Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisitions

On January 4, 2023, the Company acquired all of the outstanding shares of Socrates Limited and its affiliates (“Socrates”), the largest independent screening company in Latin America, pursuant to a share purchase agreement. The Socrates acquisition expands the Company’s global presence into Latin America to serve the rapidly growing regional hiring needs of both multi-national and local clients. On March 1, 2023, the Company acquired all of the outstanding shares of A-Check Global (“A-Check”), a U.S.-based employment screening organization, pursuant to a share purchase agreement. The A-Check acquisition provides the Company access to a high quality, enterprise-focused customer base diversified across verticals including healthcare and telecom. The aggregate purchase price for the acquisitions totaled approximately $60.0 million, was funded with available cash on hand and is subject to certain closing adjustments specified in the share purchase agreements. Due to the proximity of the closing dates to the filing of this report, the Company has not completed its valuation analysis and related calculations in sufficient detail necessary to arrive at the fair values of the net assets acquired, along with the determination of any goodwill to be recognized on the transactions. Due to the lack of availability of meaningful financial statements of the acquired companies that comply with U.S. GAAP, it is impracticable to provide supplemental pro forma information of the combined entities pursuant to ASC 805-10-50.

Share Repurchases

For the period January 1, 2023 to February 28, 2023, the Company repurchased 493,926 shares of its common stock for $7.6 million.

Derivatives and Hedging Activity

On February 28, 2023, the Company entered into an Interest rate swap to reduce exposure to variability in expected future cash outflows on variable rate debt attributable to the changes in the SOFR.

Product	Number of Instruments	Effective Date	Maturity Date	Notional
Interest Rate Swap	1	February 28, 2023	November 29, 2027	$300.0 million USD