First advantage reports full year and fourth quarter 2023 results

Introduces full year 2024 guidance announces agreement to acquire sterling check corp. full year 2023 highlights1 revenues of $763.8 million net income of $37.3 million; adjusted net income of $145.8 million adjusted ebitda of $237.6 million gaap diluted net income per share of $0.26; adjusted diluted earnings per share of $1.00 cash flows from operations of $162.8 million ended the year with cash and cash equivalents of $213.8 million, after the $217.7 million one-time special dividend payment, $59.0 million in share repurchases, and the $41.0 million acquisition of infinite id fourth quarter 2023 highlights1 revenues of $202.6 million net income of $14.8 million; adjusted net income of $42.6 million adjusted ebitda of $68.2 million gaap diluted net income per share of $0.10; adjusted diluted earnings per share of $0.29 cash flows from operations of $56.7 million standalone first advantage full year 2024 guidance introducing full-year 2024 guidance ranges for revenues of $750 million to $800 million, adjusted ebitda of $228 million to $248 million, adjusted net income of $127 million to $142 million, and adjusted diluted earnings per share of $0.88 to $0.982 acquisition of sterling check corp. announced today a definitive purchase agreement to acquire sterling check corp. (nasdaq: ster) (“sterling check” or “sterling”) in a cash and stock transaction valued at approximately $2.2 billion. the transaction is expected to drive attractive total shareholder returns, including at least $50 million of synergies, implying expected double-digit adjusted eps accretion immediately on a run-rate synergy basis and accelerated earnings growth potential from topline development, synergies, and deleveraging.
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