Advantage Solutions Inc.

For the period ended Dec 31, 2025. Filed Mar 3, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 3, 2026

ADV$32.29-2.6%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(in thousands)	2025	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss from continuing operations	$(227,735)	$(378,404)	$(81,211)
Adjustments to reconcile net loss to net cash provided by operating activities
Non-cash adjustments on derivatives and non-cash interest expense (income)	(2,102)	5,227	(7,728)
Amortization of deferred financing fees	7,038	6,766	8,292
Impairment of goodwill and indefinite-lived asset	203,685	275,170	43,500
Depreciation and amortization	202,258	204,553	208,856
Fair value adjustments related to contingent consideration	—	1,678	11,152
Deferred income taxes	(57,521)	(57,307)	(80,416)
Equity-based compensation of Karman Topco L.P.	(1,524)	723	(2,524)
Stock-based compensation	26,915	31,019	38,933
Income from equity method investments	(7,491)	(2,064)	(5,511)
Distribution received from equity method investments	1,810	3,289	2,100
Gain on divestiture and deconsolidation of subsidiaries	(27,983)	—	(58,891)
Gain on repurchases of Senior Secured Notes and Term Loan Facility debt	(1,649)	(9,141)	(8,665)
Other	282	1,769	3,032
Changes in operating assets and liabilities, net of effects from divestitures:
Accounts receivable, net	7,995	51,154	38,899
Prepaid expenses and other assets	(31,423)	28,396	100,841
Accounts payable	5,271	(12,918)	(23,066)
Accrued compensation and benefits	(10,665)	(30,380)	27,458
Deferred revenues	7,335	(2,129)	8,551
Other accrued expenses and other liabilities	(32,964)	(24,306)	4,890
Net cash provided by operating activities	61,532	93,095	228,492
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments in unconsolidated affiliates	(3,736)	(13,932)	(3,023)
Purchase of property and equipment	(6,477)	(7,838)	(20,691)
Purchase and development of capitalized software	(46,434)	(47,501)	(20,872)
Proceeds from divestitures	60,491	275,717	21,108
Deconsolidation of subsidiaries cash and cash equivalents and restricted cash, net of proceeds	—	—	(31,465)
Proceeds from sale of investments in unconsolidated affiliates	—	—	4,428
Net cash (used in) provided by investing activities	3,844	206,446	(50,515)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under lines of credit	90,000	—	99,538
Payments on lines of credit	(90,000)	—	(99,102)
Principal payments on long-term debt	(13,250)	(13,131)	(13,294)
Repurchases of Senior Secured Notes and Term Loan Facility debt	(18,218)	(147,122)	(156,559)
Debt issuance costs	—	(971)	—
Deferred consideration paid for purchases in unconsolidated affiliates	(2,113)	—	—
Contingent consideration payments	—	(5,655)	(1,867)
Proceeds from employee stock purchase plan	1,838	2,294	2,248
Payments for taxes related to net share settlement of equity awards	(3,596)	(12,765)	(1,880)
Holdback payments	—	—	(944)
Redemption of noncontrolling interest	—	—	(154)
Purchase of treasury stock	(869)	(34,067)	(6,382)
Net cash used in financing activities	(36,208)	(211,417)	(178,396)
Net effect of foreign currency changes on cash, cash equivalents and restricted cash	3,068	(4,575)	1,800
Net change in cash, cash equivalents and restricted cash	32,236	83,549	1,381
Cash, cash equivalents and restricted cash, beginning of period	220,751	137,202	135,821
Cash, cash equivalents and restricted cash, end of period	$252,987	$220,751	$137,202

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