First Advantage Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>First Advantage Corp. filed its 2023 10-K report detailing its fiscal year performance and corporate structure.</b>

AI Summary

FIRST ADVANTAGE CORP (FA) filed a Annual Report (10-K) with the SEC on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. First Advantage Corp. is classified under SIC code 7389 (Services-Business Services, NEC). The company's principal executive offices are located in Atlanta, GA. The filing references various financial instruments and equity plans, including interest rate collars and the TwoThousandTwentyOneEquityPlan. Key dates mentioned include the IPO on 2021-06-25 and various fiscal year ends.

Why It Matters

For investors and stakeholders tracking FIRST ADVANTAGE CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of First Advantage Corp.'s financial health, operational activities, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. The detailed disclosures within the 10-K are essential for understanding the company's financial position, including its assets, liabilities, revenue segments, and executive compensation, which can influence investment decisions.

Risk Assessment

Risk Level: medium — FIRST ADVANTAGE CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report, but lacks specific financial performance data in the provided snippet, requiring further analysis of the full document to determine precise risks.

Analyst Insight

Review the full 10-K filing for detailed financial statements, revenue breakdowns, and risk factor analysis to make informed investment decisions regarding First Advantage Corp.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240229 — Filing Date (Filed as of date)
• 7389 — SIC Code (Standard Industrial Classification)
• 001-31666 — SEC File Number (SEC file number)

Key Players & Entities

• FIRST ADVANTAGE CORP (company) — Filer name
• 0000950170-24-023094 (other) — Accession number
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• 1 CONCOURSE PARKWAY NE, SUITE 200 (address) — Business address
• BRET T. JARDINE, ESQ. (person) — Contact person for business and mail address
• 7389 (other) — Standard Industrial Classification code
• 001-31666 (other) — SEC file number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-29: Filing Date — Date the 10-K was filed
• 2021-06-25: IPO — Initial Public Offering date

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed by First Advantage Corp. in this instance.)

SIC Code

Standard Industrial Classification code, used to classify businesses based on their primary activity. (Identifies First Advantage Corp.'s business sector as Services-Business Services, NEC.)

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share FA The Nasdaq S
• $500,000 — ers" means our customers who contribute $500,000 or more to our revenues in a calendar y
• $2.2 billion — tion") values Sterling at approximately $2.2 billion. In connection with the execution of
• $1.820 billion — oan in an aggregate principal amount of $1.820 billion and incremental revolving commitments i
• $150 m — nts in an aggregate principal amount of $150 million, in each case, under the Borrower

Filing Documents

• fa-20231231.htm (10-K) — 3409KB
• fa-ex10_34.htm (EX-10.34) — 90KB
• fa-ex21_1.htm (EX-21.1) — 44KB
• fa-ex23_1.htm (EX-23.1) — 3KB
• fa-ex31_1.htm (EX-31.1) — 17KB
• fa-ex31_2.htm (EX-31.2) — 16KB
• fa-ex32_1.htm (EX-32.1) — 10KB
• fa-ex32_2.htm (EX-32.2) — 8KB
• fa-ex97_1.htm (EX-97.1) — 35KB
• img5799568_0.jpg (GRAPHIC) — 122KB
• 0000950170-24-023094.txt (&nbsp;) — 15699KB
• fa-20231231.xsd (EX-101.SCH) — 2051KB
• fa-20231231_htm.xml (XML) — 3140KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6. [Reserved] 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 64 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 65 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III Item 10. Directors, Executive Officers and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 13. Certain Relationships and Related Transactions, and Director Independence 66 Item 14. Principal Accountant Fees and Services 66 PART IV Item 15. Exhibits and Financial Statement Schedules 67 Item 16. Form 10-K Summary 70 2 Glossary of Selected Terminology The following terms are used in this Annual Report, unless otherwise noted or indicated by the context: "Americas" in regards to our business, means the United States, Canada, and Latin America; "Enterprise customers" means our customers who contribute $500,000 or more to our revenues in a calendar year; "First Advantage," the "Company," "we," "us," and "our" mean the business of First Advantage Corporation and its subsidiaries; "gross retention rate" for the current year is a percentage, where the numerator is prior year revenues less the revenue impact of lost accounts; the denominator is prior year revenues. We calculate the revenue impact of lost accounts as the difference between the customer's current year and prior year revenues for the months after which they are identified as lost. Therefore, the attrition impact of customers lost in the current year may be partially captured in both the current and following years' retention rates depending on what point during the year they are lost. Our retention rate does not factor in revenue impact, whether growth or decline, attributable to existing customers or the incremental revenue impact of new customers; "international" in regards to our business, means all geographical regions outside of the United States, Canada, and Latin America; and "Silver Lake" means Silver Lake Group, L.L.C., together with its affiliates, successors, and assignees. Certain monetary amounts, percentages, and other figures included in this Annual Report on Form 10-K ("Annual Report") have been subject to rounding adjustments. Percentag

View Full Filing

View this 10-K filing on SEC EDGAR