First Advantage Corporation Common Stock

Strategic execution · Geographic expansion and market entry

Our future growth will be adversely affected if we do not identify and invest in faster-growing industry verticals. In addition, any expansion into new markets will require an investment in the continuous monitoring of local laws and regulations, which increases our costs and the risk of the products or service failing to comply with such local laws or regulations.

Customer and revenue · Customer concentration and key customer dependence

We are not guaranteed exclusivity or volumes in all of our contracts with our customers and our customers may experience major business changes that impact our current or future revenue streams. For the year ended December 31, 2025, no customer accounted for 10% or more of our revenues.

Customer and revenue · Changing customer preferences and behavior

To the extent our customers reduce their operations, downsize their screening programs, or otherwise demand fewer of our products and solutions, our business could be adversely impacted. Demand for our products and solutions is subject to our customers' continual evaluation of their need for our products and solutions and is impacted by several factors, including their hiring volumes, workforce strategies, changing regulatory landscape, and budget priorities.

Strategic execution · Strategic transformation and turnaround risks

We may not be able to identify and successfully implement our growth strategies on a timely basis or at all. Our ability to grow our business will depend, in large part, on our ability to further penetrate existing markets, attract new customers, increase engagement by existing customers, expand internationally, and invest effectively in faster-growing industry verticals.

Supply chain and procurement · Raw material availability and cost volatility

Our suppliers could at any point decline to continue providing data or provide untimely or inaccurate data. These data sources have in the past increased the costs for their services, and we expect they will continue to do so from time to time. It may not be possible for us to recover any or all of the costs of any increases in fees by passing such costs along to our customers.

Project and contract management · Project execution and delivery risks

Our implementation cycles can be lengthy and variable, depend upon factors outside our control, and could cause us unexpected delays in generating revenues or result in lower than anticipated revenues. Unexpected delays and difficulties can occur as customers implement and test our products and solutions.

Data and privacy · Compliance monitoring and reporting

We believe it is critical for us to keep abreast of evolving laws and interpretations in applicable jurisdictions and inform our customers of changes to their ability to use our products and solutions and their and our obligations. These efforts require time, expense, and resources, and in some instances, reliance on third parties such as law firms and trade associations.

Tax and financial reporting · Tax compliance and changes in tax law

The interpretation of tax laws may have a material adverse effect on our business. Tax laws and related interpretations with respect to income taxation are frequently reviewed and amended by governmental authorities in the U.S. and other jurisdictions in which we operate. Our provision for income taxes and liquidity may be adversely affected by increases in statutory tax rates, implementation of global minimum tax rules under the OECD Pillar Two framework, evolving state and local tax regimes, and heightened enforcement activity.

Data and privacy · Cross border data transfer regulations

Outside of the United States, we are subject to foreign rules and regulations. For example, we are subject to enhanced compliance and operational requirements under the General Data Protection Regulation ('GDPR'), which expanded the scope of data protection in the European Union ('EU') to foreign companies who process the personal data of EU residents, imposed a strict data protection compliance regime with stringent penalties for noncompliance.

Corporate governance · Shareholder rights and activism

Silver Lake beneficially owned 51.4% of our outstanding common stock as of December 31, 2025. As a result, Silver Lake is able to control the election and removal of our directors and thereby determine our corporate and management policies, including potential mergers or acquisitions, payment of dividends, asset sales, amendment of our certificate of incorporation or bylaws and other significant corporate transactions.

Stakeholder relations · Employee engagement and culture

Our ability to grow our business and provide our customers with the products and solutions they have grown to expect from us is also dependent on our ability to attract and retain highly motivated and qualified people. Competition for skilled employees in our industry is intense and, if we are unable to attract and retain an able workforce, our business, results of operations, and financial condition may suffer.

Economic and market conditions · Consumer spending and confidence

The businesses of some of our largest customers and their decision to hire depend in part on favorable macroeconomic conditions, including consumer spending, the general availability of credit, the level and volatility of interest rates, and inflation levels. To the extent these macroeconomic factors are at suboptimal levels, our existing and potential customers could delay or defer onboarding new or replacement workers, reduce the size of their workforce, or seek to decrease spending on their screening programs.

Social and demographic · Social and political movements

We are subject to risks relating to public opinion, which may be magnified by incidents or adverse publicity concerning our industry or operations. We operate in an industry that is highly sensitive to public perception, especially regarding cybersecurity, privacy, and data protection, and adverse developments with respect to our industry may also, by association, negatively impact our reputation.

Geopolitical and trade · Political instability and government changes

International, regional, or domestic political unrest, terrorism, and other hostilities, as well as public health crises, and climate-related natural disasters, continue to create a climate of economic and political uncertainty that could adversely affect our results of operations and financial condition.

Natural and catastrophic events · Terrorism and security threats

International, regional, or domestic political unrest, terrorism, and other hostilities, as well as public health crises, and climate-related natural disasters, continue to create a climate of economic and political uncertainty that could adversely affect our results of operations and financial condition.

Natural and catastrophic events · Climate change and environmental impact

Climate change may have a long-term impact on our business. Our major sites in the United States, India, and the Philippines are vulnerable to climate change effects. Climate-related events, including the increasing frequency of extreme weather events and their impact on the United States, India, the Philippines and other major regions' critical infrastructure, have the potential to disrupt our business, our third-party suppliers and/or the business of our customers.

Cybersecurity and data protection · Third party data security and vendors

Because we cannot control our vendors or the processing of data by our vendors, other than through our contractual relationships, our ability to monitor our vendors' data security may be very limited such that we cannot ensure the integrity or security of measures they take to protect and prevent the loss of our or our consumers' data. As a result, we are subject to the risk that cyber-attacks on, or other security incidents affecting, our vendors may adversely affect our business.

Technology infrastructure · Disaster recovery and business continuity

We may not have sufficient protection or recovery plans in certain circumstances, such as a significant natural disaster, and our business interruption insurance may be insufficient to compensate us for losses that occur. In the case of such an event, customers could elect to terminate our relationship, delay or withhold payment to us, or even make claims against us.

Digital transformation and innovation · Artificial intelligence and automation

Social, ethical, and legal issues relating to the use of new and evolving technologies, such as artificial intelligence and machine learning, in our offerings may result in reputational harm and liability. We are increasingly building artificial intelligence and machine learning into many of our offerings and utilize data gathered from various sources in our services to train our machine-learning models.

Capital structure and performance · Debt management and refinancing

We have a significant amount of indebtedness. As of December 31, 2025, we had $2,114.5 million of total debt outstanding. Our indebtedness could have other important consequences to us, including requiring us to dedicate a substantial portion of our cash flow from operations to make payments on our indebtedness.