Business
First Advantage Reports Second Quarter 2024 Results
Reaffirms Full-Year 2024 Guidance; Sterling Acquisition Expected to Close in Q4 Second Quarter 2024 Highlights1 Revenues of $184.5 millionNet Income of $1.9
About this update from First Advantage Corporation
[{"type":"text","content":"Reaffirms Full-Year 2024 Guidance; Sterling Acquisition Expected to Close in Q4\nSecond Quarter 2024 Highlights1 Revenues of $184.5 millionNet Income of $1.9 million, a net income margin of 1.0%, includes $9.2 million of expenses incurred related to the acquisition of Sterling Check Corp. (“Sterling”)Adjusted Net Income of $30.8 millionAdjusted EBITDA of $55.8 million; Adjusted EBITDA Margin of 30.2%GAAP Diluted Net Income Per Share of $0.01, includes $0.06 per share of expenses incurred related to the Sterling acquisitionAdjusted Diluted Earnings Per Share of $0.21Cash Flows from Operations of $32.0 million; Cash Flows from Operations would have been $40.7 million after adjusting for $8.7 million of cash costs paid directly related to the Sterling acquisitionChief Financial Officer transition announced; David Gamsey to retire in December, to be succeeded by Steven Marks, Chief Accounting OfficerAcquisition of Sterling, announced on February 29, 2024, continues to progress towards closing in the fourth quarter of 2024 Reaffirming Standalone First Advantage Full-Year 2024 Guidance Reaffirming full-year 2024 guidance ranges for Revenues of $750 million to $800 million, Adjusted EBITDA of $228 million to $248 million, Adjusted Net Income of $127 million to $142 million, and Adjusted Diluted Earnings Per Share of $0.88 to $0.982 ATLANTA, Aug. 08, 2024 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a leading provider of employment background screening, identity, and verification solutions, today announced financial results for the second quarter ended June 30, 2024. Key Financials (Amounts in millions, except per share data and percentages) Three Months Ended June 30, 2024 2023 Change Revenues$184.5 $185.3 (0.4)%Income from operations$9.9 $17.6 (43.9)%Net income$1.9 $9.8 (81.0)%Net income margin 1.0% 5.3% NA Diluted net income per share$0.01 $0.07 (85.7)%Adjusted EBITDA1$55.8 $56.0 (0.4)%Adjusted EBITDA Margin1 30.2% 30.2% NA Adjusted Net Income1$30.8 $34.8 (11.7)%Adjusted Diluted Earnings Per Share1$0.21 $0.24 (12.5)% 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 measures. Note: \"NA\" indica...