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Sep 30, 2023
First Advantage Q3 2023 Earnings Report
First Advantage reported third quarter results, with revenue and Adjusted EBITDA improving sequentially and the acquisition of Infinite ID strengthening their digital strategy.
Key Takeaways
First Advantage reported revenue of $200.4 million and net income of $10.8 million. The company's Adjusted EBITDA margin was 32.3%. They acquired Infinite ID, a U.S.-based digital identity solutions company, for $41 million.
Generated Revenues of $200.4 million.
Delivered Net Income of $10.8 million; Adjusted Net Income was $40.0 million.
Produced Adjusted EBITDA of $64.8 million.
Realized GAAP Diluted Net Income Per Share of $0.07; Adjusted Diluted Earnings Per Share was $0.28.
First Advantage
First Advantage
Forward Guidance
The Company reiterates its full-year 2023 guidance ranges, expecting results at the low end of these ranges. This reflects the current hiring environment and expectations that existing macroeconomic conditions and similar labor market trends will continue through the end of fiscal year 2023.