First Advantage Corporation · Q2 2022 earnings

Briefing

First Advantage reported strong financial results, product innovation, and strategic acquisitions.

First Advantage reported a revenue increase of 15.3% and an Adjusted EBITDA growth of 8.0% compared to the prior-year period. The company also announced a share repurchase program with authorization to purchase up to $50 million of its common stock.

• Revenues were $201.6 million, an increase of 15.3% compared to the prior-year period.
• Net income was $14.2 million, an increase of 277.6% compared to the prior-year period.
• Adjusted EBITDA was $60.8 million, an increase of 8.0% compared to the prior-year period.
• Cash flows from operations were $54.8 million, an increase of 69.3% compared to the prior-year period.

Headline financials

Revenue & EPS history

First Advantage is raising the low ends of its full year 2022 guidance ranges, resulting in revised full year 2022 guidance ranges for revenues of $823 to $835 million, Adjusted EBITDA of $254 to $259 million, and Adjusted Net Income of $158 to $161 million.