First Advantage Corporation announced its financial results for the third quarter ended September 30, 2024, on November 12, 2024. The company reported revenues of $179.9 million and Adjusted EBITDA of $57.9 million, with an Adjusted EBITDA Margin of 32.2%. Adjusted Diluted Earnings Per Share stood at $0.19 for the quarter.
CEO Scott Staples highlighted the successful closing of the Sterling acquisition on October 31, 2024, and reported that over $10 million in run-rate cost synergies have already been actioned. The company targets $50 million to $70 million in run-rate synergies within two years post-close, with an updated strategy focused on technology, AI, and product initiatives for the combined entity.
First Advantage maintained its full-year 2024 standalone guidance and issued new guidance to include Sterling for November and December 2024, incorporating actioned synergies and estimated capital structure impacts. The company expects sequential quarter-over-quarter growth in revenues and Adjusted EBITDA for First Advantage standalone in Q4, while focusing on integration, customer continuity, synergy realization, and net leverage reduction.
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