Sterling Check Corp (NASDAQ:STER) Q1 2022 Earnings Conference Call May 10, 2022 8:30 AM ET
Company Participants
Judah Sokel - VP of IR
Joshua Peirez - CEO and Director
Peter Walker - Executive VP and CFO
Conference Call Participants
George Tong - Goldman Sachs
Alexander Hess - JPMorgan
Gregory Parrish - Morgan Stanley
Andrew Nicholas - William Blair
Mark Marcon - Baird
Devin Au – KeyBanc
Operator
Good morning or good afternoon, and welcome to the Sterling First Quarter 2022 Earnings Call. My name is Adam, and I'll be your operator today. [Operator Instructions]
I'd now hand you over to Judah Sokel to begin. So Judah, please go ahead when you're ready.
Judah Sokel
Thank you, operator. Welcome to Sterling's First Quarter 2022 Earnings Call. Joining me today are Josh Peirez, Chief Executive Officer of Sterling; and Peter Walker, Chief Financial Officer of Sterling. The files we will reference during this presentation can be accessed on Sterling Investor Relations website under News and Events. The slides will be posted at the conclusion of this call, and a replay will be made available on the website. After prepared remarks, we will open this call for questions. Before we discuss our results, I encourage all listeners to review the legal notice on Slide 2, which explains the risks of forward-looking statements and the use of non-GAAP financial measures.
Additionally, please refer to our recently filed Form 10-K for a discussion of risk factors that could cause actual results to differ materially from these forward-looking statements. Our slide presentation and discussions on this call will include certain non-GAAP financial measures. For such measures, reconciliation for the most directly comparable GAAP measures are in the appendix of the presentation and in our earnings release issued this morning.
I will now turn the call over to Josh Peirez.
Joshua Peirez
Thank you, Judah. Good morning, and thank you for joining us. Sterling's first quarter of 2022 was exceptional and continued the momentum we saw throughout our record 2021. Starting with Slide 4, our results this quarter were stellar. We reported approximately 38% revenue growth, including organic constant currency revenue growth of 30%, even as we laughed a strong 17% revenue growth in the first quarter of 2021. We also saw 8% growth from our EBI acquisition, which has been outperforming our expectation thus far.
We saw a double-digit organic revenue growth in almost all of Sterling's regions and verticals, and we are particularly proud of the 10% growth we saw from new business in the quarter. The US saw particularly strong results at 46% growth, and international grew low double digits on a constant currency basis, in line with our long-term expectation, and 24% when normalized for one-time revenues in the UK during the first quarter of 2021. Importantly, we are not solely relying on cyclical trends to drive our strong results.