HireRight Releases Annual Report

By Tamara Parker • Wednesday, March 13 06:12 • Permanent Link

HireRight Holdings Corporation has recently released its 10-K report, providing insights into the company's financial performance and operations. The Nashville-based company, incorporated in 1990, offers technology-driven workforce risk management and compliance solutions globally. HireRight serves approximately 37,000 customers, providing background screening, verification, identification, monitoring, and drug and health screening services. In 2023, the company screened approximately 26 million job applicants, employees, and contractors for its customers and processed over 95 million screens.

The 10-K report delves into various factors affecting HireRight's results of operations. The company's business is impacted by economic conditions and total employment and hiring. It caters to a diverse set of organizations, including transportation, healthcare, technology, financial services, and more. The report highlights the impact of macroeconomic conditions, inflation, and interest rates on HireRight's business, emphasizing the need to adapt to changing economic dynamics.

The 10-K also discusses significant developments in 2023, including a merger agreement with principal stockholders, a credit facility, insurance recovery, the acquisition of Digital Trusted Identity Services, share repurchase programs, and a global restructuring plan. These developments provide insight into the company's strategic initiatives, financial transactions, and efforts to optimize its operations and capital structure.

Key components of HireRight's results from operations are also outlined in the report. The company generates revenues from background screening and related compliance services, with a focus on large U.S. and multinational companies across diversified industries. The 10-K details the breakdown of revenues from different customer segments and highlights the contributions of key industries such as healthcare, technology, financial services, and transportation.

Today the company's shares have moved -0.1% to a price of $14.15. Check out the company's full 10-K submission here.

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