Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | FIRST ADVANTAGE CORPORATION |
Entity Central Index Key | 0001210677 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure [Table] | ||
Pay vs Performance [Table Text Block] | Pay Versus Performance Set forth below are certain disclosures related to executive compensation and company performance using selected financial performance measures required by the SEC. Please refer to our “Compensation Discussion and Analysis” section for a discussion of the Company’s The following table includes a calculation of compensation, “compensation actually paid,” that differs significantly from the way in which the Company views annual compensation decisions, as discussed in the Compensation Discussion and Analysis, and from the Summary Compensation Table calculation of compensation Year (a) Summary ($)(b) Compensation ($)(c) Average non-PEO Named ($)(d) Average non-PEO Named ($)(e) Value of Initial Fixed $100 Net Income ($) (h) Revenues ($) (h) Total ($)(f) Peer Group ($)(g) 2022 757,623 (13,962,498) 1,501,542 (937,668) 65.99 79.55 64,604 810,023 2021 7,169,796 38,633,862 2,689,670 10,778,584 96.65 100.56 16,051 712,295 (a) The Principal Executive Officer (“PEO”) for each of 2021 and 2022 was Mr. Staples. The non-PEO non-PEO (b) The dollar amounts reported represent the total compensation for our PEO from the Summary Compensation Table included in this Proxy Statement. (c) The dollar amounts reported represent compensation actually paid to the PEO, as computed in accordance with Item 402(v) of Regulation S-K. Year (a) Summary Deduct: Equity Add or Subtract the Following: Equals: The year-end fair The amount of For awards that are For awards granted 2022 757,623 -- -- (14,661,196) -- (58,925) (13,962,498) 2021 7,169,796 (6,165,446) 13,743,169 17,383,521 4,243,232 2,259,590 38,633,862 (d) The dollar amounts reported represent the total compensation for our Non-PEO (e) The dollar amounts reported represent the average compensation actually paid to the non-PEO S-K. Year (a) Summary Deduct: Equity Add or Subtract the Following: Equals: The year-end fair The amount of of the covered fiscal For awards that are For awards granted in prior years that 2022 1,501,542 (941,923) 804,060 (2,285,384) -- (15,964) (937,668) 2021 2,689,670 (1,810,320) 3,923,912 4,345,883 1,064,545 564,895 10,778,584 (f) Reflects our cumulative shareholder returns for the years ended December 31, 2022 and 2021, assuming the investment of $100 in our common stock at the close of the market on June 23, 2021, the date of our IPO. (g) Our peer group is hereby incorporated by reference to our peer group identified in this proxy statement in the Compensation Discussion and Analysis. This column reflects the peer group’s cumulative shareholder returns for the years ended December 31, 2022 and 2021, assuming the investment of $100 in the peer group and the reinvestment of all dividends. The calculation is additionally adjusted for HireRight Holdings Corporation, Instructure Holdings, Inc., and Sterling Check Corp., each having their IPO on October 29, 2021, July 22, 2021, and September 23, 2021, respectively. (h) Net income and revenues are as reported in our audited consolidated financial statements our 2022 Form 10-K. | |
Company Selected Measure Name | Revenues | |
Named Executive Officers, Footnote [Text Block] | The non-PEO non-PEO | |
Peer Group Issuers, Footnote [Text Block] | Our peer group is hereby incorporated by reference to our peer group identified in this proxy statement in the Compensation Discussion and Analysis. This column reflects the peer group’s cumulative shareholder returns for the years ended December 31, 2022 and 2021, assuming the investment of $100 in the peer group and the reinvestment of all dividends. The calculation is additionally adjusted for HireRight Holdings Corporation, Instructure Holdings, Inc., and Sterling Check Corp., each having their IPO on October 29, 2021, July 22, 2021, and September 23, 2021, respectively. | |
PEO Total Compensation Amount | $ 757,623 | $ 7,169,796 |
PEO Actually Paid Compensation Amount | $ (13,962,498) | 38,633,862 |
Adjustment To PEO Compensation, Footnote [Text Block] | (c) The dollar amounts reported represent compensation actually paid to the PEO, as computed in accordance with Item 402(v) of Regulation S-K. Year (a) Summary Deduct: Equity Add or Subtract the Following: Equals: The year-end fair The amount of For awards that are For awards granted 2022 757,623 -- -- (14,661,196) -- (58,925) (13,962,498) 2021 7,169,796 (6,165,446) 13,743,169 17,383,521 4,243,232 2,259,590 38,633,862 | |
Non-PEO NEO Average Total Compensation Amount | $ 1,501,542 | 2,689,670 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ (937,668) | 10,778,584 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Year (a) Summary Deduct: Equity Add or Subtract the Following: Equals: The year-end fair The amount of of the covered fiscal For awards that are For awards granted in prior years that 2022 1,501,542 (941,923) 804,060 (2,285,384) -- (15,964) (937,668) 2021 2,689,670 (1,810,320) 3,923,912 4,345,883 1,064,545 564,895 10,778,584 | |
Tabular List [Table Text Block] | Financial Performance Measures The three financial performance measures listed in t Measure Definition Revenues Revenues as reported in our audited consolidated financial statements our 2022 Form 10-K. Adjusted EBITDA We define Adjusted EBITDA as net income before interest, taxes, depreciation, and amortization, and as further adjusted for loss on extinguishment of debt, share-based compensation, transaction and acquisition-related charges, integration and restructuring charges, and other non-cash non-cash Adjusted EBITDA Margin We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. | |
Total Shareholder Return Amount | $ 65.99 | 96.65 |
Peer Group Total Shareholder Return Amount | 79.55 | 100.56 |
Net Income (Loss) | $ 64,604,000 | $ 16,051,000 |
Company Selected Measure Amount | 810,023,000 | 712,295,000 |
PEO Name | Mr. Staples | |
Measure [Axis]: 1 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Revenues | |
Measure [Axis]: 2 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Adjusted EBITDA | |
Measure [Axis]: 3 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Adjusted EBITDA Margin | |
PEO [Member] | Equity award amounts reported in the Summary Compensation [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | $ (6,165,446) | |
PEO [Member] | The yearend fair value of any equity awards granted in the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 13,743,169 | |
PEO [Member] | The amount of change as of the end of the covered fiscal year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the covered fiscal year [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | $ (14,661,196) | 17,383,521 |
PEO [Member] | For awards that are granted and vest in the same covered fiscal year, the fair value as of the vesting date [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 4,243,232 | |
PEO [Member] | For awards granted in prior years that vest in the covered fiscal year, the amount equal to the change as of the vesting date (from the end of the prior fiscal [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (58,925) | 2,259,590 |
Non-PEO NEO [Member] | Equity award amounts reported in the Summary Compensation [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (941,923) | (1,810,320) |
Non-PEO NEO [Member] | The yearend fair value of any equity awards granted in the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 804,060 | 3,923,912 |
Non-PEO NEO [Member] | The amount of change as of the end of the covered fiscal year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the covered fiscal year [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (2,285,384) | 4,345,883 |
Non-PEO NEO [Member] | For awards that are granted and vest in the same covered fiscal year, the fair value as of the vesting date [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 1,064,545 | |
Non-PEO NEO [Member] | For awards granted in prior years that vest in the covered fiscal year, the amount equal to the change as of the vesting date (from the end of the prior fiscal [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | $ (15,964) | $ 564,895 |