XML 42 R31.htm IDEA: XBRL DOCUMENT v3.21.2

Share-Based Compensation (Tables)

9 Months Ended

Sep. 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								Nine-Month Period
		Successor																	Predecessor
		Three Months Ended September 30, 2021				Three Months Ended September 30, 2020				Nine Months Ended September 30, 2021				Period from February 1, 2020 through September 30, 2020					Period from January 1, 2020 through January 31, 2020
Share-based compensation expense
Cost of services		$	3			$	28			$	76			$	69				$	156
Product and technology expense			55				50				176				127					—
Selling, general, and administrative expense			1,285				452				4,317				1,135					3,820
Total share-based compensation expense		$	1,343			$	530			$	4,569			$	1,331				$	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 September 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 September 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	)
September 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 September 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
September 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
	Grants exercised			(28,262	)		$	6.61
	Grants cancelled/forfeited			(283,816	)		$	6.61
September 30, 2021	Grants outstanding			3,626,413			$	6.63
September 30, 2021	Grants vested			349,018			$	6.61
September 30, 2021	Grants unvested			3,277,395			$	6.63

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 June 21, 2021 to September 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 June 21, 2021 (the effective date of the 2021 Equity Plan) to September 30, 2021 (Successor) is as follows:

			Options				Weighted Average Exercise Price
June 21, 2021	Grants outstanding			—			$	—
	Grants issued			3,222,790			$	15.00
September 30, 2021	Grants outstanding			3,222,790			$	15.00
September 30, 2021	Grants vested			343,926			$	15.00
September 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 June 21, 2021 to September 30, 2021 (Successor) is as follows:

			Shares
June 21, 2021	Nonvested RSUs			—
	Granted			45,000
	Vested			—
September 30, 2021	Nonvested RSUs			45,000

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

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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. A summary of the restricted stock activity under the 2021 Equity Plan for the period from June 21, 2021 to September 30, 2021 (Successor) is as follows:

			Shares
June 21, 2021	Nonvested restricted stock			—
	Grants issued in exchange for unvested profits interests in the Company’s Parent			2,918,084
	Vested			—
September 30, 2021	Nonvested restricted stock			2,918,084

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:

X

- Details

Name:	us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: