0000950170-23-060199 | 10-Q | XBRL Viewer

Divestitures and Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

2. Divestitures and Acquisitions

2023 Divestitures

During the nine months ended September 30, 2023, the Company recognized a loss on the sale of businesses of $17.5 million, as a component of “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company determined that the sale of the businesses did not meet the criteria for classification as discontinued operations. The Company received $12.8 million of proceeds, which are net of transaction fees and holdbacks.

2022 Acquisitions

During the nine months ended September 30, 2022, the Company acquired two sales businesses and two marketing businesses. The acquisitions were accounted for under the acquisition method of accounting. As such, the purchase consideration for each acquired business was allocated to the acquired tangible and intangible assets and liabilities assumed based upon their respective fair values. Assets acquired and liabilities assumed in the business combination were recorded on the Company’s financial statements as of the acquisition date based upon the estimated fair value at such date. The excess of the purchase consideration over the estimated fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill. The results of operations of each acquired business have been included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) since its respective date of acquisition.

The aggregate purchase price for the acquisitions referenced above was $75.5 million, which includes $74.1 million paid in cash, $0.5 million recorded as contingent consideration liabilities, and $0.8 million recorded as holdback amounts. Contingent consideration payments are determined based on future financial performance and

payment obligations (as defined in the applicable purchase agreement) and are recorded at fair value. The maximum potential payment outcome related to the acquisitions is $1.6 million. Holdback amounts are used to withhold a portion of the initial purchase price payment until certain post-closing conditions are satisfied and are typically settled within 18 months of the acquisition. The goodwill related to the acquisitions represented the value paid for the assembled workforce, geographic presence, and expertise. Of the resulting goodwill relating to these acquisitions, $0.8 million is deductible for tax purposes.

The Company acquired a 70% ownership interest in one acquisition, which also includes a put option exercisable by each of the 12% and 18% noncontrolling interest holders that allows the 12% holder to sell its 12% noncontrolling interest to the Company, and the 18% holder to sell 8% of its noncontrolling interest to Company, for a multiple of the acquired subsidiary’s adjusted earnings. As the put option is outside of the Company’s control, the estimated value of the 20% noncontrolling interest is presented as a redeemable noncontrolling interest outside of permanent equity on the Condensed Consolidated Balance Sheets.

The fair values of the identifiable assets and liabilities of the acquisitions completed during the nine months ended September 30, 2022, as of the applicable acquisition dates, are as follows:


(in thousands)
Consideration
Cash	$	74,146
Holdbacks		810
Fair value of contingent consideration		510
Total consideration	$	75,466
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets
Accounts receivable	$	9,409
Other assets		3,446
Identifiable intangible assets		25,546
Total assets		38,401
Liabilities
Accounts payable		7,363
Deferred tax liabilities and other		8,744
Total liabilities		16,107
Redeemable noncontrolling interest		1,987
Noncontrolling interest		974
Total identifiable net assets		19,333
Goodwill arising from acquisitions	$	56,133

The identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives. The fair value and estimated useful lives of the intangible assets acquired are as follows:


(in thousands)	Amount		Weighted Average Useful Life
Client relationships	$	24,413	6 years
Trade names		1,133	10 years
Total identifiable intangible assets	$	25,546

The operating results of the businesses acquired during the nine months ended September 30, 2022 contributed total revenues of $12.8 million and $21.3 million in the three and nine months ended September 30, 2022, respectively. The Company has determined that the presentation of net income from the date of acquisition is impracticable due to the integration of the operations upon acquisition. During the three and nine months ended September 30, 2022, the Company incurred immaterial amounts in transaction costs related to the acquisitions

described above. These costs have been included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Redeemable Noncontrolling Interest - Summary Of Redeemable Noncontrolling Interest (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Noncontrolling Interest [Abstract]
Balance at January 1, 2022	$ 3,746
Balance at September 30, 2022	$ 3,791

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Goodwill and Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]
Gross Carrying Value	$ 2,573,583	$ 2,593,311
Accumulated Amortization	1,527,927	1,390,808
Net Carrying Value	1,045,656	1,202,503
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	1,480,000	1,480,000
Indefinite-Lived Trade Names	695,000	695,000
Intangible Assets, Gross (Excluding Goodwill)	4,053,583	4,073,311
Other Intangible Assets Accumulated Amortization	1,527,927	1,390,808
Indefinite Lived Trade Names Impairment Charges	785,000	785,000
Intangible Assets Impairement Charges	785,000	785,000
Intangible Assets, Net (Including Goodwill)	$ 1,740,656	$ 1,897,503
Client relationships [Member]
Finite-lived Intangible Assets [Roll Forward]
Weighted Average Useful Life	14 years	14 years
Gross Carrying Value	$ 2,473,491	$ 2,488,802
Accumulated Amortization	1,471,093	1,338,381
Net Carrying Value	$ 1,002,398	$ 1,150,421
Trade names [Member]
Finite-lived Intangible Assets [Roll Forward]
Weighted Average Useful Life	10 years	10 years
Gross Carrying Value	$ 96,992	$ 97,009
Accumulated Amortization	55,874	47,986
Net Carrying Value	$ 41,118	$ 49,023
Developed technology [Member]
Finite-lived Intangible Assets [Roll Forward]
Weighted Average Useful Life	6 years	6 years
Gross Carrying Value	$ 3,100	$ 7,500
Accumulated Amortization	960	4,441
Net Carrying Value	$ 2,140	$ 3,059

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

4. Debt


	September 30,		December 31,
(in thousands)	2023		2022
Term Loan Facility	$	1,177,367	$	1,298,500
Notes		775,000		775,000
Government loans for COVID-19 relief		5,051		4,480
Other		950		1,207
Total long-term debt		1,958,368		2,079,187
Less: current portion		14,383		13,991
Less: debt issuance costs		33,972		42,377
Long-term debt, net of current portion	$	1,910,013	$	2,022,819

As of September 30, 2023, the Company had $1.18 billion of debt outstanding under the Term Loan Facility and $775.0 million of debt outstanding under the Notes (both as defined in the Annual Report on Form 10-K filed March 1, 2023 for the year ended December 31, 2022 (the “2022 Annual Report”)) with maturity dates of October 28, 2027 and November 15, 2028, respectively. Term Loan Facility bears interest at a floating rate of Term SOFR plus an applicable margin of 4.50% per annum, subject to additional spread adjustment on SOFR ranging from 0.11% to 0.26%. Interest on the Notes is payable semi-annually in arrears at a rate of 6.50% per annum.

The Company was in compliance with all of its affirmative and negative covenants under the Term Loan Facility and Notes as of September 30, 2023. In addition, the Company is required to repay the principal under the Term Loan Facility in the greater amount of its excess cash flow, as such term is defined in the agreement governing the Term Loan Facility, or $13.3 million, per annum, in quarterly payments. The Company made the minimum quarterly principal payments of $3.3 million and $9.9 million during the three and nine months ended September 30, 2023 and 2022, respectively. No payments under the excess cash flow calculation were required in such periods. In May 2023 (the “Second Lien Amendment Effective Date”), the Company amended the Term Loan Facility to replace the U.S. Dollar LIBOR provisions with SOFR, effective June 30, 2023.

The Company voluntarily repurchased an aggregate of $56.8 million and $111.2 million principal amount of its Term Loan Facility during the three and nine months ended September 30, 2023, respectively. The Company recognized a gain on the repurchase of an immaterial amount and $5.2 million for the three and nine months ended September 30, 2023, respectively, as a component of “Interest expense, net” in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

As of September 30, 2023, the Company had no borrowings under the Revolving Credit Facility (as defined in the 2022 Annual Report). All borrowings under the Revolving Credit Facility are subject to the satisfaction of certain customary conditions. Borrowings under the credit agreement bear interest at a floating rate, which at the option may be either (i) a base rate or Canadian Prime Rate plus an applicable margin of 0.75%, 1.00%, or 1.25%

per annum or (ii) Term SOFR or Alternative Currency Spread plus an applicable margin of 1.75%, 2.00% or 2.25% per annum. The Company is required to pay a commitment fee ranging from 0.250% to 0.375% per annum in respect of the average daily unused commitments under the Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Stock Based Compensation - Schedule Of Assumption Used To Determine Fair Value (Details) - Employee Stock Option [Member] - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Price	$ 2.13	$ 5.99
Exercise price	$ 6.05	$ 5.99
Dividend yield	0.00%	0.00%
Expected volatility	40.00%	30.00%
Risk-free interest rate	3.50%	2.00%
Expected term	6 years 6 months	6 years 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Organization and Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Advantage Solutions Inc. (the “Company”) is a provider of outsourced solutions to consumer goods companies and retailers. The Company’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol “ADV” and warrants to purchase the Class A common stock at an exercise price of $11.50 per share are listed on the Nasdaq Global Select Market under the symbol “ADVWW”.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The unaudited condensed consolidated financial statements do not include all of the information required by accounting principles generally accepted in the United States (“GAAP”). The Condensed Consolidated Balance Sheet at December 31, 2022 was derived from the audited Consolidated Balance Sheet at that date and does not include all the disclosures required by GAAP. In the opinion of management, all adjustments which are of a normal recurring nature and necessary for a fair statement of the results as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been reflected in the condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022 and the related footnotes thereto. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period.

Certain prior period balances have been reclassified to conform to the current Consolidated Statements of Cash Flows. These reclassifications had no impact on previously reported Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive (Loss) Income, and Consolidated Statements of Stockholders’ Equity.

Revenue Recognition

The Company recognizes revenue when control of promised goods or services are transferred to the client in an amount that reflects the consideration that the Company expects to be entitled to in exchange for such goods or services. Substantially all of the Company’s contracts with clients involve the transfer of a service to the client, which represents a performance obligation that is satisfied over time because the client simultaneously receives and consumes the benefits of the services provided. In most cases, the contracts provide for a performance obligation that is comprised of a series of distinct services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service). For these contracts, the Company allocates the ratable portion of the consideration based on the services provided in each period of service to such period.

Revenues related to the sales segment are primarily recognized in the form of commissions, fee-for-service, or on a cost-plus basis for providing headquarter relationship management, analytics, insights and intelligence services, administrative services, retail merchandising services, retailer-client relationships and in-store media programs, and digital technology solutions (which include business intelligence solutions, e-commerce services, and content services).

Marketing segment revenues are primarily recognized in the form of fee-for-service (including retainer fees, fees charged to clients based on hours incurred, project-based fees, or fees for executing in-person consumer engagements or experiences, which engagements or experiences the Company refers to as “events”), commissions, or on a cost-plus basis for providing experiential marketing, shopper and consumer marketing services, private label development and digital, social, and media services.

The Company disaggregates revenues from contracts with clients by reportable segment. Revenues within each segment are further disaggregated between brand-centric services and retail-centric services. Brand-centric services are centered on providing solutions to support manufacturers’ sales and marketing strategies. Retail-centric services are centered on providing solutions to retailers.

Disaggregated revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
(in thousands)
Sales brand-centric services	$	352,197	$	343,478	$	1,033,629	$	1,005,707
Sales retail-centric services		276,349		302,768		808,089		836,640
Total sales revenues		628,546		646,246		1,841,718		1,842,347
Marketing brand-centric services		137,026		143,241		395,770		393,155
Marketing retail-centric services		330,487		261,608		907,609		711,477
Total marketing revenues		467,513		404,849		1,303,379		1,104,632
Total revenues	$	1,096,059	$	1,051,095	$	3,145,097	$	2,946,979

Contract liabilities represent deferred revenues which are cash payments that are received in advance of the Company’s satisfaction of the applicable obligation and are included in Deferred revenues in the Condensed Consolidated Balance Sheets. Deferred revenues are recognized as revenues when the related services are performed for the client. Revenues recognized during the three and nine months ended September 30, 2023 that were included in Deferred revenues as of December 31, 2022 were $3.8 million and $21.9 million, respectively. Revenues recognized during the three and nine months ended September 30, 2022 that were included in Deferred revenues as of December 31, 2021 were $1.4 million and $29.2 million, respectively.

Debt - Summary of Long term Debt, Net of Current Portion (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Debt carrying amount	$ 1,958,368	$ 2,079,187
Less: current portion	14,383	13,991
Less: debt issuance costs	33,972	42,377
Long-term debt, net of current portion	1,910,013	2,022,819
Term Loan Facility [Member]
Debt Disclosure [Line Items]
Debt carrying amount	1,177,367	1,298,500
Notes [Member]
Debt Disclosure [Line Items]
Debt carrying amount	775,000	775,000
Government loans for COVID-19 relief
Debt Disclosure [Line Items]
Debt carrying amount	5,051	4,480
Other [Member]
Debt Disclosure [Line Items]
Debt carrying amount	$ 950	$ 1,207

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (78,106)	$ 44,437
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Noncash interest income	(12,630)	(41,092)
Amortization of deferred financing fees	6,387	6,673
Depreciation and amortization	170,307	173,997
Change in fair value of warrant liability	587	(21,456)
Fair value adjustments related to contingent consideration	11,591	5,448
Deferred income taxes	(56,716)	(28,561)
Equity-based compensation of Karman Topco L.P.	(3,278)	(7,142)
Stock-based compensation	32,510	29,906
Equity in earnings of unconsolidated affiliates	(4,132)	(6,480)
Distribution received from unconsolidated affiliates	1,611	1,339
Loss on sale of businesses	20,208	2,953
Gain on repurchases of Term Loan Facility debt	(5,241)	0
Loss on disposal of property and equipment	782	608
Changes in operating assets and liabilities, net of effects from divestitures and purchases of businesses:
Accounts receivable, net	34,095	(45,383)
Prepaid expenses and other assets	47,635	(45,087)
Accounts payable	(5,731)	(7,914)
Accrued compensation and benefits	(14,757)	(26,316)
Deferred revenues	13,652	(156)
Other accrued expenses and other liabilities	21,938	46,176
Net cash provided by operating activities	180,712	81,950
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of businesses, net of cash acquired	0	(74,146)
Purchase of investment in unconsolidated affiliates	(3,023)	(775)
Purchase of property and equipment	(29,658)	(30,037)
Proceeds from divestitures	12,763	1,896
Proceeds from sale of investment in unconsolidated affiliates	4,428	0
Net cash used in investing activities	(15,490)	(103,062)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under lines of credit	77,884	140,599
Payments on lines of credit	(77,222)	(139,684)
Proceeds from government loans for COVID-19 relief	1,339	0
Principal payments on long-term debt	(10,172)	(10,427)
Repurchases of Term Loan Facility debt	(103,954)	0
Proceeds from issuance of common stock	2,248	3,320
Payments for taxes related to net share settlement under 2020 Incentive Award Plan	(1,277)	0
Contingent consideration payments	(1,867)	(23,164)
Holdback payments	(1,598)	(8,557)
Contribution from noncontrolling interest	0	5,217
Redemption of noncontrolling interest	(154)	(224)
Net cash used in financing activities	(114,773)	(32,920)
Net effect of foreign currency changes on cash	(1,362)	(12,311)
Net change in cash, cash equivalents and restricted cash	49,087	(66,343)
Cash, cash equivalents and restricted cash, beginning of period	138,532	180,637
Cash, cash equivalents and restricted cash, end of period	187,619	114,294
SUPPLEMENTAL CASH FLOW INFORMATION
Purchase of property and equipment recorded in accounts payable and accrued expenses	$ 437	$ 1,409

Stock-Based Compensation - Summary of Stock Option Under the plan (Details) - Employee Stock Option [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance \| shares	2,115,664
Number of shares, Granted \| shares	16,400,000
Number of shares, Forfeited \| shares	(1,410,443)
Cancelled/Expired \| shares	(315,221)
Ending balance \| shares	16,790,000
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 3.92
Weighted Average Grant Date Fair Value, Granted \| $ / shares	6.05
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	3.92
Weighted Average Grant Date Fair Value, Cancelled/Expired \| $ / shares	5.99
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 5.96

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

Changes in goodwill for the nine months ended September 30, 2023 are as follows:


	Sales			Marketing			Total
(in thousands)
Balance at January 1, 2022	$	1,492,771		$	713,233		$	2,206,004
Acquisitions		5,732			52,855			58,587
Measurement period adjustments		(392	)		—			(392	)
Impairment charge		(1,275,719	)		(91,804	)		(1,367,523	)
Foreign exchange translation effects		(8,727	)		—			(8,727	)
Balance at December 31, 2022		213,665			674,284			887,949
Measurement period adjustments		350			—			350
Divestitures		(1,664	)		—			(1,664	)
Foreign exchange translation effects		190			—			190
Balance at September 30, 2023	$	212,541		$	674,284		$	886,825

Accumulated impairment losses related to goodwill were $2,019.5 million as of September 30, 2023 and December 31, 2022, of which, $1,927.7 million and $91.8 million were for the Company's sales and marketing reporting units respectively.

The following tables set forth information for intangible assets:


		September 30, 2023
(amounts in thousands)	Weighted Average Useful Life	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Charges		Net Carrying Value
Finite-lived intangible assets:
Client relationships	14 years	$	2,473,491	$	1,471,093	$	—	$	1,002,398
Trade names	10 years		96,992		55,874		—		41,118
Developed technology	6 years		3,100		960		—		2,140
Total finite-lived intangible assets			2,573,583		1,527,927		—		1,045,656
Indefinite-lived intangible assets:
Trade names			1,480,000		—		785,000		695,000
Total other intangible assets		$	4,053,583	$	1,527,927	$	785,000	$	1,740,656


		December 31, 2022
(amounts in thousands)	Weighted Average Useful Life	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Charges		Net Carrying Value
Finite-lived intangible assets:
Client relationships	14 years	$	2,488,802	$	1,338,381	$	—	$	1,150,421
Trade names	10 years		97,009		47,986		—		49,023
Developed technology	6 years		7,500		4,441		—		3,059
Total finite-lived intangible assets			2,593,311		1,390,808		—		1,202,503
Indefinite-lived intangible assets:
Trade names			1,480,000		—		785,000		695,000
Total other intangible assets		$	4,073,311	$	1,390,808	$	785,000	$	1,897,503

Amortization of intangible assets was $49.2 million and $50.0 million for the three months ended September 30, 2023 and 2022, respectively, and $148.5 million and $150.9 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, estimated future amortization expense of the Company’s finite-lived intangible assets are as follows:


(in thousands)
Remainder of 2023	$	49,062
2024		195,570
2025		189,520
2026		185,527
2027		180,976
Thereafter		245,001
Total amortization expense	$	1,045,656

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5. Fair Value of Financial Instruments

The Company measures fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include: Level 1, defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table sets forth the Company’s financial assets and liabilities measured on a recurring basis at fair value, categorized by input level within the fair value hierarchy.


	September 30, 2023
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets measured at fair value
Derivative financial instruments	$	39,273	$	—	$	39,273	$	—
Total assets measured at fair value	$	39,273	$	—	$	39,273	$	—
Liabilities measured at fair value
Warrant liability	$	1,540	$	—	$	1,540	$	—
Contingent consideration liabilities		24,241		—		—		24,241
Total liabilities measured at fair value	$	25,781	$	—	$	1,540	$	24,241


	December 31, 2022
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets measured at fair value
Derivative financial instruments	$	47,493	$	—	$	47,493	$	—
Total assets measured at fair value	$	47,493	$	—	$	47,493	$	—
Liabilities measured at fair value
Warrant liability	$	953	$	—	$	953	$	—
Contingent consideration liabilities		20,334		—		—		20,334
Total liabilities measured at fair value	$	21,287	$	—	$	953	$	20,334

Interest Rate Cap Agreements

The Company had interest rate cap contracts with an aggregate notional value of principal of $650.0 million as of September 30, 2023 and December 31, 2022, respectively, from various financial institutions to manage the Company’s exposure to interest rate movements on variable rate credit facilities. The Company also had two interest rate collar contracts in an aggregate notional amount of $300.0 million with maturity dates of April 5, 2026.

The fair value of the Company’s outstanding interest rate caps and collars of $39.2 million and $47.5 million were included in “Prepaid expenses and other current assets” in the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, respectively, with changes in fair value recognized as a component of “Interest expense, net” in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

During the three months ended September 30, 2023 and 2022, the Company recorded a gain of $3.2 million and a gain of $14.5 million, respectively, within Interest expense, net, related to changes in the fair value of its derivative instruments. During the nine months ended September 30, 2023 and 2022, the Company recorded a gain

of $12.6 million and a gain of $41.1 million, respectively, within Interest expense, net, related to changes in the fair value of its derivative instruments.

Contingent Consideration Liabilities

During each reporting period, the Company measures the fair value of its contingent consideration liabilities by evaluating the significant unobservable inputs and probability weightings using Monte Carlo simulations. Any resulting decreases or increases in the fair value result in a corresponding gain or loss reported in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

As of September 30, 2023, the maximum potential payment outcomes were $76.1 million. The following table summarizes the changes in the carrying value of estimated contingent consideration liabilities:


	September 30,
(in thousands)	2023			2022
Beginning of the period	$	20,334		$	58,366
Fair value of acquisitions		—			510
Changes in fair value		11,591			5,448
Payments		(7,684	)		(23,164	)
Foreign exchange translation effects		—			(729	)
End of the period	$	24,241		$	40,431

Long-term Debt

The following table sets forth the carrying values and fair values of the Company’s financial liabilities measured on a recurring basis, categorized by input level within the fair value hierarchy:


(in thousands)	Carrying Value		Fair Value (Level 2)
Balance at September 30, 2023
Term Loan Facility	$	1,177,367	$	1,229,409
Notes		775,000		748,065
Government loans for COVID-19 relief		5,051		4,429
Other		950		950
Total long-term debt	$	1,958,368	$	1,982,853


(in thousands)	Carrying Value		Fair Value (Level 2)
Balance at December 31, 2022
Term Loan Facility	$	1,298,500	$	1,372,125
Notes		775,000		736,517
Government loans for COVID-19 relief		4,480		4,723
Other		1,207		1,207
Total long-term debt	$	2,079,187	$	2,114,572

Investment in Unconsolidated Affiliates

During the third quarter of 2023, the Company recorded other-than-temporary impairment charges of $2.7 million in “Selling, general, and administrative expenses” in the Consolidated Statements of Operations and Comprehensive (Loss) Income related to an equity method investee. The Company determined that the decline in fair value was other than temporary in nature based on the extent to which the market value of the Company’s

equity investment was determined to be less than its carrying value and the financial condition and near-term prospects for its recovery in the market value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, net of allowances	$ 32,682	$ 22,752
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	3,290,000,000	3,290,000,000
Common stock, shares issued	325,774,637	319,690,300
Common stock, shares outstanding	325,774,637	319,690,300
Treasury Stock, Common, Shares	1,610,014	1,610,014

Organization and Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative
Contract with customers liability revenue recognised	$ 3.8	$ 1.4	$ 21.9	$ 29.2
Warrant [Member] \| ADV \| ADVWW
Collaborative Arrangement and Arrangement Other than Collaborative
Class of warrant or right exercise price of warrants or rights	$ 11.5		$ 11.5
Common Class A [Member]
Collaborative Arrangement and Arrangement Other than Collaborative
Class of warrant or right exercise price of warrants or rights	$ 11.5	$ 11.5	$ 11.5	$ 11.5

Divestitures and Acquisitions - Schedule of Fair Values of Identifiable Assets and Liabilities of Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Liabilities
Goodwill arising from acquisitions	$ 886,825		$ 887,949	$ 2,206,004
2022 Acquisitions
Consideration:
Cash	74,100	$ 74,146
Holdbacks		810
Fair value of contingent consideration		510
Purchase price	75,500	75,466
Identifiable intangible assets	25,546	25,546
Assets
Accounts receivable		9,409
Other assets		3,446
Identifiable intangible assets	$ 25,546	25,546
Total assets		38,401
Liabilities
Accounts payable		7,363
Deferred tax liabilities and other		8,744
Total liabilities		16,107
Total identifiable net assets		19,333
Redeemable noncontrolling interest		1,987
Noncontrolling interest		974
Goodwill arising from acquisitions		$ 56,133
2022 Acquisitions \| Client relationships [Member]
Consideration:
Weighted Average Useful Life	6 years
Identifiable intangible assets	$ 24,413
Assets
Identifiable intangible assets	$ 24,413
2022 Acquisitions \| Trade names [Member]
Consideration:
Weighted Average Useful Life	10 years
Identifiable intangible assets	$ 1,133
Assets
Identifiable intangible assets	$ 1,133

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (24,338)	$ 21,059	$ (80,687)	$ 43,395

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segments

8. Segments

The Company’s operations are organized into two reportable segments: sales and marketing. The operating segments reported below are the segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the chief operating decision maker (i.e., the Company’s Chief Executive Officer) in deciding how to allocate resources and in assessing performance. Through the Company’s sales segment, the Company serves as a strategic intermediary between consumer goods manufacturers and retailer partners and performs critical merchandising services on behalf of both consumer goods manufacturers and retailer partners. Through the Company’s marketing segment, the Company develops and executes marketing programs for consumer goods manufacturers and retailers. These reportable segments are organized by the types of services provided, similar economic characteristics, and how the Company manages its business. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; therefore, no additional information is produced or included herein. The Company and its chief operating decision maker evaluate performance based on revenues and operating (loss) income.


(in thousands)	Sales		Marketing		Total
Three Months Ended September 30, 2023
Revenues	$	628,546	$	467,513	$	1,096,059
Depreciation and amortization	$	38,896	$	17,569	$	56,465
Operating income	$	5,995	$	9,988	$	15,983
Three Months Ended September 30, 2022
Revenues	$	646,246	$	404,849	$	1,051,095
Depreciation and amortization	$	39,798	$	17,987	$	57,785
Operating income	$	31,765	$	15,077	$	46,842


(in thousands)	Sales		Marketing		Total
Nine Months Ended September 30, 2023
Revenues	$	1,841,718	$	1,303,379	$	3,145,097
Depreciation and amortization	$	118,100	$	52,207	$	170,307
Operating income	$	8,972	$	21,026	$	29,998
Nine Months Ended September 30, 2022
Revenues	$	1,842,347	$	1,104,632	$	2,946,979
Depreciation and amortization	$	121,310	$	52,687	$	173,997
Operating income	$	65,915	$	32,217	$	98,132

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Significant Accounting Policies - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,096,059	$ 1,051,095	$ 3,145,097	$ 2,946,979
Sales Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	628,546	646,246	1,841,718	1,842,347
Marketing Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	467,513	404,849	1,303,379	1,104,632
Marketing Brand Centric Services [Member] \| Marketing Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	137,026	143,241	395,770	393,155
Marketing Retail Centric Services [Member] \| Marketing Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	330,487	261,608	907,609	711,477
Sales Brand Centric Services [Member] \| Sales Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	352,197	343,478	1,033,629	1,005,707
Sales Brand Retail Services [Member] \| Sales Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 276,349	$ 302,768	$ 808,089	$ 836,640

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 1,096,059	$ 1,051,095	$ 3,145,097	$ 2,946,979

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Entity Registrant Name	Advantage Solutions Inc.
Entity Central Index Key	0001776661
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	001-38990
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	DE
Entity Common Stock, Shares Outstanding		326,393,598
Entity Tax Identification Number	83-4629508
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	ADV
Security Exchange Name	NASDAQ
Entity Address, Address Line One	15310 Barranca Parkway
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	797-2900
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants exercisable for one share of Class A common stock at an exercise price of $11.50 per share
Trading Symbol	ADVWW
Security Exchange Name	NASDAQ

Divestitures and Acquisitions (Tables) - 2022 Acquisitions

9 Months Ended

Sep. 30, 2023

Business Acquisition [Line Items]

Schedule of Fair Values of Identifiable Assets and Liabilities of Acquisitions

The fair values of the identifiable assets and liabilities of the acquisitions completed during the nine months ended September 30, 2022, as of the applicable acquisition dates, are as follows:


(in thousands)
Consideration
Cash	$	74,146
Holdbacks		810
Fair value of contingent consideration		510
Total consideration	$	75,466
Recognized amounts of identifiable assets acquired and liabilities assumed:
Assets
Accounts receivable	$	9,409
Other assets		3,446
Identifiable intangible assets		25,546
Total assets		38,401
Liabilities
Accounts payable		7,363
Deferred tax liabilities and other		8,744
Total liabilities		16,107
Redeemable noncontrolling interest		1,987
Noncontrolling interest		974
Total identifiable net assets		19,333
Goodwill arising from acquisitions	$	56,133

Schedule of Fair Value and Estimated Useful Lives of Intangible Assets Acquired


(in thousands)	Amount		Weighted Average Useful Life
Client relationships	$	24,413	6 years
Trade names		1,133	10 years
Total identifiable intangible assets	$	25,546

Goodwill and Intangible Assets - Schedule of estimated future amortization expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2023	$ 49,062
2024	195,570
2025	189,520
2026	185,527
2027	180,976
Thereafter	245,001
Total amortization expense	$ 1,045,656	$ 1,202,503

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Litigation

The Company is involved in various legal matters that arise in the ordinary course of its business. Some of these legal matters purport or may be determined to be class and/or representative actions, or seek substantial damages, or penalties. The Company has accrued amounts in connection with certain legal matters, including with respect to certain of the matters described below. There can be no assurance, however, that these accruals will be sufficient to cover such matters or other legal matters or that such matters or other legal matters will not materially or adversely affect the Company’s financial position, liquidity, or results of operations. The Company is involved in various litigation and arbitration matters, including purported class or representative actions with respect to matters arising under the California Labor Code and Private Attorneys General Act, and commercial disputes with clients, vendors and third-party sellers of businesses. In April 2018, the Company acquired the business of Take 5 Media Group (“Take 5”). As a result of an investigation into that business in 2019 that identified certain misconduct, the Company terminated all operations of Take 5 in July 2019 and offered refunds to clients of collected revenues attributable to the period after the Company’s acquisition. The Company refers to the foregoing as the Take 5 Matter. The Company voluntarily disclosed to the United States Attorney’s Office and the Federal Bureau of Investigation certain misconduct occurring at Take 5. The Company intends to cooperate in this and any other governmental investigations that may arise in connection with the Take 5 Matter. In October 2022, an arbitrator made a final award in favor of the Company. The Company is currently unable to estimate if or when it will be able to collect any amounts associated with this arbitration. The Take 5 Matter may result in additional litigation against the Company, including lawsuits from clients, or governmental investigations, which may expose the Company to potential liability in excess of the amounts offered by the Company as refunds to Take 5 clients. The Company is currently unable to determine the amount of any potential liability, costs or expenses (above the amounts previously offered as refunds) that may result from any lawsuits or investigations associated with the Take 5 Matter or determine whether any such issues will have any future material adverse effect on the Company’s financial position, liquidity, or results of operations. In June 2023, the Company received $1.7 million in insurance proceeds with respect to the arbitration dispute involving the Take 5 Matter.

Subsequent Events - Additional Information (Details) $ in Millions	Oct. 31, 2023 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash consideration	$ 10.0

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

The Company calculates earnings per share using a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income attributable to stockholders of the Company by the weighted-average shares of common stock outstanding without the consideration for potential dilutive shares of common stock. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of performance stock units, restricted stock units, public and private placement warrants, the employee stock purchase plan and stock options. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding and the potential dilutive shares of common stock for the period determined using the treasury stock method. During periods of net loss, diluted loss per share is equal to basic loss per share because the antidilutive effect of potential common shares is disregarded.

The following is a reconciliation of basic and diluted net earnings per common share:


	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except share and earnings per share data)	2023			2022		2023			2022
Basic earnings per share computation:
Numerator:
Net (loss) income attributable to stockholders of Advantage Solutions Inc.	$	(24,338	)	$	21,059	$	(80,687	)	$	43,395
Denominator:
Weighted average common shares - basic		324,706,866			318,821,895		323,353,308			318,345,565
Basic (loss) earnings per common share	$	(0.07	)	$	0.07	$	(0.25	)	$	0.14
Diluted earnings per share computation:
Numerator:
Net (loss) income attributable to stockholders of Advantage Solutions Inc.	$	(24,338	)	$	21,059	$	(80,687	)	$	43,395
Denominator:
Weighted average common shares outstanding		324,706,866			318,821,895		323,353,308			318,345,565
Restricted and Performance Stock Units		—			602,566		—			496,968
Employee stock purchase plan and stock options		—			300,604		—			348,271
Weighted average common shares - diluted		324,706,866			319,725,065		323,353,308			319,190,804
Diluted (loss) earnings per common share	$	(0.07	)	$	0.07	$	(0.25	)	$	0.14

The Company had 18,578,321 warrants to purchase Class A common stock at $11.50 per share outstanding at September 30, 2023 and 2022, respectively, which have been excluded in the calculation of diluted earnings per common share, as the weighted average market price of the common stock during the three and nine months ended September 30, 2023 and 2022 did not exceed the exercise price of the warrants.

In accordance with the treasury method the weighted average shares outstanding assuming dilution include the incremental effect of stock-based awards, except when such effect would be antidilutive. Stock-based awards in accordance with the treasury stock method were 8.7 million and 4.0 million during the three and nine months ended September 30, 2023, respectively, but were not included in the computation of diluted loss per common share, because the net loss position of the Company made them antidilutive. In addition, PSUs related to 7.3 million shares assuming achievement of the Target Goals were outstanding for the nine months ended September 30, 2023 and 2022, respectively, but were not included in the computation of diluted (loss) earnings per common share, as the performance targets were not yet met during the nine months ended September 30, 2023 and 2022, respectively.

Divestitures and Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses		$ 12,763	$ 1,896
Period of settlement of holdback consideration		18 months
2022 Acquisitions
Business Acquisition [Line Items]
Purchase price		$ 75,500	75,466
Cash paid for business acquisition		74,100	74,146
Contingent consideration		500
Business combination holdback consideration payable		800
Business acquisition, maximum contingent consideration		1,600
Business Acquisition, Goodwill, Expected Tax Deductible Amount		$ 800
Ownership interest		70.00%
Business Combination Redeemable Non controlling Interest		20.00%
Bsuiness combination revenue of the acquiree since acquisition date	$ 12,800		$ 21,300
2022 Acquisitions \| 12% noncontrolling interest
Business Acquisition [Line Items]
Minority interest ownership percentage		12.00%
Business combination noncontrolling interest		12.00%
2022 Acquisitions \| 18% noncontrolling interest
Business Acquisition [Line Items]
Minority interest ownership percentage		18.00%
Business combination noncontrolling interest		8.00%
Sales Reporting Unit Disposal Group [Member]
Business Acquisition [Line Items]
Assets held for sale and received		$ 12,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Business Acquisition [Line Items]
Loss on the sale		$ 17,500

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Long term Debt, Net of Current Portion


	September 30,		December 31,
(in thousands)	2023		2022
Term Loan Facility	$	1,177,367	$	1,298,500
Notes		775,000		775,000
Government loans for COVID-19 relief		5,051		4,480
Other		950		1,207
Total long-term debt		1,958,368		2,079,187
Less: current portion		14,383		13,991
Less: debt issuance costs		33,972		42,377
Long-term debt, net of current portion	$	1,910,013	$	2,022,819

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Summarizes the Changes in the Carrying Value of Estimated Contingent Consideration Liabilities

The following table summarizes the changes in the carrying value of estimated contingent consideration liabilities:


	September 30,
(in thousands)	2023			2022
Beginning of the period	$	20,334		$	58,366
Fair value of acquisitions		—			510
Changes in fair value		11,591			5,448
Payments		(7,684	)		(23,164	)
Foreign exchange translation effects		—			(729	)
End of the period	$	24,241		$	40,431

Summary of Financial Liabilities Measured on Recurring Basis

The following table sets forth the carrying values and fair values of the Company’s financial liabilities measured on a recurring basis, categorized by input level within the fair value hierarchy:


(in thousands)	Carrying Value		Fair Value (Level 2)
Balance at September 30, 2023
Term Loan Facility	$	1,177,367	$	1,229,409
Notes		775,000		748,065
Government loans for COVID-19 relief		5,051		4,429
Other		950		950
Total long-term debt	$	1,958,368	$	1,982,853


(in thousands)	Carrying Value		Fair Value (Level 2)
Balance at December 31, 2022
Term Loan Facility	$	1,298,500	$	1,372,125
Notes		775,000		736,517
Government loans for COVID-19 relief		4,480		4,723
Other		1,207		1,207
Total long-term debt	$	2,079,187	$	2,114,572

Fair Value, Recurring [Member]

Summary of Financial Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities measured on a recurring basis at fair value, categorized by input level within the fair value hierarchy.


	September 30, 2023
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets measured at fair value
Derivative financial instruments	$	39,273	$	—	$	39,273	$	—
Total assets measured at fair value	$	39,273	$	—	$	39,273	$	—
Liabilities measured at fair value
Warrant liability	$	1,540	$	—	$	1,540	$	—
Contingent consideration liabilities		24,241		—		—		24,241
Total liabilities measured at fair value	$	25,781	$	—	$	1,540	$	24,241


	December 31, 2022
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets measured at fair value
Derivative financial instruments	$	47,493	$	—	$	47,493	$	—
Total assets measured at fair value	$	47,493	$	—	$	47,493	$	—
Liabilities measured at fair value
Warrant liability	$	953	$	—	$	953	$	—
Contingent consideration liabilities		20,334		—		—		20,334
Total liabilities measured at fair value	$	21,287	$	—	$	953	$	20,334

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company’s effective tax rates were 16.1% and 4.7% for the three months ended September 30, 2023 and 2022, respectively. The effective tax rate is based upon the estimated income or loss before taxes for the year, by jurisdiction, and adjusted for estimated permanent tax adjustments. The fluctuation in the Company’s effective tax rate was primarily due to the three month pretax book income/loss differences and the remeasurement of deferred tax liability of $5.0 million due to the state tax rate change for the three months ended September 30, 2022.

The Company’s effective tax rates were 13.7% and 20.6% for the nine months ended September 30, 2023 and 2022, respectively. The fluctuation in the Company’s effective tax rate was primarily due to a difference in projected book income/loss used in the annual effective tax rate, the nine month pretax book income/loss differences, the application of the shortfall of $4.5 million of stock-based compensation for the nine months ended September 30, 2023 compared to the shortfall of $2.4 million of stock-based compensation for the nine months ended September 30, 2022, and the remeasurement of deferred tax liability of $5.0 million due to the state tax rate change for the nine months ended September 30, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Summary of stock-based compensation expense and equity-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation before tax			$ 32,510	$ 29,906
2020 Incentive Award Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted share-based unit awards	$ 6,728	$ 7,023	19,476	18,297
Total share-based compensation before tax	10,074	6,704	28,843	27,018
Share Based Compensation Arrangement ByShare Based Payment Award Restricted Value Other	3,346	(319)	9,367	8,721
Tax Benefit	2,432	1,457	6,729	5,986
Total share-based compensation expense included in net income	$ 7,642	$ 5,247	$ 22,114	$ 21,032

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value of Financial Instruments - Summarizes the Changes in the Carrying Value of Estimated Contingent Consideration Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Beginning of the period	$ 20,334	$ 58,366
Fair value of acquisitions	0	510
Changes in fair value	11,591	5,448
Measurement period adjustments	(7,684)	(23,164)
Foreign exchange translation effects	0	(729)
End of the period	$ 24,241	$ 40,431

Debt - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Short-Term Debt [Line Items]
Repayment of minimum quarterly principal payments			$ 77,222,000	$ 139,684,000
Gain on repurchase of debt instrument	$ 5,200,000		5,200,000
Term Loan Facility [Member]
Short-Term Debt [Line Items]
Line of credit outstanding	1,180,000,000		$ 1,180,000,000
Line of Credit maturity date			Oct. 28, 2027
Line of credit facility periodic payment principal			$ 13,300,000
Repayment of minimum quarterly principal payments	$ 3,300,000	$ 9,900,000	$ 3,300,000	$ 9,900,000
Debt instrument terms of interest payment			Interest on the Notes is payable semi-annually in arrears
Rate of interest	6.50%		6.50%
Debt instrument repurchased amount	$ 56,800,000		$ 111,200,000
Revolving Credit Facility [Member]
Short-Term Debt [Line Items]
Line of credit facility remaining borrowing capacity	0		$ 0
Fee Percentage One [Member] \| Revolving Credit Facility [Member]
Short-Term Debt [Line Items]
Line of credit unused commitment fee percentage			0.25%
Fee Percentage Two [Member] \| Revolving Credit Facility [Member]
Short-Term Debt [Line Items]
Line of credit unused commitment fee percentage			0.375%
Floating Rate of Term SOFR [Member] \| Term Loan Facility [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			4.50%
Base Rate or Canadian Prime Rate plus [Member] \| Variable Interest Rate Spread One [Member] \| Revolving Credit Facility [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			1.00%
Base Rate or Canadian Prime Rate plus [Member] \| Variable Interest Rate Spread One [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			0.75%
Base Rate or Canadian Prime Rate plus [Member] \| Variable Interest Rate Spread One [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			1.25%
SOFR or Alternative Currency Spread plus [Member] \| Variable Interest Rate Spread One [Member] \| Revolving Credit Facility [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			2.00%
SOFR or Alternative Currency Spread plus [Member] \| Variable Interest Rate Spread One [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			1.75%
SOFR or Alternative Currency Spread plus [Member] \| Variable Interest Rate Spread One [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			2.25%
SOFR [Member] \| Term Loan Facility [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			0.11%
SOFR [Member] \| Term Loan Facility [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Debt instrument, base rate margin			0.26%
Senior Secured Notes [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date			Nov. 15, 2028
Long term debt outstanding amount	$ 775,000,000		$ 775,000,000

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Insurance proceeds	$ 1.7

Segments - Summary Of Revenue And Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 1,096,059	$ 1,051,095	$ 3,145,097	$ 2,946,979
Depreciation and amortization	56,465	57,785	170,307	173,997
Operating income	15,983	46,842	29,998	98,132
Sales [Member]
Segment Reporting Information [Line Items]
Revenues	628,546	646,246	1,841,718	1,842,347
Depreciation and amortization	38,896	39,798	118,100	121,310
Operating income	5,995	31,765	8,972	65,915
Marketing [Member]
Segment Reporting Information [Line Items]
Revenues	467,513	404,849	1,303,379	1,104,632
Depreciation and amortization	17,569	17,987	52,207	52,687
Operating income	$ 9,988	$ 15,077	$ 21,026	$ 32,217

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 171,354	$ 120,715
Restricted cash	16,265	17,817
Accounts receivable, net of allowance for expected credit losses of $32,682 and $22,752, respectively	827,845	869,000
Prepaid expenses and other current assets	103,125	149,476
Total current assets	1,118,589	1,157,008
Property and equipment, net	78,100	70,898
Goodwill	886,825	887,949
Other intangible assets, net	1,740,656	1,897,503
Investments in unconsolidated affiliates	126,991	129,491
Other assets	106,350	119,522
Total assets	4,057,511	4,262,371
Current liabilities
Current portion of long-term debt	14,383	13,991
Accounts payable	250,476	261,464
Accrued compensation and benefits	139,096	154,744
Other accrued expenses	179,122	133,173
Deferred revenues	50,830	37,329
Total current liabilities	633,907	600,701
Long-term debt, net of current portion	1,910,013	2,022,819
Deferred income tax liabilities	240,061	297,874
Other long-term liabilities	93,439	111,507
Total liabilities	2,877,420	3,032,901
Commitments And Contingencies (Note 9)
Redeemable noncontrolling interest	3,791	3,746
Equity attributable to stockholders of Advantage Solutions Inc.
Common stock, $0.0001 par value, 3,290,000,000 shares authorized; 325,774,637 and 319,690,300 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	32	32
Additional paid in capital	3,438,342	3,408,836
Accumulated deficit	(2,327,796)	(2,247,109)
Loans to Karman Topco L.P.	(6,381)	(6,363)
Accumulated other comprehensive loss	(19,312)	(18,849)
Treasury stock, at cost; 1,610,014 shares as of September 30, 2023 and December 31, 2022, respectively	(12,567)	(12,567)
Total equity attributable to stockholders of Advantage Solutions Inc.	1,072,318	1,123,980
Nonredeemable noncontrolling interest	103,982	101,744
Total stockholders' equity	1,176,300	1,225,724
Total liabilities, redeemable noncontrolling interest, and stockholders' equity	$ 4,057,511	$ 4,262,371

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Maximum credit loss exposure	$ 76,100,000		$ 76,100,000
Impairment charges	2,700,000
Change in fair value of warrant liability	$ 586,000	$ (1,100,000)	$ 587,000	$ (21,456,000)
Interest Rate Cap [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Gain (loss) related to changes in fair values of the forward contracts, Statement of Operations and Comprehensive Income [Extensible Enumeration]	Interest expense, net	Interest expense, net	Interest expense, net	Interest expense, net
Gain (loss) related to changes in fair values of the forward contracts	$ 3,200	$ 14,500	$ 12,600	$ 41,100
Derivative, notional amount	650,000,000		650,000,000		$ 650,000,000
Interest Rate Collar [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, notional amount	300,000,000		300,000,000
Prepaid Expenses and Other Current Assets [Member] \| Interest Rate Cap [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fair value of outstanding interest rate caps	$ 39,200		$ 39,200		$ 47,500,000

Organization and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Revenue Recognition

Disaggregated revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
(in thousands)
Sales brand-centric services	$	352,197	$	343,478	$	1,033,629	$	1,005,707
Sales retail-centric services		276,349		302,768		808,089		836,640
Total sales revenues		628,546		646,246		1,841,718		1,842,347
Marketing brand-centric services		137,026		143,241		395,770		393,155
Marketing retail-centric services		330,487		261,608		907,609		711,477
Total marketing revenues		467,513		404,849		1,303,379		1,104,632
Total revenues	$	1,096,059	$	1,051,095	$	3,145,097	$	2,946,979

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Loans to Parent	Accumulated Other Comprehensive Income (Loss)	Advantage Solutions Inc. Stockholders' Equity	Nonredeemable noncontrolling Interests
Balance at Dec. 31, 2021	$ 2,580,401	$ 32	$ (12,567)	$ 3,373,278	$ (866,607)	$ (6,340)	$ (4,479)	$ 2,483,317	$ 97,084
Balance, Shares at Dec. 31, 2021		316,963,552	1,610,014
Net (loss) income	44,313				43,395			43,395	918
Foreign currency translation adjustments	(38,124)						(25,499)	(25,499)	(12,625)
Total comprehensive (loss) income	6,189							17,896	(11,707)
Interest on loans to Karman Topco L.P.	(17)					(17)		(17)
Increase in noncontrolling interest	6,191								6,191
Equity-based compensation of Karman Topco L.P.	(7,142)			(7,142)				(7,142)
Shares issued under Employee Stock Purchase Plan	3,320			3,320				3,320
Shares issued under 2020 Employee Stock Purchase Plan, Shares		713,213
Shares issued under 2020 Incentive Award Plan, Shares		1,999,123
Stock-based compensation expense	29,021			29,021				29,021
Balance at Sep. 30, 2022	2,617,963	$ 32	$ (12,567)	3,398,477	(823,212)	(6,357)	(29,978)	2,526,395	91,568
Balance, Shares at Sep. 30, 2022		319,675,888	1,610,014
Balance at Jun. 30, 2022	2,601,489	$ 32	$ (12,567)	3,390,899	(844,271)	(6,351)	(16,362)	2,511,380	90,109
Balance, Shares at Jun. 30, 2022		318,465,449	1,610,014
Net (loss) income	23,151				21,059			21,059	2,092
Foreign currency translation adjustments	(20,440)						(13,616)	(13,616)	(6,824)
Total comprehensive (loss) income	2,711							7,443	(4,732)
Interest on loans to Karman Topco L.P.	(6)					(6)		(6)
Increase in noncontrolling interest	6,191								6,191
Equity-based compensation of Karman Topco L.P.	(828)			(828)				(828)
Shares issued under Employee Stock Purchase Plan	1,667			1,667				1,667
Shares issued under 2020 Employee Stock Purchase Plan, Shares		470,786
Shares issued under 2020 Incentive Award Plan, Shares		739,653
Stock-based compensation expense	6,739			6,739				6,739
Balance at Sep. 30, 2022	2,617,963	$ 32	$ (12,567)	3,398,477	(823,212)	(6,357)	(29,978)	2,526,395	91,568
Balance, Shares at Sep. 30, 2022		319,675,888	1,610,014
Balance at Dec. 31, 2022	1,225,724	$ 32	$ (12,567)	3,408,836	(2,247,109)	(6,363)	(18,849)	1,123,980	101,744
Balance, Shares at Dec. 31, 2022		319,690,300	1,610,014
Net (loss) income	(78,407)				(80,687)			(80,687)	2,280
Foreign currency translation adjustments	(505)						(463)	(463)	(42)
Total comprehensive (loss) income	(78,912)							(81,150)	2,238
Interest on loans to Karman Topco L.P.	(18)					(18)		(18)
Equity-based compensation of Karman Topco L.P.	(3,278)			(3,278)				(3,278)
Shares issued under Employee Stock Purchase Plan	2,248			2,248				2,248
Shares issued under 2020 Employee Stock Purchase Plan, Shares		1,241,440
Payments for taxes related to net share settlement under 2020 Incentive Award Plan	(1,277)			(1,277)				(1,277)
Shares issued under 2020 Incentive Award Plan, Shares		4,842,897
Stock-based compensation expense	31,813			31,813				31,813
Balance at Sep. 30, 2023	1,176,300	$ 32	$ (12,567)	3,438,342	(2,327,796)	(6,381)	(19,312)	1,072,318	103,982
Balance, Shares at Sep. 30, 2023		325,774,637	1,610,014
Balance at Jun. 30, 2023	1,197,606	$ 32	$ (12,567)	3,427,490	(2,303,458)	(6,375)	(13,603)	1,091,519	106,087
Balance, Shares at Jun. 30, 2023		324,481,143	1,610,014
Net (loss) income	(22,716)				(24,338)			(24,338)	1,622
Foreign currency translation adjustments	(9,436)						(5,709)	(5,709)	(3,727)
Total comprehensive (loss) income	(32,152)							(30,047)	(2,105)
Interest on loans to Karman Topco L.P.	(6)					(6)		(6)
Equity-based compensation of Karman Topco L.P.	209			209				209
Shares issued under Employee Stock Purchase Plan	1,055			1,055				1,055
Shares issued under 2020 Employee Stock Purchase Plan, Shares		566,464
Shares issued under 2020 Incentive Award Plan, Shares		727,030
Stock-based compensation expense	9,588			9,588				9,588
Balance at Sep. 30, 2023	$ 1,176,300	$ 32	$ (12,567)	$ 3,438,342	$ (2,327,796)	$ (6,381)	$ (19,312)	$ 1,072,318	$ 103,982
Balance, Shares at Sep. 30, 2023		325,774,637	1,610,014

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent EventsIn October 2023, the Company entered into an agreement and sold a business unit within its sales segment for cash consideration of $10.0 million subject to working capital and performance adjustments, which the transaction did not meet the criteria for held-for-sale classification as of September 30, 2023.

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Options exercised			0	0
Common stock, par or stated value per share	$ 0.0001		$ 0.0001			$ 0.0001
2020 Incentive Award Plan [Member]
Total share-based compensation expense included in net income	$ 7,642,000	$ 5,247,000	$ 22,114,000	$ 21,032,000
Share-Based Payment Arrangement, Expense, Tax Benefit	2,432,000	$ 1,457,000	6,729,000	$ 5,986,000
Unrecognized compensation expense			$ 7,100
Weighted-average period			3 years 9 months 18 days
Intrinsic value of all outstanding options	2,900		$ 2,900
Performance Stock Units [Member]
Vesting period			3 years
Percentage of performance objective applicable to Revenue objective					83.20%
Performance Stock Units [Member] \| Minimum [Member]
Vesting percentage			0.00%
Performance Stock Units [Member] \| Maximum [Member]
Vesting percentage			150.00%
Restricted Stock Units (RSUs) [Member]
Vesting period			3 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 57,400,000		$ 57,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			2 years 9 months 18 days

Organization and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disaggregation of Revenue

Disaggregated revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
(in thousands)
Sales brand-centric services	$	352,197	$	343,478	$	1,033,629	$	1,005,707
Sales retail-centric services		276,349		302,768		808,089		836,640
Total sales revenues		628,546		646,246		1,841,718		1,842,347
Marketing brand-centric services		137,026		143,241		395,770		393,155
Marketing retail-centric services		330,487		261,608		907,609		711,477
Total marketing revenues		467,513		404,849		1,303,379		1,104,632
Total revenues	$	1,096,059	$	1,051,095	$	3,145,097	$	2,946,979

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Reconciliation of Basic and Diluted Net Earnings Per Common Share

The following is a reconciliation of basic and diluted net earnings per common share:


	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except share and earnings per share data)	2023			2022		2023			2022
Basic earnings per share computation:
Numerator:
Net (loss) income attributable to stockholders of Advantage Solutions Inc.	$	(24,338	)	$	21,059	$	(80,687	)	$	43,395
Denominator:
Weighted average common shares - basic		324,706,866			318,821,895		323,353,308			318,345,565
Basic (loss) earnings per common share	$	(0.07	)	$	0.07	$	(0.25	)	$	0.14
Diluted earnings per share computation:
Numerator:
Net (loss) income attributable to stockholders of Advantage Solutions Inc.	$	(24,338	)	$	21,059	$	(80,687	)	$	43,395
Denominator:
Weighted average common shares outstanding		324,706,866			318,821,895		323,353,308			318,345,565
Restricted and Performance Stock Units		—			602,566		—			496,968
Employee stock purchase plan and stock options		—			300,604		—			348,271
Weighted average common shares - diluted		324,706,866			319,725,065		323,353,308			319,190,804
Diluted (loss) earnings per common share	$	(0.07	)	$	0.07	$	(0.25	)	$	0.14

Earnings Per Share - Summary of Reconciliation of Basic and Diluted Net Earnings (loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss)	$ (24,338)	$ 21,059	$ (80,687)	$ 43,395
Weighted average common shares-basic	324,706,866	318,821,895	323,353,308	318,345,565
Basic (loss) earnings per common share	$ (0.07)	$ 0.07	$ (0.25)	$ 0.14
Weighted-average number of common shares	324,706,866	318,821,895	323,353,308	318,345,565
Restricted and Performance Stock Units	0	602,566	0	496,968
Employee stock purchase plan and stock options	0	300,604	0	348,271
Weighted average common shares - diluted	324,706,866	319,725,065	323,353,308	319,190,804
Diluted earnings (loss) per common share	$ (0.07)	$ 0.07	$ (0.25)	$ 0.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Redeemable Noncontrolling Interest - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest	$ 3,791	$ 3,746

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

The Company has issued nonqualified stock options, restricted stock units, and performance restricted stock units under the Advantage Solutions Inc. 2020 Incentive Award Plan (the “Plan”). The Company’s restricted stock units and performance restricted stock units, as described below, are expensed and reported as non-vested shares. The Company recognized stock-based compensation expense and equity-based compensation expense associated with the Common Series C Units of Karman Topco L.P. as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2023		2022			2023		2022
Restricted share-based unit awards	$	6,728	$	7,023		$	19,476	$	18,297
Other share-based awards		3,346		(319	)		9,367		8,721
Total share-based compensation before tax		10,074		6,704			28,843		27,018
Tax benefit		2,432		1,457			6,729		5,986
Total share-based compensation expense included in net income	$	7,642	$	5,247		$	22,114	$	21,032

Performance Restricted Stock Units

Performance restricted stock units (“PSUs”) are subject to the achievement of certain performance conditions based on the Company’s revenues (“PSU Revenues”) and Adjusted EBITDA (“PSU EBITDA”) targets in the respective measurement period and the recipient’s continued service to the Company. The PSUs are scheduled to vest over a three-year period from the date of grant and may vest from 0% to 150% of the number of shares set forth in the table below. The number of PSUs earned shall be adjusted to be proportional to the partial performance between the Threshold Goals, Target Goals and Maximum Goals. Details for each aforementioned defined term for each grant have been provided in the table below.

During the first quarter of 2023, the Compensation Committee determined that the achievement of the performance objective applicable to the PSU EBITDA 2022 objective did not meet the minimum threshold and the achievement of the performance objective applicable to the PSU Revenues 2022 objective was 83.2% of Target Goals. The performance period for those awards ended on December 31, 2022 but remain subject to service-based vesting conditions.

The fair value of PSU grants was equal to the closing price of the Company's stock on the date of the applicable grant. The maximum potential expense if the Maximum Goals were met for these awards has been provided in the table below. Recognition of expense associated with performance-based stock is not permitted until achievement of the performance targets are probable of occurring. The measurement period is based on the twelve months of the respective fiscal year.


Measurement Period	Number of Shares Threshold		Number of Shares Target		Number of Shares Maximum		Weighted Average Fair Value per Share		Maximum Remaining Unrecognized Compensation Expense		Weighted-average remaining requisite service periods

(in thousands, except share and per share data)

2023		3,206,008		6,412,016		9,618,024	$	2.00	$	14,328,303		2.6 years
2022		524,956		524,956		524,956	$	5.37	$	1,076,358		1.6 years
2021		206,966		206,966		340,939	$	10.26	$	343,700		0.4 years

The following table summarizes the PSU activity for the nine months ended September 30, 2023:


	Performance Share Units			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		6,373,064		$	7.05
Granted		6,746,648		$	2.00
Distributed		(1,409,141	)	$	9.58
Forfeited		(1,263,235	)	$	5.73
PSU performance adjustment		(3,169,425	)	$	5.40
Outstanding at September 30, 2023		7,277,911		$	2.63

Restricted Stock Units

Restricted stock units (“RSUs”) are subject to the recipient’s continued service to the Company. The RSUs are generally scheduled to vest over three years and are subject to the provisions of the agreement under the Plan.

During the nine months ended September 30, 2023, the following activities involving RSUs occurred under the Plan:


	Number of RSUs			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		9,576,760		$	5.91
Granted		15,543,125		$	2.01
Distributed		(4,184,315	)	$	6.03
Forfeited		(2,032,916	)	$	3.64
Outstanding at September 30, 2023		18,902,654		$	2.92

As of September 30, 2023, the total remaining unrecognized compensation cost related to RSUs amounted to $57.4 million, which is expected to be amortized over the weighted-average remaining requisite service periods of 2.8 years.

Stock Options

During the nine months ended September 30, 2023, the following activities involving stock options occurred under the Plan:


	Stock Options			Weighted Average Exercise Price
Outstanding at January 1, 2023		2,115,664		$	3.92
Granted		16,400,000		$	6.05
Forfeited		(1,410,443	)	$	3.92
Cancelled/Expired		(315,221	)	$	5.99
Outstanding at September 30, 2023		16,790,000		$	5.96

The fair value of the employee stock options granted was estimated using the following weighted average assumptions for the nine months ended:


	September 30,
	2023			2022
Share price	$	2.13		$	5.99
Exercise price	$	6.05		$	5.99
Dividend yield		0.0	%		0.0	%
Expected volatility		40.0	%		30.0	%
Risk-free interest rate		3.5	%		2.0	%
Expected term		6.5 years			6.5 years

As of September 30, 2023, the Company had approximately $7.1 million of total unrecognized compensation expense related to stock options, net of related forfeiture estimates, which the Company expects to recognize over a weighted-average period of approximately 3.8 years. The aggregate intrinsic value of all outstanding options as of September 30, 2023 was $2.9 million. The intrinsic value of a stock option is the amount by which the market value of the underlying common stock exceeds the exercise price of the option. There were no options exercised during the nine months ended September 30, 2023 and 2022.

Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary Of Revenue And Operating Income

The Company and its chief operating decision maker evaluate performance based on revenues and operating (loss) income.


(in thousands)	Sales		Marketing		Total
Three Months Ended September 30, 2023
Revenues	$	628,546	$	467,513	$	1,096,059
Depreciation and amortization	$	38,896	$	17,569	$	56,465
Operating income	$	5,995	$	9,988	$	15,983
Three Months Ended September 30, 2022
Revenues	$	646,246	$	404,849	$	1,051,095
Depreciation and amortization	$	39,798	$	17,987	$	57,785
Operating income	$	31,765	$	15,077	$	46,842


(in thousands)	Sales		Marketing		Total
Nine Months Ended September 30, 2023
Revenues	$	1,841,718	$	1,303,379	$	3,145,097
Depreciation and amortization	$	118,100	$	52,207	$	170,307
Operating income	$	8,972	$	21,026	$	29,998
Nine Months Ended September 30, 2022
Revenues	$	1,842,347	$	1,104,632	$	2,946,979
Depreciation and amortization	$	121,310	$	52,687	$	173,997
Operating income	$	65,915	$	32,217	$	98,132

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transactions (Textual)
Revenues	$ 1,096,059	$ 1,051,095	$ 3,145,097	$ 2,946,979
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001		$ 0.0001
Majority-Owned Subsidiary, Nonconsolidated [Member]
Related Party Transactions (Textual)
Revenues	$ 6,900	$ 4,400	$ 15,200	$ 11,100
Accounts Receivable	2,800		2,800		$ 1,700
Client 1 [Member]
Related Party Transactions (Textual)
Revenues	1,200		3,200
Accounts Receivable	600		600
Client 2 [Member]
Related Party Transactions (Textual)
Revenues	4,000
Accounts Receivable	$ 2,600		$ 2,600

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Schedule of stock-based compensation expense and equity-based compensation expense

The Company recognized stock-based compensation expense and equity-based compensation expense associated with the Common Series C Units of Karman Topco L.P. as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2023		2022			2023		2022
Restricted share-based unit awards	$	6,728	$	7,023		$	19,476	$	18,297
Other share-based awards		3,346		(319	)		9,367		8,721
Total share-based compensation before tax		10,074		6,704			28,843		27,018
Tax benefit		2,432		1,457			6,729		5,986
Total share-based compensation expense included in net income	$	7,642	$	5,247		$	22,114	$	21,032

Summary of Performance Stock Units

Recognition of expense associated with performance-based stock is not permitted until achievement of the performance targets are probable of occurring. The measurement period is based on the twelve months of the respective fiscal year.


Measurement Period	Number of Shares Threshold		Number of Shares Target		Number of Shares Maximum		Weighted Average Fair Value per Share		Maximum Remaining Unrecognized Compensation Expense		Weighted-average remaining requisite service periods

(in thousands, except share and per share data)

2023		3,206,008		6,412,016		9,618,024	$	2.00	$	14,328,303		2.6 years
2022		524,956		524,956		524,956	$	5.37	$	1,076,358		1.6 years
2021		206,966		206,966		340,939	$	10.26	$	343,700		0.4 years

PSU[Member]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Summary of stock option plan activity

The following table summarizes the PSU activity for the nine months ended September 30, 2023:


	Performance Share Units			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		6,373,064		$	7.05
Granted		6,746,648		$	2.00
Distributed		(1,409,141	)	$	9.58
Forfeited		(1,263,235	)	$	5.73
PSU performance adjustment		(3,169,425	)	$	5.40
Outstanding at September 30, 2023		7,277,911		$	2.63

Restricted Stock Units (RSUs) [Member]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Summary of stock option plan activity

During the nine months ended September 30, 2023, the following activities involving RSUs occurred under the Plan:


	Number of RSUs			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		9,576,760		$	5.91
Granted		15,543,125		$	2.01
Distributed		(4,184,315	)	$	6.03
Forfeited		(2,032,916	)	$	3.64
Outstanding at September 30, 2023		18,902,654		$	2.92

Employee Stock Option

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Summary of stock option plan activity

During the nine months ended September 30, 2023, the following activities involving stock options occurred under the Plan:


	Stock Options			Weighted Average Exercise Price
Outstanding at January 1, 2023		2,115,664		$	3.92
Granted		16,400,000		$	6.05
Forfeited		(1,410,443	)	$	3.92
Cancelled/Expired		(315,221	)	$	5.99
Outstanding at September 30, 2023		16,790,000		$	5.96

Schedule Of Assumption Used To Determine Fair Value

The fair value of the employee stock options granted was estimated using the following weighted average assumptions for the nine months ended:


	September 30,
	2023			2022
Share price	$	2.13		$	5.99
Exercise price	$	6.05		$	5.99
Dividend yield		0.0	%		0.0	%
Expected volatility		40.0	%		30.0	%
Risk-free interest rate		3.5	%		2.0	%
Expected term		6.5 years			6.5 years

Stock Based Compensation - Summary of PSU Activity (Details) - Performance Shares [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance \| shares	6,373,064
Number of shares, Granted \| shares	6,746,648
Number of shares, Distributed \| shares	(1,409,141)
Number of shares, Forfeited \| shares	(1,263,235)
PSU performance adjustment \| shares	(3,169,425)
Ending balance \| shares	7,277,911
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 7.05
Weighted Average Grant Date Fair Value, Granted \| $ / shares	2
Weighted Average Grant Date Fair Value, Distributed \| $ / shares	9.58
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	5.73
Weighted Average Grant Date Fair Value, PSU performance adjustment \| $ / shares	5.4
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 2.63

Goodwill and Intangible Assets - Schedule of changes in goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Opening balance	$ 887,949	$ 2,206,004
Acquisitions		58,587
Measurement period adjustments	350	(392)
Impairment Charges		(1,367,523)
Divestitures	(1,664)
Foreign exchange translation effects	190	(8,727)
Closing balance	886,825	887,949
Sales [Member]
Goodwill [Line Items]
Opening balance	213,665	1,492,771
Acquisitions		5,732
Measurement period adjustments	350	(392)
Impairment Charges		(1,275,719)
Divestitures	(1,664)
Foreign exchange translation effects	190	(8,727)
Closing balance	212,541	213,665
Marketing [Member]
Goodwill [Line Items]
Opening balance	674,284	713,233
Acquisitions		52,855
Measurement period adjustments	0	0
Impairment Charges		(91,804)
Divestitures	0
Foreign exchange translation effects	0
Closing balance	$ 674,284	$ 674,284

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Stock option
Earnings Per Share [Line Items]
Antidiluted shares (in shares)	8,700,000	4,000,000
Performance Shares [Member]
Earnings Per Share [Line Items]
Antidiluted shares (in shares)		7,300,000	7,300,000
Common Class A [Member]
Earnings Per Share [Line Items]
Class of warrant or right exercise price of warrants or rights	$ 11.5	$ 11.5	$ 11.5
Common Class A [Member] \| Private Placement Warrants [Member]
Earnings Per Share [Line Items]
Number of warrants or rights outstanding	18,578,321	18,578,321	18,578,321

Stock-Based Compensation - Summary Of Stock Option Plan Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Stock-based Compensation [Line Items]
Beginning balance \| shares	9,576,760
Number of shares, Granted \| shares	15,543,125
Number of shares, Distributed \| shares	(4,184,315)
Number of shares, Forfeited \| shares	(2,032,916)
Ending balance \| shares	18,902,654
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 5.91
Weighted Average Grant Date Fair Value, Granted \| $ / shares	2.01
Weighted Average Grant Date Fair Value, Distributed \| $ / shares	6.03
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	3.64
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 2.92

Fair Value of Financial Instruments - Summary of Financial Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	$ 1,958,368	$ 2,079,187
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,982,853	2,114,572
Term Loan Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	1,177,367	1,298,500
Term Loan Credit Facility [Member] \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,229,409	1,372,125
Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	775,000	775,000
Notes [Member] \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	748,065	736,517
Government Loans for COVID-19 Relief Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	5,051	4,480
Government Loans for COVID-19 Relief Member \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,429	4,723
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	950	1,207
Other [Member] \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 950	$ 1,207

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary Of Changes In Goodwill

Changes in goodwill for the nine months ended September 30, 2023 are as follows:


	Sales			Marketing			Total
(in thousands)
Balance at January 1, 2022	$	1,492,771		$	713,233		$	2,206,004
Acquisitions		5,732			52,855			58,587
Measurement period adjustments		(392	)		—			(392	)
Impairment charge		(1,275,719	)		(91,804	)		(1,367,523	)
Foreign exchange translation effects		(8,727	)		—			(8,727	)
Balance at December 31, 2022		213,665			674,284			887,949
Measurement period adjustments		350			—			350
Divestitures		(1,664	)		—			(1,664	)
Foreign exchange translation effects		190			—			190
Balance at September 30, 2023	$	212,541		$	674,284		$	886,825

Summary Of Intangible Assets

The following tables set forth information for intangible assets:


		September 30, 2023
(amounts in thousands)	Weighted Average Useful Life	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Charges		Net Carrying Value
Finite-lived intangible assets:
Client relationships	14 years	$	2,473,491	$	1,471,093	$	—	$	1,002,398
Trade names	10 years		96,992		55,874		—		41,118
Developed technology	6 years		3,100		960		—		2,140
Total finite-lived intangible assets			2,573,583		1,527,927		—		1,045,656
Indefinite-lived intangible assets:
Trade names			1,480,000		—		785,000		695,000
Total other intangible assets		$	4,053,583	$	1,527,927	$	785,000	$	1,740,656


		December 31, 2022
(amounts in thousands)	Weighted Average Useful Life	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Charges		Net Carrying Value
Finite-lived intangible assets:
Client relationships	14 years	$	2,488,802	$	1,338,381	$	—	$	1,150,421
Trade names	10 years		97,009		47,986		—		49,023
Developed technology	6 years		7,500		4,441		—		3,059
Total finite-lived intangible assets			2,593,311		1,390,808		—		1,202,503
Indefinite-lived intangible assets:
Trade names			1,480,000		—		785,000		695,000
Total other intangible assets		$	4,073,311	$	1,390,808	$	785,000	$	1,897,503

Summary Of Estimated Future Amortization Expenses Of Finite Lived Intangible Assets

As of September 30, 2023, estimated future amortization expense of the Company’s finite-lived intangible assets are as follows:


(in thousands)
Remainder of 2023	$	49,062
2024		195,570
2025		189,520
2026		185,527
2027		180,976
Thereafter		245,001
Total amortization expense	$	1,045,656

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	16.10%	4.70%	13.70%	20.60%
Deferred tax liability due to state tax rate change		$ 5.0		$ 5.0
Shortfall of stock based compensation			$ 4.5	$ 2.4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 1,096,059	$ 1,051,095	$ 3,145,097	$ 2,946,979
Cost of revenues (exclusive of depreciation and amortization shown separately below)	947,546	908,523	2,740,347	2,536,256
Selling, general, and administrative expenses	76,065	37,945	204,445	138,594
Depreciation and amortization	56,465	57,785	170,307	173,997
Total operating expenses	1,080,076	1,004,253	3,115,099	2,848,847
Operating income	15,983	46,842	29,998	98,132
Other expenses (income):
Change in fair value of warrant liability	586	(1,100)	587	(21,456)
Interest expense, net	42,302	23,557	119,952	63,628
Total other expenses	42,888	22,457	120,539	42,172
(Loss) income before income taxes	(26,905)	24,385	(90,541)	55,960
(Benefit from) provision for income taxes	(4,323)	1,158	(12,435)	11,523
Net (loss) income	(22,582)	23,227	(78,106)	44,437
Less: net income attributable to noncontrolling interest	1,756	2,168	2,581	1,042
Net (loss) income attributable to stockholders of Advantage Solutions Inc.	(24,338)	21,059	(80,687)	43,395
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(5,709)	(13,616)	(463)	(25,499)
Total comprehensive (loss) income attributable to stockholders of Advantage Solutions Inc.	$ (30,047)	$ 7,443	$ (81,150)	$ 17,896
Net (loss) income per common share:
Basic (loss) earnings per common share	$ (0.07)	$ 0.07	$ (0.25)	$ 0.14
Diluted (loss) earnings per common share	$ (0.07)	$ 0.07	$ (0.25)	$ 0.14
Weighted-average number of common shares:
Weighted-average number of common shares	324,706,866	318,821,895	323,353,308	318,345,565
Weighted-average number of common shares, assuming dilution	324,706,866	319,725,065	323,353,308	319,190,804

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets measured at fair value
Assets measured at fair value	$ 39,273	$ 47,493
Liabilities measured at fair value
Liabilities measured at fair value	25,781	21,287
Contingent Consideration Liabilities [Member]
Liabilities measured at fair value
Liabilities measured at fair value	24,241	20,334
Warrant Liability [Member]
Liabilities measured at fair value
Liabilities measured at fair value	1,540	953
Derivative Financial Instruments [Member]
Assets measured at fair value
Assets measured at fair value	39,273	47,493
Quoted Prices in Active Markets (Level 1) [Member]
Assets measured at fair value
Assets measured at fair value	0	0
Liabilities measured at fair value
Liabilities measured at fair value	0	0
Quoted Prices in Active Markets (Level 1) [Member] \| Contingent Consideration Liabilities [Member]
Liabilities measured at fair value
Liabilities measured at fair value	0	0
Quoted Prices in Active Markets (Level 1) [Member] \| Warrant Liability [Member]
Liabilities measured at fair value
Liabilities measured at fair value	0	0
Quoted Prices in Active Markets (Level 1) [Member] \| Derivative Financial Instruments [Member]
Assets measured at fair value
Assets measured at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets measured at fair value
Assets measured at fair value	39,273	47,493
Liabilities measured at fair value
Liabilities measured at fair value	1,540	953
Significant Other Observable Inputs (Level 2) [Member] \| Contingent Consideration Liabilities [Member]
Liabilities measured at fair value
Liabilities measured at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] \| Warrant Liability [Member]
Liabilities measured at fair value
Liabilities measured at fair value	1,540	953
Significant Other Observable Inputs (Level 2) [Member] \| Derivative Financial Instruments [Member]
Assets measured at fair value
Assets measured at fair value	39,273	47,493
Significant Other Unobservable Inputs (Level 3) [Member]
Assets measured at fair value
Assets measured at fair value	0	0
Liabilities measured at fair value
Liabilities measured at fair value	24,241	20,334
Significant Other Unobservable Inputs (Level 3) [Member] \| Contingent Consideration Liabilities [Member]
Liabilities measured at fair value
Liabilities measured at fair value	24,241	20,334
Significant Other Unobservable Inputs (Level 3) [Member] \| Warrant Liability [Member]
Liabilities measured at fair value
Liabilities measured at fair value	0	0
Significant Other Unobservable Inputs (Level 3) [Member] \| Derivative Financial Instruments [Member]
Assets measured at fair value
Assets measured at fair value	$ 0	$ 0

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

6. Related Party Transactions

Beginning February 2023, an officer of the Company has served as a member of the board of directors of a client of the Company. The Company recognized $1.2 million and $3.2 million of revenues from such client during the three and nine months ended September 30, 2023, respectively. Accounts receivable from this client were $0.6 million as of September 30, 2023.

Beginning July 2023, a member of the board of directors of the Company has served as an officer of a client of the Company. The Company recognized $4.0 million of revenues from such client during the three months ended September 30, 2023. Accounts receivable from this client were $2.6 million as of September 30, 2023.

Investment in Unconsolidated Affiliates

During the three months ended September 30, 2023 and 2022, the Company recognized revenues of $6.9 million and $4.4 million, respectively, from a parent company of an unconsolidated affiliate. During the nine months ended September 30, 2023 and 2022, the Company recognized revenues of $15.2 million and $11.1 million, respectively, from the parent company of an unconsolidated affiliate. Accounts receivable from the parent company of an unconsolidated affiliate were $2.8 million and $1.7 million as of September 30, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill [Line Items]
Accumulated impairment losses	$ 2,019.5		$ 2,019.5
Amortization expense	49.2	$ 50.0	148.5	$ 150.9
Sales [Member]
Goodwill [Line Items]
Accumulated impairment losses	1,927.7		1,927.7
Marketing [Member]
Goodwill [Line Items]
Accumulated impairment losses	$ 91.8		$ 91.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary of Performance restricted Stock Units (Details) - Revenue [Member] - Performance Stock Units Member [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Number of Shares Threshold	3,206,008	524,956	206,966
Number of Shares Target	6,412,016	524,956	206,966
Number of Shares Maximum	9,618,024	524,956	340,939
Weighted Average Fair Value per Share	$ 2	$ 5.37	$ 10.26
Maximum Remaining Unrecognized Compensation Expense	$ 14,328,303	$ 1,076,358	$ 343,700
Weighted-average remaining requisite service periods	2 years 7 months 6 days	1 year 7 months 6 days	4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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