XML 80 R69.htm IDEA: XBRL DOCUMENT v3.20.2
Guarantor/Non-Guarantor Financial Information - Summary of Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:        
Net (loss) income     $ (8,715) $ 6,411
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization $ 29,159 $ 28,865 58,409 57,804
Amortization of deferred financing costs and discounts     2,106  
Loss from tax receivable agreement adjustment 4,446   4,446  
Credit loss expense     10,723 2,736
Deferred income taxes     (2,496) (11,568)
Stock-based compensation 3,271 2,812 6,039 4,955
Installation and service parts expense     559 643
Accretion expense     129 183
(Gain) loss on disposal of assets     3 (13)
Changes in operating assets and liabilities:        
Accounts receivable, net     (43,183) (21,433)
Unbilled receivables     7,476 (616)
Prepaid expenses and other current assets     7,979 (4,199)
Accounts payable and accrued liabilities     (17,863) 5,224
Other liabilities     (3,069) (3,833)
Net cash provided by operating activities     22,543 45,781
Cash Flows from Investing Activities:        
Purchases of installation and service parts and property and equipment     (14,301) (14,192)
Cash proceeds from the sale of assets     49  
Net cash used in investing activities     (14,252) (14,178)
Cash Flows from Financing Activities:        
Repayment of long-term debt     (24,227) (4,552)
Payment of debt issuance costs     (922) (152)
Payment of employee tax withholding related to RSU vesting     (352)  
Net cash used in financing activities     (25,501) (4,704)
Effect of exchange rate changes on cash and cash equivalents     (1,270)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (18,480) 26,909
Cash, cash equivalents and restricted cash - beginning of period     132,430 67,081
Cash, cash equivalents and restricted cash - end of period 113,950 $ 93,990 113,950 93,990
Supplemental cash flow information:        
Interest paid     20,201 28,144
Income taxes paid, net     1,135 15,448
Supplemental non-cash investing and financing activities:        
Earn-out shares issued to Platinum Stockholder     18,287 18,288
Additions to ARO, property and equipment, and other     41 143
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end     3,238 $ 4,269
Verra Mobility Corporation (Ultimate Parent)        
Cash Flows from Operating Activities:        
Net (loss) income     (8,715)  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Loss from equity investment 15,388   8,715  
Supplemental non-cash investing and financing activities:        
Earn-out shares issued to Platinum Stockholder     18,287  
VM Consolidated Inc. (Guarantor Subsidiary)        
Cash Flows from Operating Activities:        
Net (loss) income     (8,715)  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization     55,873  
Amortization of deferred financing costs and discounts     2,106  
Loss from tax receivable agreement adjustment 4,446   4,446  
Credit loss expense     10,723  
Deferred income taxes     (1,869)  
Stock-based compensation     6,039  
Installation and service parts expense     559  
Accretion expense     129  
(Gain) loss on disposal of assets     (2)  
Loss from equity investment 1,521   2,828  
Changes in operating assets and liabilities:        
Accounts receivable, net     (44,969)  
Unbilled receivables     7,073  
Prepaid expenses and other current assets     8,008  
Accounts payable and accrued liabilities     (13,865)  
Due to affiliates     (2,027)  
Other liabilities     (3,069)  
Net cash provided by operating activities     23,268  
Cash Flows from Investing Activities:        
Purchases of installation and service parts and property and equipment     (12,825)  
Cash proceeds from the sale of assets     49  
Net cash used in investing activities     (12,776)  
Cash Flows from Financing Activities:        
Repayment of long-term debt     (24,227)  
Payment of debt issuance costs     (922)  
Payment of employee tax withholding related to RSU vesting     (352)  
Net cash used in financing activities     (25,501)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (15,009)  
Cash, cash equivalents and restricted cash - beginning of period     114,286  
Cash, cash equivalents and restricted cash - end of period 99,277   99,277  
Supplemental cash flow information:        
Interest paid     20,201  
Income taxes paid, net     826  
Supplemental non-cash investing and financing activities:        
Additions to ARO, property and equipment, and other     41  
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end     3,238  
Non-guarantor Subsidiaries        
Cash Flows from Operating Activities:        
Net (loss) income     (2,828)  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization     2,536  
Deferred income taxes     (627)  
(Gain) loss on disposal of assets     5  
Changes in operating assets and liabilities:        
Accounts receivable, net     1,786  
Unbilled receivables     403  
Prepaid expenses and other current assets     (29)  
Accounts payable and accrued liabilities     (3,998)  
Due to affiliates     2,027  
Net cash provided by operating activities     (725)  
Cash Flows from Investing Activities:        
Purchases of installation and service parts and property and equipment     (1,476)  
Net cash used in investing activities     (1,476)  
Cash Flows from Financing Activities:        
Effect of exchange rate changes on cash and cash equivalents     (1,270)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (3,471)  
Cash, cash equivalents and restricted cash - beginning of period     18,144  
Cash, cash equivalents and restricted cash - end of period 14,673   14,673  
Supplemental cash flow information:        
Income taxes paid, net     309  
Eliminations        
Cash Flows from Operating Activities:        
Net (loss) income     11,543  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Loss from equity investment $ (16,909)   $ (11,543)