Advantage Solutions Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
ADV$31.57-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-334564
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001193125-26-447324
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 106 previous paragraphs and 127 current paragraphs.
45 unchanged; 48 reworded; 33 added; 13 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (33)
Current report
$8.5 million gain on divestiture and $1.4 million of income from our European joint venture recognized in the third quarter of 2025.
Current report
During the third quarter of 2026, we paused our technology development related to a new human capital management (“HCM”) system and recorded an impairment of previously capitalized software development costs. We are reassessing the scope, design, and timing of the system against our current business needs.
Current report
Subsequent to September 30, 2026, we announced a strategic realignment initiative intended to align our cost structure with current revenue levels. The initiative includes a reduction in force of certain full-time employees, primarily in our Branded Services segment, the exit of certain underutilized leases and the exit of other operating contracts. We estimate that we will incur additional costs of approximately $7.0 million to $10.0 million prior to completion in early 2027, primarily related to employee severance, lease termination and other workforce transition activities, including technology and professional services. See Note 9—Restructuringto our accompanying unaudited condensed consolidated financial statements.
Current report
In the third quarter of 2026, revenues were $913.7 million, which represented a $1.3 million or 0.1% decrease as compared to the same period last year. Reimbursable expenses accounted for a net $2.3 million decrease (a $24.7 million decrease in Branded Services partially offset by a $22.4 million increase in Experiential Services), with the offsetting $1.0 million increase driven by growth in Experiential Services and Retailer Services of $31.5 million and $2.5 million, respectively, substantially offset by a decline in Branded Services of $33.0 million.
Current report
For the nine months ended September 30, 2026, revenues were $2,672.8 million, which represented a $62.3 million or 2.4% increase as compared to the same period last year. Reimbursable expenses accounted for $12.2 million or 19.6% of the increase (a $66.0 million increase in Experiential Services partially offset by a $53.8 million decrease in Branded Services), with the remaining increase of $50.1 million driven by growth in Experiential Services and Retailer Services of $128.0 million and $18.1 million, respectively, partially offset by a decline in Branded Services of $96.0 million.
Current report
We generated operating income of $7.5 million in the third quarter of 2026, compared to $40.2 million in the prior year period. The $32.6 million decrease included: i) $8.1 million of noncash impairment charges and a $2.0 million litigation settlement reserve in the third quarter of 2026; (ii) the absence of an $8.5 million gain on divestiture and $1.4 million of European joint venture income recognized in the third quarter of 2025; (iii) the absence of $5.0 million of COVID-19 related employee retention credits recognized in the third quarter of 2025, which was partially offset by $3.4 million lower restructuring, reorganization and transformation-related expenses and $1.5 million lower stock-based compensation expense. The remaining decline reflected lower revenues in Branded Services and higher cost of revenue in Experiential Services, partially offset by lower cost of revenues in Retailer Services.
Current report
For the nine months ended September 30, 2026, operating income was $13.4 million, a decrease of $22.2 million, as $15.7 million of lower restructuring, reorganization and transformation-related expenses and $5.4 million of lower stock-based compensation expense were more than offset by the current year noncash impairment charges of $8.1 million, the absence of the prior year divestiture gain of $8.5 million and joint venture income of $5.6 million, the absence of prior year $5.7 million of COVID-19 related employee retention credits and lower revenues in Branded Services.
Current report
Impairment of Long-Lived Assets
Current report
During the three months ended September 30, 2026, we paused our technology development related to a new HCM system and recorded an impairment of $8.1 million of previously capitalized software development costs. The impairment was allocated to our segments, with $2.9 million in Branded Services, $2.9 million in Experiential Services and $2.3 million in Retailer Services. The Company continues to evaluate the project and the related contractual arrangement. There was no impairment in the three months ended September 30, 2025.
Current report
(Gain) Loss on Divestiture, net and Income from Investments in European Joint Venture
Current report
The three months ended September 30, 2025 included an $8.5 million gain on divestiture of our ownership interest in an equity method investment and $1.4 million of income from our investments in the European joint venture, which was presented in operating income. There was no gain or loss on divestiture and no such income in the three months ended September 30, 2026. Beginning in 2026, our proportionate share of earnings of the retained investment is presented in Other expenses (income).
Current report
In the Branded Services segment, the segment moved from operating income of $8.2 million to an operating loss of $24.6 million during the three months ended September 30, 2026, as compared to the same period in the prior year. The change was primarily due to lower revenues, as discussed above, the absence of an $8.5 million gain on divestiture and $1.4 million of equity earnings in our European joint venture recognized in the third quarter of 2025, and an allocated $2.9 million long-lived asset impairment, partially offset by lower cost of revenues of $36.6 million, primarily on lower labor costs, depreciation and amortization of $0.6 million and selling, general and administrative expenses of $0.4 million, as discussed above.
Current report
In the Retailer Services segment, the increase in operating income to $17.0 million during the three months ended September 30, 2026, as compared to $11.1 million in the same period in the prior year, was primarily due to lower cost of revenues of $7.0 million, primarily on lower product costs, and higher revenues, as discussed above, partially offset by an allocated $2.3 million long-lived asset impairment, higher selling, general and administrative expenses of $0.9 million and higher depreciation expense of $0.3 million.
Current report
Income from Unconsolidated Investments
Current report
Income from unconsolidated investments was $1.1 million for the three months ended September 30, 2026. Beginning in 2026, our proportionate share of earnings of our equity method investments, including the retained European joint venture, is presented within Other expenses (income) within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. In the three months ended September 30, 2025, $1.4 million of income from the European joint venture was presented in Operating income within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.
Current report
Other Expense, including Debt Fees
Current report
Other expense, including debt fees was $1.4 million for the three months ended September 30, 2026, compared to other income of $0.1 million for the three months ended September 30, 2025, and consisted of a $0.7 million loss on the disposition of a non-marketable equity security and $0.7 million of third-party fees associated with the debt refinancing.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Current report
Cost of revenues as a percentage of revenues for the nine months ended September 30, 2026 was 87.2%, as compared to 86.0% for the same period in the prior year. Reimbursable expenses increased $12.2 million. Excluding reimbursable expenses, cost of revenues increased $71.7 million. The increase was driven primarily by higher variable labor costs, primarily in Experiential Services on higher event volume, higher indirect costs, including $5.0 million of restructuring and reorganization charges, higher workers’ compensation costs and an increase in our litigation reserve. These increases were partially offset by lower product costs in our specialized import business, including refunds on prior year tariff costs, lower fixed direct labor costs and lower medical and other employee benefit expenses.
Current report
Selling, general, and administrative expenses as a percentage of revenues for the nine months ended September 30, 2026 was 6.2%, compared to 7.3% for the nine months ended September 30, 2025. The decrease was driven primarily by $20.7 million lower restructuring, reorganization and transformation-related expenses, $5.4 million lower stock-based compensation expense, lower shared services corporate costs and $3.2 million lower expected credit losses, partially offset by the absence of $5.7 million of COVID-19 related employee retention credits recognized in the prior year period.
Current report
Impairment of Long-Lived Assets
Current report
During the nine months ended September 30, 2026, we paused our technology development related to a new HCM system and recorded an impairment of $8.1 million of previously capitalized software development costs. The impairment was allocated to our segments, with $2.9 million in Branded Services, $2.9 million in Experiential Services and $2.3 million in Retailer Services. The Company continues to evaluate the project and the related contractual arrangement. There was no impairment in the nine months ended September 30, 2025.
Current report
(Gain) Loss on Divestiture, net and Income from Investments in European Joint Venture
Current report
The nine months ended September 30, 2026 included a net loss of $0.7 million related to the sale of an investment in a private company compared to an $8.5 million gain on divestiture of our remaining 7.5% ownership interest in our combined foodservice business for nine months ended September 30, 2025.
Current report
Income from Investments in European Joint Venture was $5.6 million for the nine months ended September 30, 2025, which was presented in operating income. Beginning in 2026, our proportionate share of earnings of the retained investment is presented in Other expenses (income).
Current report
In the Retailer Services segment, the increase in operating income to $32.7 million during the nine months ended September 30, 2026, as compared to $24.9 million in the same period in the prior year, was primarily due to lower selling, general and administrative expenses of $8.8 million, primarily on lower restructuring, reorganization and transformation-related expenses, and higher revenues, as discussed above, partially offset by higher cost of revenues of $15.4 million, primarily on higher variable direct labor costs, an allocated $2.3 million long-lived asset impairment charge and higher depreciation expense of $1.4 million.
Current report
Income from Unconsolidated Investments
Current report
Income from unconsolidated investments was $6.0 million for the nine months ended September 30, 2026. Beginning in 2026, our proportionate share of earnings of our equity method investments, including the retained European joint venture, is presented within Other expenses (income) within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. In the nine months ended September 30, 2025, $5.6 million of income from the European joint venture was presented in Operating income within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.
Current report
Other Expense, including Debt Fees
Current report
Other expense, including debt fees was $26.7 million for the nine months ended September 30, 2026, compared to other income of $0.1 million for the nine months ended September 30, 2025, and consisted of $21.0 million of third-party fees associated with the refinancing and $5.7 million of impairment and loss on non-marketable equity securities.
Current report
Cash, cash equivalents and restricted cash decreased $109.6 million during the nine months ended September 30, 2026, primarily as a result of the use of cash for the Refinancing, scheduled principal payments and share repurchases. Cash, cash equivalents and restricted cash increased $29.0 million during the third quarter.
Current report
Cash provided by operating activities during the nine months ended September 30, 2026 was $68.2 million compared to cash provided by operating activities of $15.9 million during the nine months ended September 30, 2025, representing an increase of $52.3 million. The increase primarily reflects $101.5 million of favorable changes in operating assets and liabilities and $2.9 million of distributions received from equity method investments, partially offset by $52.1 million lower cash generated before changes in operating assets and liabilities. The favorable changes in operating assets and liabilities were primarily a $48.8 million decrease in prepaid expenses and other assets, compared to a $1.9 million increase in the prior year period, a $30.8 million favorable change in other accrued expenses and other liabilities, an $17.0 million smaller decrease in accrued compensation and benefits, and a $12.9 million smaller increase in accounts receivable, partially offset by an $11.6 million decrease in deferred revenue. Cash payments during the nine months ended September 30, 2026 included $96.8 million of interest, $34.5 million of income taxes, and $23.1 million of reorganization and restructuring costs.
Current report
Cash provided by operating activities during the nine months ended September 30, 2025 was $15.9 million, and reflects $82.7 million of cash generated before changes in operating assets and liabilities, partially offset by $66.8 million of unfavorable changes in operating assets and liabilities. The unfavorable changes in operating assets and liabilities were primarily a $32.9 million decrease in accrued compensation and benefits, a $30.1 million increase in accounts receivable, and an $18.4 million decrease in other accrued expenses and other liabilities, partially offset by a $10.2 million increase in accounts payable and a $6.2 million increase in deferred revenue. Cash payments during the nine months ended September 30, 2025 included $98.0 million of interest, $16.7 million of income taxes, and $44.1 million of reorganization and restructuring costs.
Removed paragraphs (13)
Previous report
Our second quarter of 2026 net loss of $62.7 million was negatively impacted by $21.8 million of income tax expense as compared to $4.6 million for the same period in the prior year. The increase in tax expense was attributable to an increase in the valuation allowance against deferred tax assets related to interest expense limitation carryforwards. Restructuring and reorganization charges associated with our transformation strategy were $9.6 million in the second quarter of 2026 as compared to $16.4 million for the same period in the prior year.
Previous report
Adjusted EBITDA, a non-GAAP financial measure, was $75.8 million in the second quarter of 2026, a decrease of $10.6 million as compared to $86.4 million for the same period in the prior year. An $8.3 million improvement in Experiential Services Adjusted EBITDA was more than offset by declines of $12.3 million in Branded Services and $6.6 million in Retailer Services.
Previous report
Debt reduction is one of our primary capital allocation priorities. As such, during the six months ended June 30, 2026, we repaid $137.8 million of long-term debt in connection with scheduled principal repayments and a debt refinancing, compared to $24.9 million in the prior year. Separately, we repurchased 562,263 shares of our common stock for approximately $17.0 million, compared to 19,778 shares for $0.9 million in the prior year.
Previous report
During the six months ended June 30, 2026, we advanced our transformation strategy through a successful extension of our global instance of SAP, initially implemented in 2025, to support our private brands business, completing our large-scale SAP implementation and shifting internal focus toward optimization. Together, these large-scale transformation projects, along with numerous supporting IT initiatives, have enabled us to sunset a number of disparate systems and allowed our team members to work in a more collaborative and efficient manner. As previously discussed, we are currently implementing a modernized HCM platform that, upon completion, we expect will represent the substantial completion of our IT transformation.
Previous report
NMF- Not meaningful
Previous report
In the Retailer Services segment, the decrease in operating income during the three months ended June 30, 2026, as compared to the same period in the prior year was primarily due to an increase in cost of revenues of $14.2 million, partially offset by higher revenues, as discussed above, and lower selling, general and administrative expenses of $5.6 million. Cost of revenues increased on higher compensation expenses, including higher direct labor, benefit costs and third-party labor costs, and higher travel expenses. Selling, general and administrative expenses decreased on lower reorganization and transformation-related expenses.
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Previous report
Cost of revenues as a percentage of revenues for the six months ended June 30, 2026 was 87.9%, as compared to 86.7% for the same period in the prior year. The increase as a percentage of revenues was driven primarily by higher direct labor costs and transformation-related expenses, partially offset by lower reimbursable expenses, and lower fixed labor costs.
Previous report
Selling, general, and administrative expenses as a percentage of revenues for the six months ended June 30, 2026 was 5.9%, compared to 7.9% for the six months ended June 30, 2025. The decrease as a percentage of revenues was primarily driven by lower transformation-related expenses and lower compensation costs.
Previous report
In the Branded Services segment, the increase in operating loss during the six months ended June 30, 2026, as compared to the same period in the prior year was primarily due to lower revenues, as discussed above, partially offset by lower cost of revenues of $64.4 million, lower selling, general and administrative expenses of $17.6 million. Cost of revenues decreased on lower reimbursable expenses of $29.1 million, lower compensation costs, including lower direct labor, fixed labor and benefit costs, partially offset by higher reorganization and transformation-related expenses and IT-related expenses. Selling, general and administrative expenses decreased on lower reorganization and transformation-related expenses, and lower bad debt expense. Also impacting year-over-year comparison is the recognition of equity earnings in our European joint venture of $4.2 million in operating income during the six months ended June 30, 2025, and zero in the current period.
Previous report
In the Retailer Services segment, the increase in operating income during the six months ended June 30, 2026 as compared to the same period in the prior year was primarily due to lower selling, general and administrative expenses of $9.7 million, higher revenues, as discussed above, partially offset by higher cost of revenues of $22.4 million. Selling, general and administrative costs decreased predominantly on lower reorganization and transformation-related expenses. Cost of revenues increased on higher direct labor expenses, including higher benefit costs and third-party labor costs, and higher travel expenses.
Previous report
Cash provided by operating activities during the six months ended June 30, 2026 was $17.2 million compared to cash used in operating activities of $47.7 million during the six months ended June 30, 2025, representing an increase of $65.0 million. The increase primarily reflects favorable movements in working capital, predominantly improved management of accounts receivable, and lower prepaid expenses, partially offset by lower deferred revenue and accrued liabilities.
Previous report
Net Cash Provided by (Used in) Investing Activities
Reworded paragraphs (48)
Previous wording
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
Current wording
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous wording
This Quarterly Report on Form 10-Q (this “Quarterly Report”), including the section titled “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) including statements that are based on current expectations, estimates, forecasts and projections about us, our future performance, our business, our beliefs and our management’s assumptions. Such words as “expect,” “anticipate,” “outlook,” “could,” “target,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “should,” “may,” “assume” and “continue” as well as variations of such words and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain such terms. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. We have based our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth in “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission (the “SEC”), we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this report, whether as a result of new information, future events, changes in assumptions or otherwise.
Current wording
This Quarterly Report on Form 10-Q (this “Quarterly Report”), including the section titled “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) including statements that are based on current expectations, estimates, forecasts and projections about us, our future performance, our business, our beliefs and our management’s assumptions. Such words as “expect,” “anticipate,” “outlook,” “could,” “target,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “should,” “may,” “assume” and “continue” as well as variations of such words and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain such terms. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. We have based our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth in “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission (the “SEC”), we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this Quarterly Report, whether as a result of new information, future events, changes in assumptions or otherwise.
Previous wording
We report financial results for the following three reportable segments. Through our Branded Services segment, which generated approximately 28.0% and 34.5% of our revenues in the six months ended June 30, 2026 and 2025, respectively, we provide services to CPG brands through three main categories: brokerage, branded merchandising and omni-commerce marketing services. Through our Experiential Services segment, which generated approximately 45.6% and 39.0% of our revenues in the six months ended June 30, 2026 and 2025, respectively, we help brands and retailers reach consumers and convert shoppers into buyers through in-store and online sampling and demonstrations. Through our Retailer Services segment, which generated approximately 26.4% and 26.5% of our revenues in the six months ended June 30, 2026 and 2025, respectively, we provide end-to-end advisory, retailer merchandising and agency services to retailers.
Current wording
We report financial results for the following three reportable segments. Through our Branded Services segment, which generated approximately 27.1% and 33.5% of our revenues in the nine months ended September 30, 2026 and 2025, respectively, we provide services to CPG brands through three main categories: brokerage, branded merchandising and omni-commerce marketing services. Through our Experiential Services segment, which generated approximately 46.1% and 39.8% of our revenues in the nine months ended September 30, 2026 and 2025, respectively, we help brands and retailers reach consumers and convert shoppers into buyers through in-store and online sampling and demonstrations. Through our Retailer Services segment, which generated approximately 26.8% and 26.7% of our revenues in the nine months ended September 30, 2026 and 2025, respectively, we provide end-to-end advisory, retailer merchandising and agency services to retailers.
Previous wording
Our quarterly results are seasonal in nature, with the fourth fiscal quarter typically generating a higher proportion of our revenues than other fiscal quarters, as a result of higher consumer spending. We generally record slightly lower revenues in the first fiscal quarter of each year, as our clients begin to roll out new programs for the year, and consumer spending generally is less in the first fiscal quarter than other quarters. The timing of our clients’ marketing expenses, associated with marketing campaigns and new product launches, can also result in fluctuations from one quarter to another.
Current wording
Our quarterly results are seasonal in nature, with the fourth fiscal quarter typically generating a higher proportion of our revenues than other fiscal quarters, as a result of higher consumer spending. We generally record slightly lower revenues in the first fiscal quarter of each year, as our clients begin to roll out new programs for the year, and consumer spending generally is less in the first fiscal quarter than other quarters. The timing of our clients’ marketing expenses, associated with marketing campaigns and new product launches, along with variability in project activity in our Retailer Services and Branded Services segments, can also result in fluctuations from one quarter to another.
Previous wording
For the second quarter of 2026, we reported revenues of $889.5 million and a net loss of $62.7 million, compared to revenues of $873.7 million and a net loss of $30.4 million in the same period of the prior year. Our Experiential
Current wording
For the third quarter of 2026, we reported revenues of $913.7 million and a net loss of $25.1 million, compared to revenues of $915.0 million and net income of $20.6 million in the same period of the prior year. Operating income was $7.5 million, a decrease of $32.6 million, which included $8.1 million of noncash impairment charges and the absence of an
Previous wording
Services segment delivered strong second-quarter performance, supported by continued favorable demand and execution. The Retailer Services segment reported modest revenue growth, although operating income declined, reflecting higher costs associated with upfront investments in a larger project. Branded Services results remained under pressure, reflecting lower volumes, client losses and reduced scope of services as consumer brands and retailers navigate an uncertain macroeconomic environment that continues to weigh on consumer spending. On a consolidated basis, operating income was $1.7 million in the second quarter of 2026, a decline of $8.3 million year-over-year. The decrease reflected declines of $13.5 million in Branded Services and $2.7 million in Retailer Services, partially offset by $7.9 million of operating income growth in Experiential Services.
Current wording
Our Experiential Services segment delivered another strong quarter of revenue growth, resulting in the seventh sequential quarter of growth, driven by continued favorable demand and execution. The Retailer Services segment experienced modest revenue growth, driven by retailer merchandising and private brand advisory services, partially offset by lower product sales on our specialized import business. Branded Services results remained under pressure, reflecting lower volumes, client losses and reduced scope of services as consumer brands and retailers navigate an uncertain macroeconomic environment that continues to weigh on consumer spending. On a consolidated basis, operating income was $7.5 million in the third quarter of 2026, a decline of $32.6 million year-over-year. The decrease reflected declines of $32.8 million in Branded Services, and $5.7 million in Experiential Services, partially offset by an increase of $5.9 million in Retailer Services. On a consolidated basis, Adjusted EBITDA, a non-GAAP financial measure, was $85.4 million in the third quarter of 2026, a decrease of $14.2 million as compared to $99.6 million for the same period in the prior year. The decrease reflected declines of $24.1 million in Branded Services, partially offset by an increase of $9.8 million in Retailer Services. Adjusted EBITDA for Experiential Services was effectively flat year over year.
Previous wording
Year-over-year comparisons are affected by divestitures completed after the second quarter of 2025. The divested businesses contributed approximately $4.9 million and $9.8 million of revenues and $2.9 million and $5.6 million of Adjusted EBITDA to our three and six months ending June 30, 2025 results, respectively, which are not reflected in the same periods of 2026.
Current wording
Year-over-year comparisons are affected by divestitures completed after the third quarter of 2025. The divested businesses contributed approximately $5.4 million and $2.8 million of Revenues and Adjusted EBITDA, respectively, to our third quarter of 2025, which are not reflected in the same period of 2026.
Previous wording
Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025
Current wording
Results of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
Previous wording
The following table sets forth items derived from the Company’s consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 in dollars and as a percentage of total revenues.
Current wording
The following table sets forth items derived from the Company’s consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025 in dollars and as a percentage of total revenues.
Previous wording
Branded Services segment revenues decreased $59.2 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The decrease includes a $27.0 million reduction in revenues from reimbursable expenses. Excluding the impact of reimbursable expenses, the remaining decrease of $32.2 million was primarily attributable to lower volumes, client losses and reductions in scope of services, including the carryover effect of losses that occurred during 2025, which more than offset new business wins. These trends reflect continued macroeconomic uncertainty, as clients continue to manage their brand support spending with heightened scrutiny during the period.
Current wording
Branded Services segment revenues decreased $57.7 million for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. The decrease includes a $24.7 million reduction in revenues from reimbursable expenses. Also impacting year over year comparisons, $5.4 million of revenues were reported in 2025 that did not occur in 2026 due to divestitures. Excluding the impact of reimbursable expenses and divestitures, the remaining decrease of $27.7 million was primarily attributable to lower volumes, client losses and reductions in scope of services, including the carryover effect of losses that occurred during 2025, which more than offset new business wins and price increases. These trends reflect continued macroeconomic uncertainty, as clients continue to manage their brand support spending with heightened scrutiny during the period.
Previous wording
Experiential Services segment revenues increased $68.6 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase includes $21.5 million of additional revenues from reimbursable expenses. Excluding the impact of reimbursable expenses, the remaining increase of $47.1 million was primarily driven by higher event volume on improved demand and higher average pricing, reflecting continued recovery and growth in client activation activity.
Current wording
Experiential Services segment revenues increased $53.9 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. The increase includes $22.4 million of higher revenues from reimbursable expenses. Excluding the impact of reimbursable expenses, the remaining increase of $31.5 million was primarily driven by higher event volume on improved demand and execution rates, and higher average pricing.
Previous wording
Retailer Services segment revenues increased $6.4 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025 driven primarily by a higher volume of retail merchandising project engagements.
Current wording
Retailer Services segment revenues increased $2.5 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025 driven primarily by a higher volume of retail merchandising engagements, and higher volumes in private brands, where we earn commissions, partially offset by lower revenues in our specialized import business.
Previous wording
Cost of revenues as a percentage of revenues for the three months ended June 30, 2026 was 88.1%, as compared to 85.5% for the three months ended June 30, 2025. The increase as a percentage of revenues was driven primarily by higher direct labor costs and transformation-related expenses, partially offset by lower reimbursable expenses, lower fixed labor costs and lower employee benefit expenses.
Current wording
Cost of revenues as a percentage of revenues for the three months ended September 30, 2026 was 85.9%, as compared to 84.9% for the three months ended September 30, 2025. Reimbursable expenses decreased $2.3 million. Excluding reimbursable expenses, cost of revenues increased $10.5 million. The increase was driven primarily by higher variable labor costs, primarily in Experiential Services on higher event volume, higher indirect costs, and an increase in our litigation reserve. These increases were partially offset by lower product costs in our specialized import business, lower fixed direct labor costs, refunds on prior year tariff costs, and lower employee benefit expenses.
Previous wording
Selling, general, and administrative expenses as a percentage of revenues for the three months ended June 30, 2026 was 5.7%, compared to 7.9% for the three months ended June 30, 2025. The decrease as a percentage of revenues was primarily driven by lower transformation-related expenses, and lower compensation costs.
Current wording
Selling, general, and administrative expenses as a percentage of revenues for the three months ended September 30, 2026 was 6.8%, compared to 6.3% for the three months ended September 30, 2025. The increase was driven primarily by the absence of $5.0 million of COVID-19 related employee retention credits recognized in the third quarter of 2025 and higher shared services corporate costs, partially offset by $3.4 million lower restructuring, reorganization and transformation-related expenses and $1.5 million lower stock-based compensation expense.
Previous wording
Depreciation and amortization expense was $51.3 million for the three months ended June 30, 2026 compared to $50.7 million for the three months ended June 30, 2025. The net increase was primarily due to a $1.2 million increase in depreciation expense as a result of an increase in IT-related investments, partially offset by a $0.6 million decrease in intangible asset amortization expense driven by prior period impairment charges.
Current wording
Depreciation and amortization expense was $51.0 million for the three months ended September 30, 2026 compared to $50.7 million for the three months ended September 30, 2025. The net increase was primarily due to a $0.9 million increase in depreciation expense as a result of an increase in IT-related investments, partially offset by a $0.6 million decrease in intangible asset amortization expense driven by certain assets becoming fully amortized in the prior period.
Previous wording
In the Experiential Services segment, the increase in operating income during the six months ended June 30, 2026 as compared to the same period in the prior year was primarily due to higher revenues, as discussed above, partially offset by higher cost of revenues of $117.7 million. Cost of revenues increased on higher direct labor expenses, including higher benefit costs, and higher reimbursable expenses. Selling, general and administrative expenses decreased $1.8 million on lower reorganization and transformation-related expenses.
Current wording
In the Experiential Services segment, the decrease in operating income to $15.2 million during the three months ended September 30, 2026, as compared to $20.9 million in the same period in the prior year, was primarily due to higher cost of revenues of $51.8 million, primarily on higher variable direct labor costs and a litigation settlement reserve, higher selling, general and administrative expenses of $4.4 million, primarily on higher shared service corporate costs, and an allocated $2.9 million long-lived asset impairment, partially offset by higher revenues, as discussed above.
Previous wording
Interest expense, net increased by $4.1 million, to $40.0 million for the three months ended June 30, 2026, from $35.8 million for the three months ended June 30, 2025. The increase was driven primarily by a higher average borrowing rate during the second quarter of 2026 as compared to the same period in the prior year, partially offset by a lower average debt balance outstanding, both of which are significantly driven by the refinancing of our outstanding debt in the first quarter of 2026. Additional information regarding the debt refinancing is included in “Liquidity and Capital Resources—Credit Facilities.”
Current wording
Interest expense, net increased by $3.8 million, to $38.8 million for the three months ended September 30, 2026, from $35.0 million for the three months ended September 30, 2025. The increase was driven primarily by a higher average borrowing rate during the third quarter of 2026 as compared to the same period in the prior year, partially offset by a lower average debt balance outstanding, both of which are significantly driven by the refinancing of our outstanding debt in the first quarter of 2026. Additional information regarding the debt refinancing is included in “Liquidity and Capital Resources—Credit Facilities.”
Previous wording
We recognized provision for income taxes of $21.8 million and $4.6 million for the three months ended June 30, 2026 and 2025, respectively. The year‑over‑year change primarily reflects an increase in the valuation allowance recorded against deferred tax asset related to interest expense limitation carryforwards during the 2026 period.
Current wording
We recognized income tax benefits of $6.4 million and $15.3 million for the three months ended September 30, 2026 and 2025, respectively. The year-over-year change primarily reflects an increase in the valuation allowance recorded against the deferred tax asset related to interest expense limitation carryforward and partially offset by an income tax benefit recorded on foreign currency loss on historical branch repatriations for a recently filed election.
Previous wording
Branded Services segment revenues decreased $92.1 million for the six months ended June 30, 2026, as compared to six months ended June 30, 2025. The decrease includes a $29.1 million reduction in revenues from reimbursable expenses. Excluding the impact of reimbursable expenses, the remaining decrease of $63.0 million was primarily attributable to lower volumes, client losses and reductions in scope of services, including the carryover effect of losses that occurred during 2025, which more than offset new business wins. These trends reflect continued macroeconomic uncertainty, as clients continue to manage their brand support spending with heightened scrutiny during the period.
Current wording
Branded Services segment revenues decreased $149.7 million for the nine months ended September 30, 2026, as compared to nine months ended September 30, 2025. The decrease includes a $53.8 million reduction in revenues from reimbursable expenses. Also impacting year over year comparisons, $15.2 million in revenues were reported in 2025 that did not occur in 2026 due to divestitures. Excluding the impact of reimbursable expenses and divestitures, the remaining decrease was primarily attributable to lower volumes, client losses and reductions in scope of services, including the carryover effect of losses that occurred during 2025, which more than offset new business wins. These trends reflect continued macroeconomic uncertainty, as clients continue to manage their brand support spending with heightened scrutiny during the period.
Previous wording
Experiential Services segment revenues increased $140.1 million during the six months ended June 30, 2026, as compared to six months ended June 30, 2025. The increase includes $43.6 million of additional revenues from reimbursable expenses. Excluding the impact of reimbursable expenses, the remaining increase of $96.5 million was primarily driven by higher event volume on improved demand and higher average pricing, reflecting continued recovery and growth in client activation activity.
Current wording
Experiential Services segment revenues increased $194.0 million during the nine months ended September 30, 2026, as compared to nine months ended September 30, 2025. The increase includes $66.0 million of additional revenues from reimbursable expenses. Excluding the impact of reimbursable expenses, the remaining increase of $128.0 million was primarily driven by higher event volume on improved demand and execution, and higher average pricing.
Previous wording
Retailer Services segment revenues increased $15.6 million during the six months ended June 30, 2026, as compared to six months ended June 30, 2025. The increase was driven primarily by higher volume of retail merchandise project engagements and higher product sales.
Current wording
Retailer Services segment revenues increased $18.0 million during the nine months ended September 30, 2026, as compared to nine months ended September 30, 2025, which was driven primarily by higher volume of retail merchandise engagements and higher volumes in private brands, where we earn commissions, partially offset by lower revenues in our specialized import business.
Previous wording
Depreciation and amortization expense was $102.8 million for the six months ended June 30, 2026 compared to $101.1 million for the six months ended June 30, 2025. The net increase was primarily due to a $3.0 million increase in depreciation expense as a result of an increase in IT-related investments, partially offset by a $1.2 million decrease in intangible asset amortization expense driven by prior period impairment charges.
Current wording
Depreciation and amortization expense was $153.9 million for the nine months ended September 30, 2026 compared to $151.8 million for the nine months ended September 30, 2025. The net increase was primarily due to a $4.0 million increase in depreciation expense as a result of an increase in IT-related investments, including software placed in service for our global enterprise resource planning system, partially offset by a $1.9 million decrease in intangible asset amortization expense driven by certain assets becoming fully amortized in the prior period.
Previous wording
In the Branded Services segment, the increase in operating loss during the three months ended June 30, 2026, as compared to the same period in the prior year was primarily due to lower revenues, as discussed above, partially offset by lower cost of revenues of $37.6 million, lower selling, general and administrative expenses of $12 million. Cost of revenues decreased on lower reimbursable expenses of $27.0 million, lower compensation costs, including lower direct labor, fixed labor and benefit costs, partially offset by higher reorganization and transformation-related expenses and IT-related expenses. Selling, general and administrative expenses decreased on lower transformation-related expenses. Also impacting year-over-year comparison is the recognition of equity earnings in our European joint venture of $2.6 million in operating income during the three months ended June 30, 2025, and zero in the current period.
Current wording
In the Branded Services segment, the increase in operating loss to $64.7 million during the nine months ended September 30, 2026, as compared to an operating loss of $17.7 million in the same period in the prior year, was primarily due to lower revenues, as discussed above, the absence of an $8.5 million gain on divestiture and $5.6 million of equity earnings in our European joint venture recognized in the prior year period, and an allocated $2.9 million long-lived asset impairment, partially offset by lower cost of revenues of $100.9 million, primarily on lower labor costs, lower selling, general and administrative expenses of $18.1 million, primarily on lower restructuring, reorganization and transformation-related expenses, and lower depreciation and amortization of $1.2 million.
Previous wording
In the Experiential Services segment, the increase in operating income during the three months ended June 30, 2026, as compared to the same period in the prior year was primarily due to higher revenues, as discussed above, partially offset by higher cost of revenues of $60.3 million. Cost of revenues increased on higher compensation expenses, including higher direct labor and benefit costs, and higher reimbursable expenses. Selling, general and administrative expenses were effectively unchanged.
Current wording
In the Experiential Services segment, the increase in operating income to $45.4 million during the nine months ended September 30, 2026, as compared to $28.3 million in the same period in the prior year, was primarily due to higher revenues, as discussed above, partially offset by higher cost of revenues of $169.4 million, primarily on higher variable direct labor costs and shared services costs, higher selling, general and administrative expenses of $2.5 million, higher depreciation of $1.9 million and an allocated $2.9 million long-lived asset impairment charge.
Previous wording
Interest expense, net increased by $4.6 million to $74.8 million for the six months ended June 30, 2026, from $70.2 million for the same period in the prior year. The increase was driven primarily by a higher average borrowing rate during the six months ended June 30, 2026 as compared to the same period in the prior year, partially offset by a lower average debt balance outstanding, both of which are significantly driven by the refinancing of our outstanding debt in the first quarter of 2026. Additional information regarding the debt refinancing is included in “Liquidity and Capital Resources—Credit Facilities”
Current wording
Interest expense, net increased by $8.4 million to $113.5 million for the nine months ended September 30, 2026, from $105.1 million for the same period in the prior year. The increase was driven primarily by a higher average borrowing rate during the nine months ended September 30, 2026 as compared to the same period in the prior year, partially offset by a lower average debt balance outstanding, both of which are significantly driven by the refinancing of our outstanding debt in the first quarter of 2026. Additional information regarding the debt refinancing is included in “Liquidity and Capital Resources—Credit Facilities.”
Previous wording
We recognized provision for income taxes of $45.1 million and $11.8 million for the six months ended June 30, 2026 and 2025, respectively. The year‑over‑year change primarily reflects an increase in the valuation allowance recorded against deferred tax asset related to interest expense limitation carryforwards during the 2026 period.
Current wording
We recognized a provision for income taxes of $38.8 million and a benefit of $3.5 million for the nine months ended September 30, 2026 and 2025, respectively. The year-over-year change primarily reflects an increase in the valuation allowance recorded against the deferred tax asset related to interest expense limitation carryforward and partially offset by an income tax benefit recorded on foreign currency loss on historical branch repatriations for a recently filed election.
Previous wording
We define Adjusted Net (Loss) Income, as net loss adjusted for (i) non-operating income or expense and (ii) the impact of certain non-cash, nonrecurring or other items included in net (loss) income that we do not consider indicative of our ongoing operating performance, which may include acquisition and divestiture related expenses, gains and losses; gains and losses on extinguishments of debt; litigation expenses, net of recoveries on matters not representative of our ongoing business; impairment charges on goodwill, intangible assets and non-marketable securities; incremental expenses on restructuring and reorganization activities associated with certain transformation programs; further adjusted for the related income tax impact associated with these items. A full listing of adjustments to net loss are provided elsewhere in this document.
Current wording
We define Adjusted Net (Loss) Income, as net loss adjusted for (i) non-operating income or expense and (ii) the impact of certain non-cash, nonrecurring or other items included in net (loss) income that we do not consider indicative of our ongoing operating performance, which may include acquisition and divestiture related expenses, gains and losses; gains and losses on extinguishments of debt; litigation expenses, net of recoveries on matters not representative of our ongoing business; amortization of intangible assets; impairments; incremental expenses on restructuring and reorganization activities associated with certain transformation programs; further adjusted for the related income tax impact associated with these items. A full listing of adjustments to net loss is provided elsewhere in this document.
Previous wording
Adjusted EBITDA consists of net loss before interest, taxes, depreciation and amortization, further adjusted for (i) non-operating income or expense and (ii) the impact of certain non-cash, nonrecurring or other items included in net (loss) income that we do not consider indicative of our ongoing operating performance, which may include acquisition and divestiture related expenses, gains and losses; gains and losses on extinguishments of debt; litigation expenses, net of recoveries on matters not representative of our ongoing business; impairment charges on goodwill, intangible assets and non-marketable securities; incremental expenses on restructuring and reorganization activities associated with certain transformation programs; further adjusted for the related income tax impact associated with these items. A full listing of adjustments to net loss are provided elsewhere in this document.
Current wording
Adjusted EBITDA consists of net loss before interest, taxes, depreciation and amortization, further adjusted for (i) non-operating income or expense and (ii) the impact of certain non-cash, nonrecurring or other items included in net (loss) income that we do not consider indicative of our ongoing operating performance, which may include acquisition and divestiture related expenses, gains and losses; stock-based compensation expenses; litigation expenses, net of recoveries on matters not representative of our ongoing business; impairments; and incremental expenses on restructuring and reorganization activities associated with certain transformation programs. A full listing of adjustments to net loss is provided elsewhere in this document.
Previous wording
Adjusted EBITDA by Segment consists of operating (loss) income by segment before interest, taxes, depreciation and amortization, further adjusted for the impact of certain non-cash, nonrecurring or other items included in net (loss) income that we do not consider indicative of our ongoing operating performance, which may include acquisition and divestiture related expenses, gains and losses; gains and losses on extinguishments of debt; litigation expenses, net of recoveries on matters not representative of our ongoing business; impairment charges on goodwill, intangible assets and non-marketable securities; incremental expenses on restructuring and reorganization activities associated with certain transformation programs; further adjusted for the related income tax impact associated with these items. A full listing of adjustments to operating income (loss) are provided elsewhere in this document.
Current wording
Adjusted EBITDA by Segment consists of operating (loss) income by segment before interest, taxes, depreciation and amortization, further adjusted for the impact of certain non-cash, nonrecurring or other items included in net (loss) income that we do not consider indicative of our ongoing operating performance, which may include acquisition and divestiture related expenses, gains and losses; stock-based compensation expenses; litigation expenses, net of recoveries on matters not representative of our ongoing business; impairments; and incremental expenses on restructuring and reorganization activities associated with certain transformation programs. A full listing of adjustments to operating income (loss) is provided elsewhere in this document.
Previous wording
Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Current wording
Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore the Company's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Previous wording
A reconciliation of Adjusted Net (Loss) Income to Net loss is provided in the following table:
Current wording
A reconciliation of Adjusted Net Income (Loss) to Net (loss) income is provided in the following table:
Previous wording
Reconciliations of Adjusted EBITDA to Net loss are provided in the following table:
Current wording
Reconciliations of Adjusted EBITDA to Net (loss) income are provided in the following table:
Previous wording
Financial information by segment, including a reconciliation of Adjusted EBITDA by Segment to operating income (loss), the closest GAAP financial measure, is provided in the following table:
Current wording
Financial information by segment, including a reconciliation of Adjusted EBITDA by Segment to operating (loss) income, the closest GAAP financial measure, is provided in the following table:
Previous wording
Operating cash flow, as supplemented by the divestiture of non-core businesses identified over our transformation period, provides the primary source of cash to fund operating needs and capital expenditures. Excess cash is used to fund debt repurchases and share repurchases.
Current wording
Operating cash flow, as supplemented by the divestiture of non-core businesses identified over our transformation period, provides the primary source of cash to fund operating needs, capital expenditures and debt service. Excess cash is used to fund debt repurchases and share repurchases.
Previous wording
Our working capital as of June 30, 2026, included $102.3 million of cash and cash equivalents and $634.9 million of accounts receivable, net of allowance for expected credit losses, both of which will be a significant source of ongoing liquidity. Additionally, as of June 30, 2026, we had the ability to borrow up to $399.5 million under our 2030 ABL after consideration of the borrowing base limitations and outstanding letters of credit.
Current wording
Our working capital as of September 30, 2026 was $371.4 million, compared to $540.0 million as of December 31, 2025, and included $131.3 million of cash and cash equivalents and $609.5 million of accounts receivable, net of allowance for expected credit losses, both of which will be a significant source of ongoing liquidity. The decrease in working capital primarily reflects the decrease in cash and cash equivalents, which resulted from $124.9 million of debt repayments and $34.9 million of fees paid in connection with the Refinancing, scheduled principal payments of $19.4 million, and share repurchases of $19.3 million, partially offset by cash provided by operating activities, as well as increases in other accrued expenses and in the current portion of long-term debt and a decrease in prepaid expenses and other current assets. As of September 30, 2026, we had the ability to borrow up to $395.7 million under our 2030 ABL after consideration of the borrowing base limitations and outstanding letters of credit.
Previous wording
We believe our cash on hand, cash flows from operations and current and possible future credit facilities will be sufficient to satisfy our working capital requirements, purchase commitments, interest payments, transformation initiatives, capital expenditures, and other financing requirements for the foreseeable future.
Current wording
We believe our cash on hand, cash flows from operations and current and possible future credit facilities will be sufficient to satisfy our working capital requirements, purchase commitments, debt service requirements, restructuring and transformation initiatives, capital expenditures, and other financing requirements for at least the next twelve months and for the foreseeable future thereafter.
Previous wording
Net Cash Provided by (Used in) Operating Activities
Current wording
Net Cash Provided by Operating Activities
Previous wording
Net cash provided by investing activities during the six months ended June 30, 2026 primarily consisted of $27.5 million in deferred proceeds from the sale of Jun Group completed in 2024 and $13.4 million cash received for the partial sale of an equity method investment joint venture. These cash inflows were partially offset by purchases of property and equipment of $20.8 million, primarily driven by investments in software, including our enterprise resource planning systems, and purchases of investments in unconsolidated affiliates of $2.1 million.
Current wording
Net cash provided by investing activities during the nine months ended September 30, 2026 primarily consisted of $27.5 million in deferred proceeds from the sale of Jun Group completed in 2024 and $13.9 million cash received for sales of equity method and other investments. These cash inflows were partially offset by purchases of property and equipment of $31.2 million, primarily driven by investments in software, including our enterprise resource planning systems, and purchases of investments in unconsolidated affiliates of $6.1 million.
Previous wording
Net cash used in investing activities during the six months ended June 30, 2025 primarily consisted of the purchase of property and equipment of $17.2 million, primarily driven by investments in software, including our enterprise resource planning systems, which includes upgrading our information system platform, and the purchase of investments in unconsolidated affiliates of $3.5 million.
Current wording
Net cash provided by investing activities during the nine months ended September 30, 2025 primarily consisted of $22.5 million in deferred proceeds from the sale of Jun Group and $18.6 million in cash received for the sale of equity method investments. These cash inflows were partially offset by the purchase of property and equipment of $28.7 million, primarily driven by investments in software, including our enterprise resource planning systems, which includes upgrading our information system platform, and the purchase of investments in unconsolidated affiliates of $3.6 million.
Previous wording
Cash flows used in financing activities during the six months ended June 30, 2026 were primarily related to $124.9 million for repayment of the 6.5% Senior Secured Notes and the Term Loan Facility debt and $13.7 million payment of deferred financing fees in connection with the Refinancing (as defined below), $13.0 million for two quarterly principal payments for the 2030 Term Loan Facility, and $17.0 million for payments related to the share repurchase program (as defined below).
Current wording
Cash flows used in financing activities during the nine months ended September 30, 2026 were primarily related to $124.9 million for repayment of the 6.5% Senior Secured Notes and the Term Loan Facility debt; $13.9 million payment of deferred financing fees in connection with the Refinancing (as defined below); $19.4 million for three quarterly principal payments for the 2030 Term Loan Facility; $19.3 million for payments related to the 2021 Share Repurchase Program (as defined below); and $4.6 million for payments for taxes related to net share settlement of equity awards. During the nine months ended September 30, 2026, we borrowed and repaid $170.0 million under the 2030 ABL, and no amounts were outstanding as of September 30, 2026.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net Cash Provided by Investing Activities