First Advantage Corp. Files Q3 2024 10-Q

TL;DR

FA Q3 10-Q is in. Check financials and risks.

AI Summary

First Advantage Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and business segments are presented, along with disclosures on risks and legal matters. The company's financial health and strategic direction are outlined.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for First Advantage Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard disclosures about business operations, financial performance, and potential risks, which are typical for a 10-Q filing.

Key Numbers

• Q3 — Quarter (Reporting period for this 10-Q filing.)

Key Players & Entities

• FIRST ADVANTAGE CORP (company) — Filer
• BRET T. JARDINE, ESQ. (person) — Contact Person for Mail and Business Address
• 20240930 (date) — Period of Report
• 20241112 (date) — Filing Date

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-20240930.htm (10-Q) — 2233KB
• fa-ex31_1.htm (EX-31.1) — 18KB
• fa-ex31_2.htm (EX-31.2) — 17KB
• fa-ex32_1.htm (EX-32.1) — 11KB
• fa-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-125426.txt ( ) — 8864KB
• fa-20240930.xsd (EX-101.SCH) — 1241KB
• fa-20240930_htm.xml (XML) — 1558KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 5 Notes to Unaudited Condensed Consolidated Financial Statements 7 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) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 307,392 $ 213,774 Restricted cash 88 138 Accounts receivable (net of allowance for doubtful accounts of $ 1,284 and $ 1,036 at September 30, 2024 and December 31, 2023, respectively) 143,020 142,690 Prepaid expenses and other current assets 13,667 13,426 Income tax receivable 2,808 3,710 Total current assets 466,975 373,738 Property and equipment, net 55,403 79,441 Goodwill 822,277 820,654 Trade names, net 60,990 66,229 Customer lists, net 238,821 275,528 Other intangible assets, net 1,898 2,257 Deferred tax asset, net 3,172 2,786 Other assets 7,598 10,021 TOTAL ASSETS $ 1,657,134 $ 1,630,654 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 71,108 $ 47,024 Accrued compensation 18,687 16,379 Accrued liabilities 22,962 16,162 Current portion of operating lease liability 2,566 3,354 Income tax payable 3,534 264 Deferred revenues 2,495 1,856 Total current liabilities 121,352 85,039 Long-term debt (net of deferred financing costs of $ 4,880 and $ 6,268 at September 30, 2024 and December 31, 2023, respectively) 559,844 558,456 Deferred tax liability, net 48,181 71,274 Operating lease liability, less current portion 4,340 5,931 Other liabilities 2,703 3,221 Total liabilities 736,420 723,921 COMMITMENTS AND CONTINGENCIES (Note 12) EQUITY Common stock - $ 0.001 par value; 1,000,000,000 shares authorized, 145,558,948 and 145,074,802 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 146 145 Additional paid-in-capital 998

View Full Filing

View this 10-Q filing on SEC EDGAR