FIRST ADVANTAGE CORP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
FA$21.58-8.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net (loss) income | $(2,908) | $1,925 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization | 29,822 | 31,866 |
| Amortization of deferred financing costs | 453 | 461 |
| Bad debt recovery | (112) | (40) |
| Deferred taxes | (7,808) | (2,144) |
| Share-based compensation | 4,751 | 2,058 |
| Gain on foreign currency exchange rates | (0) | (10) |
| Loss on disposal of fixed assets and impairment of ROU assets | 0 | 1,222 |
| Change in fair value of interest rate swaps | (7,045) | 1,879 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 13,736 | 15,980 |
| Prepaid expenses and other assets | (3,345) | 2,933 |
| Accounts payable | 468 | (7,618) |
| Accrued compensation and accrued liabilities | 6,608 | (11,828) |
| Deferred revenues | 185 | 209 |
| Operating lease liabilities | (328) | (110) |
| Other liabilities | (11) | 980 |
| Income taxes receivable and payable, net | 3,863 | 836 |
| Net cash provided by operating activities | 38,329 | 38,599 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of property and equipment | (321) | (42) |
| Capitalized software development costs | (6,135) | (6,056) |
| Other investing activities | (575) | 15 |
| Net cash used in investing activities | (7,031) | (6,083) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Cash dividends paid | (12) | — |
| Share repurchases | — | (25,266) |
| Proceeds from issuance of common stock under share-based compensation plans | 976 | 1,399 |
| Payments on deferred purchase agreements | (234) | (234) |
| Payments on finance lease obligations | — | (37) |
| Net settlement of share-based compensation plan awards | (41) | (25) |
| Net cash provided by (used in) financing activities | 689 | (24,163) |
| Effect of exchange rate on cash, cash equivalents, and restricted cash | (328) | 147 |
| Increase in cash, cash equivalents, and restricted cash | 31,659 | 8,500 |
| Cash, cash equivalents, and restricted cash at beginning of period | 213,912 | 391,796 |
| Cash, cash equivalents, and restricted cash at end of period | $245,571 | $400,296 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash paid for income taxes, net of refunds received | $2,510 | $2,049 |
| Cash paid for interest | $11,954 | $10,625 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Property and equipment acquired on account | $585 | $275 |
| Non-cash property and equipment additions | $540 | $— |
| Excise taxes on share repurchases incurred but not paid | $— | $252 |
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