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Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information Of Registrant | Note 19. Condensed Financial Information of Registrant FIRST ADVANTAGE CORPORATION (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS (in thousands, except share and per share data)
|  | As of December 31, |
|  | 2022 |  |  | 2021 |
ASSETS |  |  |  |  |  |
Investments in subsidiaries |  | $ | 1,107,356 |  |  | $ | 1,120,832 |
LIABILITIES AND EQUITY |  |  |  |  |  |
Liabilities |  | $ | — |  |  | $ | — |
EQUITY |  |  |  |  |  |
Common stock - $0.001 par value; 1,000,000,000 shares authorized, 148,732,603 and 152,901,040 shares issued and outstanding as of December 31, 2022 and 2021, respectively |  |  | 149 |  |  |  | 153 |
Additional paid-in-capital |  |  | 1,156,901 |  |  |  | 1,153,757 |
Accumulated deficit |  |  | (27,363 | ) |  |  | (31,441 | )
Accumulated other comprehensive income |  |  | (22,331 | ) |  |  | (1,637 | )
Total equity |  |  | 1,107,356 |  |  |  | 1,120,832 |
TOTAL LIABILITIES AND EQUITY |  | $ | 1,107,356 |  |  | $ | 1,120,832 |
The accompanying note is an integral part of these condensed financial statements. FIRST ADVANTAGE CORPORATION (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) (in thousands, except share and per share data)
|  | For the Year Ended December 31, 2022 |  |  | For the Year Ended December 31, 2021 |  |  | For the Year Ended December 31, 2020 |
Equity in net income (loss) of subsidiaries |  | $ | 64,604 |  |  | $ | 16,051 |  |  | $ | (47,492 | )
NET INCOME (LOSS) |  |  | 64,604 |  |  |  | 16,051 |  |  |  | (47,492 | )
Foreign currency translation adjustments |  |  | (20,694 | ) |  |  | (4,121 | ) |  |  | 2,484 |
COMPREHENSIVE INCOME (LOSS) |  | $ | 43,910 |  |  | $ | 11,930 |  |  | $ | (45,008 | )
NET INCOME (LOSS) |  | $ | 64,604 |  |  | $ | 16,051 |  |  | $ | (47,492 | )
Basic net income (loss) per share |  | $ | 0.43 |  |  | $ | 0.11 |  |  | $ | (0.37 | )
Diluted net income (loss) per share |  | $ | 0.43 |  |  | $ | 0.11 |  |  | $ | (0.37 | )
Weighted average number of shares outstanding - basic |  |  | 150,227,213 |  |  |  | 140,480,590 |  |  |  | 130,000,000 |
Weighted average number of shares outstanding - diluted |  |  | 151,807,139 |  |  |  | 141,687,384 |  |  |  | 130,000,000 |
A statement of cash flows has not been presented as First Advantage Corporation (parent company) did not have any cash as of, or at any point in time during, the year ended December 31, 2022, 2021 or 2020. The accompanying note is an integral part of these condensed financial statements. Note to Condensed Financial Statements of Registrant (Parent Company Only) Basis of Presentation Fastball Intermediate, Inc. was formed on November 15, 2019. In March 2021, Fastball Intermediate, Inc. changed its name to First Advantage Corporation. Prior to the Silver Lake Transaction, the Company had no operations of its own and held no equity interest in any operating subsidiaries. These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of First Advantage Corporation (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed the specified threshold amount of the consolidated net assets of the Company. Because we have a consolidated accumulated deficit, the 25% threshold described in Rule 4-08 does not apply and any restrictions of net assets at our subsidiaries trigger the requirement to present parent company-only financial information. The ability of First Advantage Corporation’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ outstanding term loan and revolving credit facility borrowings under the Successor Credit Facilities, as described in Note 6 to the audited consolidated financial statements. These condensed parent company-only financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. These condensed parent company-only financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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