Business
First Advantage Reports Second Quarter 2023 Results
Board of Directors declares one-time special dividend Second Quarter 2023 Highlights¹ Generated Revenues of $185.3 million; Constant Currency Revenues were
About this update from First Advantage Corporation
[{"type":"text","content":"Board of Directors declares one-time special dividend\nSecond Quarter 2023 Highlights¹ Generated Revenues of $185.3 million; Constant Currency Revenues were $186.4 millionDelivered Net Income of $9.8 million; Adjusted Net Income was $34.8 millionProduced Adjusted EBITDA of $56.0 million; Constant Currency Adjusted EBITDA was $56.1 millionRealized GAAP diluted net income per share of $0.07; Adjusted Diluted Earnings Per Share was $0.24Achieved Cash Flows from Operations of $33.1 millionFirst Advantage’s Board of Directors declared a one-time special dividend of $1.50 per share, which represents a greater than 10% return of capital to shareholders 2023 Full-Year Guidance Second quarter Revenues and Adjusted EBITDA results were in-line with expectations communicated during the first quarter 2023 earnings conference call. The full-year 2023 guidance ranges are unchanged. The Company expects results at the lower end of the guidance ranges given the current hiring environment and expectations that existing macroeconomic conditions and similar labor market trends will continue through the remainder of 2023 without significant changes. ATLANTA, Aug. 09, 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 second quarter ended June 30, 2023. Key Financials (Amounts in millions, except per share data and percentages) Three Months Ended June 30, 2023 2022 ChangeRevenues $185.3 $201.6 (8.1)%Income from operations $17.6 $22.8 (22.6)%Net income $9.8 $14.2 (31.3)%Net income margin 5.3% 7.1% NA Diluted net income per share $0.07 $0.09 (22.2)%Adjusted EBITDA¹ $56.0 $60.8 (8.0)%Adjusted EBITDA Margin¹ 30.2% 30.2% NA Adjusted Net Income¹ $34.8 $38.0 (8.4)%Adjusted Diluted Earnings Per Share¹ $0.24 $0.25 (4.0)% ¹ Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Constant Currency Revenues, and Constant Currency Adjusted EBITDA 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 measures.Note: “NA” indicates not applicable information. “We achieved second quarter Revenues and Adjusted EBITDA results in-line with the expectations we communica...