The following is a summary of the First Advantage Corporation (FA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• First Advantage reported Q1 revenues of $169.4 million, a decrease of 3.5% from the previous year.

• Adjusted EBITDA for the quarter was $47 million, translating to an adjusted EBITDA margin of 27.5%.

• The company reported a GAAP net loss of $2.9 million, which includes $11.1 million in acquisition-related costs.

• For 2024, First Advantage projects revenues in the range of $750 million to $800 million with slight positive year-over-year organic revenue.

• The projected adjusted EBITDA margins for 2024 stand at approximately 31% with adjusted EBITDA estimated between $228 million and $248 million.

Business Progress:

• First Advantage has witnessed an increase in order volumes from key verticals with a robust customer retention rate of around 97%.

• The company launched a new identity fraud solution, RightID, for the US market and continues to enhance its applicant portal with AI.

• The Sterling acquisition is expected to unlock upsell and cross-sell opportunities and reduce pass-through fees.

• The company aims to achieve $50 million in run-rate synergies within 18 to 24 months post-acquisition with Sterling.

• With strategic tech enablement and investment in AI and machine learning, the company is working to improve internal efficiency and quality of work.

• First Advantage continues to focus on the promising market of digital identity solutions.

More details: First Advantage IR

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