Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information Of Registrant

Note 19. Condensed Financial Information of Registrant

FIRST ADVANTAGE CORPORATION

(PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

(in thousands, except share and per share data)


	December 31,
	2024			2023
ASSETS
Investments in subsidiaries	$	1,240,750		$	872,206
LIABILITIES AND EQUITY
Liabilities	$	—		$	—
EQUITY
Common stock - $0.001 par value; 1,000,000,000 shares authorized, 173,171,145 and 145,074,802 shares issued and outstanding as of December 31, 2024 and 2023, respectively		173			145
Additional paid-in-capital		1,437,718			942,763
Accumulated deficit		(159,808	)		(49,545	)
Accumulated other comprehensive income		(37,333	)		(21,157	)
Total equity		1,240,750			872,206
TOTAL LIABILITIES AND EQUITY	$	1,240,750		$	872,206

The accompanying note is an integral part of these condensed financial statements.

FIRST ADVANTAGE CORPORATION

(PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(in thousands, except share and per share data)


	For the Year Ended December 31,
	2024			2023		2022
Equity in net income of subsidiaries	$	(110,273	)	$	37,293	$	64,604
NET (LOSS) INCOME		(110,273	)		37,293		64,604
Foreign currency translation adjustments		(16,176	)		1,174		(20,694	)
COMPREHENSIVE (LOSS) INCOME	$	(126,449	)	$	38,467	$	43,910

NET (LOSS) INCOME	$	(110,273	)	$	37,293	$	64,604
Basic net (loss) income per share	$	(0.74	)	$	0.26	$	0.43
Diluted net (loss) income per share	$	(0.74	)	$	0.26	$	0.43
Weighted average number of shares outstanding - basic		148,582,226			144,083,808		150,227,213
Weighted average number of shares outstanding - diluted		148,582,226			146,226,096		151,807,139

A statement of cash flows has not been presented as First Advantage Corporation (parent company) did not have any cash as of, or at any point in time during, the years ended December 31, 2024, 2023 or 2022.

The accompanying note is an integral part of these condensed financial statements.

Note to Condensed Financial Statements of Registrant (Parent Company Only)

Basis of Presentation

Fastball Intermediate, Inc. was formed on November 15, 2019. In March 2021, Fastball Intermediate, Inc. changed its name to First Advantage Corporation.

These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of First Advantage Corporation (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed the specified threshold amount of the consolidated net assets of the Company. Because we have a consolidated accumulated deficit, the 25% threshold described in Rule 4-08 does not apply and any restrictions of net assets at our subsidiaries trigger the requirement to present parent company-only financial information. The ability of First Advantage Corporation’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ outstanding term loan and revolving credit facility borrowings under the Credit Agreement, as described in Note 7 to the audited consolidated financial statements.

These condensed parent company-only financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. These condensed parent company-only financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report.