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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.

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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