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v3.25.2

Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Adjusted EBITDA Reconciled to Net Income | Reconciliations of Segment Adjusted EBITDA to net income (loss) for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):
|  | Three Months Ended June 30, 2025 |
|  | First Advantage Americas |  |  | First Advantage International |  |  | Sterling |  |  | Total |
Total revenues |  | $ | 163,504 |  |  | $ | 25,920 |  |  | $ | 203,743 |  |  | $ | 393,167 |
Intersegment revenues |  |  | (643 | ) |  |  | (1,553 | ) |  |  | (338 | ) |  |  | (2,534 | )
External revenues |  | $ | 162,861 |  |  | $ | 24,367 |  |  | $ | 203,405 |  |  | $ | 390,633 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of services |  |  | 82,994 |  |  |  | 14,530 |  |  |  | 112,621 |  |  |  |
Other segment items |  |  | 29,250 |  |  |  | 7,050 |  |  |  | 32,776 |  |  |  |
Segment Adjusted EBITDA |  | $ | 51,260 |  |  | $ | 4,340 |  |  | $ | 58,346 |  |  | $ | 113,946 |
Adjustments to reconcile to net income: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | 44,785 |
Benefit for income taxes |  |  |  |  |  |  |  |  |  |  |  | (7,610 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | 254 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | 61,906 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | 5,742 |
Transaction and acquisition-related charges (a) |  |  |  |  |  |  |  |  |  |  |  | 2,390 |
Integration, restructuring, and other charges (b) |  |  |  |  |  |  |  |  |  |  |  | 6,171 |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 308 |
|  | Three Months Ended June 30, 2024 |
|  | First Advantage Americas |  |  | First Advantage International |  |  | Sterling |  |  | Total |
Total revenues |  | $ | 162,378 |  |  | $ | 24,187 |  |  | $ | — |  |  | $ | 186,565 |
Intersegment revenues |  |  | (416 | ) |  |  | (1,603 | ) |  |  | — |  |  |  | (2,019 | )
External revenues |  | $ | 161,962 |  |  | $ | 22,584 |  |  | $ | — |  |  | $ | 184,546 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of services |  |  | 81,120 |  |  |  | 13,217 |  |  |  | — |  |  |  |
Other segment items |  |  | 29,664 |  |  |  | 6,803 |  |  |  | — |  |  |  |
Segment Adjusted EBITDA |  | $ | 51,594 |  |  | $ | 4,167 |  |  | $ | — |  |  | $ | 55,761 |
Adjustments to reconcile to net income: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | 7,353 |
Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  | 689 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | 29,978 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | 5,048 |
Transaction and acquisition-related charges (a) |  |  |  |  |  |  |  |  |  |  |  | 9,873 |
Integration, restructuring, and other charges (b) |  |  |  |  |  |  |  |  |  |  |  | 959 |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 1,861 |
|  | Six Months Ended June 30, 2025 |
|  | First Advantage Americas |  |  | First Advantage International |  |  | Sterling |  |  | Total |
Total revenues |  | $ | 308,857 |  |  | $ | 49,695 |  |  | $ | 391,261 |  |  | $ | 749,813 |
Intersegment revenues |  |  | (1,134 | ) |  |  | (2,816 | ) |  |  | (642 | ) |  |  | (4,592 | )
External revenues |  | $ | 307,723 |  |  | $ | 46,879 |  |  | $ | 390,619 |  |  | $ | 745,221 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of services |  |  | 157,177 |  |  |  | 28,378 |  |  |  | 217,423 |  |  |  |
Other segment items |  |  | 60,113 |  |  |  | 13,611 |  |  |  | 67,053 |  |  |  |
Segment Adjusted EBITDA |  | $ | 91,567 |  |  | $ | 7,706 |  |  | $ | 106,785 |  |  | $ | 206,058 |
Adjustments to reconcile to net loss: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | 91,365 |
Benefit for income taxes |  |  |  |  |  |  |  |  |  |  |  | (5,379 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | 254 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | 123,572 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | 13,709 |
Transaction and acquisition-related charges (a) |  |  |  |  |  |  |  |  |  |  |  | 6,386 |
Integration, restructuring, and other charges (b) |  |  |  |  |  |  |  |  |  |  |  | 17,037 |
Net loss |  |  |  |  |  |  |  |  |  |  | $ | (40,886 | )
|  | Six Months Ended June 30, 2024 |
|  | First Advantage Americas |  |  | First Advantage International |  |  | Sterling |  |  | Total |
Total revenues |  | $ | 311,505 |  |  | $ | 46,210 |  |  | $ | — |  |  | $ | 357,715 |
Intersegment revenues |  |  | (731 | ) |  |  | (3,022 | ) |  |  | — |  |  |  | (3,753 | )
External revenues |  | $ | 310,774 |  |  | $ | 43,188 |  |  | $ | — |  |  | $ | 353,962 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of services |  |  | 157,190 |  |  |  | 26,054 |  |  |  | — |  |  |  |
Other segment items |  |  | 59,052 |  |  |  | 13,100 |  |  |  | — |  |  |  |
Segment Adjusted EBITDA |  | $ | 95,263 |  |  | $ | 7,056 |  |  | $ | — |  |  | $ | 102,319 |
Adjustments to reconcile to net loss: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | 10,923 |
Benefit for income taxes |  |  |  |  |  |  |  |  |  |  |  | (699 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | 59,800 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | 9,799 |
Transaction and acquisition-related charges (a) |  |  |  |  |  |  |  |  |  |  |  | 21,865 |
Integration, restructuring, and other charges (b) |  |  |  |  |  |  |  |  |  |  |  | 1,678 |
Net loss |  |  |  |  |  |  |  |  |  |  | $ | (1,047 | )
(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 and six months ended June 30, 2025 include approximately $2.3 million and $6.1 million of expense, respectively, associated with the Sterling Acquisition. The three and six months ended June 30, 2024 include approximately $9.2 million and $20.3 million of expense, respectively, associated with the Sterling Acquisition, primarily consisting of legal, regulatory, and diligence professional service fees. The three and six months ended June 30, 2024 also include insurance costs incurred related to the Company's initial public offering. (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 and six months ended June 30, 2025 include approximately $3.7 million and $11.6 million of expense, respectively, associated with the integration of Sterling.
Schedule of Revenues by Geographic Region | The following summarizes revenues by geographical region (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 334,907 |  |  | $ | 158,871 |  |  | $ | 638,696 |  |  | $ | 305,077 |
All other countries |  |  | 55,726 |  |  |  | 25,675 |  |  |  | 106,525 |  |  |  | 48,885 |
Total revenues |  | $ | 390,633 |  |  | $ | 184,546 |  |  | $ | 745,221 |  |  | $ | 353,962 |
Summary of Long Lived Assets by Geographical Area | The following table sets forth net long-lived assets by geographic area (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Long-lived assets, net |  |  |  |  |  |
United States |  | $ | 2,907,711 |  |  | $ | 2,996,933 |
All other countries |  |  | 448,077 |  |  |  | 436,741 |
Total long-lived assets, net |  | $ | 3,355,788 |  |  | $ | 3,433,674 |

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