$FA
FIRST ADVANTAGE CORP

2023 Q4 Form 10-Q Financial Statement

#000095017023062076 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023 Q2
Revenue $202.6M $200.4M $185.3M
YoY Change -4.72% -2.73% -8.06%
Cost Of Revenue $101.3M $101.4M $93.00M
YoY Change -6.11% -2.78% -7.27%
Gross Profit $101.3M $99.00M $92.32M
YoY Change -3.28% -2.64% -8.84%
Gross Profit Margin 49.99% 49.41% 49.82%
Selling, General & Admin $38.74M $30.22M $29.98M
YoY Change -5.25% 7.79% -3.71%
% of Gross Profit 38.26% 30.52% 32.48%
Research & Development $13.11M $12.64M
YoY Change -1.08% -2.34%
% of Gross Profit 13.24% 13.7%
Depreciation & Amortization $33.13M $16.90M $16.60M
YoY Change -5.5% -4.52% -4.05%
% of Gross Profit 32.72% 17.07% 17.98%
Operating Expenses $71.87M $177.2M $167.7M
YoY Change -5.37% -1.76% -6.21%
Operating Profit $29.38M $23.21M $17.64M
YoY Change 2.22% -9.54% -22.58%
Interest Expense -$12.92M -$7.600M -$3.887M
YoY Change 148.51% 336.78% 24.9%
% of Operating Profit -43.96% -32.74% -22.04%
Other Income/Expense, Net -$7.557M -$3.887M
YoY Change 334.31% 24.9%
Pretax Income $16.47M $15.65M $13.75M
YoY Change -30.07% -34.55% -30.09%
Income Tax $1.653M $4.881M $3.968M
% Of Pretax Income 10.04% 31.18% 28.86%
Net Earnings $14.81M $10.77M $9.782M
YoY Change -26.47% -37.4% -31.29%
Net Earnings / Revenue 7.31% 5.38% 5.28%
Basic Earnings Per Share $0.08 $0.07
Diluted Earnings Per Share $0.10 $0.07 $0.07
COMMON SHARES
Basic Shares Outstanding 145.1M 145.2M 146.3M
Diluted Shares Outstanding 144.7M 145.3M

Balance Sheet

Concept 2023 Q4 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $213.8M $167.0M $401.2M
YoY Change -45.69% -57.21% 13.61%
Cash & Equivalents $213.8M $164.9M $399.1M
Short-Term Investments $0.00 $2.200M $2.153M
Other Short-Term Assets $13.56M $19.40M $21.61M
YoY Change -46.91% -29.34% -8.43%
Inventory
Prepaid Expenses
Receivables $142.7M $156.9M $140.0M
Other Receivables $3.710M $5.900M $8.959M
Total Short-Term Assets $373.7M $349.3M $571.7M
YoY Change -33.99% -38.87% 9.37%
LONG-TERM ASSETS
Property, Plant & Equipment $79.44M $89.67M $93.27M
YoY Change -30.03% -28.62% -31.69%
Goodwill $820.7M $821.0M $793.6M
YoY Change 3.48% 3.71% -0.37%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.02M $9.053M $10.49M
YoY Change -25.34% -49.76% -49.31%
Total Long-Term Assets $1.257B $1.280B $1.266B
YoY Change -4.75% -5.21% -8.79%
TOTAL ASSETS
Total Short-Term Assets $373.7M $349.3M $571.7M
Total Long-Term Assets $1.257B $1.280B $1.266B
Total Assets $1.631B $1.629B $1.838B
YoY Change -13.53% -15.22% -3.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.02M $55.95M $51.93M
YoY Change -14.42% 7.02% 4.84%
Accrued Expenses $16.16M $16.50M $15.66M
YoY Change -1.45% -7.67% -11.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $85.04M $94.78M $90.11M
YoY Change -15.62% -6.74% -11.17%
LONG-TERM LIABILITIES
Long-Term Debt $558.5M $558.0M $557.6M
YoY Change 0.32% 0.33% 0.33%
Other Long-Term Liabilities $3.221M $2.591M $3.012M
YoY Change -3.48% -21.86% -2.96%
Total Long-Term Liabilities $561.7M $560.6M $560.6M
YoY Change 0.3% 0.2% 0.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.04M $94.78M $90.11M
Total Long-Term Liabilities $561.7M $560.6M $560.6M
Total Liabilities $723.9M $741.4M $744.0M
YoY Change -4.65% -2.69% -2.05%
SHAREHOLDERS EQUITY
Retained Earnings -$49.55M -$61.35M -$68.51M
YoY Change 81.07% -669.73% 1534.26%
Common Stock $977.4M $972.2M $1.184B
YoY Change -16.91% -17.18% 1.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $906.7M $888.0M $1.094B
YoY Change
Total Liabilities & Shareholders Equity $1.631B $1.629B $1.838B
YoY Change -13.53% -15.22% -3.82%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $14.81M $10.77M $9.782M
YoY Change -26.47% -37.4% -31.29%
Depreciation, Depletion And Amortization $33.13M $16.90M $16.60M
YoY Change -5.5% -4.52% -4.05%
Cash From Operating Activities $56.74M $34.40M $33.12M
YoY Change -18.86% -25.91% -39.59%
INVESTING ACTIVITIES
Capital Expenditures $7.120M $7.500M $7.024M
YoY Change 15.32% -207.87% -189.49%
Acquisitions
YoY Change
Other Investing Activities $2.205M -$41.20M -$211.0K
YoY Change -216.3% -5315.19% 402.38%
Cash From Investing Activities -$4.915M -$48.60M -$7.235M
YoY Change -39.1% 688.58% -8.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.991M -219.6M -26.82M
YoY Change -94.87% 21556.8% -11915.42%
NET CHANGE
Cash From Operating Activities 56.74M 34.40M 33.12M
Cash From Investing Activities -4.915M -48.60M -7.235M
Cash From Financing Activities -2.991M -219.6M -26.82M
Net Change In Cash 48.83M -233.8M -933.0K
YoY Change 1283.01% -695.62% -101.98%
FREE CASH FLOW
Cash From Operating Activities $56.74M $34.40M $33.12M
Capital Expenditures $7.120M $7.500M $7.024M
Free Cash Flow $49.62M $26.90M $26.10M
YoY Change -22.17% -49.61% -58.36%

Facts In Submission

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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144392463
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150740418
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144733357
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152357307
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146392996
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152375112
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us-gaap Net Income Loss
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Amortization Of Financing Costs
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DeferredTaxes
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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fa Gain Loss On Disposal Of Fixed Assets And Impairment Of Rou Assets
GainLossOnDisposalOfFixedAssetsAndImpairmentOfRouAssets
-197000
fa Gain Loss Due To Change In Fair Value Of Interest Rate Swaps
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2201000
fa Gain Loss Due To Change In Fair Value Of Interest Rate Swaps
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12162000
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
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165000
us-gaap Increase Decrease In Accrued Liabilities
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-8389000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-9337000
us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1134000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-773000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-198000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1055000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-2908000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-1195000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
41122000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
19044000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1798000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6034000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
18781000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
16320000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-872000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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fa Cash Dividends Paid
CashDividendsPaid
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fa Cash Dividends Paid
CashDividendsPaid
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us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
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us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
2248000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
97000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
673000
fa Payments On Deferred Purchase Agreements
PaymentsOnDeferredPurchaseAgreements
703000
fa Payments On Deferred Purchase Agreements
PaymentsOnDeferredPurchaseAgreements
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4089000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3090000
fa Net Settlement Of Share Based Compensation Plan Awards
NetSettlementOfShareBasedCompensationPlanAwards
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fa Net Settlement Of Share Based Compensation Plan Awards
NetSettlementOfShareBasedCompensationPlanAwards
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-827000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
97610000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
391796000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
292790000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
165007000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
390400000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
21006000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11321000
us-gaap Interest Paid Net
InterestPaidNet
33787000
us-gaap Interest Paid Net
InterestPaidNet
17640000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
25000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
105000
fa Excise Taxes On Share Repurchases Incurred But Not Paid
ExciseTaxesOnShareRepurchasesIncurredButNotPaid
558000
fa Excise Taxes On Share Repurchases Incurred But Not Paid
ExciseTaxesOnShareRepurchasesIncurredButNotPaid
0
fa Dividends Declared But Not Paid
DividendsDeclaredButNotPaid
701000
fa Dividends Declared But Not Paid
DividendsDeclaredButNotPaid
0
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2058000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1399000
CY2023Q1 fa Additional Paid In Capital Withheld For Tax Obligations And Net Settlement Of Stock Option Exercise
AdditionalPaidInCapitalWithheldForTaxObligationsAndNetSettlementOfStockOptionExercise
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CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
869000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
1925000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3601000
CY2023Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
705000
CY2023Q2 fa Additional Paid In Capital Withheld For Tax Obligations And Net Settlement Of Stock Option Exercise
AdditionalPaidInCapitalWithheldForTaxObligationsAndNetSettlementOfStockOptionExercise
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CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
218000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
9782000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1094108000
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
-4790000
CY2023Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3619000
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.5
CY2023Q3 us-gaap Dividends Cash
DividendsCash
218384000
CY2023Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1985000
CY2023Q3 fa Additional Paid In Capital Withheld For Tax Obligations And Net Settlement Of Stock Option Exercise
AdditionalPaidInCapitalWithheldForTaxObligationsAndNetSettlementOfStockOptionExercise
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CY2023Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1610000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
10773000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
888000000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1132238000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1859000
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
547000
CY2022Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1517000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
13013000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1146140000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1943000
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2022Q2 fa Additional Paid In Capital Withheld For Tax Obligations And Net Settlement Of Stock Option Exercise
AdditionalPaidInCapitalWithheldForTaxObligationsAndNetSettlementOfStockOptionExercise
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CY2022Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-11319000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
14236000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1151625000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2022000
CY2022Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1820000
CY2022Q3 fa Additional Paid In Capital Withheld For Tax Obligations And Net Settlement Of Stock Option Exercise
AdditionalPaidInCapitalWithheldForTaxObligationsAndNetSettlementOfStockOptionExercise
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CY2022Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
17209000
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1159983000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> — The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Changes in these estimates and assumptions may have a material impact on the condensed consolidated financial statements and accompanying notes.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant estimates, judgments, and assumptions, include, but are not limited to, the determination of the fair value and useful lives of assets acquired and liabilities assumed through business combinations, revenue recognition, capitalized software, and income tax liabilities and assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.</span></p>
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1800000
fa Write Down Of Abandoned Property And Equipment
WriteDownOfAbandonedPropertyAndEquipment
300000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentrations of Credit Risk — </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. Cash is deposited with major financial institutions and, at times, such balances with each financial institution may be in excess of insured limits. The Company has not experienced, and does not anticipate, any losses with respect to its cash deposits. Accounts receivable represent credit granted to customers for services provided. The Company performs ongoing credit evaluations of its customers’ financial condition and generally does not require collateral on accounts receivable. </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer which represented approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of its consolidated revenues during both the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">three and nine months ended September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. The Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer which represented approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of its consolidated revenues during the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">three months ended September 30, 2022</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. The Company did </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">t have any customers which represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% or more of consolidated revenues during the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">nine months ended September 30, 2022</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. Additionally, the Company did </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">t have any customers which represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% or more of consolidated accounts receivable, net for any period presented.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
340965000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
313971000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
251292000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
200442000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
89673000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
113529000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16900000
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17700000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
50000000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
51900000
CY2022Q4 us-gaap Goodwill
Goodwill
793080000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-210000
CY2023Q3 us-gaap Goodwill
Goodwill
820970000
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
615943000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
258694000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
357249000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
609721000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
212545000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
397176000
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15500000
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
46300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
51300000
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6712000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8075000
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
558012000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
556649000
fa Description Of Borrowing Capacity Not Subject To Net Leverage Ratio Covenant
DescriptionOfBorrowingCapacityNotSubjectToNetLeverageRatioCovenant
In the event the Company’s outstanding indebtedness under the Revolver exceeds 35% of the aggregate principal amount of the revolving commitments then in effect, it is required to maintain a consolidated first lien leverage ratio no greater than 7.75 to 1.00.
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.312
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.298
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.281
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.278
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
7000000
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
6500000
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1200000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1100000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4790000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2022000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10449000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5824000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.3743
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.034
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y8M1D
CY2023Q2 fa Estimated Fair Value Of The Underlying Unit
EstimatedFairValueOfTheUnderlyingUnit
12.61
CY2023Q3 fa Impact Of Divided To Stock Option Awards And Espp Purchases
ImpactOfDividedToStockOptionAwardsAndESPPPurchases
1.5
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
0
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
41100000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y4M24D
fa Employee Stock Purchase Plan Percent
EmployeeStockPurchasePlanPercent
0.15
CY2023Q3 fa Employee Stock Purchase Plan Expenses
EmployeeStockPurchasePlanExpenses
200000
CY2022Q3 fa Employee Stock Purchase Plan Expenses
EmployeeStockPurchasePlanExpenses
100000
fa Employee Stock Purchase Plan Expenses
EmployeeStockPurchasePlanExpenses
700000
fa Employee Stock Purchase Plan Expenses
EmployeeStockPurchasePlanExpenses
300000
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
250000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
250000000
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
244782
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4140519
CY2023Q3 fa Stock Repurchase Price Per Share
StockRepurchasePricePerShare
14.63
fa Stock Repurchase Price Per Share
StockRepurchasePricePerShare
13.5
CY2023Q3 fa Stock Repurchase Cost Total
StockRepurchaseCostTotal
3577000
fa Stock Repurchase Cost Total
StockRepurchaseCostTotal
55829000
CY2023Q3 fa Additional Associated Cost
AdditionalAssociatedCost
42000
fa Additional Associated Cost
AdditionalAssociatedCost
642000
CY2023Q3 fa Share Repurchase Cost Recorded To Accumulated Defecit
ShareRepurchaseCostRecordedToAccumulatedDefecit
3619000
fa Share Repurchase Cost Recorded To Accumulated Defecit
ShareRepurchaseCostRecordedToAccumulatedDefecit
56471000
CY2023Q3 fa Indemnity Liability
IndemnityLiability
4600000
CY2022Q4 fa Indemnity Liability
IndemnityLiability
4400000
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.08
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.11
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.16
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.29
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.07
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.11
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.15
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.29
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
10773000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
17209000
us-gaap Net Income Loss
NetIncomeLoss
22480000
us-gaap Net Income Loss
NetIncomeLoss
44458000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143231707
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150930340
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144392463
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150740418
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1501650
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1426967
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000533
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1634694
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144733357
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152357307
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146392996
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152375112
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4739037
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2918315
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4754689
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2614866
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
200364000
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
205986000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
561199000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
597428000

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