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Condensed Financial Information of Registrant (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Balance Sheets | Supplemental balance sheet information related to leases is as follows (in thousands):
|  |  |  | December 31, |
|  | Classification |  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  |  |
Right of use operating lease assets |  | Other assets |  | $ | 7,277 |  |  | $ | 10,674 |
Finance leases |  |  |  |  |  |  |  |
Property and equipment, gross |  | Property and equipment, net |  |  | 5,860 |  |  |  | 5,094 |
Accumulated depreciation |  | Property and equipment, net |  |  | (5,860 | ) |  |  | (5,017 | )
Property and equipment, net |  | Property and equipment, net |  |  | — |  |  |  | 77 |
Total lease assets |  |  |  | $ | 7,277 |  |  | $ | 10,751 |
Liabilities |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  |  |
Other current |  | Current portion of operating lease liability |  | $ | 3,354 |  |  | $ | 4,957 |
Non-current |  | Operating lease liability, less current portion |  |  | 5,931 |  |  |  | 7,879 |
Total operating liabilities |  |  |  |  | 9,285 |  |  |  | 12,836 |
Finance leases |  |  |  |  |  |  |  |
Other current |  | Accrued liabilities |  |  | — |  |  |  | 104 |
Total finance liabilities |  |  |  |  | — |  |  |  | 104 |
Total lease liabilities |  |  |  | $ | 9,285 |  |  | $ | 12,940 |
Parent [Member] |
Condensed Balance Sheets | (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS (in thousands, except share and per share data)
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
ASSETS |  |  |  |  |  |
Investments in subsidiaries |  | $ | 872,206 |  |  | $ | 1,107,356 |
LIABILITIES AND EQUITY |  |  |  |  |  |
Liabilities |  | $ | — |  |  | $ | — |
EQUITY |  |  |  |  |  |
Common stock - $0.001 par value; 1,000,000,000 shares authorized, 145,074,802 and 148,732,603 shares issued and outstanding as of December 31, 2023 and 2022, respectively |  |  | 145 |  |  |  | 149 |
Additional paid-in-capital |  |  | 942,763 |  |  |  | 1,156,901 |
Accumulated deficit |  |  | (49,545 | ) |  |  | (27,363 | )
Accumulated other comprehensive income |  |  | (21,157 | ) |  |  | (22,331 | )
Total equity |  |  | 872,206 |  |  |  | 1,107,356 |
TOTAL LIABILITIES AND EQUITY |  | $ | 872,206 |  |  | $ | 1,107,356 |
Condensed Statements of Operations and Comprehensive (Loss) | 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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Equity in net income of subsidiaries |  | $ | 37,293 |  |  | $ | 64,604 |  |  | $ | 16,051 |
NET INCOME |  |  | 37,293 |  |  |  | 64,604 |  |  |  | 16,051 |
Foreign currency translation adjustments |  |  | 1,174 |  |  |  | (20,694 | ) |  |  | (4,121 | )
COMPREHENSIVE INCOME |  | $ | 38,467 |  |  | $ | 43,910 |  |  | $ | 11,930 |
NET INCOME |  | $ | 37,293 |  |  | $ | 64,604 |  |  | $ | 16,051 |
Basic net income per share |  | $ | 0.26 |  |  | $ | 0.43 |  |  | $ | 0.11 |
Diluted net income per share |  | $ | 0.26 |  |  | $ | 0.43 |  |  | $ | 0.11 |
Weighted average number of shares outstanding - basic |  |  | 144,083,808 |  |  |  | 150,227,213 |  |  |  | 140,480,590 |
Weighted average number of shares outstanding - diluted |  |  | 146,226,096 |  |  |  | 151,807,139 |  |  |  | 141,687,384 |

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