Earnings summaries and quarterly performance for FIRST ADVANTAGE.
Executive leadership at FIRST ADVANTAGE.
Board of directors at FIRST ADVANTAGE.
Research analysts who have asked questions during FIRST ADVANTAGE earnings calls.
Andrew Nicholas
William Blair & Company
4 questions for FA
Also covers: AMTD, CBZ, CLVT +16 more
Andrew Steinerman
JPMorgan Chase & Co.
4 questions for FA
Also covers: ARMK, BFAM, CTAS +15 more
Scott Wurtzel
Wolfe Research
4 questions for FA
Also covers: ADP, BR, CLVT +11 more
Shlomo Rosenbaum
Stifel, Nicolaus & Company, Incorporated
4 questions for FA
Also covers: ARMK, CCCS, CLVT +15 more
Jeffrey Silber
BMO Capital Markets
3 questions for FA
Also covers: AMN, ASGN, ATGE +18 more
Manav Patnaik
Barclays
3 questions for FA
Also covers: BFAM, CLVT, CTAS +17 more
Ashish Sabadra
RBC Capital Markets
2 questions for FA
Also covers: ADP, CBOE, CLVT +20 more
Kyle Peterson
Needham & Company
2 questions for FA
Also covers: AFRM, ALIT, AX +12 more
Harold Antor
Jefferies Financial Group Inc.
1 question for FA
Also covers: APG, ARMK, BFAM +9 more
Ronan Kennedy
Barclays
1 question for FA
Also covers: ADT, CTAS, ECL +8 more
Stephanie Moore
Jefferies
1 question for FA
Also covers: APG, ARCB, ARMK +30 more
Recent press releases and 8-K filings for FA.
First Advantage Reports Improving Hiring Trends and Strong Q4 2025 Outlook
FA
Guidance Update
Revenue Acceleration/Inflection
M&A
- First Advantage (FA) observed stabilizing hiring markets for enterprise customers, with base growth improving from -5.5% in Q1 to -1.8% in Q3 2025, and anticipates 6% organic growth in Q4 2025, an increase from 4% in Q3.
- The integration of the Sterling acquisition has led to 97% customer retention and $52 million in synergies achieved through Q3 2025, progressing towards a target of $65 million-$80 million.
- FA is driving growth through product differentiation, including digital identity solutions to combat AI-enabled fakes and increased package density, which are opening new customer opportunities.
- The company is making progress towards its 2028 midterm targets of upper single-digit growth, 31%-33% EBITDA margin, and a 2-3x net leverage target, having already repaid $71 million in debt.
Nov 19, 2025, 4:20 PM
First Advantage Reports Stable Enterprise Hiring, Strong Q4 Organic Growth Outlook, and Synergy Progress
FA
Guidance Update
M&A
Hiring
- First Advantage (FA) observes stability in enterprise hiring markets, with October and early November results exceeding their model, and base growth improving sequentially to negative 1.8% in Q3.
- The company anticipates 6% organic growth for Q4, an increase from 4% in Q3, driven by a 97% customer retention rate and the revenue contribution from three significant deals signed in Q1.
- Strategic initiatives include leveraging the Sterling acquisition for diversification and synergy realization, with $52 million in cost synergies achieved through Q3 towards a target of $65-$80 million.
- Product differentiation, particularly digital identity solutions and increased package density, is driving new business, while proprietary databases like the National Criminal Record File (over 700 million records) provide a competitive edge.
- FA's international business grew 11% in Q3, marking its sixth consecutive quarter of growth, and the company has paid down $71 million in debt with $71 million in operating cash flow for Q3.
Nov 19, 2025, 4:20 PM
First Advantage Updates on Sterling Integration and Leverage Reduction Targets
FA
M&A
Revenue Acceleration/Inflection
New Projects/Investments
- First Advantage has successfully integrated the Sterling acquisition, achieving 97% gross revenue retention in Q3, an increase from 96% previously, by prioritizing customer experience.
- The company is actively working to reduce its net leverage from 4.2 times to a target of 3X by year-end 2026, supported by strong cash flow generation, which was $72 million (GAAP operating cash flow) in Q3.
- Revenue growth is accelerating, with 4% growth in Q3, as negative base volume trends improve from -5.5% in Q1 to -1.8% in Q3.
- New growth drivers include significant enterprise contract wins, such as 17 in Q3, and the emerging digital identity solution, which is seen as a key differentiator and a "hook" for broader screening services.
Nov 18, 2025, 2:00 PM
First Advantage Discusses Sterling Integration Success and Future Growth
FA
M&A
Revenue Acceleration/Inflection
New Projects/Investments
- First Advantage has successfully integrated the Sterling acquisition, achieving 97% gross revenue retention in Q3 and realizing synergies by optimizing back-end fulfillment without modifying the front-end customer experience.
- The company is focused on reducing its net leverage from 4.2x to approximately 3x by year-end 2026 through scaling the business, achieving synergies, and generating strong cash flow, with $72 million of GAAP operating cash flow in Q3.
- First Advantage is experiencing accelerated revenue growth, with almost 4% growth in Q3, driven by a strong pipeline of new logo wins, upsell, and cross-sell opportunities, including three significant deals expected to ramp up in Q4.
- Digital identity is highlighted as a new growth frontier, opening opportunities for broader screening programs and differentiating First Advantage in the market due to increasing concerns about fraud and AI-driven risks in hiring.
Nov 18, 2025, 2:00 PM
First Advantage Discusses Sterling Integration Success and Path to Deleveraging
FA
M&A
Revenue Acceleration/Inflection
New Projects/Investments
- First Advantage has successfully integrated the Sterling acquisition, maintaining a customer-first focus and improving gross revenue retention from 96% to 97% in Q3.
- The company aims to reduce its net leverage from 4.2 times to approximately 3X by the end of 2026, driven by scaling the business, achieving synergies, and strong cash flow generation.
- Revenue growth is accelerating, with Q3 showing almost 4% growth, and further acceleration is expected in Q4 due to significant new customer wins.
- First Advantage is leveraging digital identity solutions to address fraud and AI risks in hiring, which also serves as a "hook" to expand overall screening services for new clients.
- While AI impacts administrative functions and certain sectors like BPO, it is not significantly affecting core hiring in First Advantage's primary verticals, and the company views a one-to-one ratio of unemployed persons to job openings as a stable labor market equilibrium.
Nov 18, 2025, 2:00 PM
FA Reports Strong Q3 2025 Results and Narrows Full-Year Guidance
FA
Earnings
Guidance Update
M&A
- FA delivered strong Q3 2025 results, with revenues of $409 million, up 3.8% year-over-year on a pro forma basis, adjusted EBITDA of $118.5 million (29% margin), and adjusted diluted EPS of $0.30, a 15.4% increase year-over-year.
- The company narrowed its full-year 2025 revenue guidance to $1,535 million-$1,570 million and expects adjusted EBITDA margins of approximately 28%.
- Integration of the Sterling acquisition is progressing ahead of schedule, with $52 million in synergies actioned to date, exceeding the original $50 million target, and a revised synergy goal of $65-$80 million within two years.
- Customer retention improved to 97% in Q3, driven by successful new logo and upsell/cross-sell initiatives, which delivered 9% growth in the quarter, and the company made over $70 million in year-to-date debt principal repayments.
Nov 6, 2025, 1:30 PM
FA Announces Strong Q3 2025 Results and Updated Full-Year Guidance
FA
Earnings
Guidance Update
M&A
- FA reported strong Q3 2025 financial results, with revenues of $409.2 million, a 3.8% year-over-year increase, Adjusted EBITDA of $118.5 million (29.0% margin), and Adjusted Diluted EPS of $0.30.
- The company narrowed its full-year 2025 guidance ranges, with updated projections for Total Revenues between $1.535 billion and $1.570 billion and Adjusted Diluted Earnings Per Share between $0.98 and $1.02.
- FA is celebrating one year post-closing on the Sterling acquisition, noting successful integration ahead of schedule and high customer retention of 97%.
- The company demonstrated progress in its capital structure, reporting a cash balance of $217 million and $80.5 million in Adjusted Operating Cash Flows for Q3 2025, alongside $70.5 million in total debt repayments since closing. Net leverage improved to 4.2 at September 30, 2025.
Nov 6, 2025, 1:30 PM
First Advantage Reports Q3 2025 Results and Refines Full Year 2025 Guidance
FA
Earnings
Guidance Update
M&A
- First Advantage reported Q3 2025 revenues of $409.2 million and Adjusted Diluted Earnings Per Share of $0.30.
- Net income for Q3 2025 was $2.6 million, which included $6.3 million of expenses related to the Sterling Check Corp. acquisition and integration, and $41.7 million of Sterling acquisition depreciation and amortization.
- The company refined its full year 2025 guidance, narrowing the ranges with midpoints at or above original guidance, now projecting revenues of $1.535 billion to $1.570 billion and Adjusted Diluted Earnings Per Share of $0.98 to $1.02.
- Subsequent to the quarter-end, First Advantage made a voluntary principal repayment of $25 million, bringing total principal repayments for the year to $70.5 million.
Nov 6, 2025, 11:02 AM
First Advantage Reports Third Quarter 2025 Results and Refines Full-Year Guidance
FA
Earnings
Guidance Update
M&A
- First Advantage (FA) reported revenues of $409.2 million and Adjusted EBITDA of $118.5 million for the third quarter ended September 30, 2025.
- For Q3 2025, the company achieved Adjusted Net Income of $52.3 million and Adjusted Diluted Earnings Per Share of $0.30.
- The company refined its full-year 2025 guidance, projecting revenues between $1.535 billion and $1.570 billion and Adjusted EBITDA between $430 million and $440 million.
- Cash Flows from Operations for Q3 2025 were $72.4 million, with the integration of the Sterling acquisition progressing ahead of schedule.
Nov 6, 2025, 11:00 AM
First Advantage Discusses Growth Strategy, Market Outlook, and Sterling Merger Integration
FA
M&A
Guidance Update
New Projects/Investments
- First Advantage's revenue growth is driven by 4-5% new logo growth, 4-5% upsell and cross-sell, and 96%+ customer retention, enabling mid-single-digit growth even in a flat job market.
- The company's base growth assumption for the second half of 2025 is the negative side of neutral, and for 2026, it is expected to remain around a neutral state, not yet returning to the 2-3% positive long-term trend.
- Post-merger, First Advantage's vertical mix is approximately 50% white collar and 50% blue collar, with healthcare now its largest vertical at about 24% of the business.
- The Sterling merger, which will celebrate its one-year anniversary on October 31, has seen its net cost synergy target elevated from $50 million+ to $65 million to $80 million, with $47 million already actioned within eight months of close.
- First Advantage is focused on deleveraging, having voluntarily prepaid $40 million of debt and repriced debt to lower borrowing costs by 50 basis points, with a target of reaching 3x net leverage by the end of 2026.
Sep 3, 2025, 8:44 PM
Quarterly earnings call transcripts for FIRST ADVANTAGE.
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