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Sep 30, 2022
First Advantage Q3 2022 Earnings Report
First Advantage reported results with revenue increase and net income growth, but adjusted net income decreased due to macroeconomic pressures.
Key Takeaways
First Advantage reported a 6.8% increase in revenue to $206.0 million and a 5.7% increase in net income to $17.2 million compared to the prior-year period. However, Adjusted Net Income decreased by 5.1% to $40.0 million. The company's performance was impacted by foreign currency headwinds and macro-related softness in its International segment.
Revenues increased by 6.8% to $206.0 million, or 8.6% on a constant currency basis.
Net income grew by 5.7% to $17.2 million.
Adjusted EBITDA increased slightly by 0.4% to $64.2 million, or $65.3 million on a constant currency basis.
Cash flows from operations increased significantly by 67.2% to $46.4 million.
First Advantage
First Advantage
Forward Guidance
First Advantage is revising full year 2022 guidance ranges downward to reflect expectations for continuing foreign currency headwinds and macro-driven demand softness, primarily in the International segment. This revised guidance equates to full year 2022 revenue growth of 14% - 15%, or 16% - 17% on a constant currency basis.