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v3.25.1

Reportable Segments (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Adjusted EBITDA Reconciled to Net Income | Reconciliations of Segment Adjusted EBITDA to net loss for the three months ended March 31, 2025 and 2024 is as follows (in thousands):
|  | Three Months Ended March 31, 2025 |
|  | First Advantage Americas |  |  | First Advantage International |  |  | Sterling |  |  | Total |
Total revenues |  | $ | 145,353 |  |  | $ | 23,775 |  |  | $ | 187,518 |  |  | $ | 356,646 |
Intersegment revenues |  |  | (491 | ) |  |  | (1,263 | ) |  |  | (304 | ) |  |  | (2,058 | )
External revenues |  | $ | 144,862 |  |  | $ | 22,512 |  |  | $ | 187,214 |  |  | $ | 354,588 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of services |  |  | 74,183 |  |  |  | 13,848 |  |  |  | 104,802 |  |  |  |
Other segment items |  |  | 30,863 |  |  |  | 6,561 |  |  |  | 34,277 |  |  |  |
Segment Adjusted EBITDA |  | $ | 40,307 |  |  | $ | 3,366 |  |  | $ | 48,439 |  |  | $ | 92,112 |
Adjustments to reconcile to net loss: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | 46,580 |
Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  | 2,231 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | 61,666 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | 7,967 |
Transaction and acquisition-related charges (a) |  |  |  |  |  |  |  |  |  |  |  | 3,996 |
Integration, restructuring, and other charges (b) |  |  |  |  |  |  |  |  |  |  |  | 10,866 |
Net loss |  |  |  |  |  |  |  |  |  |  | $ | (41,194 | )
|  | Three Months Ended March 31, 2024 |
|  | First Advantage Americas |  |  | First Advantage International |  |  | Sterling |  |  | Total |
Total revenues |  | $ | 149,127 |  |  | $ | 22,023 |  |  | $ | — |  |  | $ | 171,150 |
Intersegment revenues |  |  | (315 | ) |  |  | (1,419 | ) |  |  | — |  |  |  | (1,734 | )
External revenues |  | $ | 148,812 |  |  | $ | 20,604 |  |  | $ | — |  |  | $ | 169,416 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of services |  |  | 76,070 |  |  |  | 12,837 |  |  |  | — |  |  |  |
Other segment items |  |  | 29,388 |  |  |  | 6,297 |  |  |  | — |  |  |  |
Segment Adjusted EBITDA |  | $ | 43,669 |  |  | $ | 2,889 |  |  | $ | — |  |  | $ | 46,558 |
Adjustments to reconcile to net loss: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | 3,570 |
Benefit for income taxes |  |  |  |  |  |  |  |  |  |  |  | (1,388 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | 29,822 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | 4,751 |
Transaction and acquisition-related charges (a) |  |  |  |  |  |  |  |  |  |  |  | 11,992 |
Integration, restructuring, and other charges (b) |  |  |  |  |  |  |  |  |  |  |  | 719 |
Net loss |  |  |  |  |  |  |  |  |  |  | $ | (2,908 | )
(a) Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control-related costs, professional service fees, and other third-party costs. Transaction and acquisition related charges for the three months ended March 31, 2025 include approximately $3.8 million of expense associated with the Sterling Acquisition. The three months ended March 31, 2024 include approximately $11.1 million of expense associated with the Sterling Acquisition, as well as incremental professional service fees incurred related to the Company's initial public offering and the subsequent one-time compliance efforts. (b) Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, (gains) losses on the sale of assets, and other non-recurring items. Integration, restructuring, and other charges for the three months ended March 31, 2025 include approximately $7.8 million of expense associated with the integration of Sterling.
Schedule of Revenues by Geographic Region | The following summarizes revenues by geographical region (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |
United States |  | $ | 303,789 |  |  | $ | 146,206 |
All other countries |  |  | 50,799 |  |  |  | 23,210 |
Total revenues |  | $ | 354,588 |  |  | $ | 169,416 |
Summary of Long Lived Assets by Geographical Area | The following table sets forth net long-lived assets by geographic area (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Long-lived assets, net |  |  |  |  |  |
United States |  | $ | 2,951,959 |  |  | $ | 2,996,933 |
All other countries |  |  | 435,281 |  |  |  | 436,741 |
Total long-lived assets, net |  | $ | 3,387,240 |  |  | $ | 3,433,674 |

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