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First Advantage First Advantage Reports Third Quarter 2021 Results November 8 , 2021 Third Quarter 2021 Highlights ( All results compared to prior year period ) • Revenues were $ 192.9 million , an increase of 41.0 % , compared to $ 136.8 million in the prior year period • Net income was $ 16.3 million , compared to a net loss of $ 3.5 million in the prior year period ● Adjusted EBITDA¹ was $ 63.9 million , compared to $ 43.3 million in the prior year period Adjusted Net Income¹ was $ 42.2 million , compared to $ 22.3 million in the prior year period • Announced today , the signing of a definitive purchase agreement for Corporate Screening Services , Inc. , a healthcare and higher education focused screening and compliance solutions provider in North America , which is expected to close in the fourth quarter ● • Announced today , the signing of a definitive purchase agreement for MultiLatin Advisors , S.A. de C.V. , a screening and verifications provider in Latin America , which is expected to close in the fourth quarter • Raising full year 2021 guidance ranges for revenues to $ 680 to $ 686 million , Adjusted EBITDA to $ 208 to $ 211 million , and Adjusted Net Income to $ 125 to $ 128 million 2,3 , excluding the aforementioned acquisitions ATLANTA , Nov. 08 , 2021 ( GLOBE NEWSWIRE ) First Advantage Corporation ( NASDAQ : FA ) , a leading global provider of technology solutions for screening , verifications , safety , and compliance related to human capital , today announced financial results for the third quarter ended September 30 , 2021 . Key Financial Metrics ( Amounts in millions , except per share data and percentages ) Revenues Income from operations Net income ( loss ) Net income margin Diluted earnings ( loss ) per share Adjusted EBITDA¹ Adjusted EBITDA Margin¹ Adjusted Net Income Adjusted Diluted Earnings Per Share¹ $ $ $ $ $ $ $ 2021 Three months ended September 30 , 2020 192.9 $ 24.4 $ 16.3 $ 8.4 % 0.11 63.9 33.2 % 42.2 $ 0.28 $ $ $ 136.8 5.3 ( 3.5 ) ( 2.5 ) % ( 0.03 ) 43.3 31.6 % 22.3 0.17 Change 41.0 % 361.1 % NM NM 47.7 % 89.1 % 64.7 % 1 Adjusted EBITDA , Adjusted EBITDA Margin , Adjusted Net Income , and Adjusted Diluted Earnings Per Share are non - GAAP measures . Please see the schedules accompanying this earnings release for a reconciliation of these measures to their most directly comparable respective GAAP measure . " First Advantage continued its outstanding performance in the third quarter , with revenues increasing 41.0 % and Adjusted EBITDA increasing 47.7 % versus the prior year period , driven by broad - based hiring and screening growth globally and across our key verticals as the economy continued to recover from the impacts of the COVID - 19 pandemic , " said Scott Staples , Chief Executive Officer . Mr. Staples continued , " In the third quarter , macroeconomic tailwinds and job market trends continued to drive hiring and screening momentum both in North America and internationally . We experienced strong demand from our existing customers with robust base growth and continued upsell and cross - sell momentum , sol contribution from new customers , and strong performance from our UK screening business acquisition , completed in March 2021. Additionally , our investments in robotic process automation , proprietary databases , new product innovation , and operating efficiencies have supported our revenue growth and Adjusted EBITDA Margin expansion . Based on our strong third quarter results , October revenue performance , and the anticipation of ongoing positive trends for the remainder of the fourth quarter , we are raising our full year 2021 guidance for revenues , Adjusted EBITDA , and Adjusted Net Income . " " Additionally , today we announced two acquisitions aligned with key pillars of our M & A strategy , including accelerating vertical expertise , product innovation , and international expansion . Corporate Screening , which is headquartered in the United States , will strengthen First Advantage's healthcare and higher education solutions , bringing comprehensive screening and compliance offerings , an impressive customer base , and an experienced management team . MultiLatin , which is headquartered in Mexico and provides services across Latin America , will expand our geographical reach in the region , bringing local market operations and compliance expertise , an international and local customer base , as well as an experienced management team . We are excited to welcome Corporate Screening and MultiLatin to First Advantage , " Mr. Staples commented . Balance Sheet and Cash Flow