Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 6, 2025
Slide 2: Forward-Looking Statements; Non-GAAP Financial Information Note
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. For
Slide 3: Q3 2025 Highlights
Q3 2025 Highlights Scott Staples Chief Executive Officer
Slide 4: Q3 2025 Key Messages
Q3 2025 Key Messages Solid Q3 performance, with revenues, Adjusted EBITDA, and Adjusted Diluted EPS growth driven by continuing go-to- market execution and synergy realization Celebrating one year post closing on Sterling acquisition; achieving integration goals ahead of schedule and high levels of
Slide 5: Solid Q3 2025 Results
Solid Q3 2025 Results Adjusted Cash Flow Revenues Adjusted EBITDA1 Adjusted Diluted EPS1 from Operations2 $409M $118M $81M $0.30 3.8% 29.0% $217M $52M YoY Growth3 Adj. EBITDA Margin1 Cash Balance Adj. Net Income1 Q3 2025 GO-TO-MARKET VERTICAL RESULTS MOMENTUM TAKEAWAYS Performance was in-line with
Slide 6: Executing on Post-Close Strategic Priorities
Executing on Post-Close Strategic Priorities Integration Progress: Synergy Target Progression Celebrating One-Year Post-Closing as of 10/31/25 Delivering strategic and financial benefits as promised $65M – $80M $50M – $70M $60M – $70M Seamless, non-disruptive customer experience Best-of-breed ap
Slide 7: FA 5.0 Focus: Enhancing the Customer Value Proposition through Best-of-Breed Approach
FA 5.0 Focus: Enhancing the Customer Value Proposition through Best-of-Breed Approach Expanded Offerings Across Platforms Seeing Solid Momentum in Digital Identity Q1 2025: Award-winning Click.Chat.Call. Fully linked in the pre-hire/post-hire lifecycle customer care solution Increasing demand from c
Slide 8: Financial Results & Outlook
Financial Results & Outlook Steven Marks Chief Financial Officer
Slide 9: Q3 2025 Financial Results
Q3 2025 Financial Results ($ in millions, except per share data and percentages) REVENUES ADJUSTED EBITDA AND MARGIN1 ADJUSTED DILUTED EPS1 $409.2 $118.5 $0.30 $394.4 +3.8% $109.3 +8.4% +15.4% $0.26 29.0% 27.7% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 (Pro Forma2) (Pro Forma2) Go-to-market
Slide 10: Delivering on Net Cost Synergies
Delivering on Net Cost Synergies $65M – $80M SYNERGY PRIORITIES Total Run Rate Synergy Target Expected To Be Actioned Within 2 Years ($60M – $70M previous target, up from $50M+ originally) $52M Run Rate Synergies Actioned as of 9/30/25 Run Rate Synergies $47M Actioned as of 6/30/25 Day 1 – 11/1/2024
Slide 11: Revenue Growth Algorithm Drivers
Revenue Growth Algorithm Drivers Legacy First Advantage 2023 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 2024 Upsell / Cross-sell 5% 4% 5% 7% 5% 5% New Logos 4% 5% 4% 3% 3% 4% First Advantage Gross Retention 97% 97% 96% 96% 96% 96% Q1’25 Q2’25 Q3’25 Base (12%) (11%) (7%) (8%) (8%) (9%) Upsell / Cross-sell 5% 5% 5%
Slide 12: Cash Flow and Capital Structure
Cash Flow and Capital Structure Synergized Pro Forma2 Q3 2025 Cash Flow Debt Paydown Net Leverage Cash balance of $217M at 9/30/25 Net leverage management Well ahead of schedule on Q3 2025 Adjusted Operating Cash remains a top priority path to de-leveraging $70.5M Flows of $80.5M1 4.4x Closely
Slide 13: Refining Full Year 2025 Guidance
Refining Full Year 2025 Guidance Updated Guidance Updated Guidance Prior Guidance Asof As of November November 6, 6, 2025 2025 As of August 7, 2025 Total Revenues $1.535B to $1.570B $1.5B to $1.6B Adjusted EBITDA $430M to $440M $410M to $450M Adjusted EBITDA Margin ~28% ~27% to ~28% Adjusted Net Inc
Slide 14: Closing Remarks
Closing Remarks Scott Staples Chief Executive Officer
Slide 15: Investment Thesis and Long-Term Targets
Investment Thesis and Long-Term Targets : $1.8B - $2.0B Targeted Revenue 4% - 7% CAGR A market leader Significant organic Business resiliency offering proprietary revenue growth backed by flexible $560M - $630M technology and potential, accelerated cost structure and Targeted Adjusted EBITDA data in
Slide 16: Appendix
Appendix Supplemental Materials and Reconciliations to GAAP Measures
Slide 17: First Advantage At a Glance
First Advantage At a Glance O U R S C A L E O U R V E R T I C A L S 5 190M 12+ Year $1.5B 7% 5% 21% Healthcare Annual Average Tenure of Pro Forma Screens Top 100 Customers Revenue1 Transportation & Logistics 7% Retail & E-Commerce 200+ 80K $463M 8% Financial Services Manufacturing & Industrials Coun
Slide 18: Post-Close Strategic Priorities
Post-Close Strategic Priorities Executing Integration Playbook. Seamless integration process focused on customer retention, synergy realization, and operational efficiency led by a dedicated team and supported by all functional areas Actioning Synergies. Target run rate cost synergy range of $65M to
Slide 19: Full Year 2025 Guidance Details: Modeling Assumptions
Full Year 2025 Guidance Details: Modeling Assumptions Assumption ($ in millions; all values are approximate) Actioned synergies expected to be realized in 2025 $33 – $38 Capital expenditures, including capitalized software development $57 – $64 Net interest expense, excluding amortization of financi
Slide 20: Long-term Growth Algorithm Targets
Long-term Growth Algorithm Targets ST R AT E GY A N D K E Y Existing Customers New Customers ORGANIC GROWTH DRIVERS: Continued focus on AI, automation, and technology 4%-5% ~96% Strong track record of 4%-5% innovation 7%-9% Vertical go-to-market strategy 6%-7% Candidate experience 2%-3% Qu
Slide 21: Reported First Advantage Adjusted EBITDA
Reported First Advantage Adjusted EBITDA For the Quarters Ended LTM Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Sep 30, 2025 (in thousands, except percentages) Q3 Q4 Q1 Q2 Q3 Net (loss) income $ (8,860) $ (100,366) $ (41,194) $ 308 $ 2,593 $ (138,659) Interest expense, net 17,19
Slide 22: Pro Forma 2025 LTM First Advantage Adjusted EBITDA
Pro Forma 2025 LTM First Advantage Adjusted EBITDA Reported Pro Forma Nine Months Ended Year Ended LTM (in thousands, except percentages) Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Sep 30, 2025 Net loss $ (38,293) $ (107,167) $ (139,432) $ (70,558) Interest expense, net 131,406 126,332 160,181 165,255 (
Slide 23: Pro Forma 2024 First Advantage Adjusted EBITDA
Pro Forma 2024 First Advantage Adjusted EBITDA For the Quarter Ended September 30, 2024 For the Nine Months Ended September 30, 2024 Reported Historical Pro Forma Reported Historical Pro Forma First Legacy First First Legacy First (in thousands, except percentages) Advantage Sterling (1) Adjustments
Slide 24: Pro Forma 2024 First Advantage Adjusted EBITDA (Continued)
Pro Forma 2024 First Advantage Adjusted EBITDA (Continued) To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on 1/1/2023. The pro f
Slide 25: Reported First Advantage Adjusted Net Income and Adjusted Earnings Per Share
Reported First Advantage Adjusted Net Income Reported First Advantage Adjusted Earnings Per Share For the Quarters Ended For the Quarters Ended Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 Q3 Q3 (in thousands) Q3 Q3 Diluted net (loss) income per share (GAAP) $ (0.06) $ 0.01 Net (loss) income
Slide 26: Pro Forma First Advantage Constant Currency Revenues
Pro Forma First Advantage Constant Currency Revenues 1. Constant currency revenue is calculated by translating current period amounts using prior-year period exchange rates. The foreign currency translation impact of First Advantage and Sterling on a stand-alone basis was $(0.4)M and $(0.1)M, respec
Slide 27: Reported First Advantage Adjusted Operating Cash Flow
Reported First Advantage Adjusted Operating Cash Flow For the Quarters Ended Sep 30, 2024 Sep 30, 2025 Q3 Q3 (in thousands, except percentages) Cash flows from operating activities, as reported (GAAP) $ 43,490 $ 72,369 Cost paid related to the Sterling acquisition and integration 1,824 8,141 Adjuste
Slide 28: Pro Forma 2024 LTM First Advantage Adjusted EBITDA
Pro Forma 2024 LTM First Advantage Adjusted EBITDA To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on 1/1/2023. The pro forma inf
Slide 29: Pro Forma 2023 First Advantage Adjusted EBITDA
Pro Forma 2023 First Advantage Adjusted EBITDA To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on 1/1/2023. The pro forma informa