Advantage Solutions Reports 2024 Second Quarter Results and Reaffirms its Full-Year Outlook
Advantage Solutions Inc. (NASDAQ: ADV) reported its Q2 2024 financial results, showing a revenue decline of 9% to $873 million, but a 1% increase when excluding the impact of European joint venture deconsolidation. The company reported a net loss of $113 million, compared to a $13 million loss in Q2 2023. Adjusted EBITDA remained stable at $90 million with a 10.3% margin. Despite challenges, management reaffirmed its full-year outlook, expecting low single-digit growth in revenues and Adjusted EBITDA. The company has substantially completed its non-core asset divestitures, generating approximately $280 million in proceeds for debt reduction. Advantage Solutions continues to focus on its strategic transformation, investing in technology and third-party collaborations to enhance core capabilities.
Advantage Solutions Inc. (NASDAQ: ADV) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando un declino del fatturato del 9% a 873 milioni di dollari, ma un aumento dell'1% escludendo l'impatto della deconsolidazione della joint venture europea. L'azienda ha segnalato una perdita netta di 113 milioni di dollari, rispetto a una perdita di 13 milioni nel secondo trimestre 2023. L'EBITDA rettificato è rimasto stabile a 90 milioni di dollari con un margine del 10,3%. Nonostante le sfide, la direzione ha ribadito le previsioni per l'intero anno, prevedendo una crescita a bassa cifra singola sia per i ricavi che per l'EBITDA rettificato. L'azienda ha completato sostanzialmente le dismissioni degli attivi non core, generando circa 280 milioni di dollari in proventi per la riduzione del debito. Advantage Solutions continua a concentrarsi sulla sua trasformazione strategica, investendo in tecnologia e collaborazioni con terze parti per migliorare le capacità principali.
Advantage Solutions Inc. (NASDAQ: ADV) informó sus resultados financieros del segundo trimestre de 2024, mostrando un declive de ingresos del 9% a 873 millones de dólares, pero un aumento del 1% al excluir el impacto de la deconsolidación de la empresa conjunta europea. La compañía reportó una pérdida neta de 113 millones de dólares, en comparación con una pérdida de 13 millones en el segundo trimestre de 2023. El EBITDA ajustado se mantuvo estable en 90 millones de dólares con un margen del 10.3%. A pesar de los desafíos, la dirección reafirmó sus expectativas para todo el año, esperando un crecimiento de un solo dígito bajo en ingresos y EBITDA ajustado. La empresa ha completado sustancialmente la desinversión de activos no esenciales, generando aproximadamente 280 millones de dólares en ingresos para la reducción de deuda. Advantage Solutions sigue centrada en su transformación estratégica, invirtiendo en tecnología y colaboraciones con terceros para mejorar sus capacidades centrales.
Advantage Solutions Inc. (NASDAQ: ADV)는 2024년 2분기 재무 결과를 발표하며 매출이 9% 감소하여 8억 7300만 달러에 달했다고 보고했으나, 유럽 합작 투자 탈퇴의 영향을 제외하면 1% 증가했다고 밝혔습니다. 회사는 1억 1300만 달러의 순손실을 기록했으며, 이는 2023년 2분기의 1300만 달러 손실에 비해 증가한 수치입니다. 조정된 EBITDA는 9000만 달러로 안정적으로 유지되었으며, 마진은 10.3%에 달합니다. 어려움에도 불구하고 경영진은 연간 전망을 재확인하며 매출과 조정된 EBITDA에서 낮은 한 자릿수 성장을 예상하고 있습니다. 이 회사는 비핵심 자산 매각을 거의 완료하고, 이를 통해 약 2억 8000만 달러의 수익을 부채 감소에 사용했습니다. Advantage Solutions는 여전히 전략적 전환에 집중하고 있으며, 핵심 역량 강화를 위해 기술 및 제3자와의 협업에 투자하고 있습니다.
Advantage Solutions Inc. (NASDAQ: ADV) a annoncé ses résultats financiers pour le deuxième trimestre 2024, montrant une baisse de 9% des revenus à 873 millions de dollars, mais une augmentation de 1% en excluant l'impact de la déconsignation de la coentreprise européenne. L'entreprise a déclaré une perte nette de 113 millions de dollars, contre une perte de 13 millions au deuxième trimestre 2023. L'EBITDA ajusté est resté stable à 90 millions de dollars avec une marge de 10,3%. Malgré les défis, la direction a réaffirmé ses prévisions pour l'année entière, s'attendant à une croissance à un chiffre bas tant pour les revenus que pour l'EBITDA ajusté. L'entreprise a achevé la vente de ses actifs non essentiels, générant environ 280 millions de dollars de recettes pour réduire ses dettes. Advantage Solutions continue de se concentrer sur sa transformation stratégique, investissant dans la technologie et les collaborations avec des tiers pour améliorer ses capacités principales.
Advantage Solutions Inc. (NASDAQ: ADV) hat seine Finanzzahlen für das zweite Quartal 2024 veröffentlicht und einen Umsatzrückgang von 9% auf 873 Millionen US-Dollar gemeldet, jedoch einen Anstieg von 1%, wenn man die Auswirkungen der Dezentralisierung des europäischen Joint Ventures ausschließt. Das Unternehmen verzeichnete einen Nettoverlust von 113 Millionen US-Dollar, verglichen mit einem Verlust von 13 Millionen US-Dollar im zweiten Quartal 2023. Das bereinigte EBITDA blieb stabil bei 90 Millionen US-Dollar mit einer Marge von 10,3%. Trotz der Herausforderungen bestätigte das Management seine Jahresprognose und erwartet ein niedriges einstelliges Wachstum bei den Umsätzen und dem bereinigten EBITDA. Das Unternehmen hat die Veräußerrung von nicht zum Kerngeschäft gehörenden Vermögenswerten weitgehend abgeschlossen und somit rund 280 Millionen US-Dollar zur Schuldentilgung erzielt. Advantage Solutions fokussiert sich weiterhin auf seine strategische Transformation und investiert in Technologie sowie Kooperationen mit Dritten zur Verbesserung der Kernfähigkeiten.
- Reaffirmed full-year guidance for low single-digit growth in revenues and Adjusted EBITDA
- Generated ~$280 million from non-core asset divestitures for debt reduction
- Adjusted EBITDA remained stable at $90 million with a 10.3% margin
- Experiential Services revenue grew 12% year-over-year
- Adjusted Unlevered Free Cash Flow was $129 million, 132% of Adjusted EBITDA
- Revenue declined 9% to $873 million
- Reported net loss of $113 million, compared to $13 million loss in Q2 2023
- Non-cash goodwill impairment of $100 million related to Jun Group divestiture
- Branded Services revenue declined due to planned client exits and soft market conditions
- High wage inflation not fully covered by price realization
Insights
Advantage Solutions' Q2 2024 results show a mixed performance. While revenues declined
Positively, Adjusted EBITDA remained stable at
The reaffirmed full-year guidance of low single-digit growth in revenues and Adjusted EBITDA, along with improved cash flow conversion expectations, suggests cautious optimism. However, investors should monitor the impact of ongoing transformation costs and market challenges on profitability.
Advantage Solutions' Q2 results reflect broader market dynamics affecting consumer goods and retail. The company's Branded Services segment faced headwinds from soft market conditions in brokerage and omni-commerce marketing services, indicating potential challenges for consumer product companies.
Conversely, the
The company's strategic focus on enhancing core capabilities through technology investments and third-party collaborations aligns with evolving market trends. However, the impact of high wage inflation and planned client exits underscores the competitive pressures in the industry. Investors should consider these market dynamics when assessing the company's long-term growth prospects.
Advantage Solutions' Q2 results highlight its ongoing strategic transformation. The substantial completion of non-core asset divestitures marks a important milestone in simplifying the business model. This streamlining, coupled with the focus on debt reduction, positions the company for potentially improved financial flexibility.
The revised IT transformation plan, with reduced capital expenditure projections, demonstrates adaptability in execution. The expected
Management's commitment to enhancing core capabilities through technology investments and collaborations aligns with evolving market needs. However, the ongoing transformation costs and reorganization efforts may pressure near-term profitability. Investors should weigh the long-term strategic benefits against short-term financial impacts, considering the company's ability to execute its transformation while maintaining operational performance.
Management expects 2024 revenues and Adjusted EBITDA to grow low single digits on a continuing operations basis.
Actions to simplify the business are substantially complete, marking an important milestone in the Company's strategic transformation.
Divestiture of non-core assets in 2024 generated proceeds of ~
ST. LOUIS, Aug. 07, 2024 (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 and six months ended June 30, 2024. Unless otherwise noted, results presented in this release are on a continuing operations basis. Revenues for the three months ended June 30, 2024 were
- Revenues increased by
1% when excluding the impact of$101 million related to the deconsolidation of its European joint venture. - Adjusted EBITDA was
$90 million , in line with the prior year, and margins were10.3% . - Management remains focused on disciplined capital allocation with debt and share repurchases of
$27 million and$9 million , respectively, in the second quarter.
“I want to thank our teammates for their hard work and focus in delivering improved underlying second quarter performance in a dynamic market environment,” said Advantage Solutions CEO Dave Peacock. “Importantly, we made meaningful progress on our strategic transformation by substantially completing the divestitures of non-core assets to simplify our business and pay down debt."
"As we look to the second half of the year, we remain committed to enhancing our core capabilities through investments in technology and third-party collaborations to offer clients unmatched interconnected service offerings. We are excited about our progress and pleased to reaffirm our full-year guidance to deliver growth during a year of significant investment.”
Second Quarter 2024 Highlights
Revenues
| Three Months Ended June 30, | Change | |||||||||||||||
| (amounts in thousands) | 2024 | 2023 | $ | % | ||||||||||||
| Branded Services | $ | 322,340 | $ | 447,265 | $ | (124,925 | ) | (27.9 | )% | |||||||
| Experiential Services | 319,508 | 285,174 | 34,334 | 12.0 | % | |||||||||||
| Retailer Services | 231,509 | 231,319 | 190 | 0.1 | % | |||||||||||
| Total revenues | $ | 873,357 | $ | 963,758 | $ | (90,401 | ) | (9.4 | )% | |||||||
Adjusted EBITDA from Continuing Operations
| Three Months Ended June 30, | Change | |||||||||||||||
| (amounts in thousands) | 2024 | 2023 | $ | % | ||||||||||||
| Branded Services | $ | 42,856 | $ | 51,787 | $ | (8,931 | ) | (17.2 | )% | |||||||
| Experiential Services | 22,611 | 16,202 | 6,409 | 39.6 | % | |||||||||||
| Retailer Services | 24,431 | 21,865 | 2,566 | 11.7 | % | |||||||||||
| Total Adjusted EBITDA from Continuing Operations | $ | 89,898 | $ | 89,854 | $ | 44 | 0.0 | % | ||||||||
Revenues declined
Branded Services' revenue decline was due primarily to the deconsolidation. Pass-through costs in 2Q’24 and 2Q’23 were
Revenue growth for Experiential Services was driven by increased events per day and price realization. Excluding pass-through costs of approximately
Retailer Services revenues were relatively unchanged year-over-year due to softer market conditions in the traditional grocery channel, which offset the benefits from the timing of the Easter Holiday, increased activities associated with agency-related services, and price realization.
The operating loss of
Adjusted EBITDA from Continuing Operations was
The reported net loss attributable to stockholders was
First Half 2024 Highlights
Revenues
| Six Months Ended June 30, | Change | |||||||||||||||
| (amounts in thousands) | 2024 | 2023 | $ | % | ||||||||||||
| Branded Services | $ | 651,394 | $ | 875,962 | $ | (224,568 | ) | (25.6 | )% | |||||||
| Experiential Services | 626,859 | 542,341 | 84,518 | 15.6 | % | |||||||||||
| Retailer Services | 456,516 | 470,168 | (13,652 | ) | (2.9 | )% | ||||||||||
| Total revenues | $ | 1,734,769 | $ | 1,888,471 | $ | (153,702 | ) | (8.1 | )% | |||||||
Adjusted EBITDA from Continuing Operations
| Six Months Ended June 30, | Change | |||||||||||||||
| (amounts in thousands) | 2024 | 2023 | $ | % | ||||||||||||
| Branded Services | $ | 77,191 | $ | 103,588 | $ | (26,397 | ) | (25.5 | )% | |||||||
| Experiential Services | 39,304 | 23,208 | 16,096 | 69.4 | % | |||||||||||
| Retailer Services | 44,044 | 45,310 | (1,266 | ) | (2.8 | )% | ||||||||||
| Total Adjusted EBITDA from Continuing Operations | $ | 160,539 | $ | 172,106 | $ | (11,567 | ) | (6.7 | )% | |||||||
Revenues declined
The operating loss was
Adjusted EBITDA from Continuing Operations was
The reported net loss attributable to stockholders was
Capital Structure and Balance Sheet Highlights
The Company closed the Jun Group sale to Verve Group SE on July 31, 2024, and received approximately
In the second quarter, the Company voluntarily repurchased
Under its stock repurchase program, the Company repurchased approximately 8 million of its outstanding shares from the start of the year through July 31, 2024. These purchases are consistent with Advantage’s capital allocation philosophy to maximize returns for equity holders, which includes deleveraging its balance sheet and investing behind core business offerings to fuel future growth.
Capital expenditures were approximately
Fiscal Year 2024 Outlook
With the divestitures substantially complete, management expects revenues and Adjusted EBITDA from Continuing Operations to grow low single digits. Management conducted a periodic review of the IT transformation plan to improve operating efficiencies and potential benefits from divestitures and partnerships. As a result, the three-year IT transformation capital expenditures are now expected to be
The efficient conversion of earnings into cash is a priority for the Company, and the expectation for 2024 is for Adjusted Unlevered Free Cash Flow conversion to be at the high end of the
Conference Call Details
Advantage will host a conference call at 8:30 am EDT on August 7, 2024, to discuss its second quarter 2024 financial performance and business outlook. To participate, please dial 800-267-6316 within the United States or +1-203-518-9783 outside the United States approximately 10 minutes before the call's scheduled start. The conference call code is ADVQ2. The conference call will also be accessible live via audio broadcast on the Investor Relations section of the Advantage website at ir.advantagesolutions.net.
A conference call replay will be available online on the investor section of the Advantage website. In addition, an audio replay of the call will be available for one week following the call. It can be accessed by dialing 844-512-2921 within the United States or +1-412-317-6671 outside the United States. The replay ID is 11156139.
About Advantage Solutions
Advantage Solutions is a leading provider of outsourced sales, experiential and marketing solutions uniquely positioned at the intersection of brands and retailers. Our data- and technology-driven services — which include headquarter sales, retail merchandising, in-store and online sampling, digital commerce, omni-channel marketing, retail media and others — help brands and retailers of all sizes get products into the hands of consumers, wherever they shop. As a trusted partner and problem solver, we help our clients sell more while spending less. Advantage has offices throughout North America and strategic investments in select markets throughout Africa, Asia, Australia, Latin America and Europe through which the Company serves the global needs of multinational, regional and local manufacturers. For more information, please visit advantagesolutions.net.
Included with this press release are the Company’s consolidated and condensed financial statements as of and for the three months ended June 30, 2024. These financial statements should be read in conjunction with the information contained in the Company’s Quarterly Report on Form 10-Q, to be filed with the Securities and Exchange Commission (the "SEC") on or about August 9, 2024.
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; the COVID-19 pandemic and other 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; potential and actual harms to Advantage’s business arising from the Take 5 Matter; 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 1, 2024, 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 from Continuing Operations, Adjusted EBITDA from Discontinued Operations, 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 EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow, and Net Debt provides 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 from Continuing Operations and Adjusted EBITDA from Discontinued Operations means net (loss) income 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) reorganization expenses, (xiii) litigation expenses (recovery), (xiv) costs associated with COVID-19, net of benefits received, (xv) costs associated with (recovery from) the Take 5 Matter, (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) loss (gain) on divestitures, (iv) equity-based compensation of Karman Topco L.P., (v) stock-based compensation expense, (vi) fair value adjustments of contingent consideration related to acquisitions, (vii) acquisition and divestiture related expenses, (viii) costs associated with COVID-19, net of benefits received, (ix) EBITDA for economic interests in investments, (x) reorganization expenses, (xi) litigation expenses (recovery), (xii) costs associated with (recovery from) the Take 5 Matter and (xiii) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment.
Adjusted Unlevered Free Cash Flow represents net cash provided by (used in) operating activities from continuing and discontinued operations less purchase of property and equipment as disclosed in the Statements of Cash Flows further adjusted by (i) cash payments for interest; (ii) cash paid for income taxes; (iii) cash received from interest rate derivatives (iv) cash paid for acquisition and divestiture related expenses; (v) cash paid for contingent earnout payments included in operating cash flow (vi) cash paid for reorganization expenses; (vii) cash paid for costs associated with COVID-19, net of benefits received; (viii) net effect of foreign currency fluctuations on cash; (ix) cash paid for costs associated with the Take 5 Matter; 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 from Continuing Operations and Adjusted EBITDA from Discontinued Operations.
Net Debt represents the sum of the current portion of long-term debt and long-term debt, less cash and cash equivalents and debt issuance costs. 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.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
This press release also includes certain estimates and projections of Adjusted EBITDA from Continuing Operations, including with respect to expected fiscal 2024 results. Due to the high variability and difficulty in making accurate estimates and projections of some of the information excluded from Adjusted EBITDA from Continuing Operations, together with some of the excluded information not being ascertainable or accessible, Advantage is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated or projected comparable GAAP measures is included and no reconciliation of such forward-looking non-GAAP financial measures is included.
| Advantage Solutions Inc. Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| (in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 873,357 | $ | 963,758 | $ | 1,734,769 | $ | 1,888,471 | ||||||||
| Cost of revenues (exclusive of depreciation and amortization shown separately below) | 751,337 | 847,549 | 1,503,181 | 1,660,295 | ||||||||||||
| Selling, general, and administrative expenses | 62,858 | 48,481 | 151,939 | 103,881 | ||||||||||||
| Impairment of goodwill | 99,670 | — | 99,670 | — | ||||||||||||
| Depreciation and amortization | 51,317 | 52,477 | 101,065 | 105,021 | ||||||||||||
| (Income) loss from unconsolidated investments | (566 | ) | — | 123 | — | |||||||||||
| Total operating expenses | 964,616 | 948,507 | 1,855,978 | 1,869,197 | ||||||||||||
| Operating (loss) income from continuing operations | (91,259 | ) | 15,251 | (121,209 | ) | 19,274 | ||||||||||
| Other (income) expenses: | ||||||||||||||||
| Change in fair value of warrant liability | (686 | ) | 73 | (399 | ) | — | ||||||||||
| Interest expense, net | 39,754 | 30,446 | 75,515 | 77,608 | ||||||||||||
| Total other expenses | 39,068 | 30,519 | 75,116 | 77,608 | ||||||||||||
| Loss from continuing operations before income taxes | (130,327 | ) | (15,268 | ) | (196,325 | ) | (58,334 | ) | ||||||||
| Benefit from income taxes for continuing operations | (17,311 | ) | (2,244 | ) | (33,176 | ) | (9,416 | ) | ||||||||
| Net loss from continuing operations | (113,016 | ) | (13,024 | ) | (163,149 | ) | (48,918 | ) | ||||||||
| Net income (loss) from discontinued operations, net of tax | 12,181 | 5,178 | 59,199 | (6,606 | ) | |||||||||||
| Net loss | (100,835 | ) | (7,846 | ) | (103,950 | ) | (55,524 | ) | ||||||||
| Less: net income from continuing operations attributable to noncontrolling interest | — | 909 | — | 909 | ||||||||||||
| Less: net income (loss) from discontinued operations attributable to noncontrolling interest | — | 7 | 2,192 | (84 | ) | |||||||||||
| Net loss attributable to stockholders of Advantage Solutions Inc. | $ | (100,835 | ) | $ | (8,762 | ) | $ | (106,142 | ) | $ | (56,349 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Basic loss per common share from continuing operations | $ | (0.35 | ) | $ | (0.04 | ) | $ | (0.51 | ) | $ | (0.15 | ) | ||||
| Basic earnings (loss) per common share from discontinued operations | $ | 0.04 | $ | 0.02 | $ | 0.18 | $ | (0.02 | ) | |||||||
| Basic loss per common share attributable to stockholders of Advantage Solutions Inc. | $ | (0.31 | ) | $ | (0.03 | ) | $ | (0.33 | ) | $ | (0.17 | ) | ||||
| Diluted net loss per share: | ||||||||||||||||
| Diluted loss per common share from continuing operations | $ | (0.35 | ) | $ | (0.04 | ) | $ | (0.51 | ) | $ | (0.15 | ) | ||||
| Diluted earnings (loss) per common share from discontinued operations | $ | 0.04 | $ | 0.02 | $ | 0.18 | $ | (0.02 | ) | |||||||
| Diluted loss per common share attributable to stockholders of Advantage Solutions Inc. | $ | (0.31 | ) | $ | (0.03 | ) | $ | (0.33 | ) | $ | (0.17 | ) | ||||
| Weighted-average number of common shares: | ||||||||||||||||
| Basic | 322,791,242 | 324,178,691 | 322,124,698 | 322,665,312 | ||||||||||||
| Diluted | 322,791,242 | 324,178,691 | 322,124,698 | 322,665,312 | ||||||||||||
| Comprehensive (Loss) Income: | ||||||||||||||||
| Net loss attributable to stockholders of Advantage Solutions Inc. | $ | (100,835 | ) | $ | (8,762 | ) | $ | (106,142 | ) | $ | (56,349 | ) | ||||
| Other comprehensive income, net of tax: | ||||||||||||||||
| Foreign currency translation adjustments | (2,340 | ) | 3,722 | (5,057 | ) | 5,246 | ||||||||||
| Total comprehensive loss attributable to stockholders of Advantage Solutions Inc. | $ | (103,175 | ) | $ | (5,040 | ) | $ | (111,199 | ) | $ | (51,103 | ) | ||||
| Advantage Solutions Inc. Consolidated Balance Sheet (Unaudited) | ||||||||
| June 30, | December 31, | |||||||
| (in thousands, except share data) | 2024 | 2023 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 153,988 | $ | 120,839 | ||||
| Restricted cash | 15,382 | 16,363 | ||||||
| Accounts receivable, net of allowance for expected credit losses from continuing operations of | 647,397 | 659,499 | ||||||
| Prepaid expenses and other current assets | 106,957 | 115,921 | ||||||
| Current assets of discontinued operations | 152,892 | 99,412 | ||||||
| Total current assets | 1,076,616 | 1,012,034 | ||||||
| Property and equipment, net | 86,862 | 64,708 | ||||||
| Goodwill | 610,521 | 710,191 | ||||||
| Other intangible assets, net | 1,463,303 | 1,551,828 | ||||||
| Investments in unconsolidated affiliates | 220,088 | 210,829 | ||||||
| Other assets | 40,021 | 43,543 | ||||||
| Other assets of discontinued operations | — | 186,190 | ||||||
| Total assets | $ | 3,497,411 | $ | 3,779,323 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Current portion of long-term debt | $ | 13,275 | $ | 13,274 | ||||
| Accounts payable | 204,903 | 172,894 | ||||||
| Accrued compensation and benefits | 138,890 | 161,447 | ||||||
| Other accrued expenses | 118,895 | 144,415 | ||||||
| Deferred revenues | 28,852 | 26,598 | ||||||
| Current liabilities of discontinued operations | 4,136 | 22,669 | ||||||
| Total current liabilities | 508,951 | 541,297 | ||||||
| Long-term debt, net of current portion | 1,769,196 | 1,848,118 | ||||||
| Deferred income tax liabilities | 174,179 | 204,136 | ||||||
| Other long-term liabilities | 71,351 | 74,555 | ||||||
| Other liabilities of discontinued operations | — | 7,140 | ||||||
| Total liabilities | 2,523,677 | 2,675,246 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Common stock, | 32 | 32 | ||||||
| Additional paid in capital | 3,452,358 | 3,449,261 | ||||||
| Accumulated deficit | (2,420,792 | ) | (2,314,650 | ) | ||||
| Loans to Karman Topco L.P. | (6,707 | ) | (6,387 | ) | ||||
| Accumulated other comprehensive loss | (11,433 | ) | (3,945 | ) | ||||
| Treasury stock, at cost; 8,875,170 and 3,600,075 shares as of June 30, 2024 and December 31, 2023, respectively | (39,724 | ) | (18,949 | ) | ||||
| Total equity attributable to stockholders of Advantage Solutions Inc. | 973,734 | 1,105,362 | ||||||
| Noncontrolling interest | — | (1,285 | ) | |||||
| Total stockholders’ equity | 973,734 | 1,104,077 | ||||||
| Total liabilities, noncontrolling interest, and stockholders’ equity | $ | 3,497,411 | $ | 3,779,323 | ||||
| Advantage Solutions Inc. Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (103,950 | ) | $ | (55,524 | ) | ||
| Net income (loss) from discontinued operations, net of tax | 59,199 | (6,606 | ) | |||||
| Net loss from continuing operations | (163,149 | ) | (48,918 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by operating activities | ||||||||
| Noncash interest income | (5,427 | ) | (9,500 | ) | ||||
| Deferred financing fees related to repricing of long-term debt | 1,079 | — | ||||||
| Amortization of deferred financing fees | 3,470 | 4,238 | ||||||
| Impairment of goodwill | 99,670 | — | ||||||
| Depreciation and amortization | 101,065 | 105,021 | ||||||
| Change in fair value of warrant liability | (399 | ) | — | |||||
| Fair value adjustments related to contingent consideration | 1,678 | 8,969 | ||||||
| Deferred income taxes | (29,546 | ) | (33,403 | ) | ||||
| Equity-based compensation of Karman Topco L.P. | (480 | ) | (3,487 | ) | ||||
| Stock-based compensation | 16,082 | 20,417 | ||||||
| Loss from unconsolidated investments | (123 | ) | (3,002 | ) | ||||
| Distribution received from unconsolidated affiliates | 3,289 | 1,611 | ||||||
| Gain on repurchases of Senior Secured Notes and Term Loan Facility debt | (5,103 | ) | (4,969 | ) | ||||
| Changes in operating assets and liabilities, net of effects from divestitures: | ||||||||
| Accounts receivable, net | 9,268 | 32,854 | ||||||
| Prepaid expenses and other assets | 26,233 | 63,109 | ||||||
| Accounts payable | 32,834 | (35,944 | ) | |||||
| Accrued compensation and benefits | (21,602 | ) | 2,435 | |||||
| Deferred revenues | 2,449 | 12,501 | ||||||
| Other accrued expenses and other liabilities | (27,233 | ) | (11,523 | ) | ||||
| Net cash provided by operating activities from continuing operations | 44,055 | 100,409 | ||||||
| Net cash provided by operating activities from discontinued operations | 6,368 | 4,581 | ||||||
| Net cash provided by operating activities | 50,423 | 104,990 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Purchase of investment in unconsolidated affiliates | (10,932 | ) | — | |||||
| Purchase of property and equipment | (25,029 | ) | (14,046 | ) | ||||
| Proceeds from divestitures, net of cash from divestitures | 146,828 | 12,763 | ||||||
| Net cash provided by (used in) investing activities from continuing operations | 110,867 | (1,283 | ) | |||||
| Net cash used in investing activities from discontinued operations | (7,332 | ) | (4,506 | ) | ||||
| Net cash provided by (used in) investing activities | 103,535 | (5,789 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Borrowings under lines of credit | — | 72,735 | ||||||
| Payments on lines of credit | — | (71,278 | ) | |||||
| Principal payments on long-term debt | (6,637 | ) | (6,741 | ) | ||||
| Repurchases of Senior Secured Notes and Term Loan Facility debt | (71,749 | ) | (49,427 | ) | ||||
| Debt issuance costs | (971 | ) | — | |||||
| Proceeds from issuance of common stock | 1,167 | 1,193 | ||||||
| Payments for taxes related to net share settlement under 2020 Incentive Award Plan | (11,113 | ) | (1,277 | ) | ||||
| Contingent consideration payments | (4,455 | ) | (1,867 | ) | ||||
| Holdback payments | — | (656 | ) | |||||
| Redemption of noncontrolling interest | — | (154 | ) | |||||
| Purchase of treasury stock | (20,775 | ) | — | |||||
| Net cash used in financing activities from continuing operations | (114,533 | ) | (57,472 | ) | ||||
| Net cash (used in) provided by financing activities from discontinued operations | (4,243 | ) | 397 | |||||
| Net cash used in financing activities | (118,776 | ) | (57,075 | ) | ||||
| Net effect of foreign currency changes on cash from continuing operations | (2,579 | ) | 1,843 | |||||
| Net effect of foreign currency changes on cash from discontinued operations | (435 | ) | (349 | ) | ||||
| Net effect of foreign currency changes on cash | (3,014 | ) | 1,494 | |||||
| Net change in cash, cash equivalents and restricted cash | 32,168 | 43,620 | ||||||
| Cash, cash equivalents and restricted cash, beginning of period | 137,202 | 138,532 | ||||||
| Cash, cash equivalents and restricted cash, end of period | 169,370 | 182,152 | ||||||
| Less: Cash, cash equivalents and restricted cash of discontinued operations | — | 2,824 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 169,370 | $ | 179,328 | ||||
| SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
| (Gain) loss on divestitures from discontinued operations | $ | (70,195 | ) | $ | 17,655 | |||
| Purchase of property and equipment recorded in accounts payable and accrued expenses | $ | 10,660 | $ | 1,507 | ||||
| Advantage Solutions Inc. Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited) | |||||||||||||||
| Continuing Operations | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net loss from continuing operations | $ | (113,016 | ) | $ | (13,024 | ) | $ | (163,149 | ) | $ | (48,918 | ) | |||
| Add: | |||||||||||||||
| Interest expense, net | 39,754 | 30,446 | 75,515 | 77,608 | |||||||||||
| Benefit from income taxes | (17,311 | ) | (2,244 | ) | (33,176 | ) | (9,416 | ) | |||||||
| Depreciation and amortization | 51,317 | 52,477 | 101,065 | 105,021 | |||||||||||
| Impairment of goodwill | 99,670 | — | 99,670 | — | |||||||||||
| Change in fair value of warrant liability | (686 | ) | 73 | (399 | ) | — | |||||||||
| Stock-based compensation expense(h) | 7,528 | 10,012 | 16,082 | 20,417 | |||||||||||
| Equity-based compensation of Karman Topco L.P.(a) | (872 | ) | (1,218 | ) | (480 | ) | (3,487 | ) | |||||||
| Fair value adjustments related to contingent consideration related to acquisitions(b) | 900 | 4,648 | 1,678 | 8,969 | |||||||||||
| Acquisition and divestiture related expenses(c) | (1,774 | ) | 395 | (1,334 | ) | 2,732 | |||||||||
| Reorganization expenses(d) | 20,291 | 5,794 | 55,343 | 16,932 | |||||||||||
| Litigation (recovery) expenses(e) | (993 | ) | 4,350 | (709 | ) | 4,350 | |||||||||
| Costs associated with COVID-19, net of benefits received(f) | — | 2,317 | — | 3,334 | |||||||||||
| Costs associated with the Take 5 Matter, net of (recoveries)(g) | 456 | (1,576 | ) | 696 | (1,496 | ) | |||||||||
| EBITDA for economic interests in investments(i) | 4,634 | (2,596 | ) | 9,737 | (3,940 | ) | |||||||||
| Adjusted EBITDA from Continuing Operations | $ | 89,898 | $ | 89,854 | $ | 160,539 | $ | 172,106 | |||||||
| Discontinued Operations | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) from discontinued operations | $ | 12,181 | $ | 5,178 | $ | 59,199 | $ | (6,606 | ) | ||||||
| Add: | |||||||||||||||
| Interest expense, net | 16 | 14 | 48 | 43 | |||||||||||
| Benefit from income taxes | (2,377 | ) | 1,828 | 11,860 | 1,304 | ||||||||||
| Depreciation and amortization | 1,883 | 4,261 | 4,491 | 8,821 | |||||||||||
| Fair value adjustments related to contingent consideration related to acquisitions(b) | 1,972 | 420 | 1,883 | 391 | |||||||||||
| Acquisition and divestiture related expenses(c) | 2,224 | 103 | 3,103 | 198 | |||||||||||
| (Gain) loss on divestitures | (13,179 | ) | 1,158 | (70,195 | ) | 17,655 | |||||||||
| Reorganization expenses(d) | 5,211 | 43 | 7,285 | 53 | |||||||||||
| Stock-based compensation expense(h) | 102 | 1,214 | (1,232 | ) | 2,019 | ||||||||||
| EBITDA for economic interests in investments(i) | (95 | ) | 139 | (385 | ) | 298 | |||||||||
| Adjusted EBITDA from Discontinued Operations | $ | 7,938 | $ | 14,358 | $ | 16,057 | $ | 24,176 | |||||||
| Branded Services Segment | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating (loss) income from continuing operations | $ | (107,280 | ) | $ | 8,920 | $ | (129,398 | ) | $ | 12,206 | |||||
| Add: | |||||||||||||||
| Depreciation and amortization | 32,327 | 35,609 | 64,314 | 71,181 | |||||||||||
| Impairment of goodwill | 99,670 | — | 99,670 | — | |||||||||||
| Stock-based compensation expense(h) | 2,797 | 4,318 | 6,723 | 7,620 | |||||||||||
| Equity-based compensation of Karman Topco L.P(a) | 24 | (463 | ) | 522 | (1,484 | ) | |||||||||
| Fair value adjustments related to contingent consideration related to acquisitions(b) | 900 | 4,632 | 1,678 | 8,953 | |||||||||||
| Acquisition and divestiture related expenses(c) | 30 | 258 | 104 | 1,325 | |||||||||||
| Reorganization expenses(d) | 9,248 | 3,015 | 22,904 | 9,550 | |||||||||||
| Litigation (recovery) expenses(e) | 50 | — | 241 | — | |||||||||||
| Costs associated with COVID-19, net of benefits received(f) | — | (361 | ) | — | (332 | ) | |||||||||
| Costs associated with the Take 5 Matter, net of (recoveries)(g) | 456 | (1,576 | ) | 696 | (1,496 | ) | |||||||||
| EBITDA for economic interests in investments (i) | 4,634 | (2,565 | ) | 9,737 | (3,935 | ) | |||||||||
| Branded Services Segment Adjusted EBITDA | $ | 42,856 | $ | 51,787 | $ | 77,191 | $ | 103,588 | |||||||
| Experiential Services Segment | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating income from continuing operations | $ | 6,453 | $ | 4,805 | $ | 2,811 | $ | 479 | |||||||
| Add: | |||||||||||||||
| Depreciation and amortization | 11,015 | 9,002 | 20,935 | 18,065 | |||||||||||
| Stock-based compensation expense(h) | 2,170 | (646 | ) | 4,098 | (1,082 | ) | |||||||||
| Equity-based compensation of Karman Topco L.P(a) | (458 | ) | (358 | ) | (502 | ) | (905 | ) | |||||||
| Fair value adjustments related to contingent consideration related to acquisitions(b) | — | 7 | — | 7 | |||||||||||
| Acquisition and divestiture related expenses(c) | (101 | ) | 48 | 5 | 422 | ||||||||||
| Reorganization expenses(d) | 3,472 | 1,304 | 11,724 | 3,270 | |||||||||||
| Litigation (recovery) expenses(e) | 60 | — | 233 | — | |||||||||||
| Costs associated with COVID-19, net of benefits received(f) | — | 2,040 | — | 2,952 | |||||||||||
| Experiential Services Segment Adjusted EBITDA | $ | 22,611 | $ | 16,202 | $ | 39,304 | $ | 23,208 | |||||||
| Retailer Services Segment | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating income from continuing operations | $ | 9,568 | $ | 1,526 | $ | 5,378 | $ | 6,589 | |||||||
| Add: | |||||||||||||||
| Depreciation and amortization | 7,975 | 7,866 | 15,816 | 15,775 | |||||||||||
| Stock-based compensation expense(h) | 2,561 | 6,340 | 5,261 | 13,879 | |||||||||||
| Equity-based compensation of Karman Topco L.P(a) | (438 | ) | (397 | ) | (500 | ) | (1,098 | ) | |||||||
| Fair value adjustments related to contingent consideration related to acquisitions(b) | — | 9 | — | 9 | |||||||||||
| Acquisition and divestiture related expenses(c) | (1,703 | ) | 89 | (1,443 | ) | 985 | |||||||||
| Reorganization expenses(d) | 7,571 | 1,475 | 20,715 | 4,112 | |||||||||||
| Litigation (recovery) expenses(e) | (1,103 | ) | 4,350 | (1,183 | ) | 4,350 | |||||||||
| Costs associated with COVID-19, net of benefits received(f) | — | 638 | — | 714 | |||||||||||
| EBITDA for economic interests in investments(i) | — | (31 | ) | — | (5 | ) | |||||||||
| Retailer Services Segment Adjusted EBITDA | $ | 24,431 | $ | 21,865 | $ | 44,044 | $ | 45,310 | |||||||
| Advantage Solutions Inc. Adjusted Unlevered Free Cash Flow Reconciliation (Unaudited) | ||||
| (in thousands) | Three Months Ended June 30, 2024 | |||
| Net cash (used in) provided by operating activities | $ | 58,257 | ||
| Less: | ||||
| Purchase of property and equipment | (15,196 | ) | ||
| Cash received from interest rate derivatives | (7,959 | ) | ||
| Add: | ||||
| Cash payments for interest | 55,764 | |||
| Cash payments for income taxes | 6,430 | |||
| Cash paid for acquisition and divestiture related expenses(j) | 1,939 | |||
| Cash paid for reorganization expenses(k) | 22,093 | |||
| Cash paid for contingent consideration included in operating activities(l) | 7,327 | |||
| Cash paid (received) for costs associated with (recovery from) the Take 5 Matter (n) | 696 | |||
| Net effect of foreign currency fluctuations on cash | (568 | ) | ||
| Adjusted Unlevered Free Cash Flow | $ | 128,783 | ||
| Three Months Ended June 30, 2024 | ||||
| (amounts in thousands) | ||||
| Numerator - Adjusted Unlevered Free Cash Flow | $ | 128,783 | ||
| Denominator - Adjusted EBITDA from Continuing and Discontinued Operations | $ | 97,836 | ||
| Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA | 131.6 | % | ||
| Advantage Solutions Inc. Reconciliation of Total Debt to Net Debt (Unaudited) | ||||
| (amounts in thousands) | June 30, 2024 | |||
| Current portion of long-term debt | $ | 13,275 | ||
| Long-term debt, net of current portion | 1,769,196 | |||
| Less: Debt issuance costs | 25,573 | |||
| Total Debt | $ | 1,808,044 | ||
| Less: Cash and cash equivalents | (153,988 | ) | ||
| Total Net Debt | $ | 1,654,056 | ||
| LTM Adjusted EBITDA from Continuing and Discontinued Operations | $ | 404,661 | ||
| Net Debt / LTM Adjusted EBITDA ratio | 4.1x | |||
_______________________
| (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 (i) equity-based compensation expense associated with grants of Common Series D Units of Topco made to one of the Advantage Sponsors, and (ii) equity-based compensation expense associated with the Common Series C Units of Topco. |
| (c) | Represents adjustments to the estimated fair value of our contingent consideration liabilities related to our acquisitions, for the applicable periods. |
| (d) | Represents fees and costs associated with activities related to our acquisitions, divestitures, and related reorganization activities, including professional fees, due diligence, and integration activities. |
| (e) | Represents fees and costs associated with various internal reorganization activities, including professional fees, lease exit costs, severance, and nonrecurring compensation costs. |
| (f) | Represents legal settlements, reserves, and expenses that are unusual or infrequent costs associated with our operating activities. |
| (g) | 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 associates, medical benefit payments for furloughed associates, and personal protective equipment; and (ii) benefits received from government grants for COVID-19 relief. |
| (h) | Represents cash receipts from an insurance policy for claims related to the Take 5 Matter and costs associated with investigation and remediation activities related to the Take 5 Matter, primarily, professional fees and other related costs. |
| (i) | Represents additions to reflect our proportional share of Adjusted EBITDA related to our equity method investments and reductions to remove the Adjusted EBITDA related to the minority ownership percentage of the entities that we fully consolidate in our financial statements. |
| (j) | Represents cash paid for fees and costs associated with activities related to our acquisitions, divestitures and reorganization activities including professional fees, due diligence, and integration activities. |
| (k) | Represents cash paid for fees and costs associated with various reorganization activities, including professional fees, lease exit costs, severance, and nonrecurring compensation costs. |
| (l) | Represents cash paid included in operating cash flow for our contingent consideration liabilities related to our acquisitions. |
| (m) | Represents cash paid or (cash received) for (a) costs related to implementation of strategies for workplace safety in response to COVID-19, including additional sick pay for front-line associates and personal protective equipment; and (b) benefits received from government grants for COVID-19 relief. |
| (n) | Represents cash paid for costs associated with the Take 5 Matter, primarily, professional fees and other related costs. |
Investor Contacts:
Ruben Mella
ruben.mella@advantagesolutions.net
Media Contacts:
Peter Frost
peter.frost@advantagesolutions.net
FAQ
What were Advantage Solutions' (ADV) Q2 2024 revenue and net loss?
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How did Advantage Solutions' (ADV) Experiential Services segment perform in Q2 2024?
What was Advantage Solutions' (ADV) Adjusted EBITDA for Q2 2024?
