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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2025
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 as of September 30, 2025 (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 |  | $ | 226,800 |
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 |  |  | (155,596 | )
Deferred tax liability |  |  | (238,221 | )
Other liabilities |  |  | (16,075 | )
Total identifiable net assets |  | $ | 877,894 |
Goodwill |  | $ | 1,319,805 |
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
Summary of Business Acquisition Pro Forma Results | The pro forma results are not necessarily indicative of the results of operations that actually would have been achieved had the Sterling Acquisition been consummated as of January 1, 2023.
(in thousands, unaudited) |  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2024 |
Revenue |  | $ | 394,356 |  |  | $ | 1,134,287 |
Net loss |  | $ | (46,979 | ) |  | $ | (105,681 | )

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