FA - Earnings call transcript Q2 2022 | First Advantage Corporation

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Operator

Good day, and thank you for standing by. Welcome to the First Advantage Second Quarter 2022 Financial Results Conference Call. At this time all participants are in a listen-only mode. After the speaker’s presentation there is will a question-and-answer session. [Operator Instructions]. today’s being that advised, be conference recorded. is Please hand conference Gorman. call would now your the to like Stephanie I to over speaker today, Please go ahead.

Stephanie Gorman

Investor Advantage’s replay and of is will our website. Good welcome you This will Relations conference Thank webcast everyone earnings website, on to In second press be accompany the First discussion. release call. section Angelina. and earnings presentation quarter available being Investor you, the our recorded, find for XXXX slide morning, to and today’s

discussed Executive the After I take remarks, David our Before to questions. which will today statements. Such without need guarantees update may factors. These to comparable GAAP will joined Reconciliations our statements to financial we call, to discuss in non-GAAP Advantage’s, we more obligation by or website. effort results remarks, XXXX quarter to directly remind to Staples, on periodic expressed XX-K in I filings factors over not and most those and of Actual I’m measures, available your in unreasonable now and implied SEC, our the any available Gamsey, SEC, their begin in Investor Chief appear our due time today Press the our filed statements. will also Form be Officer. a Scott prepared the Release filings from financial our we measures, undertake may our Scott. detail with present variety everyone of Form that with our from statements not the and with factors second including Throughout this conference differ of measures. are hand Such the XX-Q be of SEC. forward-looking today’s discussion future for performance. Relations updated will forward-looking Financial our do materially include Presentation, forward-looking we our time to call XXXX in are call and non-GAAP First Chief extent our prepared the forward-looking earnings are financial on to Officer;

Scott Staples

Thank Xst company, joining our you, our of a conference you Stephanie. second publicly Anniversary celebrated call. amount Thank have quarter I earnings short June, as all time. everyone. In am we extremely of accomplished traded morning, And such XXXX we and that in proud a for good

top up innovation and June XX, incremental and growth the strong had delivered effectively. delivered extremely during including digital revenue have leading XX%, more industry consistently and have the and things automation, cash executed adjusted initiatives, XX bots, XX%. have superior faster, faster year tremendous We and Reflecting prior This adjusted our of to adjusted XX% margins with had learning EBITDA growth intelligence do revenues cost growth, to On up better, EBITDA strategic on double is and the We artificial that board of its expectations. we results acquisitions smarter period. months high hire EBITDA we our machine leveraged product digit flow from clients last that ended margins helps this, operations. on we outperformed

customers, XX, and records today’s million to environment. our in succeed in-house education to help quality addition, speed database. proprietary These Records in solutions Criminal and databases more and our records house our fast and who records the employment our In depend File of of on strengthen July than with XXX XXX as moving National now value growing database million XX databases our in million verified include proposition dynamic in hiring over them

five. for summarized Our are quarter second highlights the slide on

strain wins. interest rates XX.X% and new with the constant uncertain despite overall or up-sell/cross-sell achieved backdrop, revenue of Growth continuing economic this from helped XX.X% business an currency basis. our growth growth along our customers QX, to existing across strength in customers year-over-year continued Continued economy. increasing achieve additions We on a and from us inflation

innovative Our and are customers verticalized their relationships go-to-market us. with strategy enabling expand solutions to further

In adjusted This QX reflects EBITDA grew G&A and margins. EBITDA our we resulting adjusted to over addition leverage efforts ongoing operational in and XX%. digital remain focused an Grow of to the also margin our drive superior We databases initiatives momentum, to these initiatives. proprietary infrastructure. usage our deliver of sales efficiencies continuing our on

trends supporting recall well as our long-term that first revenue our discussed outlook our sustainable and we industry. during macro earnings the growth tailwinds You quarter will call, resiliency of the as structural and

are few signs of here this our and apply job jobs for high First long-term growth. continues switching fuel market and needs. to hiring, people create velocity including for fundamental will our job changes In business era of how and to churn, hiring high stay. continued see resilient tailwinds, tailwinds our propel customers’ work market Advantage’s frequent be jobs in These continue to new anytime and the to The we soon. changing

rate remaining historic unemployment demand for at near With for products see churn, historic the our solutions. of and sustained workers levels elevated and demand remaining highs we lows, job

also customers that from in to customers communicated generally a backdrop workers by hiring weeks. to considering of global what opposed months. to fact, in our next their by are XX% echoed in as have environment, half published McKinsey In quitting continued second are year, they macroeconomic year-over-year us report six current the the growth the COVID-XX projecting pandemic. extraordinary growth jobs three the recent about normalized in potential at albeit Despite emerging July our levels found These themes had in of the growth of a slowing the are

This into rates of consistent business phasing on commentary shared remains of this the revenue original XXXX we the well. ahead, earlier guidance. this for growth year as normalized with our our Looking translates

recent in window are outlook customers provide confidence conversations into jobs Our our a the the with own the generally them of of year. market, us rest in and our lot for excellent

that enabled customers us win to will of the up new half force go-to-market logo year. ramp second enterprise sales throughout the quarter, has Additionally, the our strategy enterprise differentiated second and eight verticalized in

a are in addition meaningful share last the thrilled customer We our enterprise also enterprise have logo to months, to we customers, XXX that XX base. new

enterprise a we As more customers annual of or contract as those reminder, $XXX,XXX value. with define

contracts We are as award believe our our announce five-year an Advantage. and renewal history the highlighted of technology, client customers the one between a $XXX Fortune one total with contract for the of our value and industry. contract million. choosing estimated vertical in of this industry delighted largest outstanding XX service major customer First expertise primary with its largest of This to We million rationale represents $XXX

with our our will more which the double XX XX confidence vertical health we client, Additionally, account, These a the us a and won quarter top to up-sell during significant strategy from give in significant it this validate guidance go-to-market than additional top revenues our ranges. account. wins a in care propelling

driven superior from purchase Finally, the cash which of months. growth I with announced share repurchase authorization want to million was $XX Today, continued by to a revenue of and flow operations, up that approved to XX program next strong we our over Board margins. highlight common our Directors has stock

which around shortly. Our in strong capital us more David allocation cover will position cash detail priorities, gives flexibility

to Turning six. slide

our our hire enhancing smarter differentiated I industry, long-standing developing enhanced to Today, customers. our of ongoing close with First our is Advantage’s on-board that customers As is communication This would one a in recent value products help feedback our the of and product by and by innovation, commitment loop propelled integral few faster. leaders to like continuous proposition to innovations. highlight

has applicant minutes, release to of workforce. the quality accessible enhancing new disabilities. It time digital This ID increasingly process. marketing recent supports with identity digital profile interface efforts the languages standards our experience rollout the of an exceeded to our our trust changing First; expectations. of addresses digital signing of different with that our update with reduces is up in mobile integration It’s automated Europe. applicants aligned and government began, application number and advantage also XX includes applicant intuitive enhanced for the customers the solution smart needs is throughout Since solution

financial with build enable APIs, Lake to screening signed a offering that help present speed. leveraging we have instant out we network company. continue And company employer Silver By Plaid’s applicant third; databases. simplicity Plaid, an our and a an and near applicant’s of the background leading company will portfolio during is we data proprietary verification a Second; process, agreement

records million records. XXX July for has our impacting we to National of Verified XX, over has database, deliver times margins. growing Verified grown million our Criminal and our Records XX As By to File customers, positively grown our turnaround faster while database

to These access proprietary Our for First insights richer datasets. a significant Advantage. databases customers for records increased our intelligent and facilitate differentiator through databases are

us of and leader help and developments smarter, solutions, First in customers these Advantage and deliver continue minds differentiate of and products partners. innovative more our faster as industry an to the All

Moving seven. to slide

ESG inaugural our second During we published the quarter, report.

global ESG business. Our is are our commitment everything of ESG and heart deep to workforce. our by at expertise we and People of to to growth. key an how differentiator we appreciation to culture essential do fundamental our do corporate and powered This the our and understanding is dedication is tremendous the

we around to sustainability. to strategies and the committed are our environment We continuously working are expand

have carbon our reduce look and for to our impact. While business minimize ways we a operations modest inherently footprint, to continue

and to also seriously. strong shareholders, we and people seek responsibility the our are to customers to governance, take very committed We our hire our they

Committees. who audit, a of are strong Nominating compensation evidenced the Board to by Corporate as Governance well and Directors and qualified maintaining and We independent committed backgrounds, our diverse oversee

quarter, Solutions resources how impressive evolve sector Audit grow. During to Bridgett’s perspective the well her an member were First Director on Committee. Independent and as as our we as pleased a as leader experience Advantage provides second continue how a Price Bridgett our valuable with welcome will use of to clients and human

our embrace about to ESG. excited are We efforts collective

and work for future. measure we Officer, goals financial David details to our relevant our call will in the will results. now I Chief David. metrics turn and as performance Financial identify Gamsey ESG continue the to develop Our our over and progress on to more monitor

David Gamsey

Thank good morning, you, And everyone. Scott.

very quarter are our another from excellent marking proud of of eight double-digit We quarter our growth. consecutive revenue results

prior was been slide of basis, grew approximately our to to $XXX.X currency Now year-over-year. XX.X% representing $X.X million million, higher, organic. a growth On XX.X% turning the would XX.X% second year, quarter constant our revenues have Versus revenues nine. which

quarter. in from our contributed from growth. the with to segment, million exchange total during headwinds. acquisitions the QX, $X.X XXXX, million In was revenues international to XX% XX% revenues our customers our million. quarter. to $XX.X base existing quarter Our with year-over-year of $X.X $X.X consolidated In in Revenues for million, international contributed from revenues rate QX, X% X% of the growth. million contributed or EBITDA up $XX year-over-year customer even foreign grew Adjusted Revenues new approximately represented the total, from

margin investments additional our incremental insurance a cost, as costs, premiums, adjusted primarily margin in lower $XXX,XXX prior results $XX.X year, of On third and million. of acquisitions, and sales been expected, or in basis, the was constant were all adjusted technology our EBITDA prior increased guidance. result below would our company EBITDA party As increased included a which of approximately from XX.X% our public currency have verification higher

from be impact in our the diluted EPS We net small XXXX. is Adjusted Excluded been time, modest interest rate quarter XX.X% with year gain cost QX. structure is share our pleased adjusted a our earnings, and adjusted swap. top was in to margins quarter only note with million, our that gain our $XX has the $X.XX $X.X also results. high before was associated per number share reflected and already included our materially continued the XXXX. and prior having quarter. for note income of Adjusted is second million QX, $XX.X to on on lower. This income that quality $X.X million in was million inflation calculation in net for count a add-backs IPO, the at and will the the Please increased from of our that of I guidance diluted

you Certainly, the are interest and rate environment. of reflected demonstrated the month February quarter term tax feedback hiring is QX for rate of collar, effective with are consistent the return approximately ability the growth indicating and remainder a factors, are of automation, our our increase hiring consistent our but proprietary XX, their track XXXX, continued is that of long quarters, business leading delivering The track delivering rate well XX%, the a revenue expectations which As see data the XX% very to consistently pandemic many strive fifth as jobs growing usage long-term in of each On This Despite with weather rate our included quarters. capped economic pleased growth. our us X.X% basis. is in in This grow. our exceeded industry to the reporting record over quarter we year outlook continue XX, as EBITDA these expand in growth macroeconomic and cycle. a from have model. consistent our normalized XXXX our the to LIBOR one the current a has was with of can Slide with the slide downturn illustrate rate strength our approximately been as public we to subject data to XX.X%. well clients and and adjusted jobs as constantly operational reminder, XXXX conversations through and to adjusted is and record efficiencies of outlook with debt current and benefits we uncertain market throughout a today, we in margins company for

over previously of guidance, phasing I’ll provided first quarter margins you ago. have company as did new few that face public quarterly going grew EBITDA commentary margin public headwinds described over this While still cycled of around we that produced a we anniversary we in our costs is XX%. remind from items Yet, I moments some last, over with these in June. in our facing line of and we be we the adjusted will headwinds where the QX

a $XX.X the second XX.X% slide to operating substantial flows cash cash to will expect basis, reflects is On turning over driven flow operations In year. also our revenue we profitability. million. It continue throughout strong by million. was flow year-to-date quarter, growth increased Next, our which and $XX the from XX. conversion, This a increase cash

million, $X.X and XX of EBITDA cash and equipment, cost. debt Based last as spent development on adjusted $XXX leverage times we X.X quarter, capitalized and on ended XXXX. $XXX of of net months a the of the of $XXX had million During with purchases property our software million. of XX, We total June million ratio we quarter

in credit outstanding We also capacity under no borrowing have revolving untapped our balances. million a $XXX with facility

Our cash provide generation, balance strength, share an for approach capital flow and liquidity us million flexibility allocation, continued with execution that the and sheet up repurchase we including expectations of cash to current modest $XX position, announced our program free in to leverage today.

last leaves liquidity. operating generated flexibility million QX months. XX and cash over with $XX.X This of significant $XX.X As million context, we flow a basis a on still in year-to-date alone, us $XXX million and the

to repurchase solutions of our evaluating a share its of value economic or perform that XXXX, repurchase any these general data we that business continue expect noting We stock part overall accretive closed priorities, with strategic shares repurchased acquisitions, of our priorities, no shares other conditions. company affiliates. will of have number complementary of The capabilities, company’s is repurchases our and be to on depend market expanding aligned is not expectations. will worth this adding are timing, and strategic obligated four specific Lake be factors, including EPS. Since the acquiring internationally considerations, ahead manner, from the variety as which number with and program, It or and will price, Consistent purchased including capital shares to Silver allocation or on constantly targeting we vertical opportunities acquisitions, technologies. actual

positioned to As are execution team future and capitalize result our and sheet, M&A a experience, liquid consistent deep M&A a well cash of flow leadership opportunities. with strong seasoned we balance generation on very

evaluated they the technological valuation numerous meet two but criteria. past targets, to strategic, pass we elected Over not our did quarters, as and/or ultimately

strong sheet leverage product as and solution structure to continue We sales, success technology, and also balance to to conservative maintain a investments initiatives a innovation, functions. it automation drive and well customer capital with is engineering a through profile. as important believe flexible organic and We growth our

acquisitions the We to on for balance fund expect sheet. from potential future us available cash

that paying strong M&A, and in and allocation our execute down investing cash capital between shareholder a borrowings. believe to any allows will share on program and our generation Our continued priorities us the continually consider without stockholders repurchase value. balance maximize the of capital company, also to to incremental We growth debt the returning evaluate

we $XXX expect our $XXX full income performance. for year-over-year second guidance EBITDA our representing XXXX. XXXX the generate in low-ends guidance and revenues including adjusted XX% summarizes growth XXXX.We XX, half significant for range and adjusted range from XXXX, raising including the in million. in of growth now quarter EBITDA, adjusted and slide the the increased our quality revenue ranges year our negative of second in in Next, top million also net of million flow revenues, of to expect approximately will reflect Today, We of the expansion $XXX continued further a of are high to full-year growth, rates. generation. $XXX EBITDA This we anticipate significant of earnings the to revenues to XX% incremental of flow XXXX the FX through on adjusted XX% million, is impact to experienced our be This result cash to

$XXX XXXX discussed expect million to factors. income million, primarily We previously net between adjusted to and be due our the $XXX

We have Gap] and plans footnote the XX. level guidance over included will in outlook, business, our assumptions internal ranges. regarding with additional color initiatives trends the [Audio our on in now on growth slide our call our hiring close customers current their a turn we year dialog XXXX in I and forecast, maintain high of and full to confidence Scott. growth back other

Scott Staples

positioned In and the growth. David. well Advantage for we continued First summary, ahead, we you, about are think excited opportunities Thank is

very value Our time, to At focus and for time the will the support. ask much on our your you for continues we open operator this delivering your Thank shareholders. ongoing be your to questions. call for

Operator

RBC Our ahead. first Sabadra go question comes CM. Instructions] from [Operator Please Scott. Thank you, Ashish from

Ashish Sabadra

wins. but talk could the the large you player steady Advantage you what or win space large in well the my taking if was Was just Scott, to wondering the as forward, market? another of also really discuss and Thanks. on new smaller for highlighted. about win, as going opportunity drove pipeline for from pipeline that strong question. opportunities First that the for new player consolidate I Thanks congrats that the further

Scott Staples

a Yeah, thanks Ashish, great question.

So pipeline first.

the you is pipeline strong. So know

at in company We history. are largest looking our pipeline

innovation is just that vertical made execution. of we sales our pure that and product strategy, go-to-market think and have the I reflective investments

It excited just but for logo the an such a not phenomenal not win a was On be to fact we’re clear. win, delighted. existing our which but five a win in it renewal, the company, in absolutely about was renewal It’s the are new from that three year customer, typically we obviously the contracts contract industry, it large scale. really is normal and was year

I that you think down and comments, care, things help that like customer, we the account support, with to place that customer to highlighted we customer as came in know as put in are higher, I So it say, all working technology, the my the teams that onboard faster. customer to smarter

Ashish Sabadra

companies the should the levers was to the one what just the in to could that economic playbook. coverage color. we I potentially wondering That’s the environment If pull also on downturn down very order helpful how slow universe our And asking been think and is questions we’ve any were significantly, of in about protect margins. all impact the EBITDA about you

that will So helpful. any on color be

Scott Staples

overview you Yes, about the of where see we levers. macro and then a the let high-level David I’ll so talk give

for ever been it’s we’re saying this last you is just generational statement a And and demand still market business. year on. the or strong is shift services. said our for for a maybe more. I’ve job we’ve been we good This than know ago, a few a going that’s our minutes seen. our in so seeing As different This obviously products

[ph] again, X.X to great months keep looking source we a data go. at X of mean that’s million I in of back data know and believe is JOLTS July million. XX You I now over quits quits. pushing data to straight people

that’s their XX over If people quitting in last simple the you math, do jobs months. million XX

shifts. generational seeing we’re think I So

workforce, inflation. of people because We’re into back come seeing un-retiring the more

work-life factors, turnover a We’re seeing that people job and not to it’s on other let our it’s lot play due balance. all and guidance. are changing continue, to there’s socioeconomic here. It’s state, more further are job quality been of the results up life, to reasons job It’s because changing changing making business whether showing turnover for of traditional I’ll our customers reasons, selection just political moving I expecting high-tax think of clarified There’s locations and based reasons. to state talk people jobs, levers. our good a David are it’s in in low-tax and and about that’s weather, our

David Gamsey

to So EBITDA guidance, margins just if XX% our will you Scott adjusted implied that our said, would suggest the what the at remain that for over look of year. balance echo

and They peak, staffed We up the October, November. strongest September, generally which prepared seasonal runs months for our our are of are year.

look staffing. that our We constantly. flexible are We relative to at

clients, We’re lapped we grown have in company our and over touch so costs, public that. with we now our have

can we maintain very So feel leading margins. industry confident we that

Operator

Thank you.

next go our is ahead. Now you please Patnaik question so go Manav, from Barclays. One is opening. live, from line his while are ahead. second please Manav Manav,

Scott Staples

question. the I’m not hearing

Operator

we’re your Manav you just going can’t I try we to Yes, hear again. because line to just just ask drop you.

move please Our interest in just question ahead. opening. be Just line of from His [Operator Andrew, Steinerman will go our next Instructions] time on Andrew from next question. JPMorgan. to the we’ll is

Alex Hess

you’re Hess for to your review especially some Alex maybe briefly largest wanted on Yes, retail. We’ve with is in seen verticals deterioration Andrew in Steinerman. I you’re This hi! notable and seeing what of maybe and get headcount what retailers It seeing a color might that large helpful the at be any nationwide. you. trends? blocking to Thank around be couple why larger would just

Scott Staples

to good Alex, hear voice. your Yeah

in So footprint. our a it’s on quick retail you know general, reminder just

that Our really is call not retail in strong what traditional footprint we brick-and-mortar.

a very volume. at strong for the services those high-velocity even in of like or discounter, of We ordering hiring potential seeing or a sector. in not that, corporate we been of hiring maybe our e-commerce aspects of and things but footprint really layoffs slowdowns demand and So or announcements that know there is seen more functions an have businesses, most slowdowns retail have footprint our we some high-volume, still are

now and growth. is keep right vertical very we’ll obviously as on seeing in that, monitoring an but that footprint of good eye So our still that we’re space

Alex Hess

bit then What it, provide offering of to arrangement? Can are creating that more that just and you of with respect sort with the on relationship little you distinctive color the maybe Got a a Plaid. a How follow-up. mechanics sort quick of envision verification?

Scott Staples

know incredible you and you technology. of Plaid’s we where see – verification got like shift can types so We a technology faster literally instant shift in space through that present the Yes, verify being verifications toward employer in partners Plaid, near enabled seconds.

So with the job tent will market the tends background way searching it is, onboarding anything pole and to in verification for times customers be their comes long when are to that the screening. frantically the reduce it

ability employment they goals do present certainly that to verification trying achieve. who customers our and onboard the their are near instant into business a faster Plaid help of to So hit can will tap

Alex Hess

Thank you so much.

Operator

second line. the Thank while so is open me Stifel. last from I there. one go much question. name next Give your I Apologies for Instructions] [inaudible] that question Shlomo [Operator Please Our you from if Rosenbaum ahead.

Adam Parrington

valuations what I more M&A previously company’s Shlomo. This potentially the environment looks to M&A. larger to million down share a communicated continue and is for to Hi! repurchase Have ability impact on $XX how Adam pursue your wonder level given a reasonable to desire the come does do the like deal?

Scott Staples

want you that do David, one?

David Gamsey

Sure.

is So still robust. market the M&A

integrated either an were multiple strategically had technological really we of that where in out from to number the half a a the issue had year. didn’t that of market not We platforms were that saw or anything valuations it evaluate But of opportunities. line like with we they to market continue or today. the the didn’t us fit came perspective We first

criteria, perspective. priority number keep our So That’s to we’re we a three look at capital allocation from going those all one but looking. of

We have plenty of liquidity.

million $XXX of cash. have We

$XX of first a of over cash half the the in million million quarter, generating We’re $XX year.

you only if program, cash think quarter of that’s about one flow. the So buyback stock

the generate next pay and our have that to on XX sheet. balance for of all So cash days the over we’ll still enough

million $XXX Xx. revolver have is leverage and our We under unused

plenty So we flexibility. have of

a priority. great have and remains very, balance high M&A very sheet We a

Adam Parrington

level. for like that? then you more some in bit any of normalized kind And elaborate What about do earlier into general of comment more thoughts little that. a about in Okay. but of industries Could your or continued seeing specifically kind on a hiring customers normalized you just at demand, mean specific areas, growth

Scott Staples

you Advantage growth our range if the the in guidance we’ve said so know is with that at obviously our – for XX% we’re know target. the numbers to you First in we’re and back has models, you that look Yes, always projecting normal type past. for growth normal getting from as demand business in a But market, job usual that over hearing year obviously customers literally number great which X% our the been to in are they and

So that the guidance into when and over communicated happened that just getting factored everyone we’re we’ve and normalized people post into COVID massive gotten now today. growth, rhythm hiring already you of back rehiring we’ve was normalized hiring, know our which

Adam Parrington

thanks. Okay,

Operator

Kennedy Ronan from from is question next Our Instructions] Barclays. [Operator

is ahead. Please go open. line Your

Ronan Kennedy

upsell, growth covered, various for think new organic you which would thank macro know growth, GDP the the of and then this cross-sell outlook. other business in potentially Can dollar just, base downturn? impact of the any change with you behalf or that calling a and to there to be changes I’m with you light the of to You for a how regards if ask, etc. would so morning for consideration on it earlier. be And proxy numbers questions. for apologies Manav. components the the refer the good May transcript. I Alright, audio just the happy taking been I’m Apologies given difficulty in you should in the would or primarily wins, know look has

Scott Staples

our of long-term targets. in in total, million that’s XX.X% consistent quarter, So and $X.X were on $X.X the and that from XX.X% grew as $X.X XX.X% currency customers million earlier, we a base, basis our new customer we existing acquisitions; from organically million said was with constant pretty from

growth were That’s million communicated Gap] we’ve our X%, $X.X currency a long-term base $X.X X% constant kind all and million on XX.X% total, upsell acquisitions. cross-sell new that was $X.X from from really in X% between between between backing and X% of their that and X%, base, from model [Audio Our million with is consistent XX.X% of X%, along and targets. existing new pretty basis, customers and customer logo

pipeline Our along is all sorry, going throughout year. model of really hear discussions to that’s I’m the that communicated can’t half our based continue of we second their on clients. you. the kind we’ve We with think

Operator

Ronan, have follow-up do question? you a

Ronan Kennedy

me you Yes, Can sorry. now? hear

Operator

that’s Yes, better.

Ronan Kennedy

issues. I apologize Again, the for audio

you a there the if with tightness if feel see weakening? you commentary they’re layoffs. and rise to because the around within questions, the the did claims start thank does the be lowering of event, for expectations regards what know we And who you were further a when you like pace the see remainder First news hiring to they see of What In in doing believe to for marquee happens unemployment a announces client they’re David, – So to or a for the or that the be year. you deterioration client and from the that standpoint? that Advantage for the get we market over-hired instance, and look

Scott Staples

down a those our over have perspective. six the been about think quarters, on we coming rate. impact is normalized seeing roof base -- we’re as to from so And that base existing is clients, what past a and growth, it’s way the the Well, it’s to seen through from eight growth growth you’ve

plus. down coming range. it’s X% been running to base X% growth It’s So into this XX%

perspective. it base was a fact, from XXXX, in XX% over In growth

in was what of kind reflected the that we’ve that’s guidance, we’re back to and the XXXX-ish, year. with in X% that’s second half of it’s what where to it our in X% So range, normalizing comfortable

Ronan Kennedy

you. thank Okay,

David Gamsey

Have you, operator, thanks a participation. and everyone for day! Thank your great

First Advantage (FA) 7 Aug 222022 Q2 Earnings call transcript