Advantage Solutions Inc
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
ADV$32.29-2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net (loss) income | $(60,318) | $(1,377,292) | $57,549 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities | |||
| Noncash interest income | (7,660) | (43,785) | (8,315) |
| Amortization of deferred financing fees | 8,292 | 8,860 | 9,250 |
| Impairment of goodwill and indefinite-lived assets | 43,500 | 1,572,523 | — |
| Extinguishment costs related to repayment and repricing of long-term debt | — | — | 1,569 |
| Depreciation and amortization | 224,697 | 233,075 | 240,041 |
| Change in fair value of warrant liability | (286) | (21,236) | 955 |
| Fair value adjustments related to contingent consideration | 10,362 | 4,774 | 5,763 |
| Deferred income taxes | (80,416) | (190,754) | (10,012) |
| Equity-based compensation of Karman Topco L.P. | (2,524) | (6,934) | (15,030) |
| Stock-based compensation | 42,880 | 39,825 | 39,412 |
| Equity in earnings of unconsolidated affiliates | (5,511) | (10,609) | (10,298) |
| Distribution received from unconsolidated affiliates | 2,100 | 1,826 | 1,465 |
| Loss on disposal of property and equipment | 3,318 | 644 | 7,162 |
| Loss on divestitures | 19,068 | 2,863 | — |
| Gain on deconsolidation of subsidiaries | (58,891) | — | — |
| Gain on repurchases from the Term Loan Facility and Senior Secured Notes debt | (8,665) | — | — |
| Changes in operating assets and liabilities, net of effects from divestitures and purchases of businesses: | |||
| Accounts receivable, net | 45,601 | (75,688) | (215,501) |
| Prepaid expenses and other assets | 50,626 | (22,738) | (14,000) |
| Accounts payable | (26,175) | (17,635) | 46,000 |
| Accrued compensation and benefits | 26,941 | 16,678 | (2,363) |
| Deferred revenues | 6,974 | (11,551) | (2,694) |
| Other accrued expenses and other liabilities | 5,082 | 18,412 | (4,962) |
| Net cash provided by operating activities | 238,995 | 121,258 | 125,991 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchase of businesses, net of cash acquired | — | (74,206) | (42,668) |
| Purchase of investment in unconsolidated affiliates | (3,023) | (775) | (2,000) |
| Purchase of property and equipment | (46,271) | (40,455) | (31,175) |
| Proceeds from divestitures | 21,108 | 1,896 | — |
| Deconsolidation of subsidiaries cash and cash equivalents and restricted cash, net of proceeds | (31,465) | — | — |
| Proceeds from sale of investment in unconsolidated affiliates | 4,428 | — | — |
| Net cash used in investing activities | (55,223) | (113,540) | (75,843) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Borrowings under lines of credit | 99,538 | 326,090 | 61,629 |
| Payments on lines of credit | (99,102) | (326,968) | (111,736) |
| Proceeds from government loans for COVID-19 relief | 1,339 | — | 2,975 |
| Principal payments on long-term debt | (13,602) | (13,394) | (13,309) |
| Repurchases of Term Loan Facility and Senior Secured Notes debt | (156,559) | — | — |
| Proceeds from issuance of common stock | 2,248 | 3,320 | 794 |
| Payments for taxes related to net share settlement under 2020 Incentive Award Plan | (1,880) | — | — |
| Contingent consideration payments | (4,898) | (23,164) | (9,814) |
| Holdback payments | (1,886) | (11,057) | (3,989) |
| Purchase of treasury stock | (6,382) | — | (12,567) |
| Financing fees paid | — | (1,464) | (74) |
| Contribution from noncontrolling interest | — | 5,217 | — |
| Redemption of noncontrolling interest | (154) | (224) | (209) |
| Net cash used in financing activities | (181,338) | (41,644) | (86,300) |
| Net effect of foreign currency changes on cash | 1,876 | (8,179) | (3,177) |
| Net change in cash, cash equivalents and restricted cash | 4,310 | (42,105) | (39,329) |
| Cash, cash equivalents and restricted cash, beginning of period | 138,532 | 180,637 | 219,966 |
| Cash, cash equivalents and restricted cash, end of period | $142,842 | $138,532 | $180,637 |
| SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Exchange of ownership of SPV for fair value of GSH | $15,854 | $— | $— |
| Non-cash proceeds from divestitures | $4,283 | $— | $— |
| Purchase of property and equipment recorded in accounts payable and accrued expenses | $1,201 | $842 | $759 |
| SUPPLEMENTAL CASH FLOW INFORMATION | |||
| Cash payments for interest | $174,767 | $126,560 | $137,467 |
| Cash received from interest rate derivatives | $28,808 | $6,527 | $— |
| Cash payments for income taxes, net | $39,007 | $45,729 | $40,189 |
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