Business
First Advantage Reports Third Quarter 2021 Results
Third Quarter 2021 Highlights (All results compared to prior year period) Revenues were $192.9 million, an increase of 41.0%, compared to $136.8 million in
About this update from First Advantage Corporation
[{"type":"text","content":"Third Quarter 2021 Highlights (All results compared to prior year period) Revenues were $192.9 million, an increase of 41.0%, compared to $136.8 million in the prior year periodNet income was $16.3 million, compared to a net loss of $3.5 million in the prior year periodAdjusted EBITDA1 was $63.9 million, compared to $43.3 million in the prior year periodAdjusted Net Income1 was $42.2 million, compared to $22.3 million in the prior year periodAnnounced today, the signing of a definitive purchase agreement for Corporate Screening Services, Inc., a healthcare and higher education focused screening and compliance solutions provider in North America, which is expected to close in the fourth quarterAnnounced today, the signing of a definitive purchase agreement for MultiLatin Advisors, S.A. de C.V., a screening and verifications provider in Latin America, which is expected to close in the fourth quarterRaising full year 2021 guidance ranges for revenues to $680 to $686 million, Adjusted EBITDA to $208 to $211 million, and Adjusted Net Income to $125 to $128 million2,3, excluding the aforementioned acquisitions ATLANTA, Nov. 08, 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 third quarter ended September 30, 2021. Key Financial Metrics(Amounts in millions, except per share data and percentages) Three months ended September 30, 2021 2020 Change Revenues$192.9 $136.8 41.0%Income from operations$24.4 $5.3 361.1%Net income (loss)$16.3 $(3.5) NM Net income margin 8.4% (2.5)% Diluted earnings (loss) per share$0.11 $(0.03) NM Adjusted EBITDA1$63.9 $43.3 47.7%Adjusted EBITDA Margin1 33.2% 31.6% Adjusted Net Income1$42.2 $22.3 89.1%Adjusted Diluted Earnings Per Share1$0.28 $0.17 64.7% 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 continued its outstanding performance in the third quarter, with revenues increasing 41.0% and Adjusted EBITDA increasing 47.7% versus the prior year period, driven by broad-based...