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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair values and useful lives of the acquired intangible assets | The fair values and useful lives of the acquired intangible assets by category were as follows (in thousands):
|  | Balance Sheet Location |  | Estimated Fair Values |  |  | Useful Life (in years)
Customer lists |  | Intangible assets, net |  | $ | 655,000 |  |  | 14 years
Software developed for internal use |  | Property and equipment, net |  |  | 259,000 |  |  | 5 years
Trade names |  | Intangible assets, net |  |  | 62,000 |  |  | 5 years
2023 Acquisition [Member] |
Summary of Consideration Paid and Amounts Recognized for Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid and the amounts recognized for the assets acquired and liabilities assumed (in thousands):
Consideration |  |  |
Cash purchase price |  | $ | 41,000 |
Other transaction adjustments |  |  | 97 |
Total fair value of consideration transferred |  | $ | 41,097 |
Current assets |  | $ | 1,335 |
Property and equipment, including software developed for internal use |  |  | 5,959 |
Trade name |  |  | 2,300 |
Customer lists |  |  | 3,800 |
Other intangible assets |  |  | 2,400 |
Other assets |  |  | 236 |
Total liabilities |  |  | (1,084 | )
Total identifiable net assets |  | $ | 14,946 |
Goodwill |  | $ | 26,151 |
Sterling Check Corp [Member] |
Summary of Consideration Paid and Amounts Recognized for Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid and the amounts recognized for the assets acquired and liabilities assumed (in thousands):
Consideration |  |  |
Cash consideration |  | $ | 1,152,163 |
Plus: fair value of assumed Sterling equity awards to receive cash attributable to pre-combination service |  |  | 15,905 |
Plus: repayment of Sterling's outstanding debt |  |  | 535,046 |
Plus: fair value of First Advantage common stock issued |  |  | 490,098 |
Plus: fair value of assumed Sterling equity awards to receive equity awards attributable to pre-combination service |  |  | 4,487 |
Total fair value of consideration transferred |  | $ | 2,197,699 |
Current assets |  | $ | 227,469 |
Property and equipment, including software developed for internal use |  |  | 273,370 |
Intangible assets |  |  | 717,000 |
Deferred tax asset |  |  | 58,100 |
Other assets |  |  | 12,516 |
Current liabilities |  |  | (149,818 | )
Deferred tax liability |  |  | (238,077 | )
Other liabilities |  |  | (16,226 | )
Total identifiable net assets |  | $ | 884,334 |
Goodwill |  | $ | 1,313,365 |
Summary of Business Acquisition Pro Forma Results | The following summary, prepared on a pro forma basis pursuant to ASC 805, presents the Company’s consolidated results of operations for the year ended December 31, 2024 and 2023, as if the Acquisition had been completed on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the amortization of intangible assets, transaction-related costs incurred as of the acquisition date, and interest expense on related borrowings, and in each case, the related income tax effects, as well as certain other post-acquisition adjustments attributable to the Acquisition. This pro forma presentation does not include any impact of transaction synergies. The pro forma results are not necessarily indicative of the results of operations that actually would have been achieved had the Acquisition been consummated as of January 1, 2023.
|  | Year Ended December 31, |
(in thousands, unaudited) |  | 2024 |  |  | 2023 |
Revenue |  | $ | 1,509,560 |  |  | $ | 1,482,850 |
Net loss |  | $ | (138,158 | ) |  | $ | (193,293 | )

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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