Welcome to our dedicated page for Sterling Check news (Ticker: STER), a resource for investors and traders seeking the latest updates and insights on Sterling Check stock.
Sterling Check Corp. (NASDAQ: STER) is a global leader in providing technology-enabled background and identity verification services. Serving over 50,000 clients, Sterling is pivotal in helping organizations across various industries build trust and safety in their workplace environments through comprehensive background checks, identity verification, and ongoing risk monitoring.
Headquartered in Independence, Ohio, Sterling conducts more than 95 million background checks annually. Their services encompass identity verification, criminal background screening, credential verification, drug and health screening, employee documentation processing for onboarding, and continuous risk assessment, all integrated within a proprietary, cloud-based technology platform. This platform delivers real-time, data-driven insights, empowering organizations to manage their employment screening programs efficiently.
Recent achievements include a series of strategic partnerships and innovations. Notably, Sterling's collaboration with ID.me since 2021 has brought forth a pioneering identity-first solution, enhancing pre-employment screening processes. This collaboration ensures up to 45% more accurate criminal results when identity verification is included in the hiring process. In May 2023, this solution became the first to earn Kantara’s Trustmark for Identity Assurance Level 2 (IAL2), meeting federal digital identity guidelines set by the National Institute of Standards and Technology (NIST). This certification enables federal, state, and local US governments to deliver compliant identity verification through Sterling and ID.me solutions.
Financially, Sterling has shown resilience and strategic growth despite macroeconomic challenges. For the full year ending December 31, 2023, Sterling reported revenues of $719.6 million, a slight decrease from the previous year, primarily due to macro uncertainty impacting base business with existing clients. However, the company achieved significant progress in revenue drivers such as new business acquisition, upselling, and cross-selling, which improved their performance metrics going into 2024.
Sterling's commitment to innovation extends to their partnerships, such as with Konfir, aimed to dramatically speed up employment verification processes and improve candidate experiences. This partnership leverages Konfir’s API-driven employment verification technology, reducing verification times from days to seconds and enhancing security and accuracy.
Looking ahead, Sterling is poised for continued growth and expansion. Their acquisition of Vault Workforce Screening in early 2024 enhances their capabilities in drug and health testing, aligning with their long-term strategy of organic growth and strategic M&A. Sterling’s proactive approach in adapting to market needs and integrating advanced technological solutions continues to solidify their position as a market leader in the background and identity verification industry.
Sterling Check Corp. (NASDAQ: STER) announced a $700 million refinancing of its credit facility and a $100 million share repurchase program aimed at enhancing financial flexibility. The new five-year credit facility will reduce annual interest expenses while extending debt maturities to November 2027. The share buyback program is set to utilize existing cash and future free cash flow, reflecting management's confidence in long-term growth. This strategic capital allocation aims to optimize shareholder returns and support organic revenue growth as well as potential acquisitions.
Sterling Check Corp. (NASDAQ: STER) will participate in the J.P. Morgan Ultimate Services Investor Conference on November 17, 2022. CEO Josh Peirez and CFO Peter Walker are scheduled for a fireside chat at approximately 2:55 PM ET, where they will engage with investors. Interested parties can view the live webcast here. An archive will be accessible on Sterling's investor relations website.
Sterling Check Corp. (NASDAQ: STER) reported a 17.5% revenue increase for Q3 2022, totaling $199.3 million, buoyed by 12.4% organic growth. The net income turned positive at $9.3 million or $0.09 per share, a notable recovery from a net loss of $(25.3) million in the prior year. Despite a 3.5% increase in Adjusted EBITDA to $53.1 million, the Adjusted EBITDA Margin decreased by 370 basis points to 26.6%. The company also announced a partnership with Yoti to bolster its identity verification services.
Sterling (NASDAQ: STER) has partnered with Yoti to enhance the hiring process through a unique digital identity verification workflow across EMEA and APAC. This collaboration aims to streamline pre-employment checks and improve background screening accuracy. The partnership allows candidates to create secure, reusable digital identities, simplifying the hiring experience by enabling identity verification before other checks. Starting in 2023, this initiative will commence in the UK, promoting privacy-centric identity solutions.
Sterling Check Corp. (NASDAQ: STER) is set to release its third-quarter financial results for fiscal year 2022 on November 9, 2022, before the market opens. A conference call will follow at 8:30 a.m. ET to discuss the results. Participants can join the call by dialing 1-844-200-6205 (U.S.) or +1-929-526-1599 (international) using conference code 450156. A live audio webcast will be available on Sterling's investor relations website.
Sterling provides technology-enabled background and identity verification services to over 50,000 clients globally, performing over 95 million searches in 2021.
Sterling Check Corp. (NASDAQ: STER) reported a strong second quarter for 2022 with revenues of $205.6 million, a 29.0% year-over-year increase. Organic constant currency revenue growth was 22.8%. GAAP net income rose to $11.6 million ($0.12 per diluted share), up from $3.4 million ($0.04) last year. Adjusted EBITDA also increased by 20.1% to $56.5 million. The company revised its full-year guidance higher, projecting revenue between $785 million to $795 million and adjusted EBITDA of $214 million to $220 million.
Sterling Check Corp. (NASDAQ: STER), a leader in technology-enabled background and identity verification, announced CEO Josh Peirez and CFO Peter Walker will attend several investor conferences in June 2022. They will present at the Baird 2022 Global Consumer, Technology & Services Conference on June 7 at 12:50 PM ET and at the Stifel 2022 Cross Sector Insight Conference on June 8 at 3:00 PM ET. CFO Walker will also present at the William Blair 42nd Annual Growth Stock Conference on June 9 at 8:00 AM CT. Sterling, serving over 50,000 clients, conducted over 95 million searches in 2021.
Sterling Check Corp. (NASDAQ: STER) is set to release its second-quarter financial results for fiscal year 2022 on August 9, 2022, before market opening. A conference call will follow at 8:30 a.m. Eastern Time to discuss these results, and participants can join via phone or web. Sterling provides technology-enabled background and identity verification services to over 50,000 clients globally, conducting more than 95 million searches in the previous year. Detailed information and presentation materials will be accessible on its investor relations website.
Sterling Check Corp. (NASDAQ: STER) reported a robust 37.7% revenue increase in Q1 2022, reaching $192.0 million, driven by 30.4% organic growth. GAAP net income surged to $6.2 million ($0.06/share), up from $0.6 million ($0.01/share) last year. Adjusted EBITDA rose by 29.4% to $47.6 million, although margins decreased by 159 bps to 24.8%. The company updated its 2022 financial guidance, projecting revenue between $770 million and $780 million. CEO Josh Peirez expressed optimism about continual growth and client retention through innovative solutions.
Sterling Check Corp. (NASDAQ: STER) announced it will release its financial results for Q1 FY 2022 on May 10, 2022, before the market opens. A conference call will follow at 8:30 a.m. Eastern Time to discuss the results.
Participants can join the call by dialing specific numbers and using the conference code 352288. A live audio webcast will also be available on Sterling’s investor relations website.
Sterling provides technology-enabled background and identity verification services, performing over 95 million background checks annually for over 50,000 clients.
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