Recent Material Event
|Item 2.02||Results of Operations and Financial Condition.|
On October 28, 2009, First Advantage Corporation, a Delaware corporation, (the Company or FADV) announced financial results for the third quarter year ended September 30, 2009. The full text of the press release issued in connection with the announcement is attached hereto as Exhibit 99.1.
The Companys earnings release contains financial measures that are not considered generally accepted accounting principles (GAAP). Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the text of the press release.
Earnings before interest, taxes, depreciation and amortization (EBITDA) is presented in the earnings release. EBITDA was determined by adjusting net income attributable to FADV for income taxes, interest expense, depreciation and amortization, impairment loss and loss from discontinued operations.
Although EBITDA is not a financial measure prepared in accordance with GAAP, they are calculated and communicated by the Company because management believes it is of interest to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds.
The Companys calculation of EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view EBITDA as an alternative to the GAAP measures of net income as a measure of performance, or cash flows from operating, investing and financing activities as a measure of liquidity. In addition, EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. Management does not intend the presentation of to be considered in isolation or as a substitute for results prepared in accordance with GAAP.
The information in this current report and the exhibit hereto is being furnished pursuant to Item 2.02 of Form 8-K. As such, this information is not deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any filings with the SEC unless it shall be explicitly so incorporated into such filings.
|Item 9.01.||Financial Statements and Exhibits|
|99.1||Earnings Press Release dated October 28, 2009|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
|FIRST ADVANTAGE CORPORATION|
|Date: October 30, 2009||By:||/s/ John Lamson|
|Title:||Executive Vice President and Chief Financial Officer|