FIRST ADVANTAGE CORP

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

About this filing

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.

FY2024 · Filed Feb 27, 2025

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)	2024	2023	2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$(110,273)	$37,293	$64,604
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	145,919	129,473	138,246
Loss on extinguishment of debt	383	—	—
Amortization of deferred financing costs	2,619	1,807	1,804
Bad debt expense (recovery)	158	(56)	207
Deferred taxes	(31,418)	(19,497)	4,597
Share-based compensation	31,762	15,265	7,856
Loss on foreign currency exchange rates	—	8	91
(Gain) loss on disposal of fixed assets and impairment of ROU assets	(275)	1,608	1,263
Change in fair value of interest rate swaps	(10,511)	116	(12,429)
Changes in operating assets and liabilities:
Accounts receivable	20,775	2,339	9,149
Prepaid expenses and other assets	(1,908)	13,440	4,892
Accounts payable	(25,450)	(8,503)	2,983
Accrued compensation and accrued liabilities	7,176	(9,301)	(11,365)
Deferred revenues	762	788	91
Operating lease liabilities	(883)	(1,378)	(898)
Other liabilities	(961)	347	4,724
Income taxes receivable and payable, net	321	(929)	(3,045)
Net cash provided by operating activities	28,196	162,820	212,770
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(1,619,812)	(41,122)	(19,052)
Purchases of property and equipment	(1,720)	(2,085)	(6,165)
Capitalized software development costs	(30,545)	(25,614)	(22,363)
Other investing activities	89	1,974	(1,016)
Net cash used in investing activities	(1,651,988)	(66,847)	(48,596)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from First Lien Credit Facility	1,679,093	—	—
Repayments of First Lien Credit Facility	(59,200)	—	—
Payments of debt issuance costs	(38,212)	—	—
Proceeds from issuance of common stock under share-based compensation plans	14,653	4,565	3,522
Net settlement of share-based compensation plan awards	(14,305)	(350)	(378)
Payments on deferred purchase agreements	(703)	(938)	(884)
Cash dividends paid	(255)	(217,739)	—
Share repurchases	—	(58,990)	(60,530)
Payments on finance lease obligations	(6)	(104)	(884)
Net cash provided by (used in) financing activities	1,581,065	(273,556)	(59,154)
Effect of exchange rate on cash, cash equivalents, and restricted cash	(1,702)	(301)	(6,014)
(Decrease) increase in cash, cash equivalents, and restricted cash	(44,429)	(177,884)	99,006
Cash, cash equivalents, and restricted cash at beginning of period	213,912	391,796	292,790
Cash, cash equivalents, and restricted cash at end of period	$169,483	$213,912	$391,796
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds received	$23,388	$31,623	$17,475
Cash paid for interest	$65,767	$45,697	$27,042
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment acquired on account	$539	$118	$105
Non-cash property and equipment additions	$540	$—	$—
Excise taxes on share repurchases incurred but not paid	$—	$490	$—
Dividends declared but not paid	$—	$614	$—

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