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Reportable Segments (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Adjusted EBITDA Reconciled to Net Income

Reconciliations of Segment Adjusted EBITDA to net (loss) income for the years ended December 31, 2025, 2024, and 2023 are as follows (in thousands):

 

 

Year Ended December 31, 2025

 

 

 

First Advantage Americas

 

 

First Advantage International

 

 

Sterling

 

 

Total

 

Total revenues

 

$

701,634

 

 

$

104,868

 

 

$

777,194

 

 

$

1,583,696

 

Intersegment revenues

 

 

(1,625

)

 

 

(5,612

)

 

 

(2,070

)

 

 

(9,307

)

External revenues

 

$

700,009

 

 

$

99,256

 

 

$

775,124

 

 

$

1,574,389

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted cost of services

 

 

362,247

 

 

 

61,198

 

 

 

439,194

 

 

 

 

Other segment items

 

 

127,827

 

 

 

26,236

 

 

 

125,599

 

 

 

 

Segment Adjusted EBITDA

 

$

211,560

 

 

$

17,434

 

 

$

212,401

 

 

$

441,395

 

Adjustments to reconcile to net loss:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

168,667

 

Benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

(2,427

)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

248,583

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

1,052

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

24,456

 

Transaction and acquisition-related charges (a)

 

 

 

 

 

 

 

 

 

 

 

8,741

 

Integration, restructuring, and other charges (b)

 

 

 

 

 

 

 

 

 

 

 

27,147

 

Net loss

 

 

 

 

 

 

 

 

 

 

$

(34,824

)

 

 

 

 

Year Ended December 31, 2024

 

 

 

First Advantage Americas

 

 

First Advantage International

 

 

Sterling

 

 

Total

 

Total revenues

 

$

658,758

 

 

$

96,854

 

 

$

113,068

 

 

$

868,680

 

Intersegment revenues

 

 

(1,867

)

 

 

(6,439

)

 

 

(169

)

 

 

(8,475

)

External revenues

 

$

656,891

 

 

$

90,415

 

 

$

112,899

 

 

$

860,205

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted cost of services

 

 

335,181

 

 

 

53,726

 

 

 

67,827

 

 

 

 

Other segment items

 

 

112,587

 

 

 

25,934

 

 

 

24,123

 

 

 

 

Segment Adjusted EBITDA

 

$

210,990

 

 

$

17,194

 

 

$

21,118

 

 

$

249,302

 

Adjustments to reconcile to net loss:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

51,848

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

(4,342

)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

145,919

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

383

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

31,762

 

Transaction and acquisition-related charges (a)

 

 

 

 

 

 

 

 

 

 

 

128,234

 

Integration, restructuring, and other charges (b)

 

 

 

 

 

 

 

 

 

 

 

5,771

 

Net loss

 

 

 

 

 

 

 

 

 

 

$

(110,273

)

 

 

 

Year Ended December 31, 2023

 

 

 

First Advantage Americas

 

 

First Advantage International

 

 

Sterling

 

 

Total

 

Total revenues

 

$

673,075

 

 

$

96,832

 

 

$

 

 

$

769,907

 

Intersegment revenues

 

 

(970

)

 

 

(5,176

)

 

 

 

 

 

(6,146

)

External revenues

 

$

672,105

 

 

$

91,656

 

 

$

 

 

$

763,761

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted cost of services

 

 

338,797

 

 

 

54,892

 

 

 

 

 

 

 

Other segment items

 

 

112,633

 

 

 

26,029

 

 

 

 

 

 

 

Segment Adjusted EBITDA

 

$

221,645

 

 

$

15,911

 

 

$

 

 

$

237,556

 

Adjustments to reconcile to net income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

33,040

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

11,183

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

129,473

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

15,265

 

Transaction and acquisition-related charges (a)

 

 

 

 

 

 

 

 

 

 

 

4,364

 

Integration, restructuring, and other charges (b)

 

 

 

 

 

 

 

 

 

 

 

6,938

 

Net income

 

 

 

 

 

 

 

 

 

 

$

37,293

 

(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 year ended December 31, 2025 include approximately $8.0 million of expense associated with the Sterling Acquisition, primarily consisting of $7.7 million of compensation expense attributable to converted Sterling equity awards. Transaction and acquisition related charges for the year ended December 31, 2024 include approximately $125.7 million of expense associated with the Sterling Acquisition, primarily consisting of $41.2 million of compensation expense attributable to converted Sterling equity awards, of which $38.9 million related to accelerated vesting for employees terminated after the acquisition, $45.8 million of legal, regulatory, integration, and diligence professional service fees, $16.5 million in debt refinancing costs, $10.7 million in post-combination restructuring expenses, $9.5 million in success-based banking fees, and $2.0 million of other one-time transaction charges. The years ended December 31, 2025, 2024, and 2023 also include insurance costs 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, impairment of capitalized software, (gains) losses on the sale of assets, and other non-recurring items. Integration, restructuring, and other charges for the year ended December 31, 2025 include approximately $18.1 million of expense associated with the integration of Sterling, $1.5 million of expenses related to debt refinancing activities, as well as capitalized software impairment charges of approximately $1.2 million.
Schedule of Revenues by Geographic Region

The following summarizes revenues by geographical region (in thousands):

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

 

 

 

United States

 

$

1,351,024

 

 

$

740,506

 

 

$

660,583

 

All other countries

 

 

223,365

 

 

 

119,699

 

 

 

103,178

 

Total revenues

 

$

1,574,389

 

 

$

860,205

 

 

$

763,761

 

Summary of Long Lived Assets by Geographical Area

The following table sets forth net long-lived assets by geographic area (in thousands):

 

December 31,

 

 

2025

 

 

2024

 

Long-lived assets, net

 

 

 

 

 

 

United States

 

$

2,822,176

 

 

$

2,996,933

 

All other countries

 

 

438,668

 

 

 

436,741

 

Total long-lived assets, net

 

$

3,260,844

 

 

$

3,433,674