XML 45 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

Share-Based Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
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 (loss) as follows (in thousands):
|  | Three-Month Period |  |  | Six-Month Period |
|  | Successor |  |  |  | Predecessor |
|  | Three Months Ended June 30, 2021 |  |  | Three Months Ended June 30, 2020 |  |  | Six Months Ended June 30, 2021 |  |  | Period from February 1, 2020 through June 30, 2020 |  |  |  | Period from January 1, 2020 through January 31, 2020 |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  | $ | 41 |  |  | $ | 26 |  |  | $ | 73 |  |  | $ | 40 |  |  |  | $ | 156 |
Product and technology expense |  |  | 67 |  |  |  | 49 |  |  |  | 121 |  |  |  | 77 |  |  |  |  | — |
Selling, general, and administrative expense |  |  | 2,556 |  |  |  | 445 |  |  |  | 3,032 |  |  |  | 684 |  |  |  |  | 3,820 |
Total share-based compensation expense |  | $ | 2,664 |  |  | $ | 520 |  |  | $ | 3,226 |  |  | $ | 801 |  |  |  | $ | 3,976 |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | Prior to the IPO, the fair value for awards granted during the period from February 1, 2020 through June 30, 2020 (Successor) was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighed average assumptions:
|  | 2020 Class B |  |  | 2020 Class C |
Expected stock price volatility |  |  | 30.57 | % |  |  | 30.08 | %
Risk-free interest rate |  |  | 1.36 | % |  |  | 1.47 | %
Expected term (in years) |  |  | 6.25 |  |  |  | 6.25 |
Estimated fair-value of the underlying unit |  | $ | 10.00 |  |  | $ | 10.00 |
Summary of the Profits Interest Activity | A summary of the profits interest unit activity under the Successor Plan for the period from January 1, 2021 to June 30, 2021 (Successor) is as follows:
|  |  | Class C Units |
December 31, 2020 | Grants outstanding |  |  | 3,858,048 |
| Exchanged for common stock in the Company |  |  | (411,720 | )
| Exchanged for restricted stock in the Company |  |  | (3,446,328 | )
June 30, 2021 | Grants outstanding |  |  | — |
Summary of Option Unit Activity | A summary of the option unit activity under the Successor Plan for the period from January 1, 2021 to June 30, 2021 (Successor) is as follows:
|  |  | Options |  |  | Weighted Average Exercise Price |
December 31, 2020 | Grants outstanding |  |  | 2,733,734 |  |  | $ | 10.06 |
| Exercised |  |  | (24,112 | ) |  | $ | 10.00 |
| Forfeited |  |  | (107,168 | ) |  | $ | 10.00 |
| Exchanged for options in the Company |  |  | (2,602,454 | ) |  | $ | 10.07 |
June 30, 2021 | Grants outstanding |  |  | — |  |  |  |
|  |  | Options |  |  | Weighted Average Exercise Price |
December 31, 2020 | Grants outstanding |  |  | — |  |  | $ | — |
| Grants issued in exchange for options in the Company’s Parent |  |  | 3,938,491 |  |  | $ | 6.65 |
June 30, 2021 | Grants outstanding |  |  | 3,938,491 |  |  |  |
June 30, 2021 | Grants vested |  |  | 367,615 |  |  | $ | 6.61 |
June 30, 2021 | Grants unvested |  |  | 3,570,876 |  |  | $ | 6.66 |
Summary of the RSU activity | The following table summarizes the restricted stock issued by the Company. These include grants of unvested Successor profits interests grants that were converted into restricted stock as described above, as well as restricted stock issued to new recipients. The restricted stock granted as a result of the conversion of Successor profits interests retain the vesting attributes (including original service period vesting start date) of the original award.
|  |  | Shares |
December 31, 2020 | Nonvested restricted stock |  |  | — |
| Grants issued in exchange for unvested profits interests in the Company’s Parent |  |  | 2,918,084 |
| Vested |  |  | — |
June 30, 2021 | Nonvested restricted stock |  |  | 2,918,084 |
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 options granted under the 2021 Equity Plan during the period from January 1, 2021 to June 30, 2021 (Successor) was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighed average assumptions:
|  | Options |
Expected stock price volatility |  |  | 38.60 | %
Risk-free interest rate |  |  | 1.02 | %
Expected term (in years) |  |  | 5.84 |
Estimated fair-value of the underlying unit |  | $ | 15.00 |
Summary of Option Unit Activity | A summary of the option activity under the 2021 Equity Plan for the period from January 1, 2021 to June 30, 2021 (Successor) is as follows:
|  |  | Options |  |  | Weighted Average Exercise Price |
December 31, 2020 | Grants outstanding |  |  | — |  |  | $ | — |
| Grants issued in exchange for options in the Company’s Parent |  |  | 3,222,790 |  |  | $ | 15.00 |
June 30, 2021 | Grants outstanding |  |  | 3,222,790 |  |  | $ | 15.00 |
June 30, 2021 | Grants vested |  |  | 343,926 |  |  | $ | 15.00 |
June 30, 2021 | Grants unvested |  |  | 2,878,864 |  |  | $ | 15.00 |
Summary of the RSU activity | A summary of the RSU activity under the 2021 Equity Plan for the period from January 1, 2021 to June 30, 2021 (Successor) is as follows:
|  |  | Shares |
December 31, 2020 | Nonvested RSUs |  |  | — |
| Granted |  |  | 45,000 |
| Vested |  |  | — |
June 30, 2021 | Nonvested RSUs |  |  | 45,000 |

X
- Definition Schedule Of Share Based Compensation Profits Interest Unit Activity Table Text Block + References No definition available. + Details
Name: | fa_ScheduleOfShareBasedCompensationProfitsInterestUnitActivityTableTextBlock
Namespace Prefix: | fa_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 No definition available. + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_PlanNameAxis=fa_TwoThousandTwentyOneEquityPlanMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |