HireRight Holdings Corporation Annual report pursuant to Section 13 and 15(d)

Organization, Basis of Presentation and Consolidation, and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

The estimated useful lives for significant components of property and equipment are as follows:


Computer equipment and purchased software			3-5 years
Equipment			3-7 years
Furniture and fixtures			3-7 years

Property and equipment, net consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Computer equipment and purchased software	$	21,491	$	28,616
Equipment	762		723
Furniture and fixtures	2,003		2,207
Leasehold improvements	4,094		3,421
Construction in progress	407		445
Total	28,757		35,412
Less: Accumulated depreciation and amortization	(22,364)		(26,367)
Total property and equipment, net	$	6,393	$	9,045

Amortization is recorded using the straight-line method using estimated useful lives of the assets as shown below:


Customer relationships			9 years
Trade names			8.5 and 15 years
Databases			5 years
Developed software - for internal use			7 years
Biometric screening platform			12.5 years

Intangible assets, net consisted of the following:


	December 31, 2023
	Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	429,329	$	(262,064)	$	167,265
Trade names	105,801		(38,671)		67,130
Developed software - for internal use	103,518		(64,024)		39,494
Databases	4,693		(3,261)		1,432

Biometric screening platform	23,000		(920)		22,080
Total intangible assets, net	$	666,341	$	(368,940)	$	297,401


	December 31, 2022
	Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	427,033	$	(213,243)	$	213,790
Trade names	105,401		(31,620)		73,781
Developed software - for internal use	92,907		(50,224)		42,683
Databases	3,876		(2,532)		1,344
Total intangible assets, net	$	629,217	$	(297,619)	$	331,598