Business
First Advantage Reports Second Quarter 2021 Results
Second Quarter 2021 Highlights (All results compared to prior-year period) Revenues increased 66.5% to $174.8 millionNet income was $3.8 million, compared to
About this update from First Advantage Corporation
[{"type":"text","content":"Second Quarter 2021 Highlights (All results compared to prior-year period) Revenues increased 66.5% to $174.8 millionNet income was $3.8 million, compared to a net loss of $16.4 million in the prior year periodAdjusted EBITDA1 was $56.3 million, compared to $31.7 million in the prior year periodAdjusted Net Income1 was $33.2 million, compared to $12.2 million in the prior year periodInitial public offering on the Nasdaq Global Select Market completed on June 25, 2021; net proceeds to the Company of $316.5 million used to prepay $200.0 million of debt and for general corporate purposes2021 guidance ranges for revenue of $640 to $650 million, Adjusted EBITDA of $186 to $190 million, and Adjusted Net Income of $110 to $113 million2 ATLANTA, Aug. 12, 2021 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a leading global provider of technology solutions for screening, verifications, safety, and compliance related to human capital, today announced financial results for the second quarter ended June 30, 2021. Key Financial Metrics (Amounts in millions, except per share data and percentages) Three months ended June 30, 2021 2020 Change Revenues $ 174.8 $105.0 66.5% Income (loss) from operations $ 17.3 $(6.2) NM Net income (loss) $ 3.8 $(16.4) NM Net income margin 2.2% (15.6)% Diluted earnings (loss) per share $ 0.03 $(0.13) NM Adjusted EBITDA1 $ 56.3 $31.7 77.9% Adjusted EBITDA Margin1 32.2% 30.1% Adjusted Net Income1 $ 33.2 $12.2 171.9% Adjusted Diluted Earnings Per Share1 $ 0.25 $0.09 177.8% 1 Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings Per Share are non-GAAP measures. Please see the schedules accompanying this earnings release for a reconciliation of these measures to their most directly comparable respective GAAP measure. “First Advantage delivered exceptional performance during the second quarter of 2021, achieving year-over-year revenue and Adjusted EBITDA growth of 66.5% and 77.9%, respectively,” said Scott Staples, Chief Executive Officer. “With the global economy showing strong recovery and the increasing competition for talent, we continued to help our customers accelerate hiring and manage human capital risk.” Mr. Staples continued, “Our robust revenue growth was attributable to increasing momentum within our existing customer base, significant new customer growth, ...