0000950170-23-040616 | 10-Q | XBRL Viewer

Equity (Tables)

6 Months Ended

Jun. 30, 2023

A summary of the stock repurchase activity under the Repurchase Program, is summarized as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Shares repurchased		2,024,046		3,895,737
Average price per share	$	13.37	$	13.43
Costs recorded to accumulated deficit
Total repurchase costs	$	27,026	$	52,252
Additional associated costs		311		600
Total costs recorded to accumulated deficit	$	27,337	$	52,852

Derivatives

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 6. Derivatives

To reduce exposure to variability in expected future cash outflows on variable rate debt attributable to the changes in one-month LIBOR, the Company has historically entered into interest rate derivative instruments to economically offset a portion of this risk and may do so in the future. In June 2023, the Company transitioned the reference rate for its interest rate derivative agreements from one-month LIBOR to one-month SOFR.

As of June 30, 2023, the Company had the following outstanding derivatives that were not designated as a hedge in qualifying hedging relationships:


Product	Effective Date	Maturity Date	Notional	Rate
Interest rate collars (a)	June 30, 2023	February 29, 2024	$300.0 million	0.48% floor/1.47% cap
Interest rate swap (b)	June 30, 2023	February 28, 2026	$100.0 million	4.32%

(a)

In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the cap rate was reduced from 1.50% to 1.47%.

(b)

In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the fixed rate was reduced from 4.36% to 4.32%.

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements; however, the Company has not elected to apply hedge accounting for these instruments.

The following is a summary of location and fair value of the financial positions recorded related to the derivative instruments (in thousands):


		Fair Value
Derivatives not designated as hedging instruments	Balance Sheet Location	As of June 30, 2023		As of December 31, 2022
Interest rate collars	Prepaid expenses and other current assets	$	7,652	$	11,570
Interest rate swap	Prepaid expenses and other current assets	$	344	$	—

The following is a summary of location and amount of gains and (losses) recorded related to the derivative instruments (in thousands):


		Gain/(Loss)
		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	Income Statement Location	2023		2022		2023		2022
Interest rate collars	Interest expense, net	$	1,204	$	2,119	$	769	$	7,378
Interest rate swap	Interest expense, net	$	1,910	$	—	$	466	$	—

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,782	$ 1,925	$ 14,236	$ 13,013	$ 11,707	$ 27,249

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Indemnity liability	$ 4.9	$ 4.4

Long-term Debt - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Description of borrowing capacity not subject to net leverage ratio covenant	In the event the Company’s outstanding indebtedness under the Revolver exceeds 35% of the aggregate principal amount of the revolving commitments then in effect, it is required to maintain a consolidated first lien leverage ratio no greater than 7.75 to 1.00.
Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, net leverage ratio	7.75
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, net leverage ratio	1
Revolver [Member]
Debt Instrument [Line Items]
Carrying amount of the amount outstanding under the facility	$ 0.0
Maturity Date	Jul. 31, 2026
Outstanding borrowing under revolver	$ 0.0
Maximum borrowing capacity under successor revolver	100.0
Term Loan due January 31, 2027 [Member]
Debt Instrument [Line Items]
Carrying amount of the amount outstanding under the facility	564.7
Term loan at time of issuance	$ 766.6
Maturity Date	Jan. 31, 2027
Term Loan due January 31, 2027 [Member] \| LIBOR [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate	2.75%
Term Loan due January 31, 2027 [Member] \| LIBOR [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate	3.00%

Reportable Segments - Schedule of Adjusted EBITDA Reconciled to Net Income (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Segment Reporting Information [Line Items]

Interest expense, net

$ 3,887

$ 3,112

$ 12,568

$ 2,262

Provision for income taxes

3,968

5,432

4,649

10,367

Depreciation and amortization

32,056

34,407

63,922

68,441

Shares based compensation

3,601

1,943

5,659

3,802

Net income

9,782

$ 1,925

14,236

$ 13,013

11,707

27,249

Segments

Segment Reporting Information [Line Items]

Total Adjusted EBITDA

55,971

60,834

104,531

114,434

Interest expense, net

3,887

3,112

12,568

2,262

Provision for income taxes

3,968

5,432

4,649

10,367

Depreciation and amortization

32,056

34,407

63,922

68,441

Shares based compensation

3,601

1,943

5,659

3,802

Transaction and acquisition-related charges

^[1]

1,190

1,179

2,261

2,677

Integration, restructuring, and other charges

^[2]

1,487

525

3,765

(364)

Net income

9,782

14,236

11,707

27,249

Segments | Americas

Segment Reporting Information [Line Items]

Total Adjusted EBITDA

52,324

52,954

96,980

99,773

Segments | International

Segment Reporting Information [Line Items]

Total Adjusted EBITDA

$ 3,647

$ 7,880

$ 7,551

$ 14,661

[1]

Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control-related costs, professional service fees, and other third-party costs. Additionally includes incremental professional service fees incurred related to the initial public offering and subsequent one-time compliance efforts. The three and six months ended June 30, 2023 and 2022 include a transaction bonus expense related to one of the Company’s 2021 acquisitions.

[2]

Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, and (gains) losses on the sale of assets.

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Income Per Share

Basic and diluted net income per share was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic net income per share	$	0.07	$	0.09	$	0.08	$	0.18
Diluted net income per share	$	0.07	$	0.09	$	0.08	$	0.18
Numerator:
Net income (in thousands)	$	9,782	$	14,236	$	11,707	$	27,249
Denominator:
Weighted average number of shares outstanding - basic		144,112,028		150,748,211		144,982,459		150,644,034
Add stock options to purchase shares and restricted stock units		1,226,892		1,612,139		1,912,331		1,717,754
Weighted average number of shares outstanding - diluted		145,338,920		152,360,350		146,894,790		152,361,788

Property and Equipment, net- Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 16.6	$ 17.3	$ 33.1	$ 34.1

Revenues

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Note 8. Revenues

Substantially all of the Company’s revenues are recognized at a point in time when the orders are completed and the completed reports are reported, or otherwise made available. For revenues delivered over time, the output method is utilized to measure the value to the customer based on the transfer to date of the services promised, with no rights of return once consumed. In these cases, revenues on transactional contracts with a defined price but an undefined quantity is recognized utilizing the right to invoice expedient resulting in revenues being recognized when the service is provided and becomes billable. Additionally, under this practical expedient, the Company is not required to estimate the transaction price.

The Company considers negotiated and anticipated incentives and estimated adjustments, including historical collections experience, when recording revenues.

The Company’s contracts with customers generally include standard commercial payment terms acceptable in each region, and do not include any financing components. The Company does not have any significant obligations for refunds, warranties, or similar obligations. The Company records revenues net of sales taxes.

Contract balances are generated when the revenues recognized in a given period varies from billing. A contract asset is created when the Company performs a service for a customer and recognizes more revenues than what has been billed. The contract asset balance was $7.4 million and $6.5 million as of June 30, 2023 and December 31, 2022, respectively, and is included in accounts receivable, net in the accompanying condensed consolidated balance sheets.

A contract liability is created when the Company transfers a good or service to a customer and recognizes less than what has been billed. The Company recognizes these contract liabilities as deferred revenues when the Company has an obligation to perform services for a customer in the future and has already received consideration from the customer. The contract liability balance was $1.3 million and $1.1 million as of June 30, 2023 and December 31, 2022, respectively, and is included in deferred revenues in the accompanying condensed consolidated balance sheets. An immaterial amount of revenues was recognized in the current period related to the beginning balance of deferred revenues.

For additional disclosures about the disaggregation of our revenues see Note 14, “Reportable Segments.”

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Net Income Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,961,441	2,533,594	4,681,847	2,292,520

Reportable Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Reportable Segments

Note 14. Reportable Segments

We have two reportable segments, Americas and International. Our chief operating decision maker (“CODM”) uses the profit measure of Adjusted EBITDA, on both a consolidated and a segment basis, to allocate resources and assess performance of our businesses. We use Adjusted EBITDA as our profit measure because it eliminates the impact of certain items that we do not consider indicative of operating performance, which is useful to compare operating results between periods. Our Board of Directors and executive management team also use Adjusted EBITDA as a compensation measure for both segment and corporate management under our incentive compensation plans. Adjusted EBITDA is also a measure frequently used by securities analysts, investors, and other interested parties in their evaluation of the operating performance of companies similar to ours.

We define Adjusted EBITDA as net income before interest, taxes, depreciation, and amortization, and as further adjusted for loss on extinguishment of debt, share-based compensation, transaction and acquisition-related charges, integration and restructuring charges, and other non-cash charges. We exclude the impact of share-based compensation because it is a non-cash expense and we believe that excluding this item provides meaningful supplemental information regarding performance and ongoing cash generation potential. We exclude loss on extinguishment of debt, transaction and acquisition related charges, integration and restructuring charges, and other charges because such expenses are episodic in nature and have no direct correlation to the cost of operating our business on an ongoing basis.

The segment financial information below aligns with how we report information to our CODM to assess operating performance and how the Company manages the business. Corporate costs are generally allocated to the segments based upon estimated revenue levels and other assumptions that management considers reasonable. The CODM does not review the Company’s assets by segment; therefore, such information is not presented. The accounting policies of the segments are the same as described in Note 2, “Summary of Significant Accounting Policies” and Note 8, “Revenues.”

The following is a description of our two reportable segments:

Americas. This segment performs a variety of background check and compliance services across all phases of the workforce lifecycle from pre-onboarding services to post-onboarding and ongoing monitoring services, covering employees, contractors, contingent workers, tenants, and drivers. We generally classify our service offerings into three categories: pre-onboarding, post-onboarding, and adjacent products. We deliver our solutions across multiple vertical industries in the United States, Canada, and Latin America markets.

International. The International segment provides services similar to our Americas segment in regions outside of the Americas. We primarily deliver our solutions across multiple vertical industries in the Europe, India, and Asia Pacific markets.

A reconciliation of Segment Adjusted EBITDA to net income for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Adjusted EBITDA
Americas	$	52,324	$	52,954	$	96,980	$	99,773
International		3,647		7,880		7,551		14,661
Total	$	55,971	$	60,834	$	104,531	$	114,434
Adjustments to reconcile to net income:
Interest expense, net		3,887		3,112		12,568		2,262
Provision for income taxes		3,968		5,432		4,649		10,367
Depreciation and amortization		32,056		34,407		63,922		68,441
Share-based compensation		3,601		1,943		5,659		3,802
Transaction and acquisition-related charges (a)		1,190		1,179		2,261		2,677
Integration, restructuring, and other charges (b)		1,487		525		3,765		(364	)
Net income	$	9,782	$	14,236	$	11,707	$	27,249

(a)

(b)

Geographic Information

The Company bases revenues by geographic region in which the revenues and invoicing are recorded. Other than the United States, no single country accounted for 10% or more of our total revenues during these periods.

The following summarizes revenues by geographical region (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenues
Americas	$	162,682		$	170,591		$	314,738		$	330,679
International		24,113			33,044			48,961			64,785
Eliminations		(1,480	)		(2,074	)		(2,864	)		(4,022	)
Total revenues	$	185,315		$	201,561		$	360,835		$	391,442

The following table sets forth net long-lived assets by geographic area (in thousands):


	June 30, 2023		December 31, 2022
Long-lived assets, net
United States, country of domicile	$	1,086,824	$	1,134,201
All other countries		174,493		180,258
Total long-lived assets, net	$	1,261,317	$	1,314,459

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Property and Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 3. Property and Equipment, net

Property and equipment, net as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	June 30, 2023			December 31, 2022
Furniture and equipment	$	23,356		$	23,422
Capitalized software for internal use, acquired by business combination		227,405			227,405
Capitalized software for internal use, developed internally or otherwise purchased		72,943			60,187
Leasehold improvements		2,423			2,957
Total property and equipment		326,127			313,971
Less: accumulated depreciation and amortization		(232,862	)		(200,442	)
Property and equipment, net	$	93,265		$	113,529

Depreciation and amortization expense of property and equipment was approximately $16.6 million and $17.3 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense of property and equipment was approximately $33.1 million and $34.1 million for the six months ended June 30, 2023 and 2022, respectively.

Share-Based Compensation - Summary of Recognition of Share-Based Compensation related to Employees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated share based compensation expense	$ 3,601	$ 1,943	$ 5,659	$ 3,802
Cost of Services [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated share based compensation expense	313	277	588	551
Product and Technology Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated share based compensation expense	568	312	1,025	516
Selling, General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated share based compensation expense	$ 2,720	$ 1,354	$ 4,046	$ 2,735

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Subsequent Events (Additional Information) (Details) - Subsequent Event - Dividend Declared	Aug. 08, 2023 $ / shares
Subsequent Event [Line Items]
Cash dividend declared, per share	$ 1.5
Dividend, declare date	Aug. 08, 2023
Dividend, record date	Aug. 21, 2023
Dividend, payable date	Aug. 31, 2023

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	28.90%	27.60%	28.40%	27.60%
U.S. Federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Fair Value of Financial Instruments — Certain financial assets and liabilities are reported at fair value in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement. ASC 820 establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques required by ASC 820 are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 — Quoted prices for identical instruments in active markets.

Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 — Significant inputs to the valuation model are unobservable (supported by little or no market activities). These inputs may be used with internally developed methodologies that reflect the Company’s best estimate of fair value from a market participant.

The fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, rather than the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The carrying amounts of cash and cash equivalents, short-term investments, receivables, and accounts payable approximate fair value due to the short-term maturities of these financial instruments (Level 1). The fair values and carrying values of the Company’s long-term debt are disclosed in Note 5.

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of June 30, 2023 (in thousands):


	Level 1		Level 2		Level 3
Assets
Interest rate collars	$	—	$	7,652	$	—
Interest rate swap	$	—	$	344	$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Other intangible assets are subject to nonrecurring fair value measurement as the result of business acquisitions. The fair values of these assets were estimated using the present value of expected future cash flows through unobservable inputs (Level 3).

Impairment of Long-Lived Assets — The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment, ROU assets, and finite-life intangible assets may not be recoverable or that indicate useful lives warrant revision. The Company determined that triggering events occurred for certain leases exited during the three and six months ended June 30, 2023 which required an impairment review of certain ROU assets. Based on the results of the analysis, the Company recorded non-cash impairment charges of $0.7 million and $1.8 million for the three and six months ended June 30, 2023, respectively, primarily related to office space exited during the year. Write down of abandoned property and equipment no longer in use was $0.2 million and $0.3 million for the three and six months ended June 30, 2023, respectively.

Concentrations of Credit Risk — Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. Cash is deposited with major financial institutions and, at times, such balances with each financial institution may be in excess of insured limits. The Company has not experienced, and does not anticipate, any losses with respect to its cash deposits. Accounts receivable represent credit granted to customers for services provided. The Company performs ongoing credit evaluations of its customers’ financial condition and generally does not require collateral on accounts receivable. The Company had one customer which represented approximately 11% and 10% of its consolidated revenues during the three and six months ended June 30, 2023, respectively. The Company did not have any customers which represented 10% or more of consolidated revenues for the three and six months ended June 30, 2022. Additionally, the Company did not have any customers which represented 10% or more of consolidated accounts receivable, net for any period presented.

Foreign Currency — The functional currency of all of the Company’s foreign subsidiaries is the applicable local currency. The translation of the applicable foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenues and expense accounts using average exchange rates prevailing during the fiscal year. Adjustments resulting from the translation of foreign currency financial statements are accumulated net of tax in a separate component of equity. Currency translation income (loss) included in accumulated other comprehensive income (loss) was approximately $0.2 million and $(11.3) million for the three months ended June 30, 2023 and 2022, respectively. Currency translation income (loss) included in accumulated other comprehensive income (loss) was approximately $1.1 million and $(12.8) million for the six months ended June 30, 2023 and 2022, respectively.

Gains or losses resulting from foreign currency transactions are included in the accompanying condensed consolidated statements of operations and comprehensive income, except for those relating to intercompany transactions of a long-term investment nature, which are captured in a separate component of equity as accumulated other comprehensive income (loss). Currency transaction income included in the accompanying condensed consolidated statements of operations and comprehensive income was approximately $0.2 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively. Currency transaction (loss) income included in the accompanying condensed consolidated statements of operations and comprehensive income was approximately $(0.3) million and $1.3 million for the six months ended June 30, 2023 and 2022, respectively.

Recent Accounting Pronouncements — There were no accounting pronouncements issued during the six months ended June 30, 2023 that are expected to have a material impact on the condensed consolidated financial statements.

Recently Adopted Accounting Pronouncements — In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. Prior to the issuance of this guidance, contract assets and contract liabilities were recognized by the acquirer at fair value on the acquisition date. This guidance is effective for annual reporting periods beginning after December 15, 2022 including interim periods therein. Adoption of this standard on January 1, 2023 did not have a material impact on the condensed consolidated financial statements. However, if the Company acquires material customer contracts in the future, this standard will impact the accounting for those arrangements which may have a material effect on future results.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021 issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. These ASUs provide temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as the London Inter-bank Offered Rate (“LIBOR”), to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These standards were effective upon issuance and allowed application to contract changes as early as January 1, 2020. Adoption of this standard in June 2023 did not have a material impact on the condensed consolidated financial statements.

Share-Based Compensation - Summary of the RSU Activity (Details) - 2021 Equity Plan [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, outstanding beginning balance \| shares	472,332
Number of units, granted \| shares	135,326
Number of units, vested \| shares	(104,647)
Number of units, forfeited \| shares	(17,389)
Number of units, outstanding ending balance \| shares	485,622
Weighted Average Grant Date Fair Value, beginning value \| $ / shares	$ 16
Weighted Average Grant Date Fair Value, Granted \| $ / shares	13.23
Weighted Average Grant Date Fair Value, Vested \| $ / shares	14.73
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	16.73
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 15.48
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, outstanding beginning balance \| shares	2,281,300
Number of units, vested \| shares	(326,670)
Number of units, outstanding ending balance \| shares	1,954,630
Weighted Average Grant Date Fair Value, beginning value \| $ / shares	$ 3.85
Weighted Average Grant Date Fair Value, Vested \| $ / shares	3.85
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 8.5

Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of outstanding derivatives that were not designated as a hedge in qualifying hedging relationships

As of June 30, 2023, the Company had the following outstanding derivatives that were not designated as a hedge in qualifying hedging relationships:


Product	Effective Date	Maturity Date	Notional	Rate
Interest rate collars (a)	June 30, 2023	February 29, 2024	$300.0 million	0.48% floor/1.47% cap
Interest rate swap (b)	June 30, 2023	February 28, 2026	$100.0 million	4.32%

(a)

In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the cap rate was reduced from 1.50% to 1.47%.

(b)

In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the fixed rate was reduced from 4.36% to 4.32%.

Summary of Location and Fair Value of Financial Position and Location of Derivative Instruments

The following is a summary of location and fair value of the financial positions recorded related to the derivative instruments (in thousands):


		Fair Value
Derivatives not designated as hedging instruments	Balance Sheet Location	As of June 30, 2023		As of December 31, 2022
Interest rate collars	Prepaid expenses and other current assets	$	7,652	$	11,570
Interest rate swap	Prepaid expenses and other current assets	$	344	$	—

The following is a summary of location and amount of gains and (losses) recorded related to the derivative instruments (in thousands):


		Gain/(Loss)
		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	Income Statement Location	2023		2022		2023		2022
Interest rate collars	Interest expense, net	$	1,204	$	2,119	$	769	$	7,378
Interest rate swap	Interest expense, net	$	1,910	$	—	$	466	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Reportable Segments - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 185,315	$ 201,561	$ 360,835	$ 391,442
Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	(1,480)	(2,074)	(2,864)	(4,022)
Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	162,682	170,591	314,738	330,679
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 24,113	$ 33,044	$ 48,961	$ 64,785

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statement of Changes in Stockholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance, beginning at Dec. 31, 2021	$ 1,132,238	$ 153	$ 1,165,163	$ (31,441)	$ (1,637)
Share-based compensation	1,859		1,859
Proceeds from issuance of common stock under share-based compensation plans	547	0	547
Foreign currency translation	(1,517)				(1,517)
Net income	13,013			13,013
Balance, ending at Mar. 31, 2022	1,146,140	153	1,167,569	(18,428)	(3,154)
Balance, beginning at Dec. 31, 2021	1,132,238	153	1,165,163	(31,441)	(1,637)
Foreign currency translation	(12,836)
Net income	27,249
Balance, ending at Jun. 30, 2022	1,151,625	153	1,170,137	(4,192)	(14,473)
Balance, beginning at Mar. 31, 2022	1,146,140	153	1,167,569	(18,428)	(3,154)
Share-based compensation	1,943		1,943
Proceeds from issuance of common stock under share-based compensation plans	723	0	723
Common stock withheld for tax obligations restricted stock unit and option settlement	(98)		(98)
Foreign currency translation	(11,319)				(11,319)
Net income	14,236			14,236
Balance, ending at Jun. 30, 2022	1,151,625	153	1,170,137	(4,192)	(14,473)
Balance, beginning at Dec. 31, 2022	1,126,618	$ 149	1,176,163	$ (27,363)	(22,331)
Share-based compensation	$ 2,058		2,058
Repurchases of common stock	(25,517)	(2)		(25,515)
Proceeds from issuance of common stock under share-based compensation plans	$ 1,399	$ 0	1,399
Common stock withheld for tax obligations restricted stock unit and option settlement	(25)	0	(25)
Foreign currency translation	869				869
Net income	1,925			$ 1,925
Balance, ending at Mar. 31, 2023	1,107,327	147	1,179,595	(50,953)	(21,462)
Balance, beginning at Dec. 31, 2022	1,126,618	149	1,176,163	(27,363)	(22,331)
Foreign currency translation	1,087
Net income	11,707
Balance, ending at Jun. 30, 2023	1,094,108	145	1,183,715	(68,508)	(21,244)
Balance, beginning at Mar. 31, 2023	1,107,327	$ 147	1,179,595	$ (50,953)	(21,462)
Share-based compensation	$ 3,601		3,601
Repurchases of common stock	(27,339)	(2)		(27,337)
Proceeds from issuance of common stock under share-based compensation plans	$ 705	$ 0	705
Common stock withheld for tax obligations restricted stock unit and option settlement	(186)	0	(186)
Foreign currency translation	218				218
Net income	9,782			$ 9,782
Balance, ending at Jun. 30, 2023	$ 1,094,108	$ 145	$ 1,183,715	$ (68,508)	$ (21,244)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Share-Based Compensation - Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model (Details) - $ / shares		6 Months Ended
	May 10, 2023	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected stock price volatility	37.43%
Risk- Free Interest Rate	3.40%
Expected Term (in years)	4 years 8 months 1 day
Estimated fair value of the underlying unit	$ 12.61
2021 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected stock price volatility		35.58%
Risk- Free Interest Rate		3.56%
Expected Term (in years)		6 years 3 months
Estimated fair value of the underlying unit		$ 12.86

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

Note 10. Equity

Stock Repurchase Program

On August 2, 2022, the Company’s Board of Directors authorized the repurchase of up to $50.0 million of the Company’s common stock over the 12-month period ending August 2, 2023 (the “Repurchase Program”). On November 8, 2022, the Company’s Board of Directors authorized an increase to the total available amount under its Repurchase Program to $150.0 million and extended the program through December 31, 2023. In February 2023, the Company’s Board of Directors further increased the total available amount under the Repurchase Program to $200.0 million effective February 28, 2023.

Stock repurchases may be effected through open market repurchases at prevailing market prices, including through the use of block trades and trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately-negotiated transactions, through other transactions in accordance with applicable securities laws, or a combination of these methods on such terms and in such amounts as the Company deems appropriate and will be funded from available capital. The Company is not obligated to repurchase any specific number of shares, and the timing, manner, value, and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price and liquidity requirements, other business considerations and general market and economic conditions. No shares will be purchased from SLP Fastball Aggregator, L.P. and its affiliates. The Company may discontinue or modify purchases without notice at any time.

A summary of the stock repurchase activity under the Repurchase Program, is summarized as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Shares repurchased		2,024,046		3,895,737
Average price per share	$	13.37	$	13.43
Costs recorded to accumulated deficit
Total repurchase costs	$	27,026	$	52,252
Additional associated costs		311		600
Total costs recorded to accumulated deficit	$	27,337	$	52,852

As of June 30, 2023, the remaining authorized value of shares available to be repurchased under this program was approximately $87.1 million.

Repurchased shares of common stock are retired. The par value of repurchased shares is deducted from common stock and the excess repurchase price over par value is reflected as a reduction to accumulated deficit. Additional associated costs include the related brokerage commissions and excise taxes on share repurchases.

Preferred Stock

As of June 30, 2023 and December 31, 2022, 250,000,000 shares of Preferred Stock were authorized, and no Preferred Stock was issued or outstanding.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Equity - Schedule of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Shares repurchased
Shares repurchased	2,024,046	3,895,737
Average price per share	$ 13.37	$ 13.43
Costs recorded to accumulated deficit
Total repurchase costs	$ 27,026	$ 52,252
Additional associated costs	311	600
Total costs recorded to accumulated deficit	$ 27,337	$ 52,852

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Net Income Per Share - Summary of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic net income per share	$ 0.07		$ 0.09		$ 0.08	$ 0.18
Diluted net income per share	$ 0.07		$ 0.09		$ 0.08	$ 0.18
Numerator:
Net income	$ 9,782	$ 1,925	$ 14,236	$ 13,013	$ 11,707	$ 27,249
Denominator:
Weighted average number of shares outstanding - basic	144,112,028		150,748,211		144,982,459	150,644,034
Add stock options to purchase shares and restricted stock units	1,226,892		1,612,139		1,912,331	1,717,754
Weighted average number of shares outstanding - diluted	145,338,920		152,360,350		146,894,790	152,361,788

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill, Trade Name, and Customer Lists - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 15.4	$ 17.1	$ 30.8	$ 34.3

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

On August 8, 2023, the Company’s Board of Directors declared a one-time special cash dividend of $1.50 per share to stockholders of record at the close of business on August 21, 2023. The cash dividend is expected to be paid on August 31, 2023.

Goodwill, Trade Name, and Customer Lists

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Trade Name, and Customer Lists

Note 4. Goodwill, Trade Name, and Customer Lists

The changes in the carrying amount of goodwill for the six months ended June 30, 2023 by reportable segment were as follows (in thousands):


	Americas		International		Total
Balance – December 31, 2022	$	677,171	$	115,909	$	793,080
Foreign currency translation		97		405		502
Balance – June 30, 2023	$	677,268	$	116,314	$	793,582

The following summarizes the gross carrying value and accumulated amortization for the Company’s trade name and customer lists as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life (in years)
Trade name	$	93,978	$	(26,413	)	$	67,565	20 years
Customer lists		516,035		(217,035	)		299,000	13-14 years
Total	$	610,013	$	(243,448	)	$	366,565


	December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life (in years)
Trade name	$	93,959	$	(22,797	)	$	71,162	20 years
Customer lists		515,762		(189,748	)		326,014	13-14 years
Total	$	609,721	$	(212,545	)	$	397,176

Amortization expense of trade name and customer lists was approximately $15.4 million and $17.1 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense of trade name and customer lists was approximately $30.8 million and $34.3 million for the six months ended June 30, 2023 and 2022, respectively. Trade name and customer lists are amortized on an accelerated basis based upon their estimated useful life.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
REVENUES	$ 185,315	$ 201,561	$ 360,835	$ 391,442
OPERATING EXPENSES:
Cost of services (exclusive of depreciation and amortization below)	92,997	100,292	184,058	196,723
Product and technology expense	12,643	12,946	25,267	26,719
Selling, general, and administrative expense	29,982	31,136	58,664	59,681
Depreciation and amortization	32,056	34,407	63,922	68,441
Total operating expenses	167,678	178,781	331,911	351,564
INCOME FROM OPERATIONS	17,637	22,780	28,924	39,878
OTHER EXPENSE, NET:
Interest expense, net	(3,887)	(3,112)	(12,568)	(2,262)
Total other expense, net	(3,887)	(3,112)	(12,568)	(2,262)
INCOME BEFORE PROVISION FOR INCOME TAXES	13,750	19,668	16,356	37,616
Provision for income taxes	3,968	5,432	4,649	10,367
NET INCOME	9,782	14,236	11,707	27,249
Foreign currency translation income (loss)	218	(11,319)	1,087	(12,836)
COMPREHENSIVE INCOME	10,000	2,917	12,794	14,413
Net Income (Loss)	$ 9,782	$ 14,236	$ 11,707	$ 27,249
Basic net income per share	$ 0.07	$ 0.09	$ 0.08	$ 0.18
Diluted net income per share	$ 0.07	$ 0.09	$ 0.08	$ 0.18
Weighted average number of shares outstanding - basic	144,112,028	150,748,211	144,982,459	150,644,034
Weighted average number of shares outstanding - diluted	145,338,920	152,360,350	146,894,790	152,361,788

Long-term Debt - Fair Value of Company's Long-term Debt Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Deferred financing costs	$ (7,148)	$ (8,075)
Long-term debt, net	557,576	556,649
First Lien Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	$ 564,724	$ 564,724

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company includes the results of operations of acquired companies prospectively from the date of acquisition.

The condensed consolidated financial statements included herein are unaudited, but in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary to summarize fairly the Company’s financial position, results of operations, and cash flows for the interim periods presented. The interim results reported in these condensed consolidated financial statements should not be taken as indicative of results that may be expected for future interim periods or the full year. For a more comprehensive understanding of the Company and its condensed consolidated financial statements, these interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

The Company has historically experienced seasonality with respect to certain customer industries as a result of fluctuations in hiring volumes and other economic activities. Generally, the Company’s highest revenues have historically occurred between October and November of each year, driven by many customers’ pre-holiday season hiring initiatives.

Use of Estimates

Use of Estimates — The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Changes in these estimates and assumptions may have a material impact on the condensed consolidated financial statements and accompanying notes.

Significant estimates, judgments, and assumptions, include, but are not limited to, the determination of the fair value and useful lives of assets acquired and liabilities assumed through business combinations, revenue recognition, capitalized software, and income tax liabilities and assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

Fair Value of Financial Instruments

Level 1 — Quoted prices for identical instruments in active markets.


	Level 1		Level 2		Level 3
Assets
Interest rate collars	$	—	$	7,652	$	—
Interest rate swap	$	—	$	344	$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Impairment of Long-Lived Assets

Concentrations of Credit Risk

Foreign Currency

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Revenues - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
Revenues - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2022 Customer	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2022 Customer	Dec. 31, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Contract asset balance \| $	$ 7.4		$ 7.4		$ 6.5
Contract liability balance \| $	$ 1.3		$ 1.3		$ 1.1
Customer Concentration Risk \| Sales Revenue Net Member \| No Customers [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Concentration risk, percentage		10.00%		10.00%
Number Of Customers		0		0
Customer Concentration Risk \| Sales Revenue Net Member \| One Customer [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Concentration risk, percentage	11.00%		10.00%
Number Of Customers	1		1
Customer Concentration Risk \| Accounts Receivable \| No Customers [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Number Of Customers	0	0	0	0

Goodwill, Trade Name, and Customer Lists - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Line Items]
Balance - December 31, 2022	$ 793,080
Foreign currency translation	502
Balance - June 30, 2023	793,582
Americas
Goodwill [Line Items]
Balance - December 31, 2022	677,171
Foreign currency translation	97
Balance - June 30, 2023	677,268
International
Goodwill [Line Items]
Balance - December 31, 2022	115,909
Foreign currency translation	405
Balance - June 30, 2023	$ 116,314

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Goodwill, Trade Name, and Customer Lists - Summary of Gross Carrying Value and Accumulated Amortization of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 610,013	$ 609,721
Accumulated Amortization	(243,448)	(212,545)
Net Carrying Value	366,565	397,176
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	93,978	93,959
Accumulated Amortization	(26,413)	(22,797)
Net Carrying Value	$ 67,565	$ 71,162
Useful Life (in years)	20 years	20 years
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 516,035	$ 515,762
Accumulated Amortization	(217,035)	(189,748)
Net Carrying Value	$ 299,000	$ 326,014
Customer Lists [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	13 years	13 years
Customer Lists [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	14 years	14 years

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Recognition of Share-Based Compensation related to Employees

Share-based compensation expense is recognized in cost of services, product and technology expense, and selling, general, and administrative expense, in the accompanying condensed consolidated statements of operations and comprehensive income as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Share-based compensation expense
Cost of services	$	313	$	277	$	588	$	551
Product and technology expense		568		312		1,025		516
Selling, general, and administrative expense		2,720		1,354		4,046		2,735
Total share-based compensation expense	$	3,601	$	1,943	$	5,659	$	3,802

Summary of outstanding stock option grants issued

A summary of the stock option activity for the six months ended June 30, 2023 is as follows:


		Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
December 31, 2022	Grants outstanding		2,843,342		$	6.66
	Grants exercised		(191,564	)	$	6.67
	Grants cancelled/forfeited		(424,742	)	$	6.70
June 30, 2023	Grants outstanding		2,227,036		$	6.65	6.7 Years	$19.5 million
June 30, 2023	Grants vested		702,197		$	6.63	6.7 Years	$6.2 million
June 30, 2023	Grants unvested		1,524,839		$	6.66

2021 Equity Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model

The fair value for stock options granted for the six months ended June 30, 2023 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Options
Expected stock price volatility		35.58	%
Risk-free interest rate		3.56	%
Expected term (in years)		6.25
Fair-value of the underlying unit	$	12.86

Summary of Option Unit Activity

A summary of the stock option activity for the six months ended June 30, 2023 is as follows:


		Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
December 31, 2022	Grants outstanding		4,311,662		$	15.24
	Grants issued		316,262		$	12.86
	Grants cancelled/forfeited		(43,565	)	$	16.12
June 30, 2023	Grants outstanding		4,584,359		$	15.06	8.3 Years	$2.6 million
June 30, 2023	Grants vested		1,523,812		$	15.16	8.1 Years	$0.6 million
June 30, 2023	Grants unvested		3,060,547		$	15.01

Summary of the RSU activity

A summary of the restricted stock units (“RSU”) activity for the six months ended June 30, 2023 is as follows:


		Shares			Weighted Average Grant Date Fair Value
December 31, 2022	Nonvested RSUs		472,332		$	16.00
	Granted		135,326		$	13.23
	Vested		(104,647	)	$	14.73
	Forfeited		(17,389	)	$	16.73
June 30, 2023	Nonvested RSUs		485,622		$	15.48

2021 Equity Plan [Member] | Restricted Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Activity

A summary of the restricted stock activity for the six months ended June 30, 2023 is as follows:


		Shares			Weighted Average Grant Date Fair Value
December 31, 2022	Nonvested restricted stock		2,281,300		$	3.85
	Vested		(326,670	)	$	3.85
June 30, 2023	Nonvested restricted stock		1,954,630		$	8.50

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Reportable Segments - Additional Information (Details)	3 Months Ended		6 Months Ended
Reportable Segments - Additional Information (Details)	Jun. 30, 2023 Customer	Jun. 30, 2022 Customer	Jun. 30, 2023 Customer Segment	Jun. 30, 2022 Customer Segment
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			2	2
Non-US [Member] \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, number of customers \| Customer	0	0	0	0
Non-US [Member] \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Percentage of sales	10.00%	10.00%	10.00%	10.00%

Goodwill, Trade Name, and Customer Lists (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2023 by reportable segment were as follows (in thousands):


	Americas		International		Total
Balance – December 31, 2022	$	677,171	$	115,909	$	793,080
Foreign currency translation		97		405		502
Balance – June 30, 2023	$	677,268	$	116,314	$	793,582

Summary of Gross Carrying Value and Accumulated Amortization of Finite-Lived Intangible Assets

The following summarizes the gross carrying value and accumulated amortization for the Company’s trade name and customer lists as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life (in years)
Trade name	$	93,978	$	(26,413	)	$	67,565	20 years
Customer lists		516,035		(217,035	)		299,000	13-14 years
Total	$	610,013	$	(243,448	)	$	366,565


	December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life (in years)
Trade name	$	93,959	$	(22,797	)	$	71,162	20 years
Customer lists		515,762		(189,748	)		326,014	13-14 years
Total	$	609,721	$	(212,545	)	$	397,176

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Level 1 [Member] \| Interest Rate Collars [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value of net assets and liabilities	$ 0
Level 1 [Member] \| Interest Rate Swaps [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value of net assets and liabilities	0
Level 2 [Member] \| Interest Rate Collars [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value of net assets and liabilities	7,652
Level 2 [Member] \| Interest Rate Swaps [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value of net assets and liabilities	344
Level 3 [Member] \| Interest Rate Collars [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value of net assets and liabilities	0
Level 3 [Member] \| Interest Rate Swaps [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value of net assets and liabilities	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 399,050	$ 391,655
Restricted cash	136	141
Short-term investments	2,153	1,956
Accounts receivable (net of allowance for doubtful accounts of $1568 and $1,348 at June 30,2023 and December 31, 2022, respectively)	139,968	143,811
Prepaid expenses and other current assets	21,471	25,407
Income tax receivable	8,959	3,225
Total current assets	571,737	566,195
Property and equipment, net	93,265	113,529
Goodwill	793,582	793,080
Trade name, net	67,565	71,162
Customer lists, net	299,000	326,014
Deferred tax asset, net	2,473	2,422
Other assets	10,491	13,423
TOTAL ASSETS	1,838,113	1,885,825
CURRENT LIABILITIES
Accounts payable	51,930	54,947
Accrued compensation	15,231	22,702
Accrued liabilities	15,661	16,400
Current portion of operating lease liability	5,594	4,957
Income tax payable	379	724
Deferred revenues	1,310	1,056
Total current liabilities	90,105	100,786
Long-term debt (net of deferred financing costs of $7148 and $8075 at June 30,2023 and December 31,2022 respectively)	557,576	556,649
Deferred tax liability, net	87,582	90,556
Operating lease liability, less current portion	5,730	7,879
Other liabilities	3,012	3,337
Total liabilities	744,005	759,207
COMMITMENTS AND CONTINGENCIES (Note 11)
EQUITY
Common stock - $0.001 par value; 1,000,000,000 shares authorized, 145,193,979 and 148,732,603 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	145	149
Additional paid-in-capital	1,183,715	1,176,163
Accumulated deficit	(68,508)	(27,363)
Accumulated other comprehensive loss	(21,244)	(22,331)
Total equity	1,094,108	1,126,618
TOTAL LIABILITIES AND EQUITY	$ 1,838,113	$ 1,885,825

Long-term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

Note 5. Long-term Debt

The fair value of the Company’s long-term debt obligation approximated its book value as of June 30, 2023 and December 31, 2022 and consisted of the following (in thousands):


	June 30, 2023			December 31, 2022
First Lien Credit Facility	$	564,724		$	564,724
Less: Deferred financing costs		(7,148	)		(8,075	)
Long-term debt, net	$	557,576		$	556,649

The Company is a party to a First Lien Credit Agreement with its banking group (“Credit Agreement”), which provides for a term loan of $766.6 million due January 31, 2027 carrying an interest rate of 2.75% to 3.00%, based on the first lien ratio, plus LIBOR (“First Lien Credit Facility”) and a $100.0 million revolving credit facility due July 31, 2026 (“Revolver”). In June 2023, the Credit Agreement was amended to transition the reference rate from LIBOR to SOFR (the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York), with the addition of an applicable margin. The Credit Agreement is collateralized by substantially all assets and capital stock owned by direct and indirect domestic subsidiaries and are governed by certain restrictive covenants including limitations on indebtedness, liens, and other corporate actions such as investments and acquisitions. In the event the Company’s outstanding indebtedness under the Revolver exceeds 35% of the aggregate principal amount of the revolving commitments then in effect, it is required to maintain a consolidated first lien leverage ratio no greater than 7.75 to 1.00. As of June 30, 2023, there were no outstanding borrowings under the Revolver and $564.7 million outstanding under the First Lien Credit Facility. As the Company had no outstanding amounts under the Revolver, it was not subject to the consolidated first lien leverage ratio covenant. The Company was compliant with all other covenants under the agreement as of June 30, 2023.

Share-Based Compensation - Summary of the Option Unit Activity (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Remaining Contractual Term, Grants Vested	1 year 7 months 6 days
2021 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, grant outstanding beginning balance \| shares	4,311,662
Number of units, granted \| shares	316,262
Number of grants, forfeited \| shares	(43,565)
Number of units, grant outstanding ending balance \| shares	4,584,359
Number of grants, vested \| shares	1,523,812
Number of grants, unvested \| shares	3,060,547
Weighted average exercise price, grant outstanding beginning balance \| $ / shares	$ 15.24
Weighted average exercise price, grants issued \| $ / shares	12.86
Weighted average exercise price, forefeited \| $ / shares	16.12
Weighted average exercise price, grant outstanding ending balance \| $ / shares	15.06
Weighted average exercise price, grants vested \| $ / shares	15.16
Weighted average exercise price, grants unvested \| $ / shares	$ 15.01
Weighted Average Remaining Contractual Term, Grants Outstanding	8 years 3 months 18 days
Weighted Average Remaining Contractual Term, Grants Vested	8 years 1 month 6 days
Aggregate Intrinsic Value, grants outstanding \| $	$ 2,600,000
Aggregate Intrinsic Value, grants vested \| $	$ 600
First Advantage Corporation [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, grant outstanding beginning balance \| shares	2,843,342
Number of grants, exercised \| shares	(191,564)
Number of grants, forfeited \| shares	(424,742)
Number of units, grant outstanding ending balance \| shares	2,227,036
Number of grants, vested \| shares	702,197
Number of grants, unvested \| shares	1,524,839
Weighted average exercise price, grant outstanding beginning balance \| $ / shares	$ 6.66
Weighted average exercise price, grants issued \| $ / shares	6.67
Weighted average exercise price, forefeited \| $ / shares	6.7
Weighted average exercise price, grant outstanding ending balance \| $ / shares	6.65
Weighted average exercise price, grants vested \| $ / shares	6.63
Weighted average exercise price, grants unvested \| $ / shares	$ 6.66
Weighted Average Remaining Contractual Term, Grants Outstanding	6 years 8 months 12 days
Weighted Average Remaining Contractual Term, Grants Vested	6 years 8 months 12 days
Aggregate Intrinsic Value, grants outstanding \| $	$ 19,500,000
Aggregate Intrinsic Value, grants vested \| $	$ 6,200,000

Related Party Transactions - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Related party transactions	$ 0

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Note 12. Related Party Transactions

The Company had no material related party transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Reportable Segments - Summary of Long Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total long-lived assets, net	$ 1,261,317	$ 1,314,459
United States, country of domicile
Segment Reporting, Revenue Reconciling Item [Line Items]
Total long-lived assets, net	1,086,824	1,134,201
All Other Countries
Segment Reporting, Revenue Reconciling Item [Line Items]
Total long-lived assets, net	$ 174,493	$ 180,258

Derivatives - Summary of Location and Fair Value of Financial Position and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense (income), net	Interest expense (income), net	Interest expense (income), net	Interest expense (income), net
Derivatives Not Designated as Hedging Instruments [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Gain/(Loss)	$ 1,910	$ 0	$ 466	$ 0
Derivatives Not Designated as Hedging Instruments [Member] \| Interest Rate Swaps [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Fair Value	344		344		$ 0
Derivatives Not Designated as Hedging Instruments [Member] \| Interest Rate Collar [Member]
Derivative [Line Items]
Gain/(Loss)	1,204	$ 2,119	769	$ 7,378
Derivatives Not Designated as Hedging Instruments [Member] \| Interest Rate Collar [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Fair Value	$ 7,652		$ 7,652		$ 11,570

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Fair Value of Company’s Long-term Debt Obligations

The fair value of the Company’s long-term debt obligation approximated its book value as of June 30, 2023 and December 31, 2022 and consisted of the following (in thousands):


	June 30, 2023			December 31, 2022
First Lien Credit Facility	$	564,724		$	564,724
Less: Deferred financing costs		(7,148	)		(8,075	)
Long-term debt, net	$	557,576		$	556,649

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Derivatives - Summary of outstanding derivatives that were not designated as a hedge in qualifying hedging relationships (Details) - Derivatives Not Designated as Hedging Instruments [Member]
$ in Millions

Jun. 30, 2023

USD ($)

Interest Rate Collar [Member]

Derivative [Line Items]

Effective Date

Jun. 30, 2023

^[1]

Maturity Date

Feb. 29, 2024

^[1]

Notional

$ 300.0

^[1]

Derivative, floor interest rate

0.48%

^[1]

Derivative, cap interest rate

1.47%

^[1]

Interest Rate Swaps [Member]

Derivative [Line Items]

Effective Date

Jun. 30, 2023

^[2]

Maturity Date

Feb. 28, 2026

^[2]

Notional

$ 100.0

^[2]

Derivative, swap interest rate

4.32%

^[2]

[1]	In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the cap rate was reduced from 1.50% to 1.47%.
[2]	In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the fixed rate was reduced from 4.36% to 4.32%.

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes

The Company’s income tax expense and balance sheet accounts reflect the results of the Company and its subsidiaries.

For the three and six months ended June 30, 2023, the Company estimated the annual effective tax rate based on projected income for the full year and recorded a quarterly tax provision in accordance with the annual effective tax rate and adjusted for discrete tax items in the period.

The effective income tax rate for the three and six months ended June 30, 2023 was 28.9% and 28.4%, respectively. The Company’s effective income tax rate for the three and six months ended June 30, 2023 was higher than the U.S. federal statutory rate of 21% primarily due to the Global Intangible Low-Taxed Income (“GILTI”) inclusion, nondeductible share-based compensation, and U.S. state income taxes.

The effective income tax rate for the three and six months ended June 30, 2022 was 27.6%. The Company’s effective income tax rate for the three and six months ended June 30, 2022 was higher than the U.S. federal statutory rate of 21% primarily due to GILTI inclusion, nondeductible share-based compensation, and U.S. state income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Derivatives - Summary of outstanding derivatives that were not designated as a hedge in qualifying hedging relationships (Parenthetical) (Details)	Jun. 30, 2023
SOFR [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Derivative, swap interest rate	4.32%
SOFR [Member] \| Interest Rate Collar [Member]
Derivative [Line Items]
Derivative, cap interest rate	1.47%
LIBOR [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Derivative, swap interest rate	4.36%
LIBOR [Member] \| Interest Rate Collar [Member]
Derivative [Line Items]
Derivative, cap interest rate	1.50%

Property and Equipment, net - Summary of Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 326,127	$ 313,971
Less: accumulated depreciation and amortization	(232,862)	(200,442)
Property and equipment, net	93,265	113,529
Furniture and equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	23,356	23,422
Capitalized software for internal use, acquired by business combination [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	227,405	227,405
Capitalized software for internal use, developed internally or otherwise purchased [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	72,943	60,187
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,423	$ 2,957

Organization, Nature of Business, and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Nature of Business, and Basis of Presentation

Note 1. Organization, Nature of Business, and Basis of Presentation

First Advantage Corporation, a Delaware corporation, was formed on November 15, 2019. Hereafter, First Advantage Corporation and its subsidiaries will collectively be referred to as the “Company”.

The Company derives its revenues from a variety of background check and compliance services performed across all phases of the workforce lifecycle from pre-onboarding services to post-onboarding and ongoing monitoring services, covering employees, contractors, contingent workers, tenants, and drivers. We generally classify our service offerings into three categories: pre-onboarding, post-onboarding, and adjacent products.

Pre-onboarding services are comprised of an extensive array of products and solutions that customers typically utilize to enhance their evaluation process and support compliance from the time a job or other application is submitted to a successful applicant’s onboarding date. This includes searches such as criminal background checks, drug / health screenings, extended workforce screening, biometrics and identity checks, education / workforce verification, driver records and compliance, healthcare credentials, and executive screening.

Post-onboarding services are comprised of continuous monitoring and re-screening solutions which are important tools to help keep their end customers, workforces, and other stakeholders safer, more productive, and more compliant. Our post-monitoring solutions include criminal records, healthcare sanctions, motor vehicle records, social media, and global sanctions screening continuously or at regular intervals selected by our customers.

Adjacent products include products that complement our pre-onboarding and post-onboarding products and solutions. This includes fleet / vehicle compliance, hiring tax credits and incentives, resident / tenant screening, employment eligibility, and investigative research.

Net Income Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Note 13. Net Income Per Share

Basic weighted-average shares outstanding excludes nonvested restricted stock. Diluted weighted average shares outstanding is similar to basic weighted-average shares outstanding, except that the weighted-average number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common share had been issued, including the dilutive impact of nonvested restricted stock. Basic and diluted net income per share was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic net income per share	$	0.07	$	0.09	$	0.08	$	0.18
Diluted net income per share	$	0.07	$	0.09	$	0.08	$	0.18
Numerator:
Net income (in thousands)	$	9,782	$	14,236	$	11,707	$	27,249
Denominator:
Weighted average number of shares outstanding - basic		144,112,028		150,748,211		144,982,459		150,644,034
Add stock options to purchase shares and restricted stock units		1,226,892		1,612,139		1,912,331		1,717,754
Weighted average number of shares outstanding - diluted		145,338,920		152,360,350		146,894,790		152,361,788

For the three months ended June 30, 2023 and 2022, 4,961,441 and 2,533,594 stock options and RSUs were excluded from the calculation of diluted net income per share, respectively, because their effects were anti-dilutive. For the six months ended June 30, 2023 and 2022, 4,681,847 and 2,292,520 stock options and RSUs were excluded from the calculation of diluted net income per share, respectively, because their effects were anti-dilutive.

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2022 USD ($) Customer	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2022 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Write down of abandoned property and equipment	$ 200		$ 300
Non cash impairment charges	$ 700		1,800
Gain (loss) on foreign currency exchange rates			$ (4)	$ (37)
No Customers [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number Of Customers \| Customer	0	0	0	0
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
No Customers [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Number Of Customers \| Customer		0		0
Concentration risk, percentage		10.00%		10.00%
One Customer [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Number Of Customers \| Customer	1		1
Concentration risk, percentage	11.00%		10.00%
Other Comprehensive Income (Loss) [Member]
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency exchange rates	$ 200	$ (11,300)	$ 1,100	$ (12,800)
Operations and Comprehensive Income (Loss) [Member]
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency exchange rates	$ 200	$ 300	$ (300)	$ 1,300

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. Commitments and Contingencies

There have been no material changes to the Company’s contractual obligations as compared to December 31, 2022.

The Company is involved in litigation from time to time in the ordinary course of business. At times, the Company, given the nature of its background screening business, could become subject to lawsuits, or potential class action lawsuits, in multiple jurisdictions, related to claims brought primarily by consumers or individuals who were the subject of its screening services.

For all pending matters, the Company believes it has meritorious defenses and intends to defend vigorously or otherwise seek indemnification from other parties as appropriate. However, the Company has recorded a liability of $4.9 million and $4.4 million at June 30, 2023 and December 31, 2022, respectively, for matters that it believes a loss is both probable and estimable. This is included in accrued liabilities in the accompanying condensed consolidated balance sheets.

The Company will continue to evaluate information as it becomes known and will record an estimate for losses at the time when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable.

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

Property and equipment, net as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	June 30, 2023			December 31, 2022
Furniture and equipment	$	23,356		$	23,422
Capitalized software for internal use, acquired by business combination		227,405			227,405
Capitalized software for internal use, developed internally or otherwise purchased		72,943			60,187
Leasehold improvements		2,423			2,957
Total property and equipment		326,127			313,971
Less: accumulated depreciation and amortization		(232,862	)		(200,442	)
Property and equipment, net	$	93,265		$	113,529

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 11,707	$ 27,249
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63,922	68,441
Amortization of deferred financing costs	927	894
Bad debt recovery	138	(120)
Deferred taxes	(3,057)	3,773
Share-based compensation	5,659	3,802
(Gain) loss on foreign currency exchange rates	4	37
Loss on disposal of fixed assets and impairment of ROU assets	2,125	162
Change in fair value of interest rate swaps	(1,235)	(7,378)
Changes in operating assets and liabilities:
Accounts receivable	4,034	11,199
Prepaid expenses and other assets	5,335	38
Accounts payable	(3,035)	(2,748)
Accrued compensation and accrued liabilities	(8,847)	(8,780)
Deferred revenues	248	(272)
Operating lease liabilities	(460)	(596)
Other liabilities	304	557
Income taxes receivable and payable, net	(6,047)	154
Net cash provided by operating activities	71,722	96,412
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	0	(19,044)
Purchases of property and equipment	(688)	(5,165)
Capitalized software development costs	(12,434)	(10,236)
Other investing activities	(196)	82
Net cash used in investing activities	(13,318)	(34,363)
CASH FLOWS FROM FINANCING ACTIVITIES
Share repurchases	(52,334)	0
Payments on finance lease obligations	(74)	(459)
Payments on deferred purchase agreements	(469)	(526)
Proceeds from issuance of common stock under share-based compensation plans	2,104	1,270
Net settlement of share-based compensation plan awards	(211)	(98)
Net cash used in financing activities	(50,984)	187
Effect of exchange rate on cash, cash equivalents, and restricted cash	(30)	(2,546)
Increase in cash, cash equivalents, and restricted cash	7,390	59,690
Cash, cash equivalents, and restricted cash at beginning of period	391,796	292,790
Cash, cash equivalents, and restricted cash at end of period	399,186	352,480
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds received	13,797	6,181
Cash paid for interest	21,933	10,191
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment acquired on account	73	23
Excise taxes on share repurchases incurred but not paid	$ 522	$ 0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	Level 1		Level 2		Level 3
Assets
Interest rate collars	$	—	$	7,652	$	—
Interest rate swap	$	—	$	344	$	—

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	First Advantage Corporation
Entity Central Index Key	0001210677
Entity Tax Identification Number	84-3884690
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-31666
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1 Concourse Parkway NE
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Atlanta
Entity Address, Country	GA
Entity Address, Postal Zip Code	30328
City Area Code	888
Local Phone Number	314-9761
Trading Symbol	FA
Entity Common Stock, Shares Outstanding		145,188,675
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable (net of allowance for doubtful accounts)	$ 1,568	$ 1,348
Long term debt (net of deferred financing costs)	$ 7,148	$ 8,075
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	145,193,679	148,732,603
Common stock, shares outstanding	145,193,679	148,732,603

Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Adjusted EBITDA Reconciled to Net Income

A reconciliation of Segment Adjusted EBITDA to net income for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Adjusted EBITDA
Americas	$	52,324	$	52,954	$	96,980	$	99,773
International		3,647		7,880		7,551		14,661
Total	$	55,971	$	60,834	$	104,531	$	114,434
Adjustments to reconcile to net income:
Interest expense, net		3,887		3,112		12,568		2,262
Provision for income taxes		3,968		5,432		4,649		10,367
Depreciation and amortization		32,056		34,407		63,922		68,441
Share-based compensation		3,601		1,943		5,659		3,802
Transaction and acquisition-related charges (a)		1,190		1,179		2,261		2,677
Integration, restructuring, and other charges (b)		1,487		525		3,765		(364	)
Net income	$	9,782	$	14,236	$	11,707	$	27,249

(a)

(b)

Schedule of Revenues by Geographic Region

The following summarizes revenues by geographical region (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenues
Americas	$	162,682		$	170,591		$	314,738		$	330,679
International		24,113			33,044			48,961			64,785
Eliminations		(1,480	)		(2,074	)		(2,864	)		(4,022	)
Total revenues	$	185,315		$	201,561		$	360,835		$	391,442

Summary of Long Lived Assets by Geographical Area

The following table sets forth net long-lived assets by geographic area (in thousands):


	June 30, 2023		December 31, 2022
Long-lived assets, net
United States, country of domicile	$	1,086,824	$	1,134,201
All other countries		174,493		180,258
Total long-lived assets, net	$	1,261,317	$	1,314,459

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 10, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized pre-tax noncash compensation		$ 45.8		$ 45.8
ESPP percentage				15.00%
Weighted Average Remaining Contractual Term, Grants Vested				1 year 7 months 6 days
Employee stock purchase plan expenses		$ 0.2	$ 0.1	$ 0.4	$ 0.2
2021 Equity Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, reserved for future issuance		17,525,000		17,525,000
Share available for issuance		16,905,954		16,905,954
2020 Equity Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units, issued				0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized pre-tax noncash compensation		$ 21.5		$ 21.5
Restricted Stock Agreements [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized pre-tax noncash compensation		17.6		17.6
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized pre-tax noncash compensation		$ 6.7		$ 6.7
Performance Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized pre-tax noncash compensation	$ 28.8
Weighted Average Remaining Contractual Term, Grants Vested	1 year 10 months 24 days

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2023	Feb. 28, 2023	Dec. 31, 2022	Nov. 08, 2022	Aug. 02, 2022
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000		1,000,000,000
Common stock, shares issued	145,193,679		148,732,603
Common stock, shares outstanding	145,193,679		148,732,603
Common stock, par value	$ 0.001		$ 0.001
Preferred stock, shares authorized	250,000,000		250,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Share Repurchase Program [Member]
Class Of Stock [Line Items]
Authorized stock repurchase program, Initial		$ 200.0		$ 150.0	$ 50.0
Remaining Authorized Repurchase Amount	$ 87.1

Share-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 9. Share-based Compensation


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Share-based compensation expense
Cost of services	$	313	$	277	$	588	$	551
Product and technology expense		568		312		1,025		516
Selling, general, and administrative expense		2,720		1,354		4,046		2,735
Total share-based compensation expense	$	3,601	$	1,943	$	5,659	$	3,802

In May 2023, the Company’s Board of Directors approved a modification of the vesting terms of outstanding unvested and unearned performance-based options, restricted stock units, and restricted stock (collectively, “Performance Awards”) previously issued under its equity plans. The modification, effective May 10, 2023, allowed for unvested and unearned Performance Awards outstanding as of the date of the modification, to vest based on time on the fourth, fifth, and sixth anniversaries of the relevant vesting commencement date, as set forth in each grant agreement (the “Vesting Commencement Date”), while preserving the eligibility to vest upon the Company’s investors receiving a targeted money-on-money return, subject to continued service. As of the modification date, unrecognized pre-tax non-cash compensation expense related to the Performance Awards, after accounting for the modification, was $28.8 million. The Company expects to recognize pre-tax non-cash compensation expense related to the modification of Performance Awards prospectively from the date of modification, on a straight-line basis, over a weighted average period of 1.9 years.

The fair value of the modified restricted stock units and restricted stock was estimated using the closing stock price on the date of modification. The fair value of the modified stock options was estimated on the date of modification using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Options
Expected stock price volatility		37.43	%
Risk-free interest rate		3.40	%
Expected term (in years)		4.67
Fair-value of the underlying unit	$	12.61

2020 Equity Plan

Prior to the Company’s Initial Public Offering (“IPO”), all share-based awards were issued by Fastball Holdco, L.P., the Company’s previous parent company, under individual grant agreements and the partnership agreement of such parent company (collectively the “2020 Equity Plan”). Awards issued under the 2020 Equity Plan consist of options. No awards were issued under the plan during the six months ended June 30, 2023.

A summary of the stock option activity for the six months ended June 30, 2023 is as follows:


		Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
December 31, 2022	Grants outstanding		2,843,342		$	6.66
	Grants exercised		(191,564	)	$	6.67
	Grants cancelled/forfeited		(424,742	)	$	6.70
June 30, 2023	Grants outstanding		2,227,036		$	6.65	6.7 Years	$19.5 million
June 30, 2023	Grants vested		702,197		$	6.63	6.7 Years	$6.2 million
June 30, 2023	Grants unvested		1,524,839		$	6.66

2021 Equity Plan

The First Advantage Corporation 2021 Omnibus Incentive Plan (as amended by the First Amendment, dated as of May 10, 2023, the “2021 Equity Plan”) is intended to provide a means through which to attract and retain key personnel and to provide a means whereby our directors, officers, employees, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, thereby strengthening their commitment to our welfare and aligning their interests with those of our stockholders. The 2021 Equity Plan provides for the grant of awards of stock options, stock appreciation rights, restricted shares, restricted stock units, and other equity-based or cash-based awards as determined by the Company’s Compensation Committee. The 2021 Equity Plan initially had a total of 17,525,000 shares of common stock reserved. The number of reserved shares automatically increases on the first day of each calendar year commencing on January 1, 2022 and ending on January 1, 2030, in an amount equal to the lesser of (x) 2.5% of the total number of shares of common stock outstanding on the last day of the immediately preceding calendar year and (y) a number of shares as determined by the Board of Directors. As of June 30, 2023, 16,905,954 shares were available for issuance under the 2021 Equity Plan.

Stock Options

A summary of the stock option activity for the six months ended June 30, 2023 is as follows:


		Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
December 31, 2022	Grants outstanding		4,311,662		$	15.24
	Grants issued		316,262		$	12.86
	Grants cancelled/forfeited		(43,565	)	$	16.12
June 30, 2023	Grants outstanding		4,584,359		$	15.06	8.3 Years	$2.6 million
June 30, 2023	Grants vested		1,523,812		$	15.16	8.1 Years	$0.6 million
June 30, 2023	Grants unvested		3,060,547		$	15.01


	Options
Expected stock price volatility		35.58	%
Risk-free interest rate		3.56	%
Expected term (in years)		6.25
Fair-value of the underlying unit	$	12.86

Restricted Stock Units

A summary of the restricted stock units (“RSU”) activity for the six months ended June 30, 2023 is as follows:


		Shares			Weighted Average Grant Date Fair Value
December 31, 2022	Nonvested RSUs		472,332		$	16.00
	Granted		135,326		$	13.23
	Vested		(104,647	)	$	14.73
	Forfeited		(17,389	)	$	16.73
June 30, 2023	Nonvested RSUs		485,622		$	15.48

Restricted Stock

A summary of the restricted stock activity for the six months ended June 30, 2023 is as follows:


		Shares			Weighted Average Grant Date Fair Value
December 31, 2022	Nonvested restricted stock		2,281,300		$	3.85
	Vested		(326,670	)	$	3.85
June 30, 2023	Nonvested restricted stock		1,954,630		$	8.50

As of June 30, 2023, the Company had approximately $45.8 million of unrecognized pre-tax non-cash compensation expense, comprised of approximately $17.6 million related to restricted stock, $6.7 million related to RSUs, and approximately $21.5 million related to stock options, which the Company expects to recognize over a weighted average period of 1.6 years.

2021 Employee Stock Purchase Plan

The Company adopted the First Advantage Corporation 2021 Employee Stock Purchase Plan (“ESPP”) that allows eligible employees to voluntarily make after-tax contributions of up to 15% of such employee’s cash compensation to acquire Company stock during designated offering periods. During each offering period, there is one six-month purchase period. During the holding period, ESPP purchased shares are not eligible for sale or broker transfer. The Company recorded an associated expense of approximately $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively. The Company recorded an associated expense of approximately $0.4 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively.