Advantage Solutions Announces $100 Million Share Repurchase Authorization
10 November 2021 - 08:05AM
Advantage Solutions Inc. (NASDAQ: ADV) (the “Company” or
“Advantage”) today announced that its Board of Directors authorized
an open-ended share repurchase program of up to $100 Million of the
Company’s Class A common stock. Subject to prevailing market
conditions, relevant securities laws and other considerations
described further below, the Company intends to repurchase, in the
open market or in other means, the Company’s Class A common stock.
This share repurchase does not have an expiration date, but
provides for suspension or discontinuation at any time.
This program will allow Advantage to be
opportunistic in allocating capital to repurchase shares of its
Class A common stock when management determines, at its discretion,
two conditions are met:
- Advantage shares are trading at a meaningful discount to the
Company’s conservative estimate of intrinsic value; and
- the returns from repurchasing
shares compare favorably to the Company’s other options for capital
deployment, including its expected high return M&A program and
debt de-leveraging.
Advantage CEO Tanya Domier noted, “As long-term
stewards and owners, we are excited to have the flexibility to
invest opportunistically in the asset we know best – our own
stock.” Dan Riff, Chief Investor Relations and Strategy Officer
added, “With my investor hat on, I believe ADV’s share price is
meaningfully disconnected from our expected healthy free cash flow
growth, attractive returns on capital, and solid post-COVID outlook
from here.”
About Advantage
SolutionsAdvantage Solutions is a leading business
solutions provider committed to driving growth for consumer goods
manufacturers and retailers through winning insights and execution.
Advantage’s data and technology-enabled omnichannel solutions —
including sales, retail merchandising, business intelligence,
digital commerce and a full suite of marketing services — help
brands and retailers across a broad range of channels drive
consumer demand, increase sales and achieve operating efficiencies.
Headquartered in Irvine, California, Advantage has offices
throughout North America and strategic investments in select
markets throughout Africa, Asia, Australia and Europe through which
it services the global needs of multinational, regional and local
manufacturers. For more information, please visit
advantagesolutions.net.
Forward-Looking
StatementsCertain statements in this press release may be
considered forward-looking statements within the meaning of the
federal securities laws, including statements regarding the timing,
manner, amount, and overall impact of future purchases under the
repurchase program, as well statements regarding free cash flow
growth, returns on capital and post-COVID outlook. These
forward-looking statements generally are identified by the words
“may”, “should”, “expect”, “intend”, “will”, “would”, “estimate”,
“anticipate”, “believe”, “predict”, “potential” or “continue”, or
the negatives of these terms or variations of them or similar
terminology. These statements are based on management’s current
expectations and beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements in this press release due to
changes in economic, business, competitive, technological,
strategic and/or regulatory factors and other factors affecting the
operation of the Company’s businesses, including the impact of the
COVID-19 pandemic and measures taken in response thereto. More
detailed information about these factors is contained in the
documents the Company has filed with or furnished to the Securities
and Exchange Commission, including the Company’s Annual Report on
Form 10-K/A for the fiscal year ended December 31, 2020.
Statements in this press release speak only as
of the date they were made, and the Company undertakes no duty to
update or release any revisions to any forward-looking statement
made in this press release or to report any events or circumstances
after the date of this press release or to reflect the occurrence
of unanticipated events or to conform such statements to actual
results or changes in the Company’s expectations, except as
required by law.
Investors:Dan RiffChief
Investor Relations & Strategy OfficerAdvantage
Solutionsdaniel.riff@advantagesolutions.net
Media:Will MintonVice
President, Corporate MarketingAdvantage
Solutionspress@advantagesolutions.net
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