First Advantage (FA) FY2023 results: revenue $764 million, down 5.7% on the year

First Advantage Corp. (FA) reported revenue of $764 million for fiscal 2023, the year ended 31 December 2023, down 5.7% on the year before. Net income was $37 million, down 42.3%, and diluted earnings per share $0.26. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$764 million

-5.7% on the year

FY2019FY2023

Operating margin

10.7%

11.6% a year earlier

FY2019FY2023

Net income

$37 million

-42.3% on the year

FY2019FY2023

Diluted EPS

$0.26

-39.5% on the year

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	764	810	712	-5.7%
Research and development	49.3	51.9	45.5	-5.1%
Selling, general and administrative	117	117	108	+0.1%
Operating income	81.5	94.3	63.8	-13.5%
Operating margin	10.7%	11.6%	9.0%
Interest expense	n/a	n/a	25.1
Pre-tax income	48.5	85.1	24.9	-43.0%
Income tax	11.2	20.5	8.9	-45.4%
Effective tax rate	23.1%	24.1%	35.6%
Net income	37.3	64.6	16.1	-42.3%
Net margin	4.9%	8.0%	2.3%
Diluted EPS	$0.26	$0.43	$0.11	-39.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	163	213	149	-23.5%
Capital expenditure	2.1	6.2	7.3	-66.2%
Free cash flow	161	207	141	-22.2%
Free cash flow margin	21.0%	25.5%	19.8%
Cash from investing	-66.8	-48.6	-72.4
Cash from financing	-274	-59.2	63.8
Depreciation and amortisation	67.4	70.0	69.4	-3.7%
Share-based compensation	15.3	7.9	9.5	+94.3%
Buybacks	59.5	60.5	n/a	-1.7%
Dividend per share	$1.50	n/a	n/a
Diluted shares, weighted	146m	152m	142m	-3.7%
Shares outstanding at period end	145m	149m	153m	-2.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	907	1,127	1,132	-19.5%
Debt	565	557	555	+1.5%
Operating lease liabilities	5.9	7.9	0.0	-24.7%
Finance lease liabilities	0.0	0.0	n/a
Other liabilities	153	195	199	-21.3%
Total liabilities and equity	1,631	1,886	1,887	-13.5%
Fixed assets	79.4	114	154	-30.0%
Goodwill	821	793	794	+3.5%
Intangible assets	344	397	464	-13.4%
Investments	0.0	2.0	0.9
Cash and equivalents	214	392	293	-45.4%
Receivables	143	144	156	-0.8%
Other assets	30.1	44.6	24.7	-32.6%
Total assets	1,631	1,886	1,887	-13.5%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.