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Guarantor/Non-Guarantor Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Summary of Condensed Consolidated Balance Sheets | Verra Mobility Corporation and Subsidiaries Condensed Consolidated Balance Sheets at June 30, 2020 (Unaudited)
($ in thousands) |  | Verra Mobility Corporation (Ultimate Parent) |  |  | VM Consolidated Inc. (Guarantor Subsidiary) |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 98,566 |  |  | $ | 14,673 |  |  | $ | — |  |  | $ | 113,239 |
Restricted cash |  |  | — |  |  |  | 711 |  |  |  | — |  |  |  | — |  |  |  | 711 |
Accounts receivable (net of allowance for credit loss of $12.9 million ) |  |  | — |  |  |  | 122,373 |  |  |  | 2,879 |  |  |  | — |  |  |  | 125,252 |
Unbilled receivables |  |  | — |  |  |  | 12,244 |  |  |  | 288 |  |  |  | — |  |  |  | 12,532 |
Investment in subsidiary |  |  | 162,491 |  |  |  | 73,069 |  |  |  | — |  |  |  | (235,560 | ) |  |  | — |
Prepaid expenses and other current assets |  |  | — |  |  |  | 16,655 |  |  |  | 2,309 |  |  |  | — |  |  |  | 18,964 |
Total current assets |  |  | 162,491 |  |  |  | 323,618 |  |  |  | 20,149 |  |  |  | (235,560 | ) |  |  | 270,698 |
Installation and service parts, net |  |  | — |  |  |  | 8,672 |  |  |  | — |  |  |  | — |  |  |  | 8,672 |
Property and equipment, net |  |  | — |  |  |  | 69,987 |  |  |  | 3,617 |  |  |  | — |  |  |  | 73,604 |
Operating lease assets |  |  | — |  |  |  | 30,588 |  |  |  | 345 |  |  |  | — |  |  |  | 30,933 |
Intangible assets, net |  |  | — |  |  |  | 360,280 |  |  |  | 26,083 |  |  |  | — |  |  |  | 386,363 |
Goodwill |  |  | — |  |  |  | 524,766 |  |  |  | 56,849 |  |  |  | — |  |  |  | 581,615 |
Due from affiliates |  |  | 169,259 |  |  |  | — |  |  |  | — |  |  |  | (169,259 | ) |  |  | — |
Other non-current assets |  |  | — |  |  |  | 3,223 |  |  |  | 14 |  |  |  | — |  |  |  | 3,237 |
Total assets |  | $ | 331,750 |  |  | $ | 1,321,134 |  |  | $ | 107,057 |  |  | $ | (404,819 | ) |  | $ | 1,355,122 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 26,229 |  |  | $ | 10,117 |  |  | $ | — |  |  | $ | 36,346 |
Accrued liabilities |  |  | — |  |  |  | 16,546 |  |  |  | 3,024 |  |  |  | — |  |  |  | 19,570 |
Current portion of long-term debt |  |  | — |  |  |  | 9,104 |  |  |  | — |  |  |  | — |  |  |  | 9,104 |
Total current liabilities |  |  | — |  |  |  | 51,879 |  |  |  | 13,141 |  |  |  | — |  |  |  | 65,020 |
Long-term debt, net of current portion and deferred financing costs |  |  | — |  |  |  | 834,317 |  |  |  | — |  |  |  | — |  |  |  | 834,317 |
Operating lease liabilities, net of current portion |  |  | — |  |  |  | 29,070 |  |  |  | 170 |  |  |  | — |  |  |  | 29,240 |
Payable to related party pursuant to tax receivable agreement |  |  | — |  |  |  | 65,620 |  |  |  | — |  |  |  | — |  |  |  | 65,620 |
Due to affiliates |  |  | — |  |  |  | 153,369 |  |  |  | 15,890 |  |  |  | (169,259 | ) |  |  | — |
Asset retirement obligation |  |  | — |  |  |  | 6,237 |  |  |  | — |  |  |  | — |  |  |  | 6,237 |
Deferred tax liabilities, net |  |  | — |  |  |  | 17,904 |  |  |  | 4,787 |  |  |  | — |  |  |  | 22,691 |
Other long-term liabilities |  |  | — |  |  |  | 247 |  |  |  | — |  |  |  | — |  |  |  | 247 |
Total liabilities |  |  | — |  |  |  | 1,158,643 |  |  |  | 33,988 |  |  |  | (169,259 | ) |  |  | 1,023,372 |
Total stockholders' equity |  |  | 331,750 |  |  |  | 162,491 |  |  |  | 73,069 |  |  |  | (235,560 | ) |  |  | 331,750 |
Total liabilities and stockholders' equity |  | $ | 331,750 |  |  | $ | 1,321,134 |  |  | $ | 107,057 |  |  | $ | (404,819 | ) |  | $ | 1,355,122 |
Summary of Condensed Consolidated Statements of Operations and Comprehensive Loss | Verra Mobility Corporation and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss Three Months Ended June 30, 2020 (Unaudited)
($ in thousands) |  | Verra Mobility Corporation (Ultimate Parent) |  |  | VM Consolidated Inc. (Guarantor Subsidiary) |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Service revenue |  | $ | — |  |  | $ | 59,784 |  |  | $ | 3,031 |  |  | $ | — |  |  | $ | 62,815 |
Product sales |  |  | — |  |  |  | 16,994 |  |  |  | — |  |  |  | — |  |  |  | 16,994 |
Total revenue |  |  | — |  |  |  | 76,778 |  |  |  | 3,031 |  |  |  | — |  |  |  | 79,809 |
Cost of service revenue |  |  | — |  |  |  | 451 |  |  |  | 562 |  |  |  | — |  |  |  | 1,013 |
Cost of product sales |  |  | — |  |  |  | 9,060 |  |  |  | — |  |  |  | — |  |  |  | 9,060 |
Operating expenses |  |  | — |  |  |  | 24,926 |  |  |  | 1,773 |  |  |  | — |  |  |  | 26,699 |
Selling, general and administrative expenses |  |  | — |  |  |  | 19,649 |  |  |  | 1,172 |  |  |  | — |  |  |  | 20,821 |
Depreciation, amortization and (gain) loss on disposal of assets, net |  |  | — |  |  |  | 27,876 |  |  |  | 1,290 |  |  |  | — |  |  |  | 29,166 |
Total costs and expenses |  |  | — |  |  |  | 81,962 |  |  |  | 4,797 |  |  |  | — |  |  |  | 86,759 |
Loss from operations |  |  | — |  |  |  | (5,184 | ) |  |  | (1,766 | ) |  |  | — |  |  |  | (6,950 | )
Loss from equity investment |  |  | 15,388 |  |  |  | 1,521 |  |  |  | — |  |  |  | (16,909 | ) |  |  | — |
Interest expense, net |  |  | — |  |  |  | 9,540 |  |  |  | (1 | ) |  |  | — |  |  |  | 9,539 |
Loss from tax receivable agreement adjustment |  |  | — |  |  |  | 4,446 |  |  |  | — |  |  |  | — |  |  |  | 4,446 |
Other income, net |  |  | — |  |  |  | (1,494 | ) |  |  | (29 | ) |  |  | — |  |  |  | (1,523 | )
Total other expenses (income) |  |  | 15,388 |  |  |  | 14,013 |  |  |  | (30 | ) |  |  | (16,909 | ) |  |  | 12,462 |
Loss before income tax benefit |  |  | (15,388 | ) |  |  | (19,197 | ) |  |  | (1,736 | ) |  |  | 16,909 |  |  |  | (19,412 | )
Income tax benefit |  |  | — |  |  |  | (3,809 | ) |  |  | (215 | ) |  |  | — |  |  |  | (4,024 | )
Net loss |  | $ | (15,388 | ) |  | $ | (15,388 | ) |  | $ | (1,521 | ) |  | $ | 16,909 |  |  | $ | (15,388 | )
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in foreign currency translation adjustment |  |  | — |  |  |  | — |  |  |  | (508 | ) |  |  | — |  |  |  | (508 | )
Total comprehensive loss |  | $ | (15,388 | ) |  | $ | (15,388 | ) |  | $ | (2,029 | ) |  | $ | 16,909 |  |  | $ | (15,896 | )
Verra Mobility Corporation and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss Six Months Ended June 30, 2020 (Unaudited)
($ in thousands) |  | Verra Mobility Corporation (Ultimate Parent) |  |  | VM Consolidated Inc. (Guarantor Subsidiary) |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Service revenue |  | $ | — |  |  | $ | 155,434 |  |  | $ | 6,878 |  |  | $ | — |  |  | $ | 162,312 |
Product sales |  |  | — |  |  |  | 34,210 |  |  |  | — |  |  |  | — |  |  |  | 34,210 |
Total revenue |  |  | — |  |  |  | 189,644 |  |  |  | 6,878 |  |  |  | — |  |  |  | 196,522 |
Cost of service revenue |  |  | — |  |  |  | 1,119 |  |  |  | 1,113 |  |  |  | — |  |  |  | 2,232 |
Cost of product sales |  |  | — |  |  |  | 17,750 |  |  |  | — |  |  |  | — |  |  |  | 17,750 |
Operating expenses |  |  | — |  |  |  | 55,504 |  |  |  | 3,454 |  |  |  | — |  |  |  | 58,958 |
Selling, general and administrative expenses |  |  | — |  |  |  | 43,624 |  |  |  | 3,083 |  |  |  | — |  |  |  | 46,707 |
Depreciation, amortization and (gain) loss on disposal of assets, net |  |  | — |  |  |  | 55,871 |  |  |  | 2,541 |  |  |  | — |  |  |  | 58,412 |
Total costs and expenses |  |  | — |  |  |  | 173,868 |  |  |  | 10,191 |  |  |  | — |  |  |  | 184,059 |
Income (loss) from operations |  |  | — |  |  |  | 15,776 |  |  |  | (3,313 | ) |  |  | — |  |  |  | 12,463 |
Loss from equity investment |  |  | 8,715 |  |  |  | 2,828 |  |  |  | — |  |  |  | (11,543 | ) |  |  | — |
Interest expense, net |  |  | — |  |  |  | 22,002 |  |  |  | (12 | ) |  |  | — |  |  |  | 21,990 |
Loss from tax receivable agreement adjustment |  |  | — |  |  |  | 4,446 |  |  |  | — |  |  |  | — |  |  |  | 4,446 |
Other income, net |  |  | — |  |  |  | (4,381 | ) |  |  | (67 | ) |  |  | — |  |  |  | (4,448 | )
Total other expenses (income) |  |  | 8,715 |  |  |  | 24,895 |  |  |  | (79 | ) |  |  | (11,543 | ) |  |  | 21,988 |
Loss before income tax benefit |  |  | (8,715 | ) |  |  | (9,119 | ) |  |  | (3,234 | ) |  |  | 11,543 |  |  |  | (9,525 | )
Income tax benefit |  |  | — |  |  |  | (404 | ) |  |  | (406 | ) |  |  | — |  |  |  | (810 | )
Net loss |  | $ | (8,715 | ) |  | $ | (8,715 | ) |  | $ | (2,828 | ) |  | $ | 11,543 |  |  | $ | (8,715 | )
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in foreign currency translation adjustment |  |  | — |  |  |  | — |  |  |  | (3,875 | ) |  |  | — |  |  |  | (3,875 | )
Total comprehensive loss |  | $ | (8,715 | ) |  | $ | (8,715 | ) |  | $ | (6,703 | ) |  | $ | 11,543 |  |  | $ | (12,590 | )
Summary of Condensed Consolidated Statements of Cash Flows | Verra Mobility Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 2020 (Unaudited)
($ in thousands) |  | Verra Mobility Corporation (Ultimate Parent) |  |  | VM Consolidated Inc. (Guarantor Subsidiary) |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (8,715 | ) |  | $ | (8,715 | ) |  | $ | (2,828 | ) |  | $ | 11,543 |  |  | $ | (8,715 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | — |  |  |  | 55,873 |  |  |  | 2,536 |  |  |  | — |  |  |  | 58,409 |
Amortization of deferred financing costs and discounts |  |  | — |  |  |  | 2,106 |  |  |  | — |  |  |  | — |  |  |  | 2,106 |
Loss from tax receivable agreement adjustment |  |  | — |  |  |  | 4,446 |  |  |  | — |  |  |  | — |  |  |  | 4,446 |
Credit loss expense |  |  | — |  |  |  | 10,723 |  |  |  | — |  |  |  | — |  |  |  | 10,723 |
Deferred income taxes |  |  | — |  |  |  | (1,869 | ) |  |  | (627 | ) |  |  | — |  |  |  | (2,496 | )
Stock-based compensation |  |  | — |  |  |  | 6,039 |  |  |  | — |  |  |  | — |  |  |  | 6,039 |
Installation and service parts expense |  |  | — |  |  |  | 559 |  |  |  | — |  |  |  | — |  |  |  | 559 |
Accretion expense |  |  | — |  |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | 129 |
(Gain) loss on disposal of assets |  |  | — |  |  |  | (2 | ) |  |  | 5 |  |  |  | — |  |  |  | 3 |
Loss from equity investment |  |  | 8,715 |  |  |  | 2,828 |  |  |  | — |  |  |  | (11,543 | ) |  |  | — |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  |  | — |  |  |  | (44,969 | ) |  |  | 1,786 |  |  |  | — |  |  |  | (43,183 | )
Unbilled receivables |  |  | — |  |  |  | 7,073 |  |  |  | 403 |  |  |  | — |  |  |  | 7,476 |
Prepaid expenses and other current assets |  |  | — |  |  |  | 8,008 |  |  |  | (29 | ) |  |  | — |  |  |  | 7,979 |
Accounts payable and accrued liabilities |  |  | — |  |  |  | (13,865 | ) |  |  | (3,998 | ) |  |  | — |  |  |  | (17,863 | )
Due to affiliates |  |  | — |  |  |  | (2,027 | ) |  |  | 2,027 |  |  |  | — |  |  |  | — |
Other liabilities |  |  | — |  |  |  | (3,069 | ) |  |  | — |  |  |  | — |  |  |  | (3,069 | )
Net cash provided by (used in) operating activities |  |  | — |  |  |  | 23,268 |  |  |  | (725 | ) |  |  | — |  |  |  | 22,543 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of installation and service parts and property and equipment |  |  | — |  |  |  | (12,825 | ) |  |  | (1,476 | ) |  |  | — |  |  |  | (14,301 | )
Cash proceeds from the sale of assets |  |  | — |  |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | 49 |
Net cash used in investing activities |  |  | — |  |  |  | (12,776 | ) |  |  | (1,476 | ) |  |  | — |  |  |  | (14,252 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  |  | — |  |  |  | (24,227 | ) |  |  | — |  |  |  | — |  |  |  | (24,227 | )
Payment of debt issuance costs |  |  | — |  |  |  | (922 | ) |  |  | — |  |  |  | — |  |  |  | (922 | )
Payment of employee tax withholding related to RSU vesting |  |  | — |  |  |  | (352 | ) |  |  | — |  |  |  | — |  |  |  | (352 | )
Net cash used in financing activities |  |  | — |  |  |  | (25,501 | ) |  |  | — |  |  |  | — |  |  |  | (25,501 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (1,270 | ) |  |  | — |  |  |  | (1,270 | )
Net decrease in cash, cash equivalents and restricted cash |  |  | — |  |  |  | (15,009 | ) |  |  | (3,471 | ) |  |  | — |  |  |  | (18,480 | )
Cash, cash equivalents and restricted cash - beginning of period |  |  | — |  |  |  | 114,286 |  |  |  | 18,144 |  |  |  | — |  |  |  | 132,430 |
Cash, cash equivalents and restricted cash - end of period |  | $ | — |  |  | $ | 99,277 |  |  | $ | 14,673 |  |  | $ | — |  |  | $ | 113,950 |
Verra Mobility Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (Continued) Six Months Ended June 30, 2020 (Unaudited)
|  | Verra Mobility Corporation (Ultimate Parent) |  |  | VM Consolidated Inc. (Guarantor Subsidiary) |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Supplemental cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  | $ | — |  |  | $ | 20,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,201 |
Income taxes paid, net |  |  | — |  |  |  | 826 |  |  |  | 309 |  |  |  | — |  |  |  | 1,135 |
Supplemental non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earn-out shares issued to Platinum Stockholder |  |  | 18,287 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,287 |
Additions to ARO, property and equipment, and other |  |  | — |  |  |  | 41 |  |  |  | — |  |  |  | — |  |  |  | 41 |
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end |  |  | — |  |  |  | 3,238 |  |  |  | — |  |  |  | — |  |  |  | 3,238 |

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