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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Summary of Concentration of Credit Risk | Revenue from the single Government Solutions customer exceeding 10% of total revenue is presented below:
|  | For the Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
City of New York Department of Transportation |  |  | 26.6 | % |  |  | 31.3 | % |  |  | 14.6 | %
The Significant customer revenue concentrations generated through the Company’s Commercial Services partners as a percent of total revenue are presented below:
|  | For the Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Hertz Corporation |  |  | 12.6 | % |  |  | 12.0 | % |  |  | 18.7 | %
Avis Budget Group, Inc. |  |  | 12.3 | % |  |  | 9.5 | % |  |  | 14.5 | %
Enterprise Holdings, Inc. |  |  | 11.4 | % |  |  | 11.3 | % |  |  | 13.5 | %
Summary of Accounts Receivable, Net and Activity in Allowance for Credit Losses by Portfolio Segment | The Company identified portfolio segments based on the type of business, industry in which the customer operates and historical credit loss patterns. The following presents the activity in the allowance for credit losses for the years ended Dece mber 31, 2021 and 2020, respectively:
($ in thousands) | Commercial Services (Driver-billed)(1) |  | Commercial Services (All other) |  | Government Solutions |  | Total(3) |
Balance at January 1, 2020 (2) | $ | 5,272 |  | $ | 1,406 |  | $ | 1,778 |  | $ | 8,456 |
Credit loss expense |  | 6,554 |  |  | 4,945 |  |  | 2,892 |  |  | 14,391 |
Write-offs, net of recoveries |  | (8,616 | ) |  | (2,074 | ) |  | (686 | ) |  | (11,376 | )
Balance at December 31, 2020 | $ | 3,210 |  | $ | 4,277 |  | $ | 3,984 |  | $ | 11,471 |
Credit loss expense (income) |  | 11,040 |  |  | (1,138 | ) |  | (314 | ) |  | 9,588 |
Write-offs, net of recoveries |  | (8,853 | ) |  | (47 | ) |  | (21 | ) |  | (8,921 | )
Balance at December 31, 2021 | $ | 5,397 |  | $ | 3,092 |  | $ | 3,649 |  | $ | 12,138 |
(1) Driver-billed consists of receivables from drivers of rental cars and fleet management companies for which the Company bills on behalf of its customers. Receivables not collected from drivers within a defined number of days are transferred to customers subject to applicable bad debt sharing agreements. (2) This includes a $0.8 million increase to allowance for credit losses as a result of adopting the credit loss standard. (3) The activity related to the Parking Solutions segment was not material since the date of acquisition.
Estimated Useful Lives of Property and Equipment | Property and equipment is stated at cost less accumulated depreciation. All repairs and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful lives of the related assets as follo ws:
Building |  | 39 years
Equipment installed at customer sites |  | 3-7 years
Computer equipment |  | 3-5 years
Furniture |  | 3-10 years
Automobiles |  | 3-7 years
Software |  | 3-7 years
Leasehold improvements |  | Shorter of lease term or estimated useful life
Carrying Value and Estimated Fair Value | The carrying value and the estimated fair value are as follows:
|  | Level in |  | December 31, 2021 |  |  | December 31, 2020 |
|  | Fair Value |  | Carrying |  |  | Estimated |  |  | Carrying |  |  | Estimated |
($ in thousands) |  | Hierarchy |  | Amount |  |  | Fair Value |  |  | Amount |  |  | Fair Value |
2021 Term Loan |  | 2 |  | $ | 871,467 |  |  | $ | 895,125 |  |  | $ | — |  |  | $ | — |
Senior Notes |  | 2 |  |  | 344,918 |  |  |  | 355,250 |  |  |  | — |  |  |  | — |
2018 Term Loan |  | 2 |  |  | — |  |  |  | — |  |  |  | 842,045 |  |  |  | 861,314 |
Revolver |  | 2 |  |  | 24,435 |  |  |  | 25,000 |  |  |  | — |  |  |  | — |
Key Assumptions Used for Measuring Fair Value of Private Placement Warrant Liabilities | The fair value of the private placement warrant liabilities is measured on a recurring basis and is estimated using the Black-Scholes option pricing model using significant unobservable inputs, primarily related to estimated volatility, and is therefore classified within level 3 of the fair value hierarchy. The key assumptions used were as follows:
|  | December 31, 2021 |  |  | December 31, 2020 |
Stock price |  | $ | 15.43 |  |  | $ | 13.42 |
Strike price |  | $ | 11.50 |  |  | $ | 11.50 |
Volatility |  |  | 48.0 | % |  |  | 44.0 | %
Remaining life (in years) |  |  | 1.8 |  |  |  | 2.8 |
Risk-free interest rate |  |  | 0.66 | % |  |  | 0.16 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Estimated fair value |  | $ | 5.77 |  |  | $ | 4.63 |
Summary of Changes in Private Placement Warrant Liabilities | The following summarizes the changes in the private placement warrant liabilities included in net income (loss) for the respectiv e periods:
($ in thousands) |  | December 31, 2021 |  |  | December 31, 2020 |
Beginning balance |  | $ | 30,866 |  |  | $ | 29,733 |
Change in fair value of private placement warrants |  |  | 7,600 |  |  |  | 1,133 |
Ending balance |  | $ | 38,466 |  |  | $ | 30,866 |

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