First Advantage Corp. Files Q2 2024 10-Q

TL;DR

FA stock filing is in - Q2 numbers are out, check the financials.

AI Summary

First Advantage Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and business operations, including specific expense categories like Product and Technology Expense. The company's principal executive offices are located in Atlanta, GA.

Why It Matters

This filing provides investors and analysts with a detailed look at First Advantage Corp.'s financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the absence of specific financial performance metrics or significant events requires a medium risk assessment for immediate interpretation.

Key Numbers

• Q2 2024 — Quarterly Period (The filing covers the second quarter of 2024.)

Key Players & Entities

• FIRST ADVANTAGE CORP (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240808 (date) — Filing Date
• 1 CONCOURSE PARKWAY NE, SUITE 200 (address) — Business and Mail Address
• ATLANTA (location) — City
• GA (location) — State
• 30328 (zip_code) — Zip Code
• 888-314-9761 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share FA The Nasdaq S

Filing Documents

• fa-20240630.htm (10-Q) — 2048KB
• fa-ex31_1.htm (EX-31.1) — 17KB
• fa-ex31_2.htm (EX-31.2) — 16KB
• fa-ex32_1.htm (EX-32.1) — 11KB
• fa-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-093999.txt ( ) — 8326KB
• fa-20240630.xsd (EX-101.SCH) — 1147KB
• fa-20240630_htm.xml (XML) — 1473KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION Ite m 1. Condensed Consolidated Financial Statements (Unaudited) First Advantage Corporation Con densed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 269,563 $ 213,774 Restricted cash 86 138 Accounts receivable (net of allowance for doubtful accounts of $ 1,179 and $ 1,036 at June 30, 2024 and December 31, 2023, respectively) 130,768 142,690 Prepaid expenses and other current assets 19,707 13,426 Income tax receivable 7,101 3,710 Total current assets 427,225 373,738 Property and equipment, net 63,463 79,441 Goodwill 819,136 820,654 Trade names, net 62,571 66,229 Customer lists, net 250,397 275,528 Other intangible assets, net 2,018 2,257 Deferred tax asset, net 2,872 2,786 Other assets 8,268 10,021 TOTAL ASSETS $ 1,635,950 $ 1,630,654 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 55,486 $ 47,024 Accrued compensation 17,422 16,379 Accrued liabilities 20,641 16,162 Current portion of operating lease liability 2,984 3,354 Income tax payable 331 264 Deferred revenues 2,234 1,856 Total current liabilities 99,098 85,039 Long-term debt (net of deferred financing costs of $ 5,352 and $ 6,268 at June 30, 2024 and December 31, 2023, respectively) 559,372 558,456 Deferred tax liability, net 56,508 71,274 Operating lease liability, less current portion 4,964 5,931 Other liabilities 2,697 3,221 Total liabilities 722,639 723,921 COMMITMENTS AND CONTINGENCIES (Note 12) EQUITY Common stock - $ 0.001 par value; 1,000,000,000 shares authorized, 145,324,615 and 145,074,802 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 145 145 Additional paid-in-capital 987,986 977,290 Accumu

View Full Filing

View this 10-Q filing on SEC EDGAR