Business
First Advantage Reports Full Year and Fourth Quarter 2022 Results
Reports Record Full Year Revenues, Adjusted EBITDA, and Cash Flows from Operations; Introduces 2023 Guidance Full Year 2022 Highlights(All results compared to
About this update from First Advantage Corporation
[{"type":"text","content":"Reports Record Full Year Revenues, Adjusted EBITDA, and Cash Flows from Operations; Introduces 2023 Guidance\nFull Year 2022 Highlights(All results compared to prior-year period unless otherwise noted) Generated record Revenues of $810.0 million, an increase of 13.7%; Constant Currency Revenues¹ were $820.3 million, an increase of 15.2%Delivered Net Income of $64.6 million, an increase of 302.5%Produced Adjusted EBITDA¹ of $248.9 million, an increase of 10.0%; Constant Currency Adjusted EBITDA¹ was $252.3 million, an increase of 11.5%Realized Adjusted Net Income¹ of $156.5 million, an increase of 9.9%Achieved record Cash Flows from Operations of $212.8 million, an increase of 43.1%Ended the year with Cash and Cash Equivalents of $391.7 million as of December 31, 2022, an increase of $99.0 million, after $60.5 million in share repurchases Fourth Quarter 2022 Highlights Generated Revenues of $212.6 million; Constant Currency Revenues¹ were $216.3 millionDelivered Net Income of $20.1 millionProduced Adjusted EBITDA¹ of $70.3 million; Constant Currency Adjusted EBITDA¹ was $71.5 millionRealized Adjusted Net Income¹ of $45.0 millionAchieved Cash Flows from Operations of $70.0 million 2023 Full Year Guidance Introducing full year 2023 guidance ranges for Revenues of $770 million to $810 million, Adjusted EBITDA of $240 million to $255 million, Adjusted Net Income of $145 million to $155 million, and Adjusted Diluted Earnings Per Share of $1.00 to $1.07² ATLANTA, Feb. 28, 2023 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a leading global provider of employment background screening and verification solutions, today announced financial results for the full year and fourth quarter ended December 31, 2022. Key Financials (Amounts in millions, except percentages) Three Months EndedDecember 31, Year EndedDecember 31, 2022 2021 Change 2022 2021 Change Revenues$212.6 $212.5 0.0% $810.0 $712.3 13.7%Income from operations$28.7 $25.3 13.5% $94.3 $63.8 47.7%Net income$20.1 $15.4 30.9% $64.6 $16.1 302.5%Net income margin 9.5% 7.2% NA 8.0% 2.3% NA Adjusted EBITDA¹$70.3 $69.4 1.2% $248.9 $226.3 10.0%Adjusted EBITDA Margin¹ 33.1% 32.7% NA 30.7% 31.8% NA Adjusted Net Income¹$45.0 $46.5 (3.4)% $156.5 $142.4 9.9% ¹ Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Constant Currency Revenues, and Constant Currency Adjusted EBI...