Advantage Solutions, Inc. (NASDAQ:ADV) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET

Company Participants

Kimberly Esterkin - ADDO Investor Relations

David Peacock - CEO & Director

Christopher Growe - CFO

Conference Call Participants

Faiza Alwy - Deutsche Bank

Gregory Parrish - Morgan Stanley

Jason English - Goldman Sachs Group

Operator

Good morning, and welcome to the Advantage Solutions First Quarter 2023 Earnings Call. Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A. At this time, I'd like to turn the conference over to Kimberly Esterkin, Investor Relations for Advantage. Please go ahead.

Kimberly Esterkin

Thank you, operator, and thank you, everyone, for joining us on Advantage Solutions' First Quarter 2023 Earnings Conference Call. On the call with me today are Dave Peacock, Chief Executive Officer; and Chris Growe, Chief Financial Officer.

After their prepared remarks, we will open the call for a question-and-answer session. During this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and involve assumptions, risks and uncertainties that are difficult to predict. Actual outcomes and results could differ materially due to a number of factors, including those described more fully in the company's annual report on Form 10-K filed with the SEC.

All forward-looking statements are expressly qualified in their entirety by such factors. The company does not undertake any duty to update or revise any forward-looking statements, except as required by law. Please note, management's remarks today will highlight certain non-GAAP financial measures. Our earnings release, which was issued earlier today, presents reconciliations of these non-GAAP financial measures to the most comparable GAAP measure. This call is being webcast, and a recording of this call will also be available on the website.

And now I'd like to turn the call over to Advantage's CEO, Dave Peacock.

David Peacock

Thanks, Kimberly. Good morning, everyone, and thank you for joining us. I am pleased to be able to report a strong start to the year for Advantage Solutions, including stronger-than-expected revenue and adjusted EBITDA performance for the business. I'll provide more color on our performance and our outlook in a few minutes.

I want to start by thanking everyone on the Advantage team for their hard work this past quarter. In my first 100 days at Advantage, I've spent considerable time in the market, connecting with many of our stakeholders. I've been consistently impressed by the caliber of our talented teams, their heart for service, and their unwavering commitment to delivering results, which is evident in the feedback I've heard from clients and customers, the new business we're winning, and our solid performance for the quarter. Specifically, our revenue and adjusted EBITDA were ahead of our plan and that stronger business performance, along with a focus on working capital led to an improved free cash flow performance as well. Together with our newly formed executive leadership team, we've been assessing our services, capabilities and potential.