Strong Cash Flow Generation
The company generated strong cash flow driven by improvements in working capital, resulting in adjusted unlevered free cash flow of $98 million, nearly 100% of EBITDA.
Experiential Segment Growth
Experiential Services generated $274 million in revenues and $35 million in adjusted EBITDA, up 8% and 52% year-over-year, respectively. Demand for events continued to rise, and staffing levels improved, resulting in higher revenues and incremental margins.
Successful SAP Implementation
The company successfully implemented its new ERP and enterprise data infrastructure, improving efficiency gains and cash flow, and enhancing data integration and performance visibility.
Partnership with Instacart
Expanded collaboration with Instacart to enhance retail execution through live in-store audit capabilities, building an alert-based retail model to quickly identify and correct on-shelf availability, pricing, and display issues in real time.
Increased Cash Position
Ended the quarter with over $200 million in cash, including proceeds from the sale of a 7.5% equity stake in Acxion Foodservice.