M&A - FIRST ADVANTAGE CORP

Form Type: 10-Q

Filing Date: 2025-05-08

Corporate Action: Merger

Type: Update

Accession Number: 000095017025066989

Filing Summary: First Advantage Corporation filed its quarterly report for the period ending March 31, 2025, revealing significant financial updates. The report indicates increased revenues of $354,588,000 for Q1 2025 compared to $169,416,000 in Q1 2024. However, the company experienced a net loss of $41,194,000, a notable decline from a previous loss of $2,908,000. The balance sheet at the end of the quarter shows total assets of $3,871,691,000 and total liabilities of $2,592,936,000, which highlights a robust asset base relative to its debts. Importantly, the document references a merger agreement involving Sterling Check Corp, suggesting strategic consolidation in operations. Other financial measures include depreciation and amortization expenses amounting to $61,666,000 and operating expenses totaling $346,971,000. The report underlines the company’s ongoing commitment to background check and compliance services, with defined service categories that include pre-onboarding and post-onboarding solutions. Management provides insights into potential seasonality affecting hiring volumes impacting revenue, a factor relevant to their operational strategy moving forward.