XML 59 R43.htm IDEA: XBRL DOCUMENT
v3.22.1

Guarantor/Non-Guarantor Financial Information (Unaudited) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Summary of Consolidated Balance Sheets | Verra Mobility Corporation and Subsidiaries Consolidated Balance Sheets at December 31, 2021
($ in thousands) |  | Verra Mobility Corporation (Ultimate Parent) |  |  | Guarantor Subsidiaries |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 65,840 |  |  | $ | 35,443 |  |  | $ | — |  |  | $ | 101,283 |
Restricted cash |  |  | — |  |  |  | 3,149 |  |  |  | — |  |  |  | — |  |  |  | 3,149 |
Accounts receivable (net of allowance for credit losses of $12.1 million) |  |  | — |  |  |  | 150,181 |  |  |  | 10,798 |  |  |  | — |  |  |  | 160,979 |
Unbilled receivables |  |  | — |  |  |  | 24,220 |  |  |  | 4,889 |  |  |  | — |  |  |  | 29,109 |
Investment in subsidiary |  |  | 90,705 |  |  |  | 157,016 |  |  |  | — |  |  |  | (247,721 | ) |  |  | — |
Inventory, net |  |  | — |  |  |  | 1,186 |  |  |  | 10,907 |  |  |  | — |  |  |  | 12,093 |
Prepaid expenses and other current assets |  |  | — |  |  |  | 31,665 |  |  |  | 9,791 |  |  |  | — |  |  |  | 41,456 |
Total current assets |  |  | 90,705 |  |  |  | 433,257 |  |  |  | 71,828 |  |  |  | (247,721 | ) |  |  | 348,069 |
Installation and service parts, net |  |  | — |  |  |  | 13,332 |  |  |  | — |  |  |  | — |  |  |  | 13,332 |
Property and equipment, net |  |  | — |  |  |  | 81,294 |  |  |  | 14,772 |  |  |  | — |  |  |  | 96,066 |
Operating lease assets |  |  | — |  |  |  | 31,754 |  |  |  | 7,108 |  |  |  | — |  |  |  | 38,862 |
Intangible assets, net |  |  | — |  |  |  | 367,965 |  |  |  | 119,334 |  |  |  | — |  |  |  | 487,299 |
Goodwill |  |  | — |  |  |  | 684,914 |  |  |  | 153,953 |  |  |  | — |  |  |  | 838,867 |
Due from affiliates |  |  | 169,259 |  |  |  | — |  |  |  | — |  |  |  | (169,259 | ) |  |  | — |
Other non-current assets |  |  | — |  |  |  | 10,368 |  |  |  | 4,193 |  |  |  | — |  |  |  | 14,561 |
Total assets |  | $ | 259,964 |  |  | $ | 1,622,884 |  |  | $ | 371,188 |  |  | $ | (416,980 | ) |  | $ | 1,837,056 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 48,175 |  |  | $ | 19,381 |  |  | $ | — |  |  | $ | 67,556 |
Deferred revenue |  |  | — |  |  |  | 17,170 |  |  |  | 9,971 |  |  |  | — |  |  |  | 27,141 |
Accrued liabilities |  |  | — |  |  |  | 27,569 |  |  |  | 10,866 |  |  |  | — |  |  |  | 38,435 |
Payable to related party pursuant to tax receivable agreement, current portion |  |  | — |  |  |  | 5,107 |  |  |  | — |  |  |  | — |  |  |  | 5,107 |
Current portion of long-term debt |  |  | — |  |  |  | 36,952 |  |  |  | — |  |  |  | — |  |  |  | 36,952 |
Total current liabilities |  |  | — |  |  |  | 134,973 |  |  |  | 40,218 |  |  |  | — |  |  |  | 175,191 |
Long-term debt, net of current portion |  |  | — |  |  |  | 1,206,802 |  |  |  | — |  |  |  | — |  |  |  | 1,206,802 |
Operating lease liabilities, net of current portion |  |  | — |  |  |  | 29,803 |  |  |  | 5,181 |  |  |  | — |  |  |  | 34,984 |
Payable to related party pursuant to tax receivable agreement, net of current portion |  |  | — |  |  |  | 56,615 |  |  |  | — |  |  |  | — |  |  |  | 56,615 |
Private placement warrant liabilities |  |  | — |  |  |  | 38,466 |  |  |  | — |  |  |  | — |  |  |  | 38,466 |
Asset retirement obligation |  |  | — |  |  |  | 11,799 |  |  |  | 25 |  |  |  | — |  |  |  | 11,824 |
Due to affiliates |  |  | — |  |  |  | 26,059 |  |  |  | 143,200 |  |  |  | (169,259 | ) |  |  | — |
Deferred tax liabilities, net |  |  | — |  |  |  | 22,470 |  |  |  | 25,054 |  |  |  | — |  |  |  | 47,524 |
Other long-term liabilities |  |  | — |  |  |  | 5,192 |  |  |  | 494 |  |  |  | — |  |  |  | 5,686 |
Total liabilities |  |  | — |  |  |  | 1,532,179 |  |  |  | 214,172 |  |  |  | (169,259 | ) |  |  | 1,577,092 |
Total stockholders' equity |  |  | 259,964 |  |  |  | 90,705 |  |  |  | 157,016 |  |  |  | (247,721 | ) |  |  | 259,964 |
Total liabilities and stockholders' equity |  | $ | 259,964 |  |  | $ | 1,622,884 |  |  | $ | 371,188 |  |  | $ | (416,980 | ) |  | $ | 1,837,056 |
Summary of Consolidated Statements of Operations and Comprehensive Loss | Verra Mobility Corporation and Subsidiaries Consolidated Statements of Operations and Comprehensive Income Year Ended December 31, 2021
($ in thousands) |  | Verra Mobility Corporation (Ultimate Parent) |  |  | Guarantor Subsidiaries |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Service revenue |  | $ | — |  |  | $ | 460,421 |  |  | $ | 32,425 |  |  | $ | — |  |  | $ | 492,846 |
Product sales |  |  | — |  |  |  | 50,096 |  |  |  | 7,648 |  |  |  | — |  |  |  | 57,744 |
Total revenue |  |  | — |  |  |  | 510,517 |  |  |  | 40,073 |  |  |  | — |  |  |  | 550,590 |
Cost of service revenue |  |  | — |  |  |  | 2,167 |  |  |  | 3,170 |  |  |  | — |  |  |  | 5,337 |
Cost of product sales |  |  | — |  |  |  | 26,200 |  |  |  | 3,609 |  |  |  | — |  |  |  | 29,809 |
Operating expenses |  |  | — |  |  |  | 141,038 |  |  |  | 22,332 |  |  |  | — |  |  |  | 163,370 |
Selling, general and administrative expenses |  |  | — |  |  |  | 111,977 |  |  |  | 11,430 |  |  |  | — |  |  |  | 123,407 |
Depreciation, amortization and (gain) loss on disposal of assets, net |  |  | — |  |  |  | 107,881 |  |  |  | 8,920 |  |  |  | — |  |  |  | 116,801 |
Total costs and expenses |  |  | — |  |  |  | 389,263 |  |  |  | 49,461 |  |  |  | — |  |  |  | 438,724 |
Income (loss) from operations |  |  | — |  |  |  | 121,254 |  |  |  | (9,388 | ) |  |  | — |  |  |  | 111,866 |
Income from equity investment |  |  | (41,449 | ) |  |  | 8,459 |  |  |  | — |  |  |  | 32,990 |  |  |  | — |
Interest expense, net |  |  | — |  |  |  | 44,940 |  |  |  | 2 |  |  |  | — |  |  |  | 44,942 |
Change in fair value of private placement warrants |  |  | — |  |  |  | 7,600 |  |  |  | — |  |  |  | — |  |  |  | 7,600 |
Tax receivable agreement liability adjustment |  |  | — |  |  |  | (1,016 | ) |  |  | — |  |  |  | — |  |  |  | (1,016 | )
Loss on extinguishment of debt |  |  | — |  |  |  | 5,334 |  |  |  | — |  |  |  | — |  |  |  | 5,334 |
Other income, net |  |  | — |  |  |  | (11,919 | ) |  |  | (976 | ) |  |  | — |  |  |  | (12,895 | )
Total other (income) expenses |  |  | (41,449 | ) |  |  | 53,398 |  |  |  | (974 | ) |  |  | 32,990 |  |  |  | 43,965 |
Income (loss) before income taxes |  |  | 41,449 |  |  |  | 67,856 |  |  |  | (8,414 | ) |  |  | (32,990 | ) |  |  | 67,901 |
Income tax provision |  |  | — |  |  |  | 26,407 |  |  |  | 45 |  |  |  | — |  |  |  | 26,452 |
Net income (loss) |  | $ | 41,449 |  |  | $ | 41,449 |  |  | $ | (8,459 | ) |  | $ | (32,990 | ) |  | $ | 41,449 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in foreign currency translation adjustment |  |  | — |  |  |  | — |  |  |  | (5,305 | ) |  |  | — |  |  |  | (5,305 | )
Total comprehensive income (loss) |  | $ | 41,449 |  |  | $ | 41,449 |  |  | $ | (13,764 | ) |  | $ | (32,990 | ) |  | $ | 36,144 |
Summary of Consolidated Statements of Cash Flows | Verra Mobility Corporation and Subsidiaries Consolidated Statements of Cash Flows Year Ended December 31, 2021
($ in thousands) |  | Verra Mobility Corporation (Ultimate Parent) |  |  | Guarantor Subsidiaries |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 41,449 |  |  | $ | 41,449 |  |  | $ | (8,459 | ) |  | $ | (32,990 | ) |  | $ | 41,449 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | — |  |  |  | 107,833 |  |  |  | 8,920 |  |  |  | — |  |  |  | 116,753 |
Amortization of deferred financing costs and discounts |  |  | — |  |  |  | 5,170 |  |  |  | — |  |  |  | — |  |  |  | 5,170 |
Change in fair value of private placement warrants |  |  | — |  |  |  | 7,600 |  |  |  | — |  |  |  | — |  |  |  | 7,600 |
Tax receivable agreement liability adjustment |  |  | — |  |  |  | (1,016 | ) |  |  | — |  |  |  | — |  |  |  | (1,016 | )
Loss on extinguishment of debt |  |  | — |  |  |  | 5,334 |  |  |  | — |  |  |  | — |  |  |  | 5,334 |
Credit loss expense |  |  | — |  |  |  | 9,454 |  |  |  | 134 |  |  |  | — |  |  |  | 9,588 |
Deferred income taxes |  |  | — |  |  |  | (11,161 | ) |  |  | 521 |  |  |  | — |  |  |  | (10,640 | )
Stock-based compensation |  |  | — |  |  |  | 13,784 |  |  |  | — |  |  |  | — |  |  |  | 13,784 |
Other |  |  | — |  |  |  | 308 |  |  |  | — |  |  |  | — |  |  |  | 308 |
Income from equity investment |  |  | (41,449 | ) |  |  | 8,459 |  |  |  | — |  |  |  | 32,990 |  |  |  | — |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  |  | — |  |  |  | 13,605 |  |  |  | 1,341 |  |  |  | — |  |  |  | 14,946 |
Unbilled receivables |  |  | — |  |  |  | (6,503 | ) |  |  | (1,250 | ) |  |  | — |  |  |  | (7,753 | )
Inventory, net |  |  | — |  |  |  | 4,422 |  |  |  | (1,624 | ) |  |  | — |  |  |  | 2,798 |
Prepaid expenses and other assets |  |  | — |  |  |  | (2,226 | ) |  |  | (2,871 | ) |  |  | — |  |  |  | (5,097 | )
Deferred revenue |  |  | — |  |  |  | (4,761 | ) |  |  | 795 |  |  |  | — |  |  |  | (3,966 | )
Accounts payable and other current liabilities |  |  | — |  |  |  | 9,039 |  |  |  | (743 | ) |  |  | — |  |  |  | 8,296 |
Due to affiliates |  |  | — |  |  |  | (29,913 | ) |  |  | 29,913 |  |  |  | — |  |  |  | — |
Other liabilities |  |  | — |  |  |  | (2,789 | ) |  |  | (1,594 | ) |  |  | — |  |  |  | (4,383 | )
Net cash provided by operating activities |  |  | — |  |  |  | 168,088 |  |  |  | 25,083 |  |  |  | — |  |  |  | 193,171 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash and restricted cash acquired |  |  | — |  |  |  | (451,237 | ) |  |  | — |  |  |  | — |  |  |  | (451,237 | )
Purchases of installation and service parts and property and equipment |  |  | — |  |  |  | (21,451 | ) |  |  | (3,547 | ) |  |  | — |  |  |  | (24,998 | )
Cash proceeds from the sale of assets |  |  | — |  |  |  | 265 |  |  |  | — |  |  |  | — |  |  |  | 265 |
Net cash used in investing activities |  |  | — |  |  |  | (472,423 | ) |  |  | (3,547 | ) |  |  | — |  |  |  | (475,970 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on revolver |  |  | — |  |  |  | 25,000 |  |  |  | — |  |  |  | — |  |  |  | 25,000 |
Borrowings of long-term debt |  |  | — |  |  |  | 1,245,500 |  |  |  | — |  |  |  | — |  |  |  | 1,245,500 |
Repayment of long-term debt |  |  | — |  |  |  | (884,530 | ) |  |  | — |  |  |  | — |  |  |  | (884,530 | )
Payment of debt issuance costs |  |  | — |  |  |  | (10,646 | ) |  |  | — |  |  |  | — |  |  |  | (10,646 | )
Payment of debt extinguishment costs |  |  | — |  |  |  | (1,066 | ) |  |  | — |  |  |  | — |  |  |  | (1,066 | )
Share repurchase and retirement |  |  | — |  |  |  | (100,000 | ) |  |  | — |  |  |  | — |  |  |  | (100,000 | )
Proceeds from exercise of stock options |  |  | — |  |  |  | 155 |  |  |  | — |  |  |  | — |  |  |  | 155 |
Payment of employee tax withholding related to RSUs vesting |  |  | — |  |  |  | (5,691 | ) |  |  | — |  |  |  | — |  |  |  | (5,691 | )
Net cash provided by financing activities |  |  | — |  |  |  | 268,722 |  |  |  | — |  |  |  | — |  |  |  | 268,722 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (2,383 | ) |  |  | — |  |  |  | (2,383 | )
Net decrease (increase) in cash, cash equivalents and restricted cash |  |  | — |  |  |  | (35,613 | ) |  |  | 19,153 |  |  |  | — |  |  |  | (16,460 | )
Cash, cash equivalents and restricted cash - beginning of period |  |  | — |  |  |  | 104,602 |  |  |  | 16,290 |  |  |  | — |  |  |  | 120,892 |
Cash, cash equivalents and restricted cash - end of period |  | $ | — |  |  | $ | 68,989 |  |  | $ | 35,443 |  |  | $ | — |  |  | $ | 104,432 |
Verra Mobility Corporation and Subsidiaries Consolidated Statements of Cash Flows (Continued) Year Ended December 31, 2021
|  | Verra Mobility Corporation (Ultimate Parent) |  |  | Guarantor Subsidiaries |  |  | Non- guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Supplemental cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  | $ | — |  |  | $ | 35,786 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,786 |
Income taxes paid, net of refunds |  |  | — |  |  |  | 34,913 |  |  |  | 861 |  |  |  | — |  |  |  | 35,774 |
Supplemental non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additions related to asset retirement obligations, property and equipment, and other (a) |  |  | — |  |  |  | 1,397 |  |  |  | — |  |  |  | — |  |  |  | 1,397 |
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end |  |  | — |  |  |  | 1,714 |  |  |  | — |  |  |  | — |  |  |  | 1,714 |
Contingent consideration related to NuPark acquisition |  |  | — |  |  |  | 1,450 |  |  |  | — |  |  |  | — |  |  |  | 1,450 |
(a) Asset retirement obligations of $3.9 million assumed as part of the Redflex acquisition are excluded from these additions.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The tabular disclosure of condensed consolidated statements of operations and comprehensive income. + References No definition available. + Details
Name: | vrrm_CondensedStatementOfOperationsAndComprehensiveIncomeTableTextBlock
Namespace Prefix: | vrrm_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration