FIRST ADVANTAGE CORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

FA$21.58-8.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	Year Ended December 31,
(in thousands)	2023	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$37,293	$64,604	$16,051
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	129,473	138,246	142,815
Loss on extinguishment of debt	—	—	13,938
Amortization of deferred financing costs	1,807	1,804	5,936
Bad debt (recovery) expense	(56)	207	(17)
Deferred taxes	(19,497)	4,597	(2,924)
Share-based compensation	15,265	7,856	9,530
Loss (gain) on foreign currency exchange rates	8	91	(575)
Loss on disposal of fixed assets and impairment of ROU assets	1,608	1,263	76
Change in fair value of interest rate swaps	116	(12,429)	(2,284)
Changes in operating assets and liabilities:
Accounts receivable	2,339	9,149	(40,842)
Prepaid expenses and other assets	13,440	4,892	(10,502)
Accounts payable	(8,503)	2,983	7,516
Accrued compensation and accrued liabilities	(9,301)	(11,365)	8,541
Deferred revenues	788	91	196
Operating lease liabilities	(1,378)	(898)	—
Other liabilities	347	4,724	(87)
Income taxes receivable and payable, net	(929)	(3,045)	1,309
Net cash provided by operating activities	162,820	212,770	148,677
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(41,122)	(19,052)	(48,934)
Purchases of property and equipment	(2,085)	(6,165)	(7,313)
Capitalized software development costs	(25,614)	(22,363)	(16,485)
Other investing activities	1,974	(1,016)	305
Net cash used in investing activities	(66,847)	(48,596)	(72,427)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid	(217,739)	—	—
Share repurchases	(58,990)	(60,530)	—
Proceeds from issuance of common stock under share-based compensation plans	4,565	3,522	387
Payments on deferred purchase agreements	(938)	(884)	(705)
Net settlement of share-based compensation plan awards	(350)	(378)	(332)
Payments on capital and finance lease obligations	(104)	(884)	(1,652)
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions	—	—	320,559
Borrowings from First Lien Credit Facility	—	—	261,413
Repayments of First Lien Credit Facility	—	—	(363,875)
Repayment of Second Lien Credit Facility	—	—	(146,584)
Payments of initial public offering issuance costs	—	—	(4,034)
Payments of debt issuance costs	—	—	(1,257)
Shareholder distribution	—	—	(313)
Capital contributions	—	—	241
Net cash (used in) provided by financing activities	(273,556)	(59,154)	63,848
Effect of exchange rate on cash, cash equivalents, and restricted cash	(301)	(6,014)	(278)
(Decrease) increase in cash, cash equivalents, and restricted cash	(177,884)	99,006	139,820
Cash, cash equivalents, and restricted cash at beginning of period	391,796	292,790	152,970
Cash, cash equivalents, and restricted cash at end of period	$213,912	$391,796	$292,790
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds received	$31,623	$17,475	$10,361
Cash paid for interest	$45,697	$27,042	$23,029
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment acquired on account	$118	$105	$3,643
Excise taxes on share repurchases incurred but not paid	$490	$—	$—
Dividends declared but not paid	$614	$—	$—

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