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ADVANTAGE SOLUTIONS Advantage Solutions Reports Solid Second Quarter 2021 Financial Results and Raises 2021 Outlook August 9 , 2021 IRVINE , Calif . , Aug. 09 , 2021 ( GLOBE NEWSWIRE ) -- Advantage Solutions Inc. ( NASDAQ : ADV ) ( " Advantage , " the " Company , " " we " or " our " ) , the leading provider of outsourced sales and marketing services to consumer goods manufacturers and retailers , today reported financial results for its fiscal second quarter ended June 30 , 2021 . " We are pleased to report solid second quarter financial results , " said Tanya Domier , Chief Executive Officer of Advantage . " Our COVID - impacted services are rebounding steadily , especially in - store sampling . At - home demand volume remains elevated , while pricing is an additional tailwind . And services we scaled rapidly during the pandemic in digital and e - commerce are staying strong . We are pleased with our trajectory and confident in second half momentum , " Domier commented . " Given sustained strength in our sales segment and ramping recovery in our marketing segment during the second quarter , we are raising our FY 2021 Adjusted EBITDA guidance by $ 5 million to a range of $ 520 to $ 530 million . " " Importantly , I'd like to again thank our associates . They continue to be instrumental in helping consumer goods companies and retailers navigate out of this pandemic , providing our essential services better , cheaper and faster , " Domier added . Second Quarter 2021 Highlights • Revenues were $ 850.0 million for the second quarter of 2021 , representing an increase of $ 208.4 million , or 32.5 % , from the second quarter of 2020 revenues of $ 641.5 million . • Operating income was $ 42.4 million for the second quarter of 2021 , representing growth of $ 42.4 million from the second quarter of 2020 operating income of approximately zero . • Net income was $ 5.8 million for the second quarter of 2021 , representing an improvement of $ 43.6 million from the second quarter of 2020 net loss of $ 37.8 million . • Adjusted EBITDA was $ 122.0 million for the second quarter of 2021 , representing growth of $ 9.9 million , or 8.9 % , from the second quarter of 2020 Adjusted EBITDA of $ 112.0 million . The year - over - year increase in revenues was driven by $ 107.0 million growth in the marketing segment ( an increase of 59 % year - over - year ) , and $ 101.4 million of growth in the sales segment ( an increase of 22 % year - over - year ) . The second quarter's growth in the marketing segment was driven by solid sequential recovery in product demonstration and sampling and continued outperformance in our digital businesses . The second quarter's growth in the sales segment was driven by strong growth in our retailer merchandising services and steady rebounds in food service and international as COVID restrictions ease . Second quarter 2021 operating income grew $ 42.4 million , to $ 42.4 million compared to approximately zero for the second quarter of 2020. The year - over - year growth in operating income was driven primarily by a decrease in non - recurring expenses associated with real estate realignment initiatives . Second quarter 2021 net income increased $ 43.6 million , to $ 5.8 million compared to a net loss of $ 37.8 million for the second quarter of 2020. The year - over - year growth in net income was driven primarily by higher operating income and lower interest expense , partially offset by a higher provision for income taxes and a fair value adjustment to warrant liability . Second quarter 2021 Adjusted EBITDA grew $ 9.9 million , or 8.9 % , to $ 122.0 million compared to $ 112.0 million for the second quarter of 2020. The year - over - year growth in Adjusted EBITDA was driven primarily by the continued recovery of in - store sampling and growth in our digital businesses , partially offset by modest expected volume normalization in our headquarter sales services when compared to strong prior year periods and investment to stand up tens of thousands of associates on behalf of clients to restart lines of business dormant during COVID - 19 . Balance Sheet Highlights As of June 30 , 2021 , the Company's cash and cash equivalents balance was $ 159.8 million , total debt was $ 2,040.4 million and Net Debt was $ 1,936.5 million . The post - combination debt capitalization consists primarily of a $ 1,318.4 million first lien term loan facility , $ 775 million of senior secured notes and a $ 400 million revolving credit facility , under which no balance was outstanding at the end of the quarter ended June 30 , 2021 . COVID - 19 Update Advantage continues to monitor the impact of the COVID - 19 pandemic on its business and remains focused on : ensuring its ability to safeguard the health of its employees , maintaining high service levels for brand and retailer clients so that essential products are available to consumers in - store and online , and preserving financial liquidity to mitigate the uncertainty caused by the pandemic . The Company is lapping the peak prior year lift from the COVID - 19 pandemic in the Company's sales segment . The Company's headquarter sales and retail merchandising services in traditional and e - commerce channels experienced peak ‘ pantry loading ' due to the COVID - 19 pandemic in the second quarter of 2020. While at - home demand volumes remain elevated versus pre - pandemic levels , they are normalizing . More recently , we have seen recovery in our food service business which was impacted by lower away - from - home demand on various channels , including restaurants , education and travel and lodging . Additionally , our European business has started to show growth after restrictions were lifted on activity in the various European geographies in which we operate .