First Advantage Corporation · NASDAQ:FA
First Advantage — Investor Day (May 2025)
86 slides from First Advantage's investor day presentation, May 28, 2025
Slide 1: Investor Day 2025: Advancing the Advantage
ZI) FirstAdvantage Investor Day 2025 >> “7 Advancing the Advantage May 28, 2025 New York City
Slide 2: Welcome & Opening Remarks
Welcome & Opening Remarks Stephanie Gorman | VP, Investor Relations
Slide 3: 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 4: Today's Agenda
Stephanie Gorman 8:30 AM Welcome & Opening Remarks VP, Investor Relations Scott Staples Strategic Overview CEO Today’s Driving Excellence: Elevating Our Go-to-Market Joelle Smith Agenda Approach for Global Success President Irina Kovach Product Innovation Global Chief Product Officer Charlie Oyler T
Slide 5: Strategic Overview
Strategic Overview Scott Staples | Chief Executive Officer
Slide 6: Key Messages
Key Messages Delivering global software and data through a proprietary platform in an attractive, large, and growing HR technology market Widening our competitive advantage with best of breed product approach, proprietary data, and added Sterling capabilities Executing FA 5.0 strategy with different
Slide 7: Who We Are
Who We Are A leading provider of global software and data in the HR technology industry Automated Criminal Digital Drug Extended Fingerprinting PL ATFORMS Continuous Background Identity Screening Workforce Monitoring Checks Screening P RO P RI ETA RY DATA AUTOMATION Fleet/Driver Form Health Hiring T
Slide 8: 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 $457M 8% Financial Services Manufacturing & Industrials Coun
Slide 9: Megatrends Are Driving Market Expansion
Megatrends Are Driving Market Expansion Trends How We Are Addressing Increased risk of identity fraud Digital Identity and bundling of products Heightened focus on workplace safety and Expansion of criminal and social media monitoring; increased reputation risk package density Increased turnover amo
Slide 10: Serving Large and Growing Addressable Market of $24B+
Serving Large and Growing Addressable Market of $24B+ Global TAM Background Digital $10B Screening Identity Digital Identity Market $7.5B Screening Whitespace $24B+ $14B+ TAM + $10B+ TAM Total Global TAM 6% - 7% Mid-to- $6.5B Expected Market Growth High Teens Screening Expected Vended Market Growth
Slide 11: Positioned for Ongoing Industry Leadership
Positioned for Ongoing Industry Leadership Background Screening Industry Landscape ~25% ▪ An industry leader with ~$1.5B in revenue Market Share ▪ Broad suite of products and solutions ▪ Unmatched proprietary data Mid-Market Players ~40% ▪ ~$100-700M in annual revenue Market Share ▪ Good front end t
Slide 12: Leading with a Unique Combination of Solutions and Expertise
Leading with a Unique Combination of Solutions and Expertise Hundreds of Companies in Our Industry Full suite of identity, verification, Product Breadth & Depth and screening solutions Vertical Expertise Deep focus on verticalized go-to- market approach Software AI and automation focus, supported &
Slide 13: Competitive Advantages Position Us Well to Win
Competitive Advantages Position Us Well to Win Differentiated Best-in-Class Customer & Technology Platform Candidate Experience ▪ APIs and automation ▪ Leading turnaround time & accuracy ▪ Breadth of proprietary data ▪ Differentiated candidate portals Scaled Presence Across Deep Customer Key Industr
Slide 14: Network Size + Scale = Differentiated Market Position
Network Size + Scale = Differentiated Market Position Examples of Best-in-Class Value Creation through Network Differentiation Hundreds of Partner Unique position at center of ecosystem Integrations Ability to create greater value as network volumes increase Position enhanced by proprietary data net
Slide 15: Experienced Executive Team with Proven Track Record
Experienced Executive Team with Proven Track Record TO DAY’S P R E S E NT E RS Scott Staples Joelle Smith Irina Kovach Charlie Oyler Steven Marks Chief Executive Officer President Global Chief Product Officer Chief Technology Officer Chief Financial Officer 2017 2017 2022 2001 2016 Brian Rolf Aaron
Slide 16: FA 5.0: Executing Clear Strategy to Drive Profitable Growth
FA 5.0: Executing Clear Strategy to Drive Profitable Growth Drive Growth through Advance Product Integrate Invest in Technology Targeted Go-to- Strategy & the Sterling and AI Innovation Market Strategy Customer Experience ▪ Unlock cross-sell ▪ Increase share in ▪ Deliver scalability ▪ Leverage propr
Slide 17: Sterling Acquisition Enhances Our Customer and Shareholder Value Proposition
Sterling Acquisition Enhances Our Customer and Shareholder Value Proposition Clear Strategic Benefits Transaction Summary Unlocks cross-sell opportunities, improves customer experience, and offers best-in-class approach through Close Date October 31, 2024 complementary solutions Drives innovation an
Slide 18: Successfully Integrating Sterling, Leveraging Best of Breed Approach
Successfully Integrating Sterling, Leveraging Best of Breed Approach Integration Achievements Future Milestones and Goals (Today through 2026+) Currently ahead of plan ▪ Create one unified back-end platform Fostering high-performance culture ▪ Consolidate and rationalize product Seamless customer ex
Slide 19: Best of Breed Technology Platform Driving Growth and Retention
Best of Breed Technology Platform Driving Growth and Retention Partner Integrations Customers Candidate Global Fulfillment Data Sources 100+ ATS & HCM Software Thousands of Global Partner Integrations First Advantage - Enterprise Data Sources Advantage Proprietary Combined Public Product Catalogue P
Slide 20: Further Increasing Our Synergy Target
Further Increasing Our Synergy Target NEW Synergy Priorities $65M – $80M • D A Y 1 – N O V. 1 , 2 0 2 4 $50M –$70M $60M –$70M Corporate Costs • F I R ST 1 8 0 DAYS Internal Operations • YEAR 1 Cost of Sales and Fulfillment As of Close Q4’24 Investor Day Nov. 1, 2024 Update Update • YEAR 2 Range Mini
Slide 21: Investment Thesis
Investment Thesis : $1.8B - $2.0B A market leader Significant organic Business resiliency Targeted Revenue by 2028 offering proprietary revenue growth backed by flexible 4% - 7% CAGR technology and potential, accelerated cost structure and data in a large and by Sterling acquisition high revenue div
Slide 22: Driving Excellence: Elevating Our Go-to Market Approach for Global Success
Driving Excellence: Elevating Our Go-to Market Approach for Global Success Joelle Smith | President
Slide 23: FA 5.0: Go-to-Market, Product, and Technology
FA 5.0: Go-to-Market, Product, and Technology Driving growth through targeted go-to-market strategy with world- class organization to grow market share and win new customers vertically and globally Accelerating competitive advantage through product innovation and a focus on elevating the customer ex
Slide 24: Pursuing Compelling Growth Opportunities
Pursuing Compelling Growth Opportunities Increase Share in Expand Global Product-Driven Targeted Verticals Presence Customer Engagement Build on deep vertical expertise Capture increased share in Increase wallet share with and go-to-market excellence maturing geographies, while customers by cross-se
Slide 25: Strategic Go-to-Market Structure Fuels Our Revenue Growth Strategy
I N C R E A S E S H A R E I N TA R G E T E D V E R T I C A L S Strategic Go-to-Market Structure Fuels Our Revenue Growth Strategy World-class Organizational Structure Three General Managers with P&L ownership, strategically aligned to verticals and regions: EVP & GM, AMERICAS EVP & GM, AMERICAS E V
Slide 26: Vertical Strategy is Key to Differentiation and Growth
I N C R E A S E S H A R E I N TA R G E T E D V E R T I C A L S Vertical Strategy is Key to Differentiation and Growth U P S E L L / C RO S S - S E L L OUR VERTICALS1 N E W C U S TO M E R O P P O RT U N I T I E S O P P O RT U N I T I E S 5% ~$400M 7% 21% 15%+ Identified Cross-sell 7% Annual Contract
Slide 27: Distinct Go-to-Market Priorities to Serve Diversified Geographies
EXPAND GLOBAL PRESENCE Distinct Go-to-Market Priorities to Serve Diversified Geographies International Customers’ Needs Our International Strategy Increasing demand from large enterprises Building on global capabilities to win and serve local outside of the U.S. enterprises around the world Greater
Slide 28: Significant Growth Opportunity in Target Global Markets
EXPAND GLOBAL PRESENCE Significant Growth Opportunity in Target Global Markets Emerging Markets U.K. & EU India Australia (LatAm and Select Regions in APAC) Background Screening TAM ~$1.5B ~$120M ~$190M ~$1.5B in Target Markets Market ▪ Mature markets, demand for ▪ Maturing market serving U.S. ▪ Mat
Slide 29: Full Suite of Mission Critical Solutions Covering the Employment Lifecycle
PRODUCT-DRIVEN CUSTOMER ENGAGEMENT Full Suite of Mission Critical Solutions Covering the Employment Lifecycle PRE-ONBOARDING PRE-ONBOARDING POST-ONBOARDING POST-ONBOARDING Candidate Candidate Candidate Candidate Applies for a Job Screening is Onboarded Rescreening/Monitoring Digital identity Digital
Slide 30: Delivering Exceptional Customer Experiences Across Product Platforms & Events
PRODUCT-DRIVEN CUSTOMER ENGAGEMENT Delivering Exceptional Customer Experiences Across Product Platforms & Events Serving All Customers with Click. Chat. Call. Customer Care Platform O N LY U S E R C O N F E R E N C E O F I T S KIND IN THE INDUSTRY Providing Leading Customer Service ▪ Stevie award wi
Slide 31: Product Innovation
Product Innovation Irina Kovach | Global Chief Product Officer
Slide 32: Addressing Customer Pain Points through Product Innovation
Addressing Customer Pain Points through Product Innovation Customer Pain Points Our Solutions Increasing fraud risk from AI-generated candidates Digital Identity Higher third-party verification costs Proprietary data (Verified!®) and software (SmartHub ) Painful and slow candidate experience Next-Ge
Slide 33: Digital Identity Addressing Increasing Risk of Identity Fraud
Digital Identity Addressing Increasing Risk of Identity Fraud D I G I TA L I D E N T I T Y S O LU T I O N “ The rise of AI-generated candidate profiles, means that by 2028, one in four job candidates globally could be fake Gartner Government-Issued ID Validation Facial Recognition (Selfie) Liveness
Slide 34: Our Simple Digital Identity Process
Our Simple Digital Identity Process Candidate Data Government ID Picture Quick Selfie Identity Completion Automatically Feeds into Background Check Unique Ability to Leverage Our Digital Identity Product Across the Employment Lifecycle 34
Slide 35: Next-Generation Profile Advantage
Next-Generation Profile Advantage Delivering Exceptional Customer Experiences and Owning the Candidate Journey Seamless, bundled approach drives customer stickiness and upsell / cross-sell opportunities Next-Generation Candidate Portal planned for full roll out by end of 2025 with features including
Slide 36: Leveraging Proprietary Data Sets to Continuously Drive Market Leadership
Leveraging Proprietary Data Sets to Continuously Drive Market Leadership Verified!® National Criminal File Repository of Work History and Education Records: Proprietary database that delivers cost-effective, FCRA1- compliant employment and education verifications + Repository of Criminal Records: Pr
Slide 37: Proprietary Software Enhances Our Competitive Advantage
Proprietary Software Enhances Our Competitive Advantage AI-enabled software: quickly search to determine optimal data source SmartHub based on speed, data quality, and cost AI Model V1 AI Model V2 AI Model V3 AI Model V4 Margin Benefits Model Being Smart Hub ~60% Helps reduce third-party pass-throug
Slide 38: AI-driven SmartHub and Proprietary Verified!® Database
CASE STUDY AI-driven SmartHub and Proprietary Verified!® Database Background Unique First Advantage Solution Outcomes 30% ▪ Healthcare customer faced SmartHub software and Verified!® Increased customer’s with high third-party proprietary database % of near-instant 3% verification fees and verificati
Slide 39: Go-Forward Product Innovation Areas
Go-Forward Product Innovation Areas Continue to Drive Significant Improvements Expanding Innovation in Screening, Verifications & Drug Testing Upstream and Downstream ▪ Advancing proprietary algorithms for criminal ▪ Expanding Digital Identity offering to include additional screening, drug testing,
Slide 40: Technology Innovation
Technology Innovation Charlie Oyler | Chief Technology Officer
Slide 41: Technology as a Catalyst for Growth
Technology as a Catalyst for Growth Key Differentiators Leading cloud architecture 850+ 90+ Product & Technology Experts Total Agile Pods Unmatched scale with acquisition of Sterling Agile and iterative innovation $130M+ 8 Average Annual R&D and Agile Pods Dedicated Quick, frequent, and meaningful u
Slide 42: Creating Tailored Customer Experiences Leveraging the Best of Our Platforms
Creating Tailored Customer Experiences Leveraging the Best of Our Platforms Partner Integrations 100+ ATS & HCM Software Partner Integrations Analytics Support AI, Proprietary Data, and Automation 42
Slide 43: Creating Tailored Customer Experiences Leveraging the Best of Our Platforms
Creating Tailored Customer Experiences Leveraging the Best of Our Platforms Partner Integrations Customers 100+ ATS & HCM Software Partner Integrations First Advantage - Enterprise Advantage Product Catalogue Sterling - Screening Direct Analytics Support AI, Proprietary Data, and Automation 43
Slide 44: Creating Tailored Customer Experiences Leveraging the Best of Our Platforms
Creating Tailored Customer Experiences Leveraging the Best of Our Platforms Partner Integrations Customers Candidate 100+ ATS & HCM Software Partner Integrations First Advantage - Enterprise Advantage Product Catalogue Sterling - Screening Direct Analytics Support AI, Proprietary Data, and Automatio
Slide 45: Creating Tailored Customer Experiences Leveraging the Best of Our Platforms
Creating Tailored Customer Experiences Leveraging the Best of Our Platforms Partner Integrations Customers Candidate Global Fulfillment 100+ ATS & HCM Software Partner Integrations First Advantage - Enterprise Advantage Combined Product Catalogue Product Capabilities Sterling - Screening Direct Anal
Slide 46: Creating Tailored Customer Experiences Leveraging the Best of Our Platforms
Creating Tailored Customer Experiences Leveraging the Best of Our Platforms Partner Integrations Customers Candidate Global Fulfillment Data Sources 100+ ATS & HCM Software Thousands of Global Partner Integrations First Advantage - Enterprise Data Sources Advantage Proprietary Combined Public Produc
Slide 47: Proprietary Platform Enables Deep Data Management Capabilities
Proprietary Platform Enables Deep Data Management Capabilities Data Acquisition Data needs identified and acquired through third-party, public, and proprietary sources Data Processing Data is converted to FA standards for use in fulfillment and proprietary databases Compliance Data is curated based
Slide 48: A Leader of AI Capabilities in the Industry
A Leader of AI Capabilities in the Industry Customer Facing Capabilities Our Advantage with AI ▪ Drives cost effectiveness Click. Profile Faster Analytics and enhances margins Chat. Advantage Review of Call. External Data ▪ Custom AI models trained on our Internal Operational Capabilities proprietar
Slide 49: Continuing to Build on AI Capabilities
Continuing to Build on AI Capabilities Future AI Opportunities Expected Outcomes Develop new AI offerings to further automate manual processes across entire ecosystem ▪ Continue to develop in-house AI to detect and prevent identity fraud Increased top line through new, ▪ Leverage Agentic AI to repla
Slide 50: Driving Excellence: Elevating Our Go-to Market Approach for Global Success
Driving Excellence: Elevating Our Go-to Market Approach for Global Success Joelle Smith | President
Slide 51: Key Takeaways
Key Takeaways Driving growth through Accelerating competitive Building scale, enhancing targeted go-to-market advantage through product speed, and enabling strategy with world-class innovation and a focus on innovation through organization to grow market elevating the customer technology, data, and
Slide 52: Q&A
Q&A Investor Day 2025 | Advancing the Advantage FirstAdventage
Slide 53: Break
Break Investor Day 2025 | Advancing the Advantage FirstAdventage
Slide 54: Financial Performance & Long-term Outlook
Financial Performance & Long-term Outlook Steven Marks | Chief Financial Officer
Slide 55: Key Messages
Key Messages Proven history of delivering on controllable growth drivers and an attractive future growth outlook enabled by go-to-market strategy and product innovation Strong and expanding margins and free cash flow generation from synergy execution and a flexible financial model Disciplined capita
Slide 56: Historical Pro Forma Financial Performance Since IPO
Historical Pro Forma Financial Performance Since IPO ($M) Revenue Adjusted EBITDA3 $1,509 $4574 $1,145 ~8% CAGR $323 ~10% CAGR LTM 2Q211 LTM 1Q25 2 LTM 2Q211 LTM 1Q25 2 Pre-IPO Pre-IPO KEY DRIVERS KEY DRIVERS ▪ Stable increase in new customers ▪ Deeply engrained, disciplined cost management ▪ Captur
Slide 57: Evolving and Diversifying Revenue Mix Shift
Evolving and Diversifying Revenue Mix Shift First Advantage Pre-Acquisition1 First Advantage Post-Acquisition2 Top 25 customers 5% represent 5% 7% 21% 10% 15% Top 25 customers 7% ~25% 7% represent of Revenue 8% 7% 24% ~45% 15% Reduced reliance on top verticals and 9% of Revenue 11% top 25 customer c
Slide 58: Operating Leverage Enables Adjusted EBITDA Margin Expansion
Operating Leverage Enables Adjusted EBITDA Margin Expansion Consistently Increasing Our Synergy Target + Managing Operational Costs Additional Long-term Other Variable Costs NEW 15% - 20% Margin $65M – $80M Fixed Costs Upside $50M – $70M $60M – $70M 3% - 5% Cost of through Third-Party Sales Variable
Slide 59: Balance Sheet Flexibility to Manage Future Growth
Balance Sheet Flexibility to Manage Future Growth As of 3/31/2025 Net Leverage1 Cash and Cash Equivalents $172M TARGET RANGE: 5.9x 2 – 3x 4.4x Total Debt $2.2B ~3.0x Net Debt $2.0B 0.6x 1.1x 1.3x Acquisition 2021 2022 2023 Post-Sterling 2026E Revolver Availability $250M by Silver 2024 Lake (3/31/25)
Slide 60: Strategic Capital Allocation Priorities
Strategic Capital Allocation Priorities CURRENT FOCUS FUTURE FOCUS During De-Leveraging Post De-Leveraging When Target Balance Sheet Management Inorganic Growth Continue to de-leverage to target range of Leverage is Pursue disciplined acquisitions that will 2x – 3x Achieved… accelerate our strategy
Slide 61: Reaffirming FY25 Guidance
Reaffirming FY25 Guidance F U L L Y E A R 2 0 2 5 G U I D A N C E Total Revenues $1.5B to $1.6B Adjusted EBITDA $410M to $450M Adjusted EBITDA Margin ~27% to ~28% Adjusted Net Income $152M to $182M Adjusted Diluted Earnings Per Share $0.86 to $1.03 Note: Actual results may differ materially from Fir
Slide 62: Consistent Track Record of Upsell / Cross-sell, New Logo, and Customer Retention
Consistent Track Record of Upsell / Cross-sell, New Logo, and Customer Retention Legacy First Advantage 2020 2021 2022 2023 2024 Upsell / Cross-sell 4% 4% 4% 5% 5% New Logos 9% 8% 5% 4% 4% First Advantage Gross Retention 96% 97% 97% 97% 96% Q1’25 Upsell / Cross-sell 5% Legacy Sterling New Logos 4% 2
Slide 63: 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, 4%-5% ~96% automation, and technology 4%-5% 7%-9% ▪ Strong track record of innovation 6%-7% ▪ Vertical go-to-market strategy 2%-3% ▪ Candidate experience Base
Slide 64: Long-term Growth Algorithm Targets (cont'd)
Long-term Growth Algorithm Targets (cont’d) KEY DRIVERS GROWTH VS. MARKET Macro - ▪ Assumes neutral macro environment for next 18-24 months Target Long-term ▪ Attractive verticals Dependent Base Growth: 2% - 3% Organic Revenue ▪ Growth as customers expand (Beyond our control) ▪ Secular drivers Growt
Slide 65: Well-Positioned to Navigate Various Market Scenarios
Well-Positioned to Navigate Various Market Scenarios Downside FY28 Baseline Upside Increase in Unemployment Normalization of Base Decrease in Unemployment through 2026, Getting Back to Large Scale Job Losses / 2-3% Base Growth in 2027 Strong Economic Growth Churn Rate Declines Macroeconomic and Norm
Slide 66: Introducing 2028 Financial Targets
Introducing 2028 Financial Targets $1.8B - $2.0B $560M - $630M 31% - 32% Revenue Adjusted EBITDA2 Adjusted EBITDA Margin2 4% - 7% CAGR1 9% - 12% CAGR1 $1.65 - $2.00 2x - 3x Adjusted Diluted EPS2 Net Leverage Ratio 19% - 25% CAGR3 Well-positioned to Drive Long-term Organic Growth, While Focusing on D
Slide 67: Long-term Adjusted EBITDA Target Growth Bridge ($M)
Long-term Adjusted EBITDA Target Growth Bridge ($M) KEY ASSUMPTIONS 9% - 12% $560M - ▪ Efficiency gains due to CAGR2 $630M operational excellence, Internal automation initiatives, and AI Efficiency partially offset by reinvestment Sterling Gains Net of in various parts of the business Synergies1 Rei
Slide 68: Long-term Adjusted Diluted EPS Target Bridge
Long-term Adjusted Diluted EPS Target Bridge KEY ASSUMPTIONS 19% - 25% $1.65 - ▪ Organic debt paydown and existing CAGR2 $2.00 capital structure approach ▪ Interest rates remain relatively Interest stabilized around 4% Savings Sterling from Debt ▪ No share buybacks in our model, Synergies1 Paydown f
Slide 69: Key Takeaways
Key Takeaways Proven history of delivering Strong and expanding Disciplined capital on controllable growth margins and free cash allocation strategy with drivers and an attractive flow generation from clear path to achieve future growth outlook synergy execution and a target net leverage range throu
Slide 70: Closing Remarks
Closing Remarks Scott Staples | Chief Executive Officer
Slide 71: Investment Thesis
Investment Thesis : $1.8B - $2.0B A market leader Significant organic Business resiliency Targeted Revenue by 2028 offering proprietary revenue growth backed by flexible 4% - 7% CAGR technology and potential, accelerated cost structure and data in a large and by Sterling acquisition high revenue div
Slide 72: Q&A
Q&A Investor Day 2025 | Advancing the Advantage FirstAdventage
Slide 73: Leadership Bios
Leadership Bios Investor Day 2025 | Advancing the Advantage FirstAdventage
Slide 74: Scott Staples
Scott Staples CHIEF EXECUTIVE OFFICER Serving as Chief Executive Officer for First Advantage, Scott Staples provides guidance and leadership to the organization to help foster the company’s strategic direction and growth. Before his tenure at First Advantage began in 2017, Scott was a co-founder of
Slide 75: Joelle Smith
Joelle Smith PRESIDENT Joelle has held leadership roles within First Advantage since 2017, advancing from Executive Vice President to Chief Experience Officer, to President, Data, Technology, and Experience, and most recently to President, First Advantage. Joelle maintains responsibility for the org
Slide 76: Steven Marks
Steven Marks CHIEF FINANCIAL OFFICER Steven assumed the role of Executive Vice President and Chief Financial Officer of First Advantage in November 2024. Steven is committed to driving financial excellence and supporting First Advantage’s strategic objectives, leveraging his expertise to enhance the
Slide 77: Irina Kovach
Irina Kovach GLOBAL CHIEF PRODUCT OFFICER Irina assumed the role of Global Chief Product Officer in November 2024. In her role, she leads the First Advantage product organization by overseeing the Company’s product strategy from product vision to execution. Under her leadership, FA’s product teams a
Slide 78: Charlie Oyler
Charlie Oyler CHIEF TECHNOLOGY OFFICER Charlie has served as the Chief Technology Officer of First Advantage since January 2020. In this role, he is accountable for the architecture, development, delivery, quality, and reliability of First Advantage’s software portfolio and product platforms. Having
Slide 79: Appendix
Appendix Investor Day 2025 | Advancing the Advantage FirstAdventage
Slide 80: Pro Forma 6/30/21 LTM Combined First Advantage Adjusted EBITDA
Pro Forma 6/30/21 LTM Combined First Advantage Adjusted EBITDA Historical Pro Forma Combined Legacy Sterling Reported First Advantage First Advantage Year to Date Period Ended LTM Year to Date Period Ended LTM LTM Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Dec 31,
Slide 81: Pro Forma 2020 First Advantage Adjusted EBITDA
Pro Forma 2020 First Advantage Adjusted EBITDA Historical Pro Forma Adjustments Predecessor Successor for the Period Ended Period Ended Twelve Months Ended Year Ended (in thousands, except percentages) Jan 31, 2020 Dec 31, 2020 Dec 31, 2020 Dec 31, 2020 Net (loss) income $ (36,530) $ (47,492) $ 20,4
Slide 82: Pro Forma 2024 First Advantage Adjusted EBITDA
Pro Forma 2024 First Advantage Adjusted EBITDA Historical Pro Forma Period Ended Year Ended Adjustments Year Ended Oct 31, 2024 Dec 31, 2024 for the Dec 31, 2024 Reported Twelve Months Legacy First Ended First (in thousands, except percentages) Sterling Advantage Dec 31, 2024 Advantage Net (loss) in
Slide 83: Pro Forma 3/31/24 QTD First Advantage Adjusted EBITDA
Pro Forma 3/31/24 QTD First Advantage Adjusted EBITDA Historical Pro forma Quarter Ended Adjustments Quarter Ended March 31, 2024 for the March 31, 2024 Reported Reported Three Months First Legacy Ended First (in thousands, except percentages) Advantage Sterling Mar 31, 2024 Advantage Net loss $ (2,
Slide 84: Pro Forma 3/31/25 LTM First Advantage Adjusted EBITDA
Pro Forma 3/31/25 LTM First Advantage Adjusted EBITDA Historical Pro Forma Quarters Ended Year Ended LTM Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 Mar 31, 2025 (in thousands, except percentages) Q1 Q1 Net loss $ (41,194) $ (33,718) $ (139,432) $ (146,907) Interest expense, net 46,580 36,671 160,181 170
Slide 85: Reported 2024 First Advantage Adjusted Net Income
Reported 2024 First Advantage Adjusted Net Income Year Ended (in thousands) Dec 31, 2024 Net loss $ (110,273) Benefit for income taxes (4,342) Income (loss) before provision for income taxes (114,615) Debt-related charges (1) 549 Acquisition-related depreciation and amortization (2) 112,966 Share-ba
Slide 86: Reported 2024 First Advantage Adjusted Earnings Per Share
Reported 2024 First Advantage Adjusted Earnings Per Share Year Ended Dec 31, 2024 Diluted net loss per share (GAAP) $ (0.74) Adjusted Net Income adjustments per share Benefit for income taxes (0.03) Debt-related charges (1) 0.00 Acquisition-related depreciation and amortization (2) 0.75 Share-based