Business
First Advantage Reports Third Quarter 2022 Results
Third Quarter 2022 Highlights(All results compared to prior-year period unless otherwise noted) Revenues were $206.0 million, an increase of 6.8%, compared to
About this update from First Advantage Corporation
[{"type":"text","content":"Third Quarter 2022 Highlights(All results compared to prior-year period unless otherwise noted) Revenues were $206.0 million, an increase of 6.8%, compared to $192.9 million; Constant Currency Revenues1 were $209.4 million, an increase of 8.6%Net income was $17.2 million, an increase of 5.7%, compared to $16.3 millionAdjusted EBITDA1 was $64.2 million, an increase of 0.4%, compared to $63.9 million; Constant Currency Adjusted EBITDA1 was $65.3 millionAdjusted Net Income1 was $40.0 million, a decrease of 5.1%, compared to $42.2 millionCash flows from operations were $46.4 million, an increase of 67.2%, compared to $27.8 millionCash and cash equivalents were $390.3 million as of September 30, 2022, an increase of $97.6 million compared to $292.6 million as of December 31, 2021Increased and extended share repurchase program by $100 million through December 31, 2023 ATLANTA, Nov. 08, 2022 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a leading global provider of HR technology solutions for screening, verifications, safety, and compliance, today announced financial results for the third quarter ended September 30, 2022. Key Financials (Amounts in millions, except per share data and percentages) Three months endedSeptember 30, 2022 2021 Change Revenues$206.0 $192.9 6.8%Income from operations$25.7 $24.4 5.2%Net income$17.2 $16.3 5.7%Net income margin 8.4% 8.4% NA Adjusted EBITDA1$64.2 $63.9 0.4%Adjusted EBITDA Margin1 31.2% 33.2% NA Adjusted Net Income1$40.0 $42.2 (5.1)% 1 Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, 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 delivered continued growth in the third quarter, albeit at more moderated levels, following eight consecutive quarters of extremely robust, double-digit revenue growth. We saw sustained resilience in our business, despite broad macroeconomic pressures including inflation, higher interest rates, and geopolitical volatility. Our 6.8% revenue growth and 0.4% Adjusted EBITDA growth were achieved on top of the remarkable 41.0% and 47.7% growth, respectively, we achieved in the prior-year period. Th...