Advantage Solutions Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
ADV$32.29-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 |
| Revenues | $915,012 | $939,270 | $2,610,511 | $2,674,039 |
| Cost of revenues (exclusive of depreciation and amortization shown separately below) | 776,421 | 794,958 | 2,246,107 | 2,298,139 |
| Selling, general, and administrative expenses | 57,568 | 98,438 | 191,090 | 250,377 |
| Impairment of goodwill | — | — | — | 99,670 |
| Depreciation and amortization | 50,743 | 51,866 | 151,802 | 152,931 |
| Income from equity method investments | (1,408) | (2,815) | (5,566) | (2,692) |
| Gain on divestiture | (8,472) | — | (8,472) | — |
| Total operating expenses | 874,852 | 942,447 | 2,574,961 | 2,798,425 |
| Operating income (loss) from continuing operations | 40,160 | (3,177) | 35,550 | (124,386) |
| Other expenses (income): | ||||
| Change in fair value of warrant liabilities | (109) | 40 | (83) | (359) |
| Interest expense, net | 34,954 | 38,969 | 105,128 | 114,484 |
| Total other expenses, net | 34,845 | 39,009 | 105,045 | 114,125 |
| Income (loss) from continuing operations before benefit from income taxes | 5,315 | (42,186) | (69,495) | (238,511) |
| Benefit from income taxes from continuing operations | (15,250) | (4,866) | (3,490) | (38,042) |
| Net income (loss) from continuing operations | 20,565 | (37,320) | (66,005) | (200,469) |
| Net (loss) income from discontinued operations, net of tax | — | (5,456) | — | 53,743 |
| Net income (loss) | $20,565 | $(42,776) | $(66,005) | $(146,726) |
| Less: net income from discontinued operations attributable to noncontrolling interest, net of tax | — | — | — | 2,192 |
| Net income (loss) attributable to stockholders of Advantage Solutions Inc. | $20,565 | $(42,776) | $(66,005) | $(148,918) |
| Net income (loss) per common share: | ||||
| Basic income (loss) per common share from continuing operations attributable to stockholders of Advantage Solutions Inc. | $0.06 | $(0.12) | $(0.20) | $(0.62) |
| Basic (loss) income per common share from discontinued operations attributable to stockholders of Advantage Solutions Inc. | $— | $(0.02) | $— | $0.17 |
| Diluted net income (loss) per share: | ||||
| Diluted income (loss) per common share from continuing operations attributable to stockholders of Advantage Solutions Inc. | $0.06 | $(0.12) | $(0.20) | $(0.62) |
| Diluted (loss) income per common share from discontinued operations attributable to stockholders of Advantage Solutions Inc. | $— | $(0.02) | $— | $0.17 |
| Weighted-average number of common shares: | ||||
| Basic | 325,921,176 | 321,080,571 | 323,988,621 | 321,774,115 |
| Diluted | 339,847,197 | 321,080,571 | 323,988,621 | 321,774,115 |
| Comprehensive Income (Loss): | ||||
|---|---|---|---|---|
| Net income (loss) attributable to stockholders of Advantage Solutions Inc. | $20,565 | $(42,776) | $(66,005) | $(148,918) |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation adjustments | (3,668) | 8,132 | 10,499 | 3,075 |
| Total comprehensive income (loss) attributable to stockholders of Advantage Solutions Inc. | $16,897 | $(34,644) | $(55,506) | $(145,843) |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Accumulated | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Additional · Other · Total | |||||||||
| Common Stock · Treasury Stock · Paid-in · Accumulated · Loans to · Comprehensive · Stockholders' | |||||||||
| (in thousands, except share data) | Shares | Amount | Shares | Amount | Capital | Deficit | Topco | Loss | Equity |
| Balance at July 1, 2025 | 325,164,802 | $33 | 12,894,517 | $(53,885) | $3,474,653 | $(2,728,182) | $(7,351) | $(1,694) | $683,574 |
| Comprehensive income (loss) | |||||||||
| Net income | — | — | — | — | — | 20,565 | — | — | 20,565 |
| Foreign currency translation adjustments | — | — | — | — | — | — | — | (3,668) | (3,668) |
| Total comprehensive income (loss) | — | — | — | — | — | — | — | — | 16,897 |
| Interest on loans to Karman Topco L.P. | — | — | — | — | — | — | (161) | — | (161) |
| Shares issued under 2020 Employee Stock Purchase Plan | 711,314 | — | — | — | 845 | — | — | — | 845 |
| Payments for taxes related to net share settlement under 2020 Incentive Award Plan | — | — | — | — | (74) | — | — | — | (74) |
| Shares issued under 2020 Incentive Award Plan | 88,449 | — | — | — | — | — | — | — | — |
| Stock-based compensation expense | — | — | — | — | 7,418 | — | — | — | 7,418 |
| Balance at September 30, 2025 | 325,964,565 | $33 | 12,894,517 | $(53,885) | $3,482,842 | $(2,707,617) | $(7,512) | $(5,362) | $708,499 |
| Accumulated | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Additional · Other · Total | |||||||||
| Common Stock · Treasury Stock · Paid-in · Accumulated · Loans to · Comprehensive · Stockholders' | |||||||||
| (in thousands, except share data) | Shares | Amount | Shares | Amount | Capital | Deficit | Topco | Loss | Equity |
| Balance at July 1, 2024 | 323,020,596 | $32 | 8,875,170 | $(39,724) | $3,452,358 | $(2,420,792) | $(6,707) | $(11,433) | $973,734 |
| Comprehensive (loss) income | |||||||||
| Net (loss) income | — | — | — | — | — | (42,776) | — | — | (42,776) |
| Foreign currency translation adjustments | — | — | — | — | — | — | — | 8,132 | 8,132 |
| Total comprehensive loss | — | — | — | — | — | — | — | — | (34,644) |
| Interest on loans to Karman Topco L.P. | — | — | — | — | — | — | (161) | — | (161) |
| Purchase of treasury stock | (3,524,905) | — | 3,524,905 | (13,292) | — | — | — | — | (13,292) |
| Equity-based compensation of Karman Topco L.P. | — | — | — | — | (178) | — | — | — | (178) |
| Shares issued under 2020 Employee Stock Purchase Plan | 401,854 | — | — | — | 1,123 | — | — | — | 1,123 |
| Payments for taxes related to net share settlement under 2020 Incentive Award Plan | — | — | — | — | (550) | — | — | — | (550) |
| Shares issued under 2020 Incentive Award Plan | 520,538 | — | — | — | — | — | — | — | — |
| Stock-based compensation expense | — | — | — | — | 6,499 | — | — | — | 6,499 |
| Balance at September 30, 2024 | 320,418,083 | $32 | 12,400,075 | $(53,016) | $3,459,252 | $(2,463,568) | $(6,868) | $(3,301) | $932,531 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Accumulated | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Additional · Other · Total | |||||||||
| Common Stock · Treasury Stock · Paid-in · Accumulated · Loans to · Comprehensive · Stockholders' | |||||||||
| (in thousands, except share data) | Shares | Amount | Shares | Amount | Capital | Deficit | Topco | Income (Loss) | Equity |
| Balance at January 1, 2025 | 320,773,096 | $32 | 12,400,075 | $(53,016) | $3,466,221 | $(2,641,612) | $(7,029) | $(15,861) | $748,735 |
| Comprehensive (loss) income | |||||||||
| Net (loss) income | — | — | — | — | — | (66,005) | — | — | (66,005) |
| Foreign currency translation adjustments | — | — | — | — | — | — | — | 10,499 | 10,499 |
| Total comprehensive (loss) income | — | — | — | — | — | — | — | — | (55,506) |
| Interest on loans to Karman Topco L.P. | — | — | — | — | — | — | (483) | — | (483) |
| Purchase of treasury stock | (494,442) | — | 494,442 | (869) | — | — | — | — | (869) |
| Equity-based compensation of Karman Topco L.P. | — | — | — | — | (1,524) | — | — | — | (1,524) |
| Shares issued under 2020 Employee Stock Purchase Plan | 1,089,303 | — | — | — | 1,838 | — | — | — | 1,838 |
| Payments for taxes related to net share settlement under 2020 Incentive Award Plan | — | — | — | — | (3,698) | — | — | — | (3,698) |
| Shares issued under 2020 Incentive Award Plan | 4,596,608 | 1 | — | — | — | — | — | — | 1 |
| Stock-based compensation expense | — | — | — | — | 20,005 | — | — | — | 20,005 |
| Balance at September 30, 2025 | 325,964,565 | $33 | 12,894,517 | $(53,885) | $3,482,842 | $(2,707,617) | $(7,512) | $(5,362) | $708,499 |
| Accumulated · Advantage | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Additional · Other · Solutions Inc. · Total | |||||||||||
| Common Stock · Treasury Stock · Paid-in · Accumulated · Loans to · Comprehensive · Stockholders' · Noncontrolling · Stockholders' | |||||||||||
| (in thousands, except share data) | Shares | Amount | Shares | Amount | Capital | Deficit | Topco | Income (Loss) | Equity | Interest | Equity |
| Balance at January 1, 2024 | 322,235,261 | $32 | 3,600,075 | $(18,949) | $3,449,261 | $(2,314,650) | $(6,387) | $(3,945) | $1,105,362 | $(1,285) | $1,104,077 |
| Comprehensive (loss) income | |||||||||||
| Net (loss) income | — | — | — | — | — | (148,918) | — | — | (148,918) | 2,192 | (146,726) |
| Foreign currency translation adjustments | — | — | — | — | — | — | — | 3,075 | 3,075 | 73 | 3,148 |
| Total comprehensive (loss) income | — | — | — | — | — | — | — | — | (145,843) | 2,265 | (143,578) |
| Interest on loans to Karman Topco L.P. | — | — | — | — | — | — | (481) | — | (481) | — | (481) |
| Purchase of treasury stock | (8,800,000) | — | 8,800,000 | (34,067) | — | — | — | — | (34,067) | — | (34,067) |
| Equity-based compensation of Karman Topco L.P. | — | — | — | — | (658) | — | — | — | (658) | — | (658) |
| Shares issued under 2020 Employee Stock Purchase Plan | 983,808 | — | — | — | 2,294 | — | — | — | 2,294 | — | 2,294 |
| Payments for taxes related to net share settlement under 2020 Incentive Award Plan | — | — | — | — | (11,663) | — | — | — | (11,663) | — | (11,663) |
| Shares issued under 2020 Incentive Award Plan | 5,999,014 | — | — | — | — | — | — | — | — | — | — |
| Sale of a business | — | — | — | — | — | — | — | (2,431) | (2,431) | (980) | (3,411) |
| Stock-based compensation expense | — | — | — | — | 20,018 | — | — | — | 20,018 | — | 20,018 |
| Balance at September 30, 2024 | 320,418,083 | $32 | 12,400,075 | $(53,016) | $3,459,252 | $(2,463,568) | $(6,868) | $(3,301) | $932,531 | $— | $932,531 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.