FA — what changed in the latest 10-Q
A section-by-section comparison of FA's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +37 | −17 | ~37 | 61 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +7 | −1 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
a net increase of $56.9 million, or 7.6% from existing customer revenues, primarily driven by continued strength from upselling and cross-selling initiatives as well as increased volumes from existing customers, which were offset by the impact of lost accounts; and
revenues of $31.8 million, or 4.3%, from new customers, primarily attributable to our First Advantage Americas and Sterling segments.
a $29.8 million increase in third-party data expenses as a result of increased revenue volumes; and
Cost of services as a percentage of revenues was 54.5% for the three months ended June 30, 2026, compared to 53.2% for the three months ended June 30, 2025. The cost of services percentage of revenues for the second quarter of 2026 was impacted by product and customer mix and increases in third part…
Cost of services was $456.2 million for the six months ended June 30, 2026, compared to $400.4 million for the six months ended June 30, 2025. Cost of services for the six months ended June 30, 2026 increased by $55.8 million, or 13.9%, compared to the six months ended June 30, 2025.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
a $16.7 million increase in third-party data expenses as a result of increased revenue volumes; and
Cost of services as a percentage of revenues was 54.9% for the three months ended March 31, 2026, compared to 54.3% for the three months ended March 31, 2025. The cost of services percentage of revenues for the first quarter of 2026 was impacted by product and customer mix and increases in third par…
The decrease in product and technology expense was primarily due to:
a $2.0 million decrease in software expenses as a result of integration efforts related to the acquisition of Sterling; and
a $0.7 million decrease in professional services costs from non-recurring integration activities incurred in the prior year.
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-06
Sale of up to 25,000 shares of common stock in one transaction
Intended to satisfy the affirmative defense of Rule 10b5-1(c).
A trading plan may also expire on such earlier date that all transactions under the trading plan are completed. The Rule 10b5-1 Plan presented in the table above terminated on June 1, 2026 (prior to the expiration of its “cooling period”) pursuant to its terms when all shares of common stock covered…
In addition, we inadvertently omitted the below disclosure from Part II, Item 9B in the 2025 Annual Report, regarding an amendment to the number of shares to be sold under the previously reported Rule 10b5-1 Plan, originally adopted by Mr. Clark on June 12, 2025.
Sale of up to 4,921 shares of common stock in one transaction
Text removed vs the prior filing · source: 10-Q · 2026-05-07
On May 7, 2026, the Company entered into an amendment to the employment letter agreement, dated May 31, 2017, with Joelle M. Smith, the Company’s President, to extend her severance period from six months to twelve months following a termination without Cause or resignation for Good Reason (as such t…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice