Every material Form 8-K First Advantage filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
First Advantage reported third-quarter 2024 revenue of $199.1 million, down 0.6% from a year earlier, and a net loss of $8.9 million versus net income of $10.8 million in the prior-year quarter. The company closed its Sterling acquisition on October 31, 2024, and kept its standalone full-year 2024 guidance while issuing combined-company guidance that includes Sterling, which shareholders will need to weigh against the lower quarterly results.
Q3 2024 revenue was $199.1 million, versus $200.4 million in Q3 2023; adjusted EBITDA was $64.0 million, versus $64.8 million.
GAAP diluted net loss per share was $(0.06), versus diluted net income of $0.07 per share a year earlier; adjusted diluted EPS was $0.26, versus $0.28.
The net loss includes $13.2 million of expenses related to the Sterling acquisition.
Standalone 2024 revenue guidance of $750 million to $800 million was maintained; combined-company revenue guidance is $858 million to $918 million.
First Advantage completed its acquisition of Sterling Check Corp. on October 31, 2024, valued at $2.2 billion including Sterling's assumed debt. The deal was funded with $2,185 million of borrowings under an amended credit agreement, which also extends the term loan maturity to October 31, 2031 and upsizes the revolving credit facility to $250 million, so shareholders will carry a larger debt load.
Acquisition of Sterling Check Corp. completed October 31, 2024; valued at $2.2 billion including assumed debt
Sterling holders could elect $16.73 cash or 0.979 First Advantage shares per share, with proration of about 71% cash and 29% stock
Borrower drew $2,185 million under Credit Agreement Amendment No. 4; term loans mature October 31, 2031 and revolver is $250 million
Company expects $50 million to $70 million in run-rate synergies; Q3 2024 earnings call scheduled November 12, 2024 at 8:30 a.m. ET
First Advantage Corporation promoted Joelle Smith, its President, Data, Technology, and Experience, to President of the company effective September 16, 2024. She will also take on responsibility for the go-to-market teams, including sales, customer success, and marketing, alongside the product, data, and technology organizations.
Joelle Smith, 48, promoted to President effective September 16, 2024
Base salary raised to $600,000.00, with discretionary annual cash bonus of up to $450,000.00
Equity grant with fair value of $2,500,000, split 50% stock options and 50% restricted stock units, vesting annually over four installments
Filing and press release dated September 11, 2024; CEO Scott Staples cited AI and digital products as priorities
First Advantage's president of the Americas, Joseph Jaeger, will retire effective November 1, 2024, under a retirement agreement signed September 3, 2024. The agreement extends vesting of his unvested equity awards through January 31, 2026, and provides salary continuation and a $50,000 consulting-linked commission bonus.
Joseph Jaeger, President, Americas, notified the company of his retirement on August 30, 2024; retirement effective November 1, 2024
Unvested awards include 265,942 restricted stock awards, 263,249 stock options and 29,918 restricted stock units, permitted to vest through January 31, 2026
Base salary continues for six months after the Retirement Date; 2024 annual bonus to be paid at the amount he would have received if still employed
A $50,000 commission bonus is payable at go-live of a strategic customer account, provided go-live occurs by December 31, 2025
First Advantage reported second-quarter 2024 revenue of $184.5 million, down 0.4% from a year earlier, and net income of $1.9 million, down 81%, which includes $9.2 million of expenses tied to the pending Sterling Check Corp. acquisition. The company reaffirmed its full-year 2024 guidance, while CFO David Gamsey announced his retirement and Chief Accounting Officer Steven Marks was named his successor effective November 8, 2024.
Q2 2024 revenue was $184.5 million, versus $185.3 million in Q2 2023; adjusted EBITDA was $55.8 million, flat year over year.
Net income was $1.9 million, or $0.01 per diluted share, versus $9.8 million, or $0.07 per share, a year earlier.
Adjusted diluted EPS was $0.21, versus $0.24 in the prior-year quarter.
Full-year 2024 guidance was reaffirmed: revenue of $750 million to $800 million and adjusted EBITDA of $228 million to $248 million.
First Advantage reported first quarter 2024 revenue of $169.4 million, down 3.5% from a year earlier, and a GAAP net loss of $2.9 million, compared with net income of $1.9 million in the same quarter of 2023. The results include $11.1 million of costs related to the pending Sterling acquisition, and adjusted diluted EPS fell to $0.17 from $0.19. The company reaffirmed its full-year 2024 guidance for standalone First Advantage, which excludes Sterling.
Revenues were $169.4 million, down 3.5% from $175.5 million in Q1 2023.
GAAP net loss was $2.9 million, or $(0.02) per diluted share, including $11.1 million of Sterling acquisition costs.
Adjusted diluted EPS was $0.17, down from $0.19; adjusted EBITDA was $46.6 million, down 4.1%.
Full-year 2024 guidance reaffirmed: revenues of $750 million to $800 million and adjusted diluted EPS of $0.88 to $0.98.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every First Advantage filing is on SEC EDGAR ↗. 8-K briefs of other companies →