stabilization in Branded Services throughout the year. We are reiterating our full year guidance of flat to low single-digit revenue growth, adjusted EBITDA that is flat to down mid-single digits as our revenue growth is weighted towards lower-margin businesses in our portfolio.
Adjusted unlevered free cash flow of $250 million to $275 million and net free cash flow conversion of 25% of adjusted EBITDA, excluding the incremental costs related to the recent debt refinancing. We are encouraged by our progress and remain focused on executing our strategy and driving long-term profitable growth. I'll now turn it over to Chris for more detail on our financial performance.
Christopher Growe: Thank you, Dave, and welcome to everyone joining us today. I will review our first quarter performance by segment, discuss our cash flow and capital structure and provide additional detail on our outlook. As noted last quarter, we recently divested a small business, an equity stake and a portion of our European joint venture that collectively accounted for approximately $20 million in revenues and over $10 million of EBITDA in 2025. As a result of these divestitures, first quarter net revenues and EBITDA were adjusted down by approximately $5 million and $3 million, respectively. These businesses were all contained within our Branded Services segment, and we will call this out for comparability in our discussion of the quarter.
Starting with Branded Services. In the first quarter, we generated $226 million of revenues and $21 million of adjusted EBITDA, down 12% and 25% year-over-year, respectively. As noted, on a pro forma basis, excluding divestitures, revenue was down 10% and EBITDA was down 17%. This segment remains under pressure due to a challenging macro environment, select client losses and an unfavorable mix shift. While we maintain cost discipline in this segment, we are not able to fully offset these impacts. That said, we are taking targeted actions to improve performance, including expanding our customer footprint, accelerating cross-sell across our existing client base, leaning into newer, higher-value services and converting a solid pipeline of opportunities.
We are also leveraging technology to drive greater efficiency and enhance ROI for our clients. While near-term conditions remain challenging, we believe the business will move toward a more stable baseline as the year progresses. In Experiential Services, we generated $270 million of revenue and $26 million of adjusted EBITDA, up 22% and 116% year-over-year, respectively, driven by higher event volumes, strong execution and an easier comparison to the prior year period. We saw growth from both existing clients and new retail partners launching programs, reflecting continued strong demand.
Operationally, we benefited from improved alignment between demand and labor availability, supporting higher event execution rates and increased volumes as well as price optimization, partially offset by higher variable labor and wage costs. We remain focused on converting strong demand into sustained margin improvement through better labor utilization and mix, supported by our CLM initiatives as well as onboarding and retention improvements. The CLM initiative is already benefiting execution in Experiential Services. Our hiring initiatives accelerated in the first quarter with a significant increase in net hires. Retention remained consistent with the prior year, positioning us well to support strong execution in Q2.
In addition to supporting growth, we're seeing improved efficiencies in our hiring processes, reflected in a meaningful reduction in cost per hire during the first quarter. We continue to hire to support growth, including frontline associates, event managers and shift supervisors. We are investing in our teammates in 2026 to elevate service levels for our customers. As a result, in Experiential Services, we expect strong revenue growth for the year with adjusted EBITDA growth broadly in line with the revenue growth due to these investments. In Retailer Services, we generated $227 million of revenues and $21 million of adjusted EBITDA, up 4% and 14% year-over-year, respectively.
Performance was supported by new business wins, pricing, the continued ramp of key client programs and project timing. We are pleased that the Retailer Services segment returned to adjusted EBITDA growth during the quarter. In the first quarter, we lapped a client loss from the prior year period, while the timing of certain project work also provided a benefit. We also saw a reduced impact from channel mix shift, resulting in a lower drag on growth in the quarter. Additionally, we expect the combination of new projects, new service lines and new clients onboarded during the first quarter to support overall growth in 2026 with year-over-year comparison factors affecting the quarterly cadence.
Our focus remains on execution, staffing alignment and operational discipline to convert pipeline strength into more consistent earnings. We are encouraged by the current pipeline momentum. First quarter shared service costs were lower year-over-year, reflecting reduced labor and professional services spend. We expect shared services costs to be stable in 2026 versus the prior year, even as we continue investing in growth and transformation with operating efficiencies helping to fund those investments. Moving to the balance sheet and liquidity. We ended the quarter with $144 million in cash, down from the fourth quarter as we utilize our strong cash position to reduce debt, but up from $121 million in the prior year period, reflecting disciplined capital management.
As mentioned on our last earnings call, we completed an extension of our debt maturities to 2030 during the first quarter, improving our liquidity profile and overall financial flexibility. We also now have a largely fixed and hedged rate structure. At quarter end, our net leverage ratio was 4.2x adjusted EBITDA, down from 4.4x at the end of the fourth quarter, and we expect to end the year around this level. We are executing against a clear plan to further reduce leverage and achieve our long-term target of 3.5x or below. Turning to cash flow and working capital.
Cash generation remains a core strength of the business, and we continue to prioritize it through disciplined cost management, lower restructuring costs and a focus on working capital improvements. DSO increased slightly in the first quarter and is expected to remain elevated over the next few months, primarily due to the temporary impact of ongoing systems implementations and upgrades, including the final phase of our SAP implementation, which is going live this week. We expect disciplined management of DSO as the year progresses. While it will remain elevated midyear, we expect year-end levels to be below the prior year, supporting strong full year cash flow generation.
Adjusted unlevered free cash flow was $74 million in the quarter with a conversion rate of 110%. Restructuring costs were lower in the first quarter, and we continue to expect full year restructuring costs to be approximately half of the prior year level. Finally, turning to our outlook. We are encouraged by our first quarter results; we are maintaining a prudent outlook in light of ongoing macro uncertainty and unfavorable margin mix shift resulting from strong growth in lower-margin business segments. Additionally, a portion of the outperformance in the quarter reflects timing-related benefits that may normalize over the balance of the year.
As Dave mentioned, we are reiterating our prior 2026 guidance, including flat to low single-digit revenue growth, adjusted EBITDA flat to down mid-single digits, adjusted unlevered free cash flow of $250 million to $275 million and net free cash flow conversion of approximately 25% of adjusted EBITDA, excluding incremental costs related to our debt extension. From a cadence perspective, we now expect the first half to represent in the low 40% range of full year adjusted EBITDA. Key factors influencing our outlook include labor and benefit costs, mix dynamics and our ability to convert pipeline into revenue, particularly within Branded Services. Overall, we remain focused on execution, cost discipline and positioning the business for consistent and sustainable performance.
Thank you for your time. I will now turn it back over to Dave.
David Peacock: Thanks, Chris. The first quarter reflected solid progress against our strategic priorities with strong performance in Experiential Services, improving results in Retailer Services and disciplined execution across the business. Looking ahead, we believe our growth and productivity initiatives, including our centralized labor model, technology transformation and AI investments position us well to navigate the current environment. At the same time, we are building on this momentum while taking the necessary actions to stabilize Branded Services. We remain focused on executing our strategy and generating strong cash flow over time as we position advantage for long-term profitable growth.
Unknown Executive: I want to thank everybody for joining, and we look forward to connecting with this group next quarter.
Operator: Thank you. we'll now begin the Q&A session. [Operator Instructions] And your first question comes from the line of Greg Parrish with Morgan Stanley.
Gregory Parrish: Dave, you mentioned opportunity to expand beyond grocery retail. I think you said you're in active discussions with a few nonfood retailers. Can you give us maybe some flavor there? I mean, what verticals are we talking about? And then, I mean, I guess, what was different about these markets historically? And then why are you able to attack them today? And then I mean, do you think this might be a contributor going into 2027?
David Peacock: Yes. Thanks for the question. So I'd say, one, if you think about our business over the last several years, it evolved, right? I mean we acquired Daymon, which significantly changed our business in 2018, integrated that business and then COVID hit. And that had a lot of impacts on our business from the Experiential business all the kind of drying up and the grocery headquarter business really taking off. And then you have been the reverse of that. So I think we were so focused on managing through a lot of uncertainty and change that we didn't have the time to really focus on these other retailers, number one.
Number two, I think you're seeing what we've now known as a business that was really began and focused on grocery retail to kind of lift our eyes up and see that a lot of the same impacts are affecting other retailers. We've had business with other but we feel there's opportunity to do more. If you think about what they deal with as far as labor shortages and the augmented labor that we provide for episodic tasks in store is one example. And Supply Chain as a Service within our branded segment has an opportunity to help retailers with either slower-moving items or what we kind of call limited time specials, what have you.
So it's very early process, and we're having good dialogue and probably a much higher level of willingness to explore opportunities, but it will take some time because we're cultivating those relationships as we speak.
Christopher Growe: Can I add to that, Greg, that just one consideration here would be that this is actually occurring across each of the segments. So Dave talked about Supply Chain as a Service, which is something we have in our Branded Services segment, but we're seeing this opportunity in Retailer and Experiential as well to move beyond the typical grocery store client and customer that we have across our business.
Gregory Parrish: Yes. Okay. That's very helpful. And then maybe as a follow-up, I just want to dive into Experiential a little bit. You had great growth there for years and maybe slowed a little bit and then now you've just sort of exploded here. Maybe just help us unpack this. I mean is a lot of it -- all that HR system work you did last year? Is it that? A lot of the work that you do is just one big Retailer. So is this -- are you just doing more work in store than you used to? And then we're going at a 20% clip here. So how do we think about the rest of the year in Experiential?
David Peacock: Well, I'd say a couple of things. And let's go back because I think sometimes because we do these quarterly, we forget maybe what happened a year ago. In the first quarter last year, we talked pretty openly that we had some issues on just the hiring side, right, and supplying labor to our business. And that had a little more of a profound impact on the Experiential segment. So we are lapping that, which contributed to the kind of significant lift you saw this quarter. And then obviously, as we're able to supply labor as we were able -- as we did this quarter, you just get better fixed cost coverage that improves your margins.
And I would argue our labor readiness has improved, meaning both the caliber training and just readiness of the labor force that comes in is better because of a lot of the initiatives that our workforce operations team has embarked upon a year ago. So that is built to sustain a pretty robust growth rate for the Experiential segment, our Retailer segment where we've got our SAS division that does resets and remodels and then even within our branded segment where you've got our branded merchandising. It's an important part of our business and one that there's increasing demand for. So I really think it's those things.
It's a lot of initiatives around training, hiring, get -- shortening the time in which people from when they're hired to when they actually start is another thing that we've been focused on. And what that does is leads to higher retention rates because you have to remember when you hire an hourly worker, they really need the job right away typically. And when it gets started right away. So we've been focused on that as well as improving the employee experience.
Christopher Growe: Greg, I'll just add a couple of points on to Dave's perspective there. Dave mentioned the easier comparison, but we had really strong 2-year growth as well in that business. And we've been tracking at, call it, that 30-plus percent incremental margin, and you saw about that same level this quarter. And when you have nearly 20%, call it, 19.5% execution -- I'm sorry, demand growth and then you have execution accelerate sequentially, those are the things that lead to not just the growth overall, but in the strong margin performance as well. I also want to note, though, that we've seen an expansion with -- we've added some new customers there. So it goes beyond just the core business.
We've actually had some new customers come in as well, which I think is just an encouraging sign for the continuation. But we -- just one final comment. We said in the release -- I'm sorry, I think in the script would be that we do expect solid revenue growth there this year. We expect EBITDA to be mostly in line with the revenue growth. So this is an area that we're investing in. We see the opportunity for very strong incremental returns on that investment. So just be aware that as the year goes on, we want to try to invest back here as well to support the growth going forward.
Operator: Your next question comes from the line of Luke Morison with Canaccord.
Lucas Morison: So maybe we can just start on some of the -- just double-clicking on some of the efficiency benefits you're seeing from the SAP and the Oracle and the Workday implementation. It sounds like we're finally at the point where that's starting to really bear fruit and be more fully realized. Maybe you can just speak to sort of like the timing and the cadence of how that's going to flow into the model. I know you said we're going to see most of it in 2027, but maybe just frame like when we can expect to see that and then also just the magnitude of that? Like are we talking tens of basis points of margin uplift?
Are we talking hundreds? Just help us think through that.
Christopher Growe: Yes. I think this is Chris Growe, obviously, and I'll have Dave, I'm sure, follow my comments here. But this is -- so we talk about this transformation phase for the company largely being completed by the end of this year. And just to be sure, and we said this in our script, we are going live with another instance of SAP today. So it will be our last kind of major business going on to SAP. And there's always going to be refinements and work to that going forward. But I want to just give you a perspective that we're not done yet. We still are investing.
There still are some -- a heavy amount of work from our teams to get this over the line, but we've really been in a good place on that. Oracle is in place and then Workday goes in place next year. So I just want to be sure I level set us on kind of where we are today. And I think therefore, we made a comment that '27 is when a lot of the efficiencies occur. The groundwork for all that's happening right now. So meaning that we're not -- there's not just the systems being in place, but all the work to now really harness the value of these systems. There is AI built into these systems.
There's efficiencies that come from having all of our -- I'll call it the better data integrity across our business. We're really utilizing the data lake. I know that's a word you've heard us talk about. But in reality, that's going to lead to significant efficiency and again, integrity in the way we manage the data. I think the key you're going to see here is efficiency across the business and the performance of -- in the value of the margin of the business, no doubt, and I'm not going to quantify that for you, but that should be beneficial, especially in '27. And then we also talked about, for example, DSO.
So like our cash flow benefits coming from this should be quite significant as well. So I think that's the way I would look at it. Again, I can't give you a number necessarily, but look at that to be more of a '27 opportunity, and it goes beyond just the margin performance, but also the cash flow.
David Peacock: Yes. And I'm going to pile on. We're really excited about what Workday can mean to our business. I mean when you've got almost 70,000 folks and 70 million labor hours, I've seen in a smaller setting when I worked at the regional grocer, what Workday can do as far as employee experience, employee engagement and just ease of operation and actually enhancement around training. I mean you can't underemphasize how important training is to delivering a superior both client experience, but customer experience for our clients.
But right now, we're seeing a lot of benefits, as Chris said, with the data lake and cloud migration that we went through that's enabling us to leverage machine learning and AI, and I know that's a buzz term right now, but a little more profoundly in our business. And some of the cases are in our workforce operations where it's helping us streamline the hiring process, and we're working on projects right now that are breaking down the process for that time between when you're hired and when you start with us. And a lot of companies have gone through this. They're in the high-volume labor businesses.
But it's exciting to see because when you think about large language models, this type of volume of data and then the positive impact it can have with employee experience retention, hopefully lowering hiring costs over time. We're seeing some of the seeds of that, but we're excited about where that can go in the future.
Lucas Morison: Yes. Super helpful. And then maybe just a follow-up, double-clicking on Pulse and Instacart. Those continue to be highlighted. They continue to be topics of conversation. Maybe just help us think about like at this point, are you seeing them being cited in new business wins? Are they generating meaningful revenue or value for customers at this stage? Are they still kind of in the investment or ramping phase? Just help us think through that.
David Peacock: Yes, it's more in the ramping phase. We -- our partnership with Instacart, and we'll acknowledge them for a great first quarter we saw today, is early stages, and we've expanded our pilot. The pilot has been successful in what we were trying to accomplish as it relates to a more kind of real-time signal-based processes in our merchandising businesses. And the data efficacy that we get and that transference of data between the 2 companies has been very successful. So we're bullish on what that can mean. And I think we are able to provide value to each other and to the benefit of our clients and customers.
So early days, and we're not sharing details because the pilot, I could say, is so early, but as it expands, and we are finding a lot of client interest and willingness to join us in the journey of testing these new capabilities. But I think you'll see more of the benefits of that in 2027.
Operator: There are no further questions at this time. I will now turn the call back over to Dave Peacock for closing comments.
David Peacock: Thank you. We appreciate everybody joining the call. We look forward to our second quarter call later this summer, and have a good day. Appreciate it.
Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
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Advantage Solutions (ADV) Q1 2026 Earnings Transcript was originally published by The Motley Fool
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- Advantage Solutions Inc. Q1 2026 Earnings Call Summary
May 6, 2026
Advantage Solutions Inc. Q1 2026 Earnings Call Summary - Moby
Strategic Performance Drivers
Performance was driven by strong growth in Experiential Services and improvements in Retailer Services, which helped offset persistent headwinds in the Branded Services segment. The centralized labor model (CLM) is benefiting execution in the Experiential segment, and while the company is focused on converting demand into sustained margin improvement, it expects EBITDA growth to be broadly in line with revenue growth for the year due to ongoing investments. Management attributed the Branded Services decline to a challenging macro environment, select client losses, and an unfavorable mix shift that cost discipline could not fully offset. Market dynamics reflect extreme consumer focus on value and record-low sentiment, though the company's heavy exposure to stable food categories provides a degree of resilience. Technology investments, including the data lake and AI-enabled staffing tools, are accelerating hiring speeds and improving labor utilization across the platform. Strategic positioning is expanding beyond grocery retail into non-food sectors to capture episodic labor demand, while the 'Supply Chain as a Service' model within the Branded segment is helping retailers manage slower-moving items and limited-time specials.
Outlook and Strategic Roadmap
Full year guidance assumes flat to low single-digit revenue growth, with EBITDA expected to be flat to down mid-single digits due to a mix shift toward lower-margin businesses. The enterprise technology transformation, including SAP and Oracle migrations, is expected to be mostly complete by year-end, with the Workday implementation scheduled for next year to enable full efficiency benefits in 2027. DSOs are expected to remain elevated in the near term due to system implementation timing before improving toward the end of the year. Management expects Branded Services to move toward stabilization as the year progresses by lapping client turnover and converting a disciplined pipeline of higher-quality opportunities. The Workday implementation scheduled for next year is expected to further enhance talent management, employee engagement, and training efficacy for the 70,000-person workforce.
Operational and Financial Context
Divestitures of a small business and an equity stake reduced first quarter net revenues and EBITDA by approximately $5 million and $3 million, respectively. The company completed a debt maturity extension to 2030, establishing a largely fixed and hedged rate structure to improve financial flexibility. A meaningful debt paydown of approximately $130 million was executed in March, contributing to a net leverage reduction to 4.2x adjusted EBITDA. Restructuring costs for the full year are projected to be approximately half of the levels seen in the prior year.
Story Continues
Q&A Session Highlights
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Expansion opportunities beyond traditional grocery retail channels
Management is in active discussions with non-food retailers to provide augmented labor for episodic tasks and Supply Chain as a Service for limited-time specials. The shift is driven by a realization that labor shortages and the need for in-store execution are affecting retailers across all categories, not just grocery. While early in the process, these non-food opportunities are expected to be potential contributors to growth heading into 2027.
Drivers of the 20% growth surge in Experiential Services
Growth was partially due to lapping a difficult prior-year period where hiring issues constrained labor supply. Improved labor readiness and faster 'hire-to-start' timelines have led to higher retention and better fixed-cost coverage. The segment is seeing strong demand from new retail partners launching programs, not just expansion within the existing core client base.
Strategic value of the Instacart partnership and Pulse platform
The partnership is currently in an expanded pilot phase, focusing on real-time signal-based merchandising and data transference. Management noted high client interest in these new capabilities, though meaningful financial benefits are more likely to materialize in 2027. The collaboration aims to use proprietary data to deploy retail representatives more effectively to high-yielding in-store opportunities.
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- Advantage Solutions Q1 Earnings Call Highlights
May 6, 2026
Advantage Solutions logo
Key Points
Q1 outperformance and cash generation: Total net revenues were $723 million (up 4% YoY; 4.7% pro forma) and adjusted EBITDA was $68 million (up >16% YoY; 22% pro forma), with $74 million of adjusted unlevered free cash flow and $144 million of cash at quarter-end. Mixed segment performance: Experiential Services drove the beat with revenue of $270 million (+22% YoY) and EBITDA up 116% YoY, while Branded Services lagged (revenue down ~12% and EBITDA down 25% YoY); Retailer Services showed modest growth. Tech-driven efficiency plan and guidance: management is completing SAP and planning Workday (material efficiency gains expected in 2027), reiterated FY2026 guidance of flat to low-single-digit revenue growth, adjusted EBITDA flat to down mid-single-digits, $250–$275 million of adjusted unlevered free cash flow, and a net leverage target toward 3.5x (currently 4.2x). Interested in Advantage Solutions Inc.? Here are five stocks we like better.
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Advantage Solutions (NASDAQ:ADV) reported a first-quarter 2026 performance that management said came in ahead of internal expectations, driven by strong growth in Experiential Services and improved results in Retailer Services, while Branded Services continued to face pressure.
First-quarter results and cash generation
CEO Dave Peacock said total company net revenues were $723 million, up 4% year-over-year and up 4.7% on a pro forma basis excluding divestitures. Adjusted EBITDA was $68 million, up more than 16% year-over-year and up 22% on a pro forma basis excluding divestitures. Peacock attributed the profitability improvement to “strong incremental margins in Experiential Services and improved profitability in Retailer Services.”
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Peacock also highlighted cash flow and liquidity. The company generated $74 million in adjusted unlevered free cash flow in the quarter and ended the period with $144 million in cash “after a meaningful debt paydown in March,” he said. CFO Chris Growe added that adjusted unlevered free cash flow conversion was 110% in the quarter.
Growe said the quarter included the impact of divestitures completed recently, reiterating prior disclosure that Advantage divested “a small business, an equity stake and a portion of our European joint venture” that collectively accounted for approximately $20 million of revenue and over $10 million of EBITDA in 2025. He said the divestitures reduced first-quarter net revenues and EBITDA by about $5 million and $3 million, respectively, and that the divested businesses were contained within Branded Services.
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Segment performance: Experiential strong, Branded pressured
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Branded Services: Growe said Branded Services generated $226 million of revenue and $21 million of adjusted EBITDA, down 12% and 25% year-over-year. On a pro forma basis excluding divestitures, revenue declined 10% and EBITDA declined 17%. He cited a “challenging macro environment, select client losses, and an unfavorable mix shift,” adding that cost discipline “was not able to fully offset these impacts.”
To improve performance, Growe said the company is taking targeted actions including expanding its customer footprint, accelerating cross-sell, leaning into “newer, higher value services,” and converting a pipeline of opportunities, while using technology to improve efficiency and ROI for clients. Both Growe and Peacock said they expect the business to move toward a more stable baseline as the year progresses, though they acknowledged near-term conditions remain challenging.
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Experiential Services: Advantage posted its strongest growth in Experiential Services, where Growe said revenue was $270 million and adjusted EBITDA was $26 million, up 22% and 116% year-over-year, respectively. He attributed the increase to higher event volumes, strong execution, and an easier comparison to the prior-year period.
Peacock said events grew “over 19%” and execution rates improved year-over-year and sequentially. During Q&A, Peacock pointed to labor-related challenges a year earlier that affected the segment and said the company has since improved its labor readiness through initiatives around training, hiring, and shortening the time from hire to start date. He said those efforts help retention because hourly workers “want to get started right away,” and he emphasized a focus on improving the employee experience.
Growe said operational improvements included better alignment between demand and labor availability, which supported higher execution rates and volumes, along with price optimization. Those benefits were partially offset by higher variable labor and wage costs. He said the centralized labor model (CLM) initiative is already helping execution and that hiring accelerated in the quarter with a significant increase in net hires, while retention remained consistent with the prior year. Growe also said cost per hire fell meaningfully in the first quarter.
Retailer Services: Retailer Services generated $227 million of revenue and $21 million of adjusted EBITDA, up 4% and 14% year-over-year, respectively, Growe said. He attributed performance to new business wins, pricing, continued ramp of key client programs, and project timing. He noted the segment “returned to adjusted EBITDA growth during the quarter,” while also flagging that the company lapped a client loss from the prior-year period and that certain project timing provided a benefit.
Peacock said pipeline momentum is strong and that Advantage is converting new customers and new service offerings, highlighting “strong conversion” in the retail merchandising business.
Technology transformation and AI initiatives
Peacock and Growe repeatedly pointed to Advantage’s ongoing technology modernization and AI initiatives as drivers of productivity and, eventually, efficiency gains. Peacock said the company recently launched the last phase of its SAP implementation and continues to roll out its human capital management system. He said the company’s SAP and Oracle platforms have strengthened data integrity, improved reporting, reduced duplicative systems, and are improving its ability to deliver “insight-driven services,” while Workday is expected to improve talent management.
Growe told analysts the company is “going live with another instance of SAP today,” which he described as the last major business moving onto SAP, though he cautioned there will still be refinements and continued investment. He said Workday will go in place next year and reiterated that much of the efficiency opportunity is expected in 2027.
In response to an analyst question about magnitude, Growe declined to quantify expected margin uplift but said the benefits should include “efficiency across the business” and improved margin performance, as well as potentially significant cash flow benefits, including from improved days sales outstanding (DSO).
Peacock added that Workday could be especially meaningful given the company’s workforce scale, citing “almost 70,000 folks and 70 million labor hours.” He also said the company is leveraging its data lake and cloud migration to use machine learning and AI “more profoundly,” including in workforce operations to streamline hiring and reduce time between hiring and start date.
Instacart partnership and expansion beyond grocery
Peacock said Advantage is using AI and data to drive faster insights to action, including through an alliance with Instacart to help clients with retail pricing and assortment decisions. He said the company is collaborating with Instacart using proprietary data and an “alert-based model” to deploy retail reps to higher-yielding in-store opportunities. Peacock said the retail pilot with Instacart is expanding and that initial results have been positive.
Later, Peacock described the Instacart collaboration as still early stage and “more in the ramping phase.” He said the pilot has been successful in building a “real-time signal-based” process in merchandising and that data transfer between the companies has been successful. However, he said Advantage is not sharing details because the pilot is early, and he suggested more benefits could emerge in 2027.
Peacock also said the company is in active discussions with non-food retailers to perform services similar to what it has long done with grocers. In Q&A, he said the company’s focus over recent years—particularly after acquiring Daymon, integrating it, and navigating COVID-related impacts—limited its ability to pursue other retailers. He added that other retailers face similar challenges, including labor shortages and episodic in-store tasks, and he cited “supply chain as a service” within Branded Services as another potential offering for retailers. He characterized the effort as early and said it will take time to cultivate relationships. Growe added that opportunities to move beyond grocery are being seen “across each of the segments.”
Balance sheet, working capital, and outlook
On the balance sheet, Growe said the company ended the quarter with $144 million in cash, down sequentially due to debt reduction, but up from $121 million in the prior-year period. He said the company extended debt maturities to 2030 during the first quarter and now has a “largely fixed and hedged rate structure.” Net leverage was 4.2x adjusted EBITDA at quarter-end, down from 4.4x at the end of the fourth quarter, and Growe said the company expects to end the year around that level while working toward a long-term target of 3.5x or below.
Working capital remained a focus, though Growe said DSO increased slightly in the first quarter and is expected to remain elevated over the next few months due primarily to the temporary impact of ongoing systems implementations and upgrades, including the final SAP phase going live. He said DSO is expected to improve later in the year, with year-end levels below the prior year.
Peacock described the consumer environment as uncertain, citing value-seeking behavior among lower- and middle-income consumers and shifting preferences among higher-income consumers, along with rising gas prices and low consumer sentiment. He said the company does not expect these dynamics to change in the near term, but is adapting and helping clients adjust strategies.
For full-year 2026, management reiterated its outlook. Peacock said the company expects flat to low single-digit revenue growth and adjusted EBITDA that is flat to down mid-single digits, “as our revenue growth is weighted towards lower margin businesses in our portfolio.” He reiterated adjusted unlevered free cash flow guidance of $250 million to $275 million and net free cash flow conversion of 25% of adjusted EBITDA, excluding incremental costs related to the debt refinancing.
Growe also reiterated guidance, while noting that some first-quarter outperformance was timing-related and may normalize, and that the company expects the first half to represent “in the low 40% range” of full-year adjusted EBITDA. Key factors for the outlook, he said, include labor and benefit costs, mix dynamics, and the ability to convert pipeline into revenue, “particularly within Branded Services.”
About Advantage Solutions (NASDAQ:ADV)
Advantage Solutions is a leading sales and marketing agency that provides outsourced solutions to consumer packaged goods companies. The firm's offerings include field sales execution, retail merchandising, in-store and shopper marketing, e-commerce activation and data-driven analytics. By deploying dedicated sales teams alongside proprietary technology, Advantage Solutions helps brands optimize shelf placement, ensure compliance with promotional programs and strengthen consumer engagement.
The company's service portfolio spans field sales and marketing, retail execution, brand ambassador programs, digital and experiential promotions, and shopper insights.
The article "Advantage Solutions Q1 Earnings Call Highlights" was originally published by MarketBeat.
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- Advantage Solutions Inc. (ADV) Reports Q1 Loss, Tops Revenue Estimates
May 6, 2026
Advantage Solutions Inc. (ADV) came out with a quarterly loss of $4 per share versus the Zacks Consensus Estimate of $0.11. This compares to a loss of $3 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -3,736.36%. A quarter ago, it was expected that this company would post earnings of $2.5 per share when it actually produced earnings of $5.5, delivering a surprise of +120%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Advantage Solutions, which belongs to the Zacks Consumer Products - Discretionary industry, posted revenues of $869.6 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.67%. This compares to year-ago revenues of $821.79 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Advantage Solutions shares have added about 71.7% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Advantage Solutions?
While Advantage Solutions has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Advantage Solutions was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.68 on $856.06 million in revenues for the coming quarter and $6.44 on $3.48 billion in revenues for the current fiscal year.
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Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Consumer Products - Discretionary is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The RealReal (REAL), another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This online luxury consignment site is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +92.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
The RealReal's revenues are expected to be $187.66 million, up 17.3% from the year-ago quarter.
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This article originally published on Zacks Investment Research (zacks.com).
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- Advantage Solutions Inc. (ADV) Q1 2026 Earnings Call Transcript
May 6, 2026 · seekingalpha.com
Advantage Solutions Inc. (ADV) Q1 2026 Earnings Call Transcript
- Advantage Solutions Reports First Quarter 2026 Results
May 6, 2026
Advantage Sales & Marketing, LLC dba Advantage Solutions
Strong Experiential Services performance and improved Retailer Services profitability drove Adjusted EBITDA growth
Centralized labor model implementation continues to enhance execution, productivity, and margins
Reaffirming 2026 guidance for Revenues, Adjusted EBITDA and Cash Flow
ST. LOUIS, May 06, 2026 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we,” or “our”), a leading business solutions provider to consumer goods manufacturers and retailers, today reported financial results for the three months ended March 31, 2026.
Revenues for the three months ended March 31, 2026 were $869.6 million compared with $821.8 million, and net loss was $71.8 million compared with a net loss of $56.1 million.
Q1'26 Financial Highlights • Revenues increased 5.8% to $869.6 million and Adjusted EBITDA increased 16.4% to $67.7 million • Experiential Services delivered very strong growth driven by higher event volumes and improved execution, while Branded Services remained under pressure, and Retailer Services showed improved profitability • Strengthened the balance sheet through debt reduction and the extension of maturities to 2030, improving liquidity and financial flexibility. Ended the quarter with $144 million in cash after $131 million in debt paydown
“Advantage delivered a solid start to the year, highlighted by strong growth in Experiential Services and disciplined execution across the business,” said Advantage CEO Dave Peacock. “While the environment remains uncertain, we are making meaningful progress on our growth and productivity initiatives, including our centralized labor model and technology transformation. We remain focused on driving efficiency, generating strong cash flow, and positioning the Company for sustainable, profitable growth.”
Consolidated Financial Summary (amounts in thousands) Three Months Ended March 31, Change (Reported) 2026 2025 $ % Total Revenues $ 869,601 $ 821,792 $ 47,809 5.8% Total Net Loss $ (71,831) $ (56,130) $ (15,701) (28.0%) Total Adjusted EBITDA $ 67,747 $ 58,181 $ 9,566 16.4% Adjusted EBITDA Margin 7.8% 7.1%
Segment Financial Summary Revenues Segment Three Months Ended March 31, (amounts in thousands) 2026 2025 YoY (Reported) Branded Services $ 256,992 $ 289,841 (11.3%) Experiential Services $ 385,480 $ 314,020 22.8% Retailer Services $ 227,129 $ 217,931 4.2% Total $ 869,601 $ 821,792 5.8% Operating (Loss) Income Three Months Ended March 31, Segment 2026 2025 YoY (Reported) Branded Services $ (16,061) $ (15,322) (4.8%) Experiential Services $ 11,499 $ (3,504) NMF Retailer Services $ 8,724 $ 4,205 NMF Total $ 4,162 $ (14,621) NMF Adjusted EBITDA Three Months Ended March 31, Segment 2026 2025 YoY (Reported) Branded Services $ 20,882 $ 27,945 (25.3%) Experiential Services $ 26,077 $ 12,069 116.1% Retailer Services $ 20,788 $ 18,167 14.4% Total $ 67,747 $ 58,181 16.4%
Q1'26 Segment Highlights
Branded Services Experiential Services Retailer Services • Continued macro pressure, client insourcing, procurement, and select client losses with stabilization initiatives underway • Strong Q1 results, with events growth of nearly 20% and improved execution rate (94%) year-over-year and sequentially • Revenues and Adjusted EBITDA growth supported by new business wins, pricing, and key client program ramps. • Focused on stabilizing the revenue base with stronger client retention, executive engagement, and targeted growth opportunities • Increasing profitability by advancing the centralized labor model rollout, enhancing training and safety protocols, and shifting mix towards higher margin events • Q1 featured a more moderate impact of the channel mix shift and improving
conversion trends in the retail merchandising business • Enhancing our value proposition through partnerships, data/analytics, and tools like Pulse to deliver measurable ROI • Expecting continued momentum through the year • Solid pipeline momentum with new customers and programs expected to support growth
Cash Flow and Balance Sheet Highlights
(Amounts in Millions)
Period Ended
March 31, 2026 Adjusted Unlevered Free Cash Flow / % of Adjusted EBITDA $74.4 / 109.8% Capex $11 Gross Debt $1,592 Cash and Cash Equivalents $144 Net Leverage Ratio(1) 4.2x
Fiscal Year 2026 Outlook
(Amounts in Millions)
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Revenues Flat to Up Low Single Digits Adjusted EBITDA Flat to Down Mid Single Digits Adjusted Unlevered Free Cash Flow Conversion(2) Unlevered: $250 – $275M
Net: ~25% of EBITDA Net Interest Expense $160 to $170 Capex $50 to $60
2026 revenue outlook excludes reimbursable expenses. 2026 guidance excludes the effect of recently announced divestitures.
Conference Call Details Date/Time May 6, 2026, 8:30 am EDT Dial-in
(10 minutes before the call) (800) 715-9871 within the United States or +1 (646) 307-1963 outside the United States
Conference ID: 6984882 Webcast Available at: ADV 1Q26 Earnings Webcast Replay (800) 770-2030 within the United States or +1(609) 800-9909 outside the United States
Playback ID: 6984882#
Investor Contact: investorrelations@youradv.com
Media Contact: press@youradv.com
NMF = Not Meaningful
(1) Net leverage ratio is defined as Net Debt divided by LTM Adjusted EBITDA.
(2) Net free cash flow is defined as cash flow from operations, less capital expenditures. Net FCF conversion of 25% is excluding incremental debt refinancing costs.
ADV-EARNS
About Advantage Solutions
Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit YourADV.com.
Included with this press release are the Company’s consolidated and condensed financial statements as of and for the three months ended March 31, 2026. These financial statements should be read in conjunction with the information contained in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on May 6, 2026.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected future performance of Advantage's business and projected financial results. Forward-looking statements generally relate to future events or Advantage’s future financial or operating performance. These forward-looking statements generally are identified by the words “may”, “should”, “expect”, “intend”, “will”, “would”, “could”, “estimate”, “anticipate”, “believe”, “predict”, “confident”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Advantage and its management at the time of such statements, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, market-driven wage changes or changes to labor laws or wage or job classification regulations, including minimum wage; developments with respect to retailers that are out of our control; the impact from tariffs; future potential pandemics or health epidemics; Advantage’s ability to continue to generate significant operating cash flow; client procurement strategies and consolidation of Advantage’s clients’ industries creating pressure on the nature and pricing of its services; consumer goods manufacturers and retailers reviewing and changing their sales, retail, marketing and technology programs and relationships; Advantage’s ability to successfully develop and maintain relevant omni-channel services for our clients in an evolving industry and to otherwise adapt to significant technological change; Advantage’s ability to maintain proper and effective internal control over financial reporting in the future; Advantage’s substantial indebtedness and our ability to refinance at favorable rates; and other risks and uncertainties set forth in the section titled “Risk Factors” in the Annual Report on Form 10-K filed by the Company with the SEC on March 3, 2026, and in its other filings made from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Advantage assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures and Related Information
This press release includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow and Net Debt. These are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Advantage’s financial results. Therefore, the measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP, and should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Advantage’s presentation of these measures may not be comparable to similarly titled measures used by other companies. Reconciliations of historical non-GAAP measures to their most directly comparable GAAP counterparts are included below.
Advantage believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Advantage’s financial condition and results of operations. Advantage believes that the use of Adjusted, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow, and Net Debt provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Advantage’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Advantage’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Adjusted EBITDA and Adjusted EBITDA by Segment are supplemental non-GAAP financial measures of our operating performance. Adjusted EBITDA means net loss before (i) interest expense (net), (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) amortization of intangible assets, (v) impairment of goodwill, (vi) changes in fair value of warrant liability, (vii) stock based compensation expense, (viii) equity-based compensation of Karman Topco L.P., (ix) fair value adjustments of contingent consideration related to acquisitions, (x) acquisition and divestiture related expenses, (xi) (gain) loss on divestitures, (xii) restructuring expenses, (xiii) reorganization expenses, (xiv) litigation expenses (recovery), (xv) COVID-19 benefits received, (xvi) EBITDA for economic interests in investments and (xvii) other adjustments that management believes are helpful in evaluating our operating performance.
Adjusted EBITDA by Segment means, with respect to each segment, operating income (loss) before (i) depreciation, (ii) amortization of intangible assets, (iii) impairment of goodwill, (iv) stock based compensation expense, (v) equity-based compensation of Karman Topco L.P., (vi) fair value adjustments of contingent consideration related to acquisitions, (vii) acquisition and divestiture related expenses, (viii) restructuring expenses, (ix) reorganization expenses, (x) litigation expenses (recovery), (xi) COVID-19 benefits received, (xii) EBITDA for economic interests in investments and (xiii) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment.
Adjusted EBITDA Margin means Adjusted EBITDA divided by total revenues.
Adjusted Unlevered Free Cash Flow represents net cash provided by (used in) operating activities less purchase of property and equipment as disclosed in the Statements of Cash Flows further adjusted by (i) cash payments for interest, (ii) cash received from interest rate derivatives, (iii) cash paid for income taxes; (iv) cash paid for acquisition and divestiture related expenses, (v) cash paid for restructuring expenses, (vi) cash paid for reorganization expenses, (vii) cash paid for contingent earnout payments included in operating cash flow, (viii) COVID-19 benefits received, (ix) net effect of foreign currency fluctuations on cash, and (x) other adjustments that management believes are helpful in evaluating our operating performance. Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA means Adjusted Unlevered Free Cash Flow divided by Adjusted EBITDA.
Net Debt represents the sum of current portion of long-term debt and long-term debt, less cash and cash equivalents. With respect to Net Debt, cash and cash equivalents are subtracted from the GAAP measure, total debt, because they could be used to reduce the debt obligations. We present Net Debt because we believe this non-GAAP measure provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and to evaluate changes to the Company's capital structure and credit quality assessment.
Advantage Solutions Inc.
Condensed Consolidated Statements of Operations
(Unaudited) Three Months Ended March 31, (in thousands, except share and per share data) 2026 2025 Revenues $ 869,601 $ 821,792 Cost of revenues (exclusive of depreciation and amortization shown separately below) 761,574 722,754 Selling, general, and administrative expenses 53,309 64,865 Depreciation and amortization 51,570 50,361 Gain on divestiture and income from investments in European joint venture (1,014 ) (1,567 ) Total operating expenses 865,439 836,413 Operating income (loss) 4,162 (14,621 ) Other expenses (income): Interest expense, net 34,798 34,360 Income from unconsolidated investments (2,472 ) — Other expense, including debt fees 20,352 10 Total other expenses, net 52,678 34,370 Loss before benefit from income taxes (48,516 ) (48,991 ) Income tax expense 23,315 7,139 Net loss $ (71,831 ) $ (56,130 ) Basic loss per common share $ (5.49 ) $ (4.36 ) Diluted loss per common share $ (5.49 ) $ (4.36 ) Weighted-average number of common shares: Basic 13,077,003 12,867,338 Diluted 13,077,003 12,867,338
Advantage Solutions Inc.
Condensed Consolidated Balance Sheet
(Unaudited) (in thousands, except share data) March 31,
2026 December 31,
2025 ASSETS Current assets Cash and cash equivalents $ 143,870 $ 240,850 Restricted cash 12,142 12,137 Accounts receivable, net of allowance for expected credit losses of $17,505 and $16,771, respectively 572,572 594,999 Prepaid expenses and other current assets 76,169 124,629 Total current assets 804,753 972,615 Property, equipment, and capitalized software, net 121,817 115,858 Goodwill 438,900 438,900 Other intangible assets, net 951,593 993,927 Investments in unconsolidated affiliates 205,336 234,138 Other assets 42,451 37,977 Total assets $ 2,564,850 $ 2,793,415 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current portion of long-term debt $ 25,865 $ 13,250 Accounts payable 176,466 162,376 Accrued compensation and benefits 97,101 121,105 Other accrued expenses 87,467 105,449 Deferred revenues 25,141 30,454 Total current liabilities 412,040 432,634 Long-term debt, net of current portion 1,520,790 1,660,611 Deferred income tax liabilities 99,107 90,023 Other long-term liabilities 54,885 56,189 Total liabilities 2,086,822 2,239,457 Commitments and contingencies (Note 10) Equity attributable to stockholders of Advantage Solutions Inc. Common stock, $0.0001 par value, 197,400,000 shares authorized; 13,080,791 and 13,058,852 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1 1 Additional paid in capital 3,436,566 3,489,020 Accumulated deficit (2,941,178 ) (2,869,347 ) Loans to Karman Topco L.P. (7,834 ) (7,673 ) Accumulated other comprehensive loss (8,461 ) (4,158 ) Treasury stock, at cost; 43,548 and 515,781 shares as of March 31, 2026 and December 31, 2025, respectively (1,066 ) (53,885 ) Total stockholders' equity 478,028 553,958 Total liabilities and stockholders' equity $ 2,564,850 $ 2,793,415
Advantage Solutions Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited) Three Months Ended March 31, (in thousands) 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (71,831 ) $ (56,130 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Non-cash adjustments on derivatives and non-cash interest income (451 ) (2,694 ) Amortization of deferred financing fees 1,297 1,748 Depreciation and amortization 51,570 50,361 Deferred income taxes 9,091 449 Equity-based compensation of Karman Topco L.P. — (1,524 ) Stock-based compensation 2,000 6,485 Gain on divestiture and income from investments in European joint venture (1,014 ) (1,567 ) Income from unconsolidated investments (2,472 ) — Distribution received from equity method investments 2,684 — Other 1,178 (1,614 ) Changes in operating assets and liabilities: Accounts receivable, net 21,507 (38,200 ) Prepaid expenses and other assets 44,070 16,743 Accounts payable 14,404 22,236 Accrued compensation and benefits (23,716 ) (41,928 ) Deferred revenues (5,265 ) 2,521 Other accrued expenses and other liabilities (19,324 ) 3,487 Net cash provided by (used in) operating activities 23,728 (39,627 ) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments in unconsolidated affiliates (2,000 ) (3,328 ) Purchase of property and equipment and development of capitalized software (11,401 ) (15,104 ) Proceeds from divestitures 40,919 — Net cash provided by (used in) investing activities 27,518 (18,432 ) CASH FLOWS FROM FINANCING ACTIVITIES Payment of deferred financing fees for line of credit modification (13,702 ) — Principal payments on long-term debt (131,319 ) (3,313 ) Repurchases of senior secured notes and Term Loan Facility — (18,243 ) Proceeds from 2020 Employee Stock Purchase Plan 744 993 Payments for taxes related to net share settlement of equity awards (73 ) (707 ) Purchase of treasury stock (2,306 ) (869 ) Net cash used in financing activities (146,656 ) (22,139 ) Net effect of foreign currency changes on cash, cash equivalents and restricted cash (1,565 ) (3,685 ) Net change in cash, cash equivalents and restricted cash (96,975 ) (83,883 ) Cash, cash equivalents and restricted cash, beginning of period 252,987 220,751 Cash, cash equivalents and restricted cash, end of period $ 156,012 $ 136,868
Advantage Solutions Inc.
Reconciliation of Net Loss to Adjusted EBITDA
(Unaudited) Three Months Ended March 31, (in thousands) 2026 2025 Net loss $ (71,831 ) $ (56,130 ) Add: Interest expense, net 34,798 34,360 Income tax expense 23,315 7,139 Depreciation and amortization 51,570 50,361 Gain on divestiture from investments in European joint venture (1,014 ) — Other expense, including debt fees 20,352 10 Stock-based compensation expense (a) 2,000 6,485 Equity-based compensation of Karman Topco L.P. (b) — (1,524 ) Divestiture related expenses (c) 237 423 Restructuring expenses (d) 2,246 931 Reorganization expenses (e) 5,461 12,240 Litigation expenses (f) 362 831 EBITDA for economic interests in investments (g) 251 3,055 Adjusted EBITDA $ 67,747 $ 58,181
Advantage Solutions Inc.
Reconciliation of Operating (loss) Income to Adjusted EBITDA by Segment
(Unaudited) Branded Services segment Three Months Ended March 31, (in thousands) 2026 2025 Operating loss $ (16,061 ) $ (15,322 ) Add: Depreciation and amortization 31,322 31,462 Gain on divestiture from investments in European joint venture (1,014 ) — Stock-based compensation expense (a) 512 2,172 Equity-based compensation of Karman Topco L.P. (b) — (95 ) Divestiture related expenses (c) 237 378 Restructuring expenses (d) 1,390 358 Reorganization expenses (e) 1,674 5,455 Litigation expenses (f) 99 482 EBITDA for economic interests in investments (g) 2,723 3,055 Branded Services segment Adjusted EBITDA $ 20,882 $ 27,945
Experiential Services segment Three Months Ended March 31, (in thousands) 2026 2025 Operating income (loss) $ 11,499 $ (3,504 ) Add: Depreciation and amortization 11,299 10,537 Stock-based compensation expense (a) 595 1,792 Equity-based compensation of Karman Topco L.P. (b) — (729 ) Divestiture related expenses (c) — 7 Restructuring expenses (d) 467 186 Reorganization expenses (e) 2,055 3,581 Litigation expenses (f) 162 199 Experiential Services segment Adjusted EBITDA $ 26,077 $ 12,069
Retailer Services segment Three Months Ended March 31, (in thousands) 2026 2025 Operating income $ 8,724 $ 4,205 Add: Depreciation and amortization 8,949 8,362 Stock-based compensation expense (a) 893 2,521 Equity-based compensation of Karman Topco L.P. (b) — (700 ) Divestiture related expenses (c) — 38 Restructuring expenses (d) 389 387 Reorganization expenses (e) 1,732 3,204 Litigation expenses (f) 101 150 Retailer Services segment Adjusted EBITDA $ 20,788 $ 18,167
Advantage Solutions Inc.
Net Debt and Adjusted Unlevered Free Cash Flow Reconciliation
(Unaudited) (amounts in thousands) March 31, 2026 Current portion of long-term debt $ 25,865 Long-term debt, net of current portion 1,565,702 Total debt 1,591,567 Less: Cash and cash equivalents 143,870 Total Net Debt $ 1,447,697 LTM Adjusted EBITDA $ 341,373 Net Debt / LTM Adjusted EBITDA ratio 4.2x
(amounts in thousands) Three Months Ended
March 31, 2026 Net cash provided by operating activities $ 23,728 Less: Purchase of property and equipment and development of capitalized software (11,401 ) Add: Cash payments for interest 53,175 Cash payments for income taxes 5,494 Cash paid for divestiture related expenses (i) 237 Cash paid for reorganization expenses (j) 4,687 Net effect of foreign currency fluctuations on cash (1,565 ) Adjusted Unlevered Free Cash Flow $ 74,355 Numerator - Adjusted Unlevered Free Cash Flow $ 74,355 Denominator - Adjusted EBITDA $ 67,747 Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA 109.8 %
Twelve Months Ended March 31, 2026 (in thousands) Net loss $ (243,436 ) Add: Interest expense, net 139,374 Provision for income taxes (21,408 ) Depreciation and amortization 203,467 Impairment of goodwill and indefinite-lived asset 203,685 Gain on divestitures (28,997 ) Other expense, including debt fees 20,259 Stock-based compensation expense (a) 22,430 Divestiture related expenses (c) 2,051 Restructuring expenses (d) 2,246 Reorganization expenses (e) 56,160 Litigation recoveries (f) (20,056 ) Costs associated with COVID-19, net of benefits received (h) (5,723 ) EBITDA for economic interests in investments (g) 11,321 LTM Adjusted EBITDA $ 341,373
________________________
(a) Represents non-cash compensation expense related to performance stock units, restricted stock units, and stock options under the 2020 Advantage Solutions Incentive Award Plan and the Advantage Solutions 2020 Employee Stock Purchase Plan. (b) Represents expenses related to equity-based compensation expense associated with grants of Common Series D Units of Karman Topco L.P. made to one of the Company's private equity sponsors. (c) Represents fees and costs associated with activities related to our divestitures and related reorganization activities, including professional fees, due diligence, and integration activities. (d) Restructuring charges including programs designed to integrate and reduce costs intended to further improve efficiencies in operational activities and align cost structures consistent with revenue levels associated with business changes. (e) Represents fees and costs associated with various internal reorganization and transformational activities, including professional fees, lease and other contract exit costs, severance, and nonrecurring compensation costs. (f) Represents legal settlements, net of reserves and expenses, that are unusual or infrequent costs associated with our operating activities. (g) Represents adjustments to reflect the Company’s proportional share of Adjusted EBITDA related to its equity method investments. For these investments, the adjustment reflects the Company’s proportional share of Adjusted EBITDA rather than reported earnings, consistent with how management evaluates operating performance. (h) Represents (i) costs related to implementation of strategies for workplace safety in response to COVID-19, including employee-relief fund, additional sick pay for front-line teammates, medical benefit payments for furloughed teammates, and personal protective equipment; and (ii) benefits received from government grants for COVID-19 relief. (i) Represents cash paid for fees and costs associated with activities related to our divestitures and reorganization activities including professional fees, due diligence, and integration activities. (j) Represents cash paid for fees and costs associated with various reorganization activities, including professional fees, lease exit costs, severance, and nonrecurring compensation costs.
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