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    First Advantage Corp (FA)

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    Business Description

    First Advantage Corporation (NASDAQ: FA) is a leading global provider of employment background screening, identity, and verification solutions. The company leverages proprietary technology to deliver innovative services that help businesses manage risk, hire top talent, and ensure safer environments for employees, contractors, tenants, and drivers. Its offerings include pre-onboarding screening, post-onboarding monitoring, and a range of adjacent products tailored to meet the needs of global enterprises, mid-sized companies, and small businesses.

    1. Pre-Onboarding Screening - Provides criminal background checks, drug/health screening, education and work verifications, and Social Security number verifications to support hiring decisions.
    2. Post-Onboarding and Monitoring - Offers continuous monitoring of employees and contractors to ensure compliance and mitigate risks.
    3. Adjacent Products - Includes fleet/driver compliance, executive screening, data analytics, social media monitoring, and hiring tax incentives to address additional workforce and operational needs.
    4. Americas Segment - Delivers background check and compliance services across the workforce lifecycle in the United States, Canada, and Latin America.
    5. International Segment - Provides similar services as the Americas segment, tailored for Europe, India, and Asia-Pacific markets.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Scott StaplesChief Executive OfficerApril 2017Co-founded Mindtree Ltd., serving as President Americas & Global Head of Business Groups for 17 years. Previously held roles at Cambridge Technology Partners, Gemini Consulting, and Prudential.
    David L. GamseyExecutive Vice President (until December 1, 2024)February 2016Served as CFO at Air Serv Corporation, Beecher Carlson, Innotrac Corporation, and AHL Services, Inc. Spent 16 years at Price Waterhouse and Arthur Andersen. Licensed CPA.
    Joseph JaegerPresident, AmericasJanuary 2021Previously Chief Revenue Officer (September 2015). Held leadership roles at Kronos, including VP Americas, and was CEO of Focal Point Solutions in 2008.
    Joelle M. SmithPresidentSeptember 16, 2024Joined FA in 2017. Held roles including President, Data, Technology, and Experience (May 2022), Chief Experience Officer (January 2020), and EVP, Resident and Investigative Research (July 2017).
    Bret T. JardineExecutive Vice President, General Counsel & Corporate SecretaryJanuary 2011Headed FA's legal department during its transition from First American (2009-2010). Practiced law at Zimmet, Unice, Salzman, Heyman, and Jardine PA for nearly a decade.
    Steven MarksExecutive Vice President and Chief Financial OfficerNovember 8, 2024Joined FA in 2016. Held roles including Chief Accounting Officer (February 2022) and SVP, Accounting and Controller. Previously worked at Serta Simmons Bedding, LLC, and PricewaterhouseCoopers. Licensed CPA.

    Questions to Ask Management

    1. Given the complexities of integrating multiple platforms from the Sterling acquisition, how do you plan to manage potential disruptions to customer service and prevent customer churn during this process?

    2. With Sterling experiencing attrition among higher-margin customers that impacted margins, what specific strategies are you implementing to address this issue and prevent further margin erosion?

    3. Base revenues came in lower than expected in the third quarter due to macroeconomic headwinds; what measures are you taking to improve base growth in the coming quarters, and how confident are you in these initiatives?

    4. Can you elaborate on the potential revenue synergies from the Sterling acquisition, specifically regarding upsell and cross-sell opportunities, and how you plan to achieve these without significant integration-related distractions?

    5. How are you prioritizing capital allocation between debt paydown, integration costs, and investments in innovation, and what is your expected timeline for reducing net leverage to your target range?

    Share Repurchase Program

    Program DetailsProgram 1Program 2Program 3Program 4
    Approval DateAugust 2, 2022 November 8, 2022 February 28, 2023 September 14, 2023
    End Date/DurationAugust 2, 2023 (12 months) December 31, 2023 December 31, 2023 December 31, 2024 (1-year extension)
    Total Additional Amount$50.0 million $100.0 million $50.0 million $0 (extension only)
    Remaining Amount$0 $0 $0 $80.5 million
    DetailsProgram expired Program expired Program expired Active; suspended due to Merger Agreement