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First Advantage 8-K 2005

Documents found in this filing:

  1. 8-K/A
  2. 8-K/A
FORM 8-K AMENDMENT NO. 1

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K/A

 

AMENDMENT NO. 1 TO

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported)

 

November 8, 2005

 


 

FIRST ADVANTAGE CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

Delaware   001-31666   61-1437565

(State or Other

Jurisdiction of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

 

One Progress Plaza, Suite 2400

St. Petersburg, Florida 33701

(Address of principal executive offices)

 

(727) 214-3411

(Registrant’s telephone number)

 

Not Applicable.

(Former name or former address, if changed since last report)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 1.01. Entry into a Material Definitive Agreement

 

On November 8, 2005, First Advantage Corporation (the “Company”) filed a Current Report on Form 8-K reporting the purchase of LeadClick Media, Inc. This amendment number 1 amends Item 9.01 of the subject Current Report on Form 8-K to provide the financial statements and pro forma financial information as set forth in Item 9.01.

 

Item 2.01. Completion of Acquisition or Disposition of Assets.

 

The disclosures and qualifications in Item 1.01 are incorporated into this Item 2.01 by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(a) Financial Statements.

 

Unaudited combined balance sheet of LeadClick Media, Inc. as of September 30, 2005 and the related combined unaudited statements of income, stockholder’s equity and cash flows for the nine months ended September 30, 2005 and 2004.

 

Audited combined balance sheet of LeadClick Media, Inc. as of December 31, 2004 and the related statements of combined income, stockholder’s equity and cash flows for the twelve months ended December 31, 2004.

 

(b) Pro Forma Financial Information.

 

Unaudited pro forma combined balance sheet of First Advantage Corporation and Subsidiaries as of September 30, 2005 and the unaudited pro forma combined statement of income for the year ended December 31, 2004 and for the nine months ended September 30, 2005.


LeadClick Media, Inc.

Combined Financial Statements

For the Nine Months Ended September 30, 2005 and 2004


LeadClick Media, Inc.

 

Combined Balance Sheets (Unaudited)

 

    

September 30,

2005


   

December 31,

2004


Assets

              

Current assets:

              

Cash and cash equivalents

   $ 4,179,000     $ 10,207,000

Accounts receivable (less allowance for doubtful accounts of $262,000 and $137,000 in 2005 and 2004, respectively)

     7,004,000       2,654,000

Prepaid expenses and other current assets

     26,000       11,000

Income tax receivable

     5,000       505,000
    


 

Total current assets

     11,214,000       13,377,000

Property and equipment, net

     183,000       105,000

Deferred income tax

     127,000       76,000
    


 

Total assets

   $ 11,524,000     $ 13,558,000
    


 

Liabilities and Stockholder’s Equity

              

Current liabilities:

              

Accounts payable

   $ 2,520,000     $ 1,794,000

Accrued compensation

     178,000       204,000

Accrued liabilities

     28,000       28,000

Current taxes payable

     10,624,000       6,698,000

Due to related party

     36,000       961,000
    


 

Total current liabilities

     13,386,000       9,685,000
    


 

Commitments and contingencies (Note 6)

              

Stockholder’s equity:

              

Common stock of LeadClick Media, Inc., $0 par value; 10,000 shares authorized, issued and outstanding

     —         —  

Common stock of eAdvertising, Inc., $0.001 par value; 25,000,000 shares authorized; 10,000,000 Shares issued and outstanding

     10,000       10,000

Contributed Capital

     1,000       1,000

(Accumulated deficit) retained earnings

     (1,873,000 )     3,862,000
    


 

Total stockholder’s (deficit) equity

     (1,862,000 )     3,873,000
    


 

Total liabilities and stockholder’s equity

   $ 11,524,000     $ 13,558,000
    


 

 

The accompanying notes are integral part of these combined financial statements.


LeadClick Media, Inc.

 

Combined Statements of Income (Unaudited)

 

    

For the Nine Months Ended

September 30,


     2005

   2004

Service revenue

   $ 37,961,000    $ 19,952,000

Cost of service revenue

     18,826,000      7,231,000
    

  

Gross margin

     19,135,000      12,721,000
    

  

Salaries and benefits

     2,142,000      1,315,000

Facilities and telecommunications

     208,000      102,000

Other operating expenses

     685,000      922,000

Depreciation and amortization

     40,000      56,000
    

  

Total operating expenses

     3,075,000      2,395,000
    

  

Income from operations

     16,060,000      10,326,000

Interest income

     95,000      66,000
    

  

Income before income taxes

     16,155,000      10,392,000

Provision for income taxes

     6,021,000      3,372,000
    

  

Net income

   $ 10,134,000    $ 7,020,000
    

  

 

The accompanying notes are an integral part of these combined financial statements.


LeadClick Media, Inc.

 

Combined Statement of Changes in Stockholder’s Equity

For the Nine Months Ended September 30, 2005 (Unaudited)

 

    

Common

Stock


  

Contributed

Capital


  

Retained
earnings/

(Accumulated

deficit)


    Total

 

Balance at December 31, 2004

   $ 10,000    $ 1,000    $ 3,862,000     $ 3,873,000  

Dividends

     —        —        (15,869,000 )     (15,869,000 )

Net income

     —        —        10,134,000       10,134,000  
    

  

  


 


Balance at September 30, 2005

   $ 10,000    $ 1,000    $ (1,873,000 )   $ (1,862,000 )
    

  

  


 


 

The accompanying notes are an integral part of these combined financial statements.


LeadClick Media, Inc.

 

Combined Statement of Cash Flow

For the Nine Months Ended September 30, 2005 and 2004 (Unaudited)

 

    

For the Nine Months Ended

September 30,


 
     2005

    2004

 

Cash flows from operating activities:

                

Net income

   $ 10,134,000     $ 7,020,000  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation and amortization

     40,000       56,000  

Allowance for doubtful accounts

     125,000       —    

Deferred taxes

     (51,000 )     —    

Change in operating assets and liabilities:

                

Accounts receivable

     (4,475,000 )     (78,000 )

Prepaid expenses and other current assets

     (15,000 )     (3,000 )

Due to related party

     (925,000 )     27,000  

Accounts payable

     726,000       1,095,000  

Accrued liabilities

     —         (68,000 )

Income tax accounts

     4,426,000       2,737,000  

Accrued compensation and other liabilities

     (26,000 )     (61,000 )
    


 


Net cash provided by operating activities

     9,959,000       10,725,000  
    


 


Cash flows from investing activities:

                

Database development costs

     (105,000 )     (15,000 )

Purchases of property and equipment

     (13,000 )     (118,000 )
    


 


Net cash used in investing activities

     (118,000 )     (133,000 )
    


 


Cash flows from financing activities:

                

Dividends paid

     (15,869,000 )     (10,574,000 )
    


 


Net cash used in financing activities

     (15,869,000 )     (10,574,000 )
    


 


(Decrease) in cash and cash equivalents

     (6,028,000 )     18,000  

Cash and cash equivalents at beginning of period

     10,207,000       6,441,000  
    


 


Cash and cash equivalents at end of period

   $ 4,179,000     $ 6,459,000  
    


 


Supplemental disclosures of cash flow information:

                

Cash paid for income taxes

   $ 2,110,000     $ 635,000  
    


 


 

The accompanying notes are an integral part of these combined financial statements.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Nine Months Ended September 30, 2005 and 2004 (Unaudited)

 

1. Organization and Nature of Business

 

LeadClick Media, Inc., located in San Francisco, California, is a privately held company founded in 1998 as a provider of performance-based, cost-per-action (“CPA”) internet marketing solutions. The combined financial statements of LeadClick Media, Inc. are comprised of the historical financial statements of LeadClick Media, Inc., eAdvertising, Inc. and Miramar Marketing LLC (collectively, the “Company”). The operations of these companies were combined under LeadClick Media, Inc. during 2005. The Company’s core focus has been in providing online lead generation services to the financial services, automotive and real estate verticals. The Company has three primary service offerings, sales lead generation, list management and affiliate network marketing. The Company’s customers include a wide variety of companies ranging from medium-sized businesses to Fortune 500 companies, including many leading service providers in the sub-prime and personal finance markets.

 

The Company derives the majority of its revenue from the CPA form of performance-based marketing. The Company receives a fee from its clients for each lead provided and, in turn, pays third party suppliers of customer leads a portion of the fee received from its clients.

 

In the second quarter of 2004, the Company entered the automotive sector, providing consumers with free dealer quotes on new vehicles as well as generating auto loan leads for new and used vehicles. The Company sells these leads to automotive lead aggregation companies, who in turn sell leads to automotive dealerships, large dealer groups, automobile manufacturers, and auto lending groups.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The interim financial data as of September 30, 2005 and for the nine months ended September 30, 2005 and 2004 is unaudited; however, in the opinion of the Company, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results of the interim periods. This report should be read in conjunction with the Company’s audited financial statements included in this Form 8-K/A. Operating results for the nine months ended September 30, 2005 and 2004 are not necessarily indicative of the results that may be expected for the entire fiscal year.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Nine Months Ended September 30, 2005 and 2004 (Unaudited)

 

Principles of Combination

 

The combined financial statements include the accounts of each operating entity. The entities operate under common ownership as a single business unit and their financial statements have been combined to provide a more meaningful presentation of the financial position, results of operations, and cash flows of these entities. All significant intercompany transactions and balances have been eliminated.

 

Use of Estimates

 

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the statements. Actual results could differ from the estimates and assumptions used.

 

Fair Value of Financial Instruments

 

The carrying amount of the Company’s financial instruments at September 30, 2005 and 2004, which includes cash and cash equivalents, accounts receivable, and accounts payable, approximates fair value because of the short maturity of those instruments.

 

Cash Equivalents

 

The Company considers cash equivalents to be cash and all short-term investments that have an original maturity of 90 days or less, or if no stated maturity, can be liquidated in 90 days or less.

 

Accounts Receivable

 

Accounts receivable are due from companies in a broad range of industries located throughout the United States. Credit is extended based on evaluation of the customer’s financial condition, and generally, collateral is not required.

 

The allowance for all probable uncollectible receivables is based on a combination of historical data, cash payment trends, specific customer issues, write-off trends, general economic conditions and other factors. These factors are continuously monitored by management to arrive at the estimate for the amount of accounts receivable that may be ultimately uncollectible. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, the Company records a specific allowance for doubtful accounts against amount due, to reduce the net recognized receivable to the amount it reasonably believes will be collected. Management believes that the allowance at September 30, 2005 and December 31, 2004 is reasonably stated.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Nine Months Ended September 30, 2005 and 2004 (Unaudited)

 

Property and Equipment

 

Property and equipment are recorded at cost. Depreciation on data processing equipment, furniture and equipment, and vehicles has been computed using an accelerated deprecation method over their estimated useful lives ranging from three to seven years. Gains or losses on the disposition of property and equipment are computed on the difference between the net book value of the asset and its sale price and are credited or charged to income at time of disposition. Repairs and maintenance are charged to operations when incurred and major improvements are capitalized.

 

Income taxes

 

Taxes are based on income for financial reporting purposes and include deferred taxes applicable to temporary differences between financial statement carrying amount and the tax basis of the Company’s assets and liabilities. The tax provision for the Company has been calculated on a separate return basis. The Company’s income tax returns are filed on a separate company basis.

 

Impairment of Long-Lived Assets

 

The Company periodically assesses whether there has been permanent impairment of its long-lived assets held and used by the Company in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”. SFAS No. 144 requires the Company to review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated from the use and eventual disposition of the asset. At September 30, 2005 and December 31, 2004, the Company’s long-lived assets were not considered to be impaired.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Nine Months Ended September 30, 2005 and 2004 (Unaudited)

 

Concentrations of Credit Risk

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. Substantially all of the Company’s cash and cash equivalent balances were deposited with financial institutions which management has determined to be high credit quality institutions. Accounts receivable represent credit granted to commercial customers for the purchase of leads and lead generation services. The percentage of revenue from the Company’s top customer has decreased from approximately 25% during 2004 to approximately 17% for the nine months ended September 30, 2005.

 

Revenue Recognition

 

Revenue is recognized by the company pursuant to its three primary product offerings, sales lead generation, eAdvertising affiliate network, and list management services. Revenue from the sale of leads is recognized at the time of delivery, as the Company has no ongoing obligation after delivery. Revenue via the eAdvertising network is recognized when transactions are completed as evidenced by qualifying actions by end users of the publishers and/or advertisers on the proprietary eAdvertising network. Revenue as a result of list management services is recognized when transactions are completed as evidenced by qualifying actions of end users. In most instances, the qualifying action that completes the earnings process is the submission of an on-line form that generates a sales lead via the internet.

 

3. Subsequent Event

 

Acquisition of the Company

 

On November 7, 2005, LeadClick Holding Company, LLC (LeadClick Holding), a Delaware limited liability company which is owned 70% by First Advantage Corporation (“First Advantage”) and 30% by The First American Corporation, purchased 75% of the outstanding capital stock of the Company under the terms of a stock purchase agreement. In consideration for the purchase of the stock, LeadClick Holding paid the seller an aggregate purchase price of $150,000,000 in a combination of cash, notes and First Advantage Class A shares.


Report of Independent Registered Certified Public Accounting Firm

 

To the Shareholder of

Leadclick Media, Inc.:

 

In our opinion, the accompanying combined balance sheets and the related statements of income, of changes in stockholder’s equity, and of cash flow present fairly, in all material respects, the financial position of Leadclick Media, Inc. at December 31, 2004 and the results of their operations and their cash flow for the period ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

/s/ PricewaterhouseCoopers LLP

 

Tampa, Florida

December 19, 2005


LeadClick Media, Inc.

Combined Financial Statements

As of December 31, 2004 and for the year ended December 31, 2004


LeadClick Media, Inc.

 

Combined Balance Sheet

December 31, 2004

 

     2004

Assets

      

Current assets:

      

Cash and cash equivalents

   $ 10,207,000

Accounts receivable (less allowance for doubtful accounts of $137,000)

     2,654,000

Prepaid expenses and other current assets

     11,000

Income tax receivable

     505,000
    

Total current assets

     13,377,000

Property and equipment, net

     105,000

Deferred income taxes

     76,000
    

Total assets

   $ 13,558,000
    

Liabilities and Stockholder’s Equity

      

Current liabilities:

      

Accounts payable

   $ 1,794,000

Accrued compensation

     204,000

Accrued liabilities

     28,000

Current taxes payable

     6,698,000

Due to related party, net

     961,000
    

Total current liabilities

     9,685,000
    

Commitments and contingencies (Note 6)

      

Stockholder’s equity:

      

Common stock of LeadClick Media, Inc., $0 par value; 10,000 shares authorized, issued and outstanding

     —  

Common stock of eAdvertising, Inc., $0.001 par value; 25,000,000 shares authorized; 10,000,000 shares issued and outstanding

     10,000

Contributed Capital

     1,000

Retained earnings

     3,862,000
    

Total stockholder’s equity

     3,873,000
    

Total liabilities and stockholder’s equity

   $ 13,558,000
    

 

The accompanying notes are an integral part of these combined financial statements.


LeadClick Media, Inc.

 

Combined Statement of Income

For the Year Ended December 31, 2004

 

     2004

Service revenue

   $ 30,642,000

Cost of service revenue

     12,431,000
    

Gross margin

     18,211,000
    

Salaries and benefits

     1,911,000

Facilities and telecommunications

     166,000

Other operating expenses

     1,294,000

Depreciation and amortization

     75,000
    

Total operating expenses

     3,446,000
    

Income from operations

     14,765,000

Interest income

     93,000
    

Income before income taxes

     14,858,000

Provision for income taxes

     4,333,000
    

Net income

   $ 10,525,000
    

 

The accompanying notes are an integral part of these combined financial statements.


LeadClick Media, Inc.

 

Combined Statement of Changes in Stockholder’s Equity

For the Year Ended December 31, 2004

 

     Common
Stock


   Contributed
Capital


   Retained
Earnings


    Total

 

Balance at January 1, 2004

   $ 10,000    $ 1,000    $ 2,601,000     $ 2,612,000  

Dividends

     —        —        (9,264,000 )     (9,264,000 )

Net income for 2004

     —        —        10,525,000       10,525,000  
    

  

  


 


Balance at December 31, 2004

   $ 10,000    $ 1,000    $ 3,862,000     $ 3,873,000  
    

  

  


 


 

The accompanying notes are an integral part of these combined financial statements.


LeadClick Media, Inc.

 

Combined Statement of Cash Flow

For the Year Ended December 31, 2004

 

     2004

 

Cash flows from operating activities:

        

Net income

   $ 10,525,000  

Adjustments to reconcile net income to net cash provided by operating activities:

        

Depreciation and amortization

     75,000  

Change in operating assets and liabilities:

        

Accounts receivable

     (1,172,000 )

Prepaid expenses and other current assets

     (3,000 )

Due to related party

     36,000  

Accounts payable

     62,000  

Accrued liabilities

     (58,000 )

Income tax accounts

     3,702,000  

Accrued compensation and other liabilities

     19,000  
    


Net cash provided by operating activities

     13,186,000  
    


Cash flows from investing activities:

        

Database development costs

     (28,000 )

Purchases of property and equipment

     (128,000 )
    


Net cash used in investing activities

     (156,000 )
    


Cash flows from financing activities:

        

Dividends paid

     (9,264,000 )
    


Net cash used in financing activities

     (9,264,000 )
    


Increase in cash and cash equivalents

     3,766,000  

Cash and cash equivalents at beginning of period

     6,441,000  
    


Cash and cash equivalents at end of period

   $ 10,207,000  
    


Supplemental disclosures of cash flow information:

        

Cash paid for income taxes

   $ 635,000  
    


 

The accompanying notes are an integral part of these combined financial statements.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Year Ended December 31, 2004

 

1. Organization and Nature of Business

 

LeadClick Media, Inc., located in San Francisco, California, is a privately held company founded in 1998 as a provider of performance-based, cost-per-action (“CPA”) internet marketing solutions. The combined financial statements of LeadClick Media, Inc. are comprised of the historical financial statements of LeadClick Media, Inc., eAdvertising, Inc. and Miramar Marketing LLC (collectively, the “Company”). The operations of these companies were combined under LeadClick Media, Inc. during 2005. The Company’s core focus has been in providing online lead generation services to the financial services, automotive and real estate verticals. The Company has three primary service offerings, sales lead generation, list management and affiliate network marketing. The Company’s customers include a wide variety of companies ranging from medium-sized businesses to Fortune 500 companies, including many leading service providers in the sub-prime and personal finance markets.

 

The Company derives the majority of its revenue from the CPA form of performance-based marketing. The Company receives a fee from its clients for each lead provided and, in turn, pays third party suppliers of customer leads a portion of the fee received from its clients.

 

In the second quarter of 2004, the Company entered the automotive sector, providing consumers with free dealer quotes on new vehicles as well as generating auto loan leads for new and used vehicles. The Company sells these leads to automotive lead aggregation companies, who in turn sell leads to automotive dealerships, large dealer groups, automobile manufacturers, and auto lending groups.

 

2. Summary of Significant Accounting Policies

 

Principles of Combination

 

The combined financial statements include the accounts of each operating entity. The entities operate under common ownership as a single business unit and their financial statements have been combined to provide a more meaningful presentation of the financial position, results of operations, and cash flows of these entities. All significant intercompany transactions and balances have been eliminated.

 

Use of Estimates

 

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the statements. Actual results could differ from the estimates and assumptions used.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Year Ended December 31, 2004

 

Fair Value of Financial Instruments

 

The carrying amount of the Company’s financial instruments at December 31, 2004, which includes cash and cash equivalents, accounts receivable, and accounts payable, approximates fair value because of the short maturity of those instruments.

 

Cash Equivalents

 

The Company considers cash equivalents to be cash and all short-term investments that have an original maturity of 90 days or less, or if no stated maturity, can be liquidated in 90 days or less.

 

Accounts Receivable

 

Accounts receivable are due from companies in a broad range of industries located throughout the United States. Credit is extended based on evaluation of the customer’s financial condition, and generally, collateral is not required.

 

The allowance for all probable uncollectible receivables is based on a combination of historical data, cash payment trends, specific customer issues, write-off trends, general economic conditions and other factors. These factors are continuously monitored by management to arrive at the estimate for the amount of accounts receivable that may be ultimately uncollectible. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, the Company records a specific allowance for doubtful accounts against amount due, to reduce the net recognized receivable to the amount it reasonably believes will be collected. Management believes that the allowance at December 31, 2004 is reasonably stated.

 

Property and Equipment

 

Property and equipment are recorded at cost. Depreciation on data processing equipment, furniture and equipment, and vehicles has been computed using an accelerated deprecation method over their estimated useful lives ranging from three to seven years. Gains or losses on the disposition of property and equipment are computed on the difference between the net book value of the asset and its sale price and are credited or charged to income at time of disposition. Repairs and maintenance are charged to operations when incurred and major improvements are capitalized.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Year Ended December 31, 2004

 

Income taxes

 

Taxes are based on income for financial reporting purposes and include deferred taxes applicable to temporary differences between financial statement carrying amount and the tax basis of the Company’s assets and liabilities. The tax provision for the Company has been calculated on a separate return basis. The Company’s income tax returns are filed on a separate company basis.

 

Impairment of Long-Lived Assets

 

The Company periodically assesses whether there has been permanent impairment of its long-lived assets held and used by the Company in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”. SFAS No. 144 requires the Company to review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated from the use and eventual disposition of the asset. At December 31, 2004, the Company’s long-lived assets was not considered to be impaired.

 

Concentrations of Credit Risk

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. Substantially all of the Company’s cash and cash equivalent balances were deposited with financial institutions which management has determined to be high credit quality institutions. Accounts receivable represent credit granted to commercial customers for the purchase of leads and lead generation services. The Company’s top two customers during 2004 accounted for 37% of the Company’s combined revenues.

 

Revenue Recognition

 

Revenue is recognized by the Company pursuant to its three primary product offerings, sales lead generation, eAdvertising affiliate network, and list management services. Revenue from the sale of leads is recognized at the time of delivery, as the Company has no ongoing obligation after delivery. Revenue via the eAdvertising network is recognized when transactions are completed as evidenced by qualifying actions by end users of the publishers and/or advertisers on the proprietary eAdvertising network. Revenue as a result of list management services is recognized when transactions are completed as evidenced by qualifying actions of end users. In most instances, the qualifying action that completes the earnings process is the submission of an on-line form that generates a sales lead via the internet.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Year Ended December 31, 2004

 

3. Property and Equipment

 

As of December 31, 2004, property and equipment is as follows:

 

     2004

 

Furniture and equipment

   $ 91,000  

Data processing equipment

     67,000  

Vehicles

     177,000  
    


       335,000  

Less accumulated depreciation

     (230,000 )
    


Property and equipment, net

   $ 105,000  
    


 

Depreciation expense was $75,000 for the year ended 2004.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Year Ended December 31, 2004

 

4. Income Taxes

 

The provision for income taxes is summarized as follows:

 

     2004

Current:

      

Federal

   $ 3,676,000

State

     657,000
    

Total current

   $ 4,333,000
    

 

Income taxes differ from the amounts computed by applying the Federal income tax rate of 35%. A reconciliation of the difference is as follows:

 

     2004

 

Taxes calculated at federal rate

   $ 5,200,000  

State taxes, net of federal benefit

     628,000  

LLC income not subject to income tax

     (1,213,000 )

Other items, net

     (282,000 )
    


     $ 4,333,000  
    


 

The primary components of temporary differences that give rise to the Company’s net deferred tax asset are as follows:

 

     2004

 

Deferred tax assets:

        

Bad debt reserves

   $ 56,000  

Depreciation

     41,000  
    


       97,000  
    


Deferred tax liabilities:

        

Other

     (21,000 )
    


Net deferred tax asset

   $ 76,000  
    



LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Year Ended December 31, 2004

 

5. Related Parties

 

The Company performs management and support services for FBM Software, Inc. for which it is paid current market rates. The Company’s President and sole stockholder holds an equity position in FBM Software, Inc. The amount included in the Company’s gross revenue during 2004 was approximately $1,330,000 and related costs and expenses recorded by the Company in 2004 were approximately $680,000.

 

As of December 31, 2004, the Company had liabilities in the form of non-interest bearing notes totaling $925,000 due to its stockholder. As of December 31, 2004, the Company owed FBM Software, Inc. $36,400 for reimbursement of expenses. These amounts are included in the due to related party line item on the balance sheet. Subsequent to December 31, 2004, the $925,000 was repaid during July 2005 and the $36,400 was repaid during December 2005.

 

6. Commitments and Contingencies

 

Operating Leases

 

The Company leases certain office facilities under operating leases which are not renewable. Rent expense under operating leases, was approximately $95,000 in 2004.

 

Future minimum rental payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2004 are as follows:

 

Year ending December 31,

      

2005

   $ 144,000

2006

     144,000
    

     $ 288,000
    

 

Litigation

 

The Company is involved in litigation from time to time in the ordinary course of business. The Company does not believe that the outcome of any pending or threatened litigation will have a material adverse effect on the Company’s financial position or operating results.


LeadClick Media, Inc.

Notes to Combined Financial Statements

For the Year Ended December 31, 2004

 

7. Subsequent Event

 

Acquisition of the Company

 

On November 7, 2005, LeadClick Holding Company, LLC (LeadClick Holding), a Delaware limited liability company which is owned 70% by First Advantage Corporation (“First Advantage”) and 30% by The First American Corporation, purchased 75% of the outstanding capital stock of the Company under the terms of a stock purchase agreement. In consideration for the purchase of the stock, LeadClick Holding paid the seller an aggregate purchase price of $150,000,000 in a combination of cash, notes and First Advantage Class A shares.


First Advantage Corporation

And Subsidiaries

Unaudited Pro Forma Financial Information


UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

 

The following unaudited pro forma combined financial statements have been prepared to give effect to the acquisition by First Advantage Corporation (“First Advantage”) of LeadClick Media, Inc. (“LeadClick”) using the purchase method of accounting and the assumptions and adjustments described in the accompanying notes to unaudited pro forma combined financial statements.

 

The table that follows presents unaudited pro forma financial data for First Advantage and LeadClick for the nine months ended September 30, 2005 and for the year ended December 31, 2004 as if the acquisitions had been completed on January 1, 2004 for income statement purposes and on September 30, 2005 for balance sheet purposes. The pro forma information is based upon the historical consolidated financial statements of First Advantage and LeadClick and the assumptions, estimates and adjustments described in the notes to the unaudited pro forma combined financial information. The assumptions, estimates and adjustments are preliminary and have been made solely for purposes of developing such pro forma information.

 

The unaudited pro forma combined financial statements are presented for illustrative purposes only and are not necessarily indicative of the consolidated financial position or consolidated results of operations of First Advantage that would have been reported had the acquisitions occurred on the dates indicated, nor do they represent a forecast of the consolidated financial position of First Advantage at any future date or the consolidated results of operations for any future period. Furthermore, no effect has been given in the unaudited pro forma combined statements of income (loss) for synergistic benefits or cost savings that may be realized through the combination of the First Advantage and LeadClick or costs that may be incurred in integrating their operations. The unaudited pro forma combined financial information should be read in conjunction with the historical financial statements and related notes and management’s discussion and analysis of financial condition and results of operations of First Advantage which is included in our annual report on Form 10-K for the year ended December 31, 2004, our definitive proxy statement on Schedule 14A filed with the SEC on August 8, 2005 and our unaudited quarterly report on Form 10-Q for the quarter ended September 30, 2005, which are incorporated by reference herein, and the historical financial statements and related notes of LeadClick included in this Form 8-K/A.


First Advantage Corporation and Subsidiaries

 

Unaudited Pro Forma Combined Balance Sheet

September 30, 2005

 

    

First

Advantage

Historical


  

Past

Acquisitions (E)


  

First

Advantage

Pro Forma

Combined


  

LeadClick

Historical


  

LeadClick

Pro Forma

Adjustments


    Pro Forma

Assets

                                          

Current assets:

                                          

Cash and cash equivalents

   $ 17,438,000    $ 269,000    $ 17,707,000    $ 4,179,000    $ (2,817,000 )(J)   $ 19,069,000

Accounts receivable

     97,462,000      5,331,000      102,793,000      7,004,000      —         109,797,000

Prepaid expenses and other current assets

     6,770,000      189,000      6,959,000      31,000      (5,000 )(J)     6,985,000
    

  

  

  

  


 

Total current assets

     121,670,000      5,789,000      127,459,000      11,214,000      (2,822,000 )     135,851,000

Property and equipment, net

     49,947,000      1,171,000      51,118,000      183,000      —         51,301,000

Goodwill

     437,442,000      19,538,000      456,980,000      —        119,570,000 (A)     576,550,000

Intangible assets, net

     54,187,000      13,408,000      67,595,000      —        51,300,000 (A)     118,895,000

Database development costs, net

     10,039,000      —        10,039,000      —        —         10,039,000

Investment in equity investee

     36,086,000      —        36,086,000      —        —         36,086,000

Deferred income tax asset

     17,369,000      —        17,369,000      127,000      —         17,496,000

Other assets

     4,808,000      123,000      4,931,000      —        —         4,931,000
    

  

  

  

  


 

Total assets

   $ 731,548,000    $ 40,029,000    $ 771,577,000    $ 11,524,000    $ 168,048,000     $ 951,149,000
    

  

  

  

  


 

 

See the accompanying notes to the unaudited pro forma financial information.

 

-2-


First Advantage Corporation and Subsidiaries

 

Unaudited Pro Forma Combined Balance Sheet

September 30, 2005

 

     First
Advantage
Historical


   Past
Acquisitions (E)


   First
Advantage
Pro Forma
Combined


   LeadClick
Historical


    LeadClick
Pro Forma
Adjustments


    Pro Forma

Liabilities and Stockholder’s Equity

                                           

Current liabilities:

                                           

Accounts payable

   $ 10,675,000    $ 228,000    $ 10,903,000    $ 2,520,000     $ —       $ 13,423,000

Accrued compensation

     24,232,000      1,409,000      25,641,000      178,000       (16,000 )(J)     25,803,000

Accrued liabilities

     28,578,000      819,000      29,397,000      28,000       —         29,425,000

Deferred income

     6,125,000      —        6,125,000      —         —         6,125,000

Due to affiliates

     3,835,000      18,000      3,853,000      36,000       —         3,889,000

Income taxes payable

     473,000      —        473,000      10,624,000       (4,978,000 )(J)     6,119,000

Current portion of long-term debt and capital leases

     31,685,000      75,000      31,760,000      —         —         31,760,000
    

  

  

  


 


 

Total current liabilities

     105,603,000      2,549,000      108,152,000      13,386,000       (4,994,000 )     116,544,000

Long-term debt and capital leases, net of current portion

     95,208,000      37,480,000      132,688,000      —         85,000,000 (B)     217,688,000

Deferred income taxes

     —        —        —        —         21,033,000 (A)     21,033,000

Minority interest

     —        —        —        —         45,147,000 (K)     45,147,000

Other liabilities

     2,523,000      —        2,523,000      —         —         2,523,000
    

  

  

  


 


 

Total liabilities

     203,334,000      40,029,000      243,363,000      13,386,000       146,186,000       402,935,000
    

  

  

  


 


 

Commitments and contingencies

                                           

Stockholder’s equity:

                                           

Preferred stock

     —        —        —        —         —         —  

Class A common stock

     8,000      —        8,000      10,000       (10,000 )(C)     9,000
                                    1,000 (D)      

Class B common stock

     46,000      —        46,000      —         —         46,000

Additional paid in capital

     386,043,000      —        386,043,000      1,000       (1,000 )(C)     406,042,000
                                    19,999,000 (D)      

Retained earnings

     141,730,000      —        141,730,000      (1,873,000 )     2,172,000 (J)     141,730,000
                                    (299,000 )(C)      

Accumulated other comprehensive income

     387,000      —        387,000      —         —         387,000
    

  

  

  


 


 

Total stockholder’s equity

     528,214,000      —        528,214,000      (1,862,000 )     21,862,000       548,214,000
    

  

  

  


 


 

Total liabilities and stockholder’s equity

   $ 731,548,000    $ 40,029,000    $ 771,577,000    $ 11,524,000     $ 168,048,000     $ 951,149,000
    

  

  

  


 


 

 

See the accompanying notes to the unaudited pro forma financial information.

 

-3-


First Advantage Corporation and Subsidiaries

 

Unaudited Pro Forma Combined Statement of Income

For the Nine Months Ended September 30, 2005

 

     First
Advantage
Historical


    Past
Acquisitions (E)


    First
Advantage
Pro forma
Combined


    LeadClick
Historical


   LeadClick
Pro Forma
Adjustments


    Pro Forma

 

Service revenue

   $ 437,022,000     $ 47,163,000     $ 484,185,000     $ 37,961,000    $ —       $ 522,146,000  

Reimbursed government fee revenue

     36,669,000       —         36,669,000       —        —         36,669,000  
    


 


 


 

  


 


Total revenue

     473,691,000       47,163,000       520,854,000       37,961,000      —         558,815,000  

Cost of service revenue

     133,026,000       12,842,000       145,868,000       18,826,000      —         164,694,000  

Government fees paid

     36,669,000       —         36,669,000       —        —         36,669,000  
    


 


 


 

  


 


Total cost of service

     169,695,000       12,842,000       182,537,000       18,826,000      —         201,363,000  
    


 


 


 

  


 


Gross margin

     303,996,000       34,321,000       338,317,000       19,135,000      —         357,452,000  

Salaries and benefits

     130,308,000       13,658,000       143,966,000       2,142,000      —         146,108,000  

Facilities and telecommunications

     18,974,000       1,570,000       20,544,000       208,000              20,752,000  

Other operating expenses

     57,845,000       12,436,000       70,281,000       685,000      —         70,966,000  

Depreciation and amortization

     19,085,000       3,619,000       22,704,000       40,000      4,819,000 (F)     27,563,000  
    


 


 


 

  


 


Total operating expenses

     226,212,000       31,283,000       257,495,000       3,075,000      4,819,000       265,389,000  
    


 


 


 

  


 


Income (loss) from operations

     77,784,000       3,038,000       80,822,000       16,060,000      (4,819,000 )     92,063,000  
    


 


 


 

  


 


Interest (expense) income, net

     (4,067,000 )     (1,087,000 )     (5,154,000 )     95,000      (3,683,000 )(G)     (8,742,000 )

Equity in earnings of investee

     1,232,000       —         1,232,000       —        —         1,232,000  
    


 


 


 

  


 


Income (loss) before income taxes and minority interest

     74,949,000       1,951,000       76,900,000       16,155,000      (8,502,000 )     84,553,000  

Provision (benefit) for income taxes

     32,251,000       877,000       33,128,000       6,021,000      (3,486,000 )(H)     35,663,000  
    


 


 


 

  


 


Income (loss) before minority interest

     42,698,000       1,074,000       43,772,000       10,134,000      (5,016,000 )     48,890,000  

Minority interest

     —         —         —         —        (3,463,000 )(I)     (3,463,000 )
    


 


 


 

  


 


Net income (loss)

   $ 42,698,000     $ 1,074,000     $ 43,772,000     $ 10,134,000    $ (8,479,000 )   $ 45,427,000  
    


 


 


 

  


 


Basic earnings per share

   $ 0.82             $ 0.81                    $ 0.83  
    


         


                


Diluted earnings per share

   $ 0.81             $ 0.81                    $ 0.83  
    


         


                


Basic and diluted weighted average shares outstandng:

                                               

Basic

     52,132,551       1,599,281       53,731,832              741,482 (D)     54,473,314  
    


 


 


        


 


Diluted

     52,616,858       1,599,281       54,216,139              741,482 (D)     54,957,621  
    


 


 


        


 


 

See the accompanying notes to the unaudited pro forma financial information.

 

-4-


First Advantage Corporation and Subsidiaries

 

Unaudited Pro Forma Combined Statement of Income

For the Year Ended December 31, 2004

 

     First
Advantage
Historical


    Past
Acquisitions (E)


    First
Advantage
Pro Forma
Combined


    LeadClick
Historical


   LeadClick
Pro Forma
Adjustments


    Pro Forma

 

Service revenue

   $ 472,142,000     $ 109,344,000     $ 581,486,000     $ 30,642,000    $ —       $ 612,128,000  

Reimbursed government fee revenue

     44,599,000       —         44,599,000       —        —         44,599,000  
    


 


 


 

  


 


Total revenue

     516,741,000       109,344,000       626,085,000       30,642,000      —         656,727,000  

Cost of service revenue

     146,457,000       38,337,000       184,794,000       12,431,000              197,225,000  

Government fees paid

     44,599,000       —         44,599,000       —        —         44,599,000  
    


 


 


 

  


 


Total cost of service

     191,056,000       38,337,000       229,393,000       12,431,000      —         241,824,000  
    


 


 


 

  


 


Gross margin

     325,685,000       71,007,000       396,692,000       18,211,000      —         414,903,000  

Salaries and benefits

     142,980,000       21,152,000       164,132,000       1,911,000      —         166,043,000  

Facilities and telecommunications

     20,680,000       5,192,000       25,872,000       166,000      —         26,038,000  

Other operating expenses

     65,348,000       27,406,000       92,754,000       1,294,000      —         94,048,000  

Depreciation and amortization

     23,184,000       8,803,000       31,987,000       75,000      6,425,000 (F)     38,487,000  
    


 


 


 

  


 


Total operating expenses

     252,192,000       62,553,000       314,745,000       3,446,000      6,425,000       324,616,000  
    


 


 


 

  


 


Income (loss) from operations

     73,493,000       8,454,000       81,947,000       14,765,000      (6,425,000 )     90,287,000  
    


 


 


 

  


 


Interest (expense) income, net

     (1,955,000 )     (4,741,000 )     (6,696,000 )     93,000      (4,911,000 )(G)     (11,514,000 )

Equity in earnings of investee

     1,782,000       —         1,782,000       —        —         1,782,000  
    


 


 


 

  


 


Income (loss) before income taxes and minority interest

     73,320,000       3,713,000       77,033,000       14,858,000      (11,336,000 )     80,555,000  

Provision (benefit) for income taxes

     30,239,000       1,559,000       31,798,000       4,333,000      (2,755,000 )(H)     33,376,000  
    


 


 


 

  


 


Income (loss) before minority interest

     43,081,000       2,154,000       45,235,000       10,525,000      (8,581,000 )     47,179,000  

Minority interest

     —         —         —         —        (3,199,000 )(I)     (3,199,000 )
    


 


 


 

  


 


Net income (loss)

   $ 43,081,000     $ 2,154,000     $ 45,235,000     $ 10,525,000    $ (11,780,000 )   $ 43,980,000  
    


 


 


 

  


 


Basic earnings per share

   $ 0.87             $ 0.84                    $ 0.81  
    


         


                


Diluted earnings per share

   $ 0.86             $ 0.84                    $ 0.81  
    


         


                


Basic and diluted weighted average shares outstanding:

                                               

Basic

     49,711,384       3,836,202       53,547,586              741,482 (D)     54,289,068  
    


 


 


        


 


Diluted

     50,035,519       3,668,529       53,704,048              741,482 (D)     54,445,530  
    


 


 


        


 


 

See the accompanying notes to the unaudited pro forma financial information.

 

-5-


First Advantage Corporation and Subsidiaries

 

Notes to Unaudited Pro Forma Financial Information

 

(A) The estimated purchase price of LeadClick, for purposes of preparing these unaudited pro forma financial statements is $150.0 million, as described in the purchase agreement. Seventy-five percent ownership of LeadClick was purchased by a holding company owned by First Advantage Corporation (70%) and The First American Corporation (30%). The allocation of the purchase price is based upon preliminary estimates of the assets and liabilities acquired in accordance with SFAS No 141 “Business Combinations”. A full determination of the purchase price allocation will be made upon receipt of a final valuation analysis of tangible and intangible assets. It is anticipated that the final purchase price allocation will not differ materially from the preliminary allocations.

 

The purchase price of this acquisition is as follows:

 

First Advantage:

      

Cash

   $ 55,000,000

Notes payable

     30,000,000

Class A shares issued

     20,000,000
    

       105,000,000

First American:

      

Cash

     45,000,000
    

     $ 150,000,000
    

 

The allocation of the purchase price is estimated as follows:

 

Goodwill

   $ 119,570,000  

Deferred income taxes

     (21,033,000 )

Identifiable intangibles assets

     51,300,000  

Net assets acquired

     163,000  
    


     $ 150,000,000  
    


 

(B) Adjustment reflects the borrowing of funds for the acquisition as follows:

 

Cash paid to sellers

   $ 55,000,000

Notes issued to sellers

     30,000,000
    

Funds borrowed for acquisition

   $ 85,000,000
    

 

-6-


First Advantage Corporation and Subsidiaries

 

Notes to Unaudited Pro Forma Financial Information

 

The cash paid to sellers included in the purchase price above was funded with additional borrowings under the Secured Credit Facility.

 

(C) Adjustment reflects the elimination of the historical stockholders’ equity of LeadClick.

 

(D) Adjustment reflects the issuance of 741,482 shares of common stock by First Advantage in connection with the acquisition of LeadClick.

 

(E) Past acquisitions include fourteen businesses acquired during the year ended December 31, 2004, nine businesses acquired during the period from January to September 30, 2005, two businesses acquired during October 2005 and two businesses acquired during November 2005. The impact of these acquisitions is reflected on the unaudited pro forma consolidated statements of income for the year ended December 31, 2004 and the nine months ended September 30, 2005 assuming the acquisitions occurred on January 1, 2004. The acquisitions consummated in October and November 2005 are reflected in the unaudited pro forma consolidated balance sheet as if they had occurred on September 30, 2005.

 

(F) Adjustment reflects the effects of the acquisition on amortization for other intangible assets, which consists of customer lists, non compete agreements, developed software, and trade names amortized over their estimated useful life as follows:

 

     Intangible
Asset


   Estimated
Useful
Life (years)


   Year ended
December 31, 2004


   Nine months ended
September 30, 2005


Customer relationships

   $ 23,200,000    9    $ 2,578,000    $ 1,934,000

Non-compete agreements

     7,100,000    5      1,420,000      1,065,000

Trade names

     19,600,000    10      1,960,000      1,470,000

Software

     1,400,000    3      467,000      350,000
    

       

  

     $ 51,300,000         $ 6,425,000    $ 4,819,000
    

       

  

 

-7-


First Advantage Corporation and Subsidiaries

 

Notes to Unaudited Pro Forma Financial Information

 

(G) Adjustment reflects the effects on interest expense for the funds borrowed in connection with the acquisition:

 

     Principal
Amount


   Year ended
December 31, 2004


   Nine months ended
September 30, 2005


Notes issued, interest at 7%

   $ 30,000,000      2,100,000      1,575,000

Borrowed funds, interest at 30 day LIBOR plus average margin of 1.25% (5.11%)

   $ 55,000,000      2,811,000      2,108,000
           

  

            $ 4,911,000    $ 3,683,000
           

  

 

(H) Adjustment reflects the effect of the acquisition on the provision for income taxes as if taxes were calculated on a separate return basis using an assumed effective tax rate in each respective year.

 

(I) The minority interest expense for the nine months ended September 30, 2005 and year ended December 31, 2004 is as follows:

 

     Year ended
December 31, 2004


    Nine months ended
September 30, 2005


 

LeadClick historical net income

   $ 10,525,000     $ 10,134,000  

Amortization expense

     (6,425,000 )     (4,819,000 )

Tax adjustment

     2,634,000       1,976,000  
    


 


Adjusted net income

     6,734,000       7,291,000  

Minority interest percentage

     47.5 %     47.5 %
    


 


Minority interest expense

   $ 3,199,000     $ 3,463,000  
    


 


 

(J) Adjustment to certain assets and liabilities not acquired.

 

(K) Adjustment to record beginning minority interest liability.

 

     September 30,
2005


 

LeadClick’s stockholders’ equity

   $ (1,862,000 )

Net assets not acquired

     2,172,000 (J)
    


LeadClick’s stockholders’ equity acquired

     310,000  

Minority interest percentage

     47.5 %
    


Minority interest liability

     147,000  

Cash paid by First American

     45,000,000 (A)
    


Total minority interest liability

   $ 45,147,000  
    


 

-8-


SIGNATURES

 

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

By:

 

/s/ John Lamson

Name:

 

John Lamson

Title:

 

Executive Vice President and

   

Chief Financial Officer

 

Dated: December 20, 2005

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