0000950170-24-052307 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 20,575	$ 18,513
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	1,000	1,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	260,000	260,000
Common Stock, Shares, Outstanding	166,516	166,555
Common Stock, Shares, Issued	166,516	166,555

Long-term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

6. Long-term Debt

The following table provides a summary of the Company’s long-term debt at:


($ in thousands)	March 31, 2024			December 31, 2023
2021 Term Loan, due 2028	$	702,332		$	704,587
Senior Notes, due 2029		350,000			350,000
Less: original issue discounts		(3,173	)		(3,646	)
Less: unamortized deferred financing costs		(11,459	)		(12,809	)
Total long-term debt		1,037,700			1,038,132
Less: current portion of long-term debt		—			(9,019	)
Total long-term debt, net of current portion	$	1,037,700		$	1,029,113

2021 Term Loan

In March 2021, VM Consolidated, Inc. (“VM Consolidated”), the Company’s wholly owned subsidiary, entered into an Amendment and Restatement Agreement No.1 to the First Lien Term Loan Credit Agreement (the “2021 Term Loan”) with a syndicate of lenders. The 2021 Term Loan has an aggregate borrowing of $900.0 million, maturing on March 24, 2028, which includes the incremental borrowing of $250.0 million in December 2021 as a result of exercising the accordion feature available under the agreement. In connection with the 2021 Term Loan borrowings, the Company had $4.6 million of offering discount costs and $4.5 million in deferred financing costs, both of which were capitalized and are being amortized over the remaining life of the 2021 Term Loan.

In February 2024, VM Consolidated entered into a third amendment to the 2021 Term Loan (the “Third Amendment”) to refinance the 2021 Term Loan (the “Refinancing Transaction”). Pursuant to the Third Amendment, the interest rate was reduced by 0.50% to SOFR plus 2.75% from SOFR plus 3.25% with the SOFR floor unchanged at 0.00%. The credit spread adjustment, ranging from 0.11448% to 0.71513%, was eliminated. In addition, the 2021 Term Loan no longer contains a provision for principal repayments which were previously required to be paid in quarterly installments. During the three months ended March 31, 2024, the Company made an early repayment of approximately $2.3 million on the 2021 Term Loan and as a result, the total principal outstanding was $702.3 million as of March 31, 2024.

The Company evaluated the Refinancing Transaction on a lender-by-lender basis and accounted accordingly for debt extinguishment costs and debt modification costs (for the portion of the transaction that did not meet the accounting criteria for debt extinguishment). The Company recorded a $0.6 million loss on extinguishment of debt during the three months ended March 31, 2024 related to the write-off of pre-existing deferred financing costs and discounts in connection with the Refinancing Transaction. The Company recorded a $1.3 million loss on extinguishment of debt during the three months ended March 31, 2023 related to the write-off of pre-existing deferred financing costs and discounts in connection with the early repayments of $62.5 million on the 2021 Term Loan.

The 2021 Term Loan now bears interest based at the Company’s option, on either (i) Term SOFR plus an applicable margin of 2.75% per annum, or (ii) an alternate base rate plus an applicable margin of 1.75% per annum. As of March 31, 2024, the interest rate on the 2021 Term Loan was 8.1%.

In addition, the 2021 Term Loan requires mandatory prepayments equal to the product of the excess cash flows of the Company (as defined in the 2021 Term Loan agreement) and the applicable prepayment percentages (calculated as of the last day of the fiscal year), as set forth in the following table:


Consolidated First Lien Net Leverage Ratio (As Defined by the 2021 Term Loan Agreement)		Applicable Prepayment Percentage
> 3.70:1.00		50%
< 3.70:1.00 and > 3.20:1.00		25%
< 3.20:1.00		0%

Senior Notes

In March 2021, VM Consolidated issued an aggregate principal amount of $350.0 million in Senior Unsecured Notes (the “Senior Notes”), due on April 15, 2029. In connection with the issuance of the Senior Notes, the Company incurred $5.7

million in lender and third-party costs, which were capitalized as deferred financing costs and are being amortized over the remaining life of the Senior Notes.

Interest on the Senior Notes is fixed at 5.50% per annum and is payable on April 15 and October 15 of each year. The Company may redeem all or a portion of the Senior Notes at the redemption prices set forth below in percentages by year, plus accrued and unpaid interest:


Year		Percentage
2024		102.750%
2025		101.375%
2026 and thereafter		100.000%

The Revolver

The Company has a Revolving Credit Agreement (the “Revolver”) with a commitment of up to $75.0 million available for loans and letters of credit. The Revolver matures on December 18, 2026. Borrowing eligibility under the Revolver is subject to a monthly borrowing base calculation based on (i) certain percentages of eligible accounts receivable and inventory, less (ii) certain reserve items, including outstanding letters of credit and other reserves. The Revolver bears interest on either (1) Term SOFR plus an applicable margin, or (2) an alternate base rate, plus an applicable margin. The margin percentage applied to (1) Term SOFR is either 1.25%, 1.50%, or 1.75%, or (2) the base rate is either 0.25%, 0.50%, or 0.75%, depending on the Company’s average availability to borrow under the commitment. There is a credit spread adjustment of 0.10% for a one-month duration, 0.15% for a three-month duration, and 0.25% for a six-month duration, in addition to Term SOFR and the applicable margin percentages. There are no outstanding borrowings on the Revolver as of March 31, 2024 or December 31, 2023. The availability to borrow was $74.6 million, net of $0.4 million of outstanding letters of credit at March 31, 2024.

Interest on the unused portion of the Revolver is payable quarterly at 0.375% and the Company is also required to pay participation and fronting fees at 1.38% on $0.4 million of outstanding letters of credit as of March 31, 2024.

All borrowings and other extensions of credits under the 2021 Term Loan, Senior Notes and the Revolver are subject to the satisfaction of customary conditions and restrictive covenants including absence of defaults and accuracy in material respects of representations and warranties. Substantially all of the Company’s assets are pledged as collateral to secure the Company’s indebtedness under the 2021 Term Loan. At March 31, 2024, the Company was compliant with all debt covenants.

Interest Expense, Net

The Company recorded interest expense, including amortization of deferred financing costs and discounts, of $19.6 million and $22.7 million for the three months ended March 31, 2024 and 2023, respectively.

The weighted average effective interest rates on the Company’s outstanding borrowings were 7.2% and 7.7% at March 31, 2024 and December 31, 2023, respectively.

See Note 2, Significant Accounting Policies, for additional information on the interest rate swap entered into in December 2022 to hedge the Company's exposure against rising interest rates.

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Bank guarantees required to support bids and contracts	$ 1,800
Non-cancelable purchase commitments outstanding	25,300
Purchase commitments expected to incurred	600
Accrued legal settlement	$ 0	$ 31,500

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

The following details the components of stock-based compensation for the respective periods:


	Three Months Ended March 31,
($ in thousands)	2024		2023
Operating expenses	$	1,066	$	332
Selling, general and administrative expenses		4,492		3,046
Total stock-based compensation expense	$	5,558	$	3,378

Stockholders' Equity (Additional Information) (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Jan. 12, 2024	Sep. 05, 2023	Mar. 31, 2023	Dec. 31, 2023	Oct. 30, 2023	Nov. 30, 2022
Reducing additional paid-in capital account	$ 1.8
Increasing accumulated deficit account	$ 1.8
Class A common stock
Warrants exercised in exchange for shares of common stock			632,745
Number Of Warrants Exercised			1,900,000
Warrants Outstanding			18,092,120
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised			632,745
Repurchase shares				449,432,000
Additional Delivery Common Shares	534,499
Payments for Repurchase of Common Stock				$ 8.1
Class A common stock \| Board of Directors
Initial delivery common shares		4,131,551
Repurchase shares, amount					$ 100.0	$ 100.0
Payments for Repurchase of Common Stock		$ 91.9

Segment Reporting - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	3
Number of operating segments \| Segment	3
Revenues \| $	$ 26,367	$ 24,346
Non-US
Segment Reporting Information [Line Items]
Revenues \| $	$ 7,000	$ 7,200

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of the Company's Long-term Debt

The following table provides a summary of the Company’s long-term debt at:


($ in thousands)	March 31, 2024			December 31, 2023
2021 Term Loan, due 2028	$	702,332		$	704,587
Senior Notes, due 2029		350,000			350,000
Less: original issue discounts		(3,173	)		(3,646	)
Less: unamortized deferred financing costs		(11,459	)		(12,809	)
Total long-term debt		1,037,700			1,038,132
Less: current portion of long-term debt		—			(9,019	)
Total long-term debt, net of current portion	$	1,037,700		$	1,029,113

Schedule of Consolidated First Lien Net Leverage Ratio and Applicable Prepayment Percentage


Consolidated First Lien Net Leverage Ratio (As Defined by the 2021 Term Loan Agreement)		Applicable Prepayment Percentage
> 3.70:1.00		50%
< 3.70:1.00 and > 3.20:1.00		25%
< 3.20:1.00		0%

Summary of Senior Notes Redemption Prices Set Forth in Percentages by Year

The Company may redeem all or a portion of the Senior Notes at the redemption prices set forth below in percentages by year, plus accrued and unpaid interest:


Year		Percentage
2024		102.750%
2025		101.375%
2026 and thereafter		100.000%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Segment Reporting - Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 209,730	$ 191,903
Operating expenses	69,574	61,511
Selling, general and administrative expenses	42,151	36,640
Loss on disposal of assets, net	89	24
Segment profit	54,353	50,101
Depreciation and amortization	26,886	30,309
Transaction and other related expenses	1,528	268
Transformation expenses		59
Change in fair value of private placement warrants	0	14,601
(Gain) loss on interest rate swap	(396)	2,798
Loss on extinguishment of debt	595	1,349
Stock-based compensation	5,558	3,378
Interest expense, net	19,635	22,687
Income before income taxes	$ 38,972	$ 12,422
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	(Gain) loss on interest rate swap	(Gain) loss on interest rate swap
Service Revenue
Segment Reporting Information [Line Items]
Total revenue	$ 202,721	$ 184,698
Cost of revenue	4,305	4,230
Product Sales
Segment Reporting Information [Line Items]
Total revenue	7,009	7,205
Cost of revenue	5,286	5,383
Operating Segments
Segment Reporting Information [Line Items]
Other income, net	(4,453)	(3,756)
Segment profit	92,778	87,871
Operating Segments \| Commercial Services
Segment Reporting Information [Line Items]
Total revenue	95,889	85,639
Operating expenses	21,479	19,865
Selling, general and administrative expenses	17,497	15,452
Other income, net	(4,370)	(3,717)
Segment profit	60,812	53,556
Income before income taxes	60,812	53,556
Operating Segments \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue	94,187	85,923
Operating expenses	43,602	37,604
Selling, general and administrative expenses	18,228	14,640
Loss on disposal of assets, net	87	24
Other income, net	(50)	(35)
Segment profit	29,182	31,465
Income before income taxes	29,182	31,465
Operating Segments \| Parking Solutions
Segment Reporting Information [Line Items]
Total revenue	19,654	20,341
Operating expenses	4,493	4,042
Selling, general and administrative expenses	6,426	6,548
Loss on disposal of assets, net	2	0
Other income, net	(33)	(4)
Segment profit	2,784	2,850
Income before income taxes	2,784	2,850
Operating Segments \| Service Revenue \| Commercial Services
Segment Reporting Information [Line Items]
Total revenue	95,889	85,639
Cost of revenue	471	483
Operating Segments \| Service Revenue \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue	90,275	83,233
Cost of revenue	559	511
Operating Segments \| Service Revenue \| Parking Solutions
Segment Reporting Information [Line Items]
Total revenue	16,557	15,826
Cost of revenue	3,275	3,236
Operating Segments \| Product Sales \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue	3,912	2,690
Cost of revenue	2,579	1,714
Operating Segments \| Product Sales \| Parking Solutions
Segment Reporting Information [Line Items]
Total revenue	3,097	4,515
Cost of revenue	2,707	3,669
Corporate and Other
Segment Reporting Information [Line Items]
Segment profit	0	0
Depreciation and amortization	26,886	30,309
Transaction and other related expenses	1,528	268
Transformation expenses		59
Change in fair value of private placement warrants		14,601
(Gain) loss on interest rate swap	(396)	2,798
Loss on extinguishment of debt	595	1,349
Stock-based compensation	5,558	3,378
Interest expense, net	19,635	22,687
Income before income taxes	$ (53,806)	$ (75,449)

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Customer	Mar. 31, 2023 USD ($) Customer	Dec. 31, 2023 USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 310,500
Revenue remaining performance obligation in the next twelve months	179,700
Monthly cash settlements	300
(Gain) loss on interest rate swap	396	$ (2,798)
Fair value re-measured	100
Interest Rate Swap [Member]
Summary Of Significant Accounting Principles And Policies [Line Items]
Notional amount	675,000
Monthly cash settlements		(1,200)
(Gain) loss on interest rate swap	400	(2,800)
Fair value re-measured		1,600
Parking Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Deferred Revenue	17,600		$ 19,700
Contract with Customer, Liability, Revenue Recognized	8,600	8,700
Government Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Deferred Revenue	11,700		$ 13,100
Contract with Customer, Liability, Revenue Recognized	$ 3,000	$ 1,500
Customer Concentration Risk \| Sales Revenue \| Parking Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of customers exceeds 10% \| Customer	0	0
Customer Concentration Risk \| Sales Revenue \| City of New York Department of Transportation \| Government Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage	16.60%	17.80%
Customer Concentration Risk \| Sales Revenue \| Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage	10.00%
Customer Concentration Risk \| Sales Revenue \| Minimum \| Government Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage	10.00%
Customer Concentration Risk \| Accounts Receivable \| Parking Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of customers exceeds 10% \| Customer	0	0
Customer Concentration Risk \| Accounts Receivable \| City of New York Department of Transportation
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage	14.00%		18.00%
Customer Concentration Risk \| Accounts Receivable \| Commercial Services
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of customers exceeds 10% \| Customer	0	0

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Financial Information by Segment

The following tables set forth financial information by segment for the respective periods:


	For the Three Months Ended March 31, 2024
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	95,889		$	90,275		$	16,557		$	—		$	202,721
Product sales		—			3,912			3,097			—			7,009
Total revenue		95,889			94,187			19,654			—			209,730
Cost of service revenue, excluding depreciation and amortization		471			559			3,275			—			4,305
Cost of product sales		—			2,579			2,707			—			5,286
Operating expenses		21,479			43,602			4,493			—			69,574
Selling, general and administrative expenses		17,497			18,228			6,426			—			42,151
Loss on disposal of assets, net		—			87			2			—			89
Other income, net		(4,370	)		(50	)		(33	)		—			(4,453	)
Segment profit	$	60,812		$	29,182		$	2,784		$	—		$	92,778
Segment profit	$	60,812		$	29,182		$	2,784		$	—		$	92,778
Depreciation and amortization		—			—			—			26,886			26,886
Transaction and other related expenses		—			—			—			1,528			1,528
Gain on interest rate swap		—			—			—			(396	)		(396	)
Loss on extinguishment of debt		—			—			—			595			595
Stock-based compensation		—			—			—			5,558			5,558
Interest expense, net		—			—			—			19,635			19,635
Income before income taxes	$	60,812		$	29,182		$	2,784		$	(53,806	)	$	38,972


	For the Three Months Ended March 31, 2023
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	85,639		$	83,233		$	15,826		$	—		$	184,698
Product sales		—			2,690			4,515			—			7,205
Total revenue		85,639			85,923			20,341			—			191,903
Cost of service revenue, excluding depreciation and amortization		483			511			3,236			—			4,230
Cost of product sales		—			1,714			3,669			—			5,383
Operating expenses		19,865			37,604			4,042			—			61,511
Selling, general and administrative expenses		15,452			14,640			6,548			—			36,640
Loss on disposal of assets, net		—			24			—			—			24
Other income, net		(3,717	)		(35	)		(4	)		—			(3,756	)
Segment profit	$	53,556		$	31,465		$	2,850		$	—		$	87,871
Segment profit	$	53,556		$	31,465		$	2,850		$	—		$	87,871
Depreciation and amortization		—			—			—			30,309			30,309
Transaction and other related expenses		—			—			—			268			268
Transformation expenses		—			—			—			59			59
Change in fair value of private placement warrants		—			—			—			14,601			14,601
Loss on interest rate swap		—			—			—			2,798			2,798
Loss on extinguishment of debt		—			—			—			1,349			1,349
Stock-based compensation		—			—			—			3,378			3,378
Interest expense, net		—			—			—			22,687			22,687
Income before income taxes	$	53,556		$	31,465		$	2,850		$	(75,449	)	$	12,422

Assets by Reportable Segment

The table below details the following assets by reportable segment as of the respective period-ends:


($ in thousands)	March 31, 2024		December 31, 2023
Property and equipment, net
Commercials Services	$	9,722	$	9,547
Government Solutions		101,938		98,611
Parking Solutions		13,548		13,281
Corporate and other		1,767		1,809
Total property and equipment, net	$	126,975	$	123,248
Total assets
Commercials Services	$	714,191	$	721,192
Government Solutions		486,754		523,687
Parking Solutions		397,897		404,267
Corporate and other		171,016		140,837
Total assets	$	1,769,858	$	1,789,983

Revenue from international customers

The following table details the revenues from international operations for the respective periods:


	Three Months Ended March 31,
($ in thousands)	2024		2023
Australia	$	12,477	$	9,701
Canada		8,064		7,221
United Kingdom		5,159		6,736
All other		667		688
Total international revenues	$	26,367	$	24,346

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Line Items]
Amortization expense	$ 16.7	$ 22.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

Stockholders Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Warrants

As of March 31, 2023, there were 18,092,120 warrants outstanding to acquire shares of the Company’s Class A Common Stock, including warrants originally issued to Gores Sponsor II, LLC in a private placement in connection with the IPO (the “Private Placement Warrants”) and the remaining warrants issued in connection with the IPO (the “Public Warrants” and,

together with the Private Placement Warrants, the “Warrants”). As of December 31, 2023, all Warrants were either exercised by the holder or redeemed by the Company.

During the three months ended March 31, 2023, the Company processed the exercise of approximately 1.9 million Public Warrants on a cashless basis in exchange for 632,745 shares of Class A Common Stock.

Share Repurchases and Retirement

In November 2022, the Company's Board of Directors authorized a share repurchase program for up to an aggregate amount of $100.0 million of the Company's outstanding shares of Class A Common Stock over an 18-month period in open market, accelerated share repurchase ("ASR") or privately negotiated transactions, each as permitted under applicable rules and regulations, any of which may use pre-arranged trading plans that are designed to meet the requirements of Rule 10b5-1 of the Exchange Act.

The Company paid $8.1 million to repurchase 449,432 shares of its Class A Common Stock through open market transactions during fiscal year 2023, which it subsequently retired. On September 5, 2023, the Company used the remaining availability under the share repurchase program for an ASR and paid approximately $91.9 million to receive an initial delivery of 4,131,551 shares of its Class A Common Stock in accordance with an ASR agreement with a third-party financial institution. The final settlement occurred on January 12, 2024, at which time, the Company received 534,499 additional shares calculated using a volume-weighted average price over the term of the ASR agreement. In connection with the settlement, the Company reduced the par value from common stock and $1.8 million from additional paid-in capital calculated using an average share price, with an offset of $1.8 million to accumulated deficit on the condensed consolidated statements of stockholders' equity.

On October 30, 2023, the Company’s Board of Directors authorized a new share repurchase program for up to an aggregate amount of $100.0 million of its outstanding shares of Class A Common Stock over an 18-month period in open market, ASR or privately negotiated transactions. The level at which the Company repurchases depends on a number of factors, including its financial condition, capital requirements, cash flows, results of operations, future business prospects and other factors its management may deem relevant. The timing, volume and nature of repurchases are subject to market conditions, applicable securities laws and other factors and may be amended, suspended or discontinued at any time. The Company has not yet repurchased shares under this repurchase program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 209,730	$ 191,903
Operating expenses	70,640	61,843
Selling, general and administrative expenses	48,171	40,013
Depreciation, amortization and (gain) loss on disposal of assets, net	26,975	30,333
Total costs and expenses	155,377	141,802
Income from operations	54,353	50,101
Interest expense, net	19,635	22,687
Change in fair value of private placement warrants	0	14,601
(Gain) loss on interest rate swap	(396)	2,798
Loss on extinguishment of debt	595	1,349
Other income, net	(4,453)	(3,756)
Total other expenses	15,381	37,679
Income before income taxes	38,972	12,422
Income tax provision	9,823	7,845
Net income	29,149	4,577
Other comprehensive loss:
Change in foreign currency translation adjustment	(3,260)	(90)
Total comprehensive income (loss)	$ 25,889	$ 4,487
Net income per share:
Basic	$ 0.18	$ 0.03
Diluted	$ 0.17	$ 0.03
Weighted average shares outstanding:
Basic	166,241	149,165
Diluted	168,726	153,129
Service Revenue
Total revenue	$ 202,721	$ 184,698
Cost of revenue	4,305	4,230
Product Sales
Total revenue	7,009	7,205
Cost of revenue	$ 5,286	$ 5,383

Goodwill and Intangible Assets - Estimated Amortization Expense in Future Years (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 50,237
2025	64,285
2026	57,316
2027	28,403
2028	22,474
Thereafter	60,697
Total	$ 283,412

Net Income Per Share - Schedule of Components of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss)	$ 29,149	$ 4,577
Weighted average shares outstanding:
Weighted average shares - basic	166,241	149,165
Common stock equivalents	2,485	3,964
Weighted average shares - diluted	168,726	153,129
Net income per share - basic	$ 0.18	$ 0.03
Net income per share - diluted	$ 0.17	$ 0.03
Total antidilutive shares excluded	322	13,287
Contingently Issuable Shares
Weighted average shares outstanding:
Total antidilutive shares excluded	0	5,000
Private Placement Warrants
Weighted average shares outstanding:
Total antidilutive shares excluded	0	6,667
Non-qualified Stock Options
Weighted average shares outstanding:
Total antidilutive shares excluded	24	1,141
Performance Share Units
Weighted average shares outstanding:
Total antidilutive shares excluded	297	110
Restricted Stock Units
Weighted average shares outstanding:
Total antidilutive shares excluded	1	369

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

7. Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement, includes a single definition of fair value to be used for financial reporting purposes, provides a framework for applying this definition and for measuring fair value under GAAP, and establishes a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are summarized as follows:

Level 1 – Fair value is based on observable inputs such as quoted prices for identical assets or liabilities in active markets.

Level 2 – Fair value is determined using quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs other than quoted prices that are directly or indirectly observable.

Level 3 – Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique.

The carrying amounts reported in the Company’s condensed consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to the immediate to short-term maturity of these financial instruments. The estimated fair value of the Company’s long-term debt was calculated based upon available market information. The carrying value and the estimated fair value of long-term debt are as follows:


	Level in	March 31, 2024				December 31, 2023
	Fair Value	Carrying		Estimated		Carrying		Estimated
($ in thousands)	Hierarchy	Amount		Fair Value		Amount		Fair Value
2021 Term Loan	2	$	691,220	$	707,600	$	691,821	$	709,872
Senior Notes	2		346,480		337,750		346,311		335,125

The Company had issued Private Placement Warrants (as defined below) in connection with the initial public offering (“IPO”) to acquire shares of the Company's Class A Common Stock which had a five-year term and expired in October 2023. During fiscal year 2023, all Private Placement Warrants were exercised by the warrant holders. The following summarizes the change in fair value of Private Placement Warrant liabilities included in net income which consists of adjustments related to the Private Placement Warrants liabilities re-measured to fair value at the end of the reporting period:


($ in thousands)	Three Months Ended March 31, 2023
Beginning balance	$	24,066
Change in fair value of private placement warrants		14,601
Ending balance	$	38,667

The Company has an equity investment measured at cost with a carrying value of $1.9 million and $2.1 million as of March 31, 2024 and December 31, 2023, respectively, and is only adjusted to fair value if there are identified events that would indicate a need for an upward or downward adjustment or changes in circumstances that may indicate impairment. The estimation of fair value requires the use of significant unobservable inputs, such as voting rights and obligations in the securities held, and is therefore classified within level 3 of the fair value hierarchy. There were no identified events that required a fair value adjustment during the three months ended March 31, 2024.

The recurring fair value measurement of the interest rate swap was valued based on observable inputs for similar assets and liabilities including swaption values and other observable inputs for interest rates and yield curves and is classified within level 2 of the fair value hierarchy.

The following presents the changes in the fair value of the interest rate swap in the gross balances within the below line items for the respective periods:


($ in thousands)	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Prepaid expenses and other current assets
Beginning balance	$	689		$	—
Change in fair value of interest rate swap		152			—
Ending balance	$	841		$	—

Other non-current assets
Beginning balance	$	627		$	1,973
Change in fair value of interest rate swap		(50	)		(1,116	)
Ending balance	$	577		$	857

Accrued liabilities
Beginning balance	$	—		$	977
Change in fair value of interest rate swap		—			436
Ending balance	$	—		$	1,413

The Company separately classifies the current and non-current components based on the value of settlements due within 12 months (current) and greater than 12 months (non-current). For additional information on the interest rate swap, refer to Note 2, Significant Accounting Policies.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid services	$ 11,114	$ 10,496
Prepaid tolls	7,512	9,174
Prepaid computer maintenance	7,334	6,775
Costs to fulfill a customer contract	5,501	5,852
Prepaid income taxes	4,851	9,830
Prepaid insurance	2,738	1,755
Deposits	2,405	2,322
Other	1,317	757
Total prepaid expenses and other current assets	$ 42,772	$ 46,961

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 29,149	$ 4,577

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Long-term Debt - Summary of Senior Notes Redemption Prices Set Forth in Percentages by Year (Details) - Senior Notes, due 2029	3 Months Ended
	Mar. 31, 2024
2024
Debt Instrument Redemption [Line Items]
Redemption percentage	102.75%
2025
Debt Instrument Redemption [Line Items]
Redemption percentage	101.375%
2026 and thereafter
Debt Instrument Redemption [Line Items]
Redemption percentage	100.00%

Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

14. Segment Reporting

The Company has three operating and reportable segments: Commercial Services, Government Solutions and Parking Solutions. Commercial Services offers toll and violation management solutions and title and registration services to RACs, Direct Fleets, FMCs and violation-issuing authorities. Government Solutions implements and administers traffic safety programs and products for municipalities and government agencies of all sizes. Parking Solutions provides an integrated suite of parking software and hardware solutions to its customers. The Company’s CODM function is comprised of the Company’s CEO and certain defined representatives of the Company’s executive management team. The Company’s CODM monitors operating performance, allocates resources and deploys capital based on these three segments.

Segment performance is based on revenues and income from operations before depreciation, amortization and stock-based compensation. The measure also excludes interest expense, net, income taxes and certain other transactions and is inclusive of other income, net. The tables below refer to this measure as segment profit. The aforementioned items are not indicative of operating performance, and, as a result are not included in the measures that are reviewed by the CODM for the segments. Other income, net included in segment profit below consists primarily of credit card rebates earned on the prepayment of tolling transactions and gains or losses on foreign currency transactions, and excludes certain non-operating expenses inapplicable to segments.

The following tables set forth financial information by segment for the respective periods:


	For the Three Months Ended March 31, 2024
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	95,889		$	90,275		$	16,557		$	—		$	202,721
Product sales		—			3,912			3,097			—			7,009
Total revenue		95,889			94,187			19,654			—			209,730
Cost of service revenue, excluding depreciation and amortization		471			559			3,275			—			4,305
Cost of product sales		—			2,579			2,707			—			5,286
Operating expenses		21,479			43,602			4,493			—			69,574
Selling, general and administrative expenses		17,497			18,228			6,426			—			42,151
Loss on disposal of assets, net		—			87			2			—			89
Other income, net		(4,370	)		(50	)		(33	)		—			(4,453	)
Segment profit	$	60,812		$	29,182		$	2,784		$	—		$	92,778
Segment profit	$	60,812		$	29,182		$	2,784		$	—		$	92,778
Depreciation and amortization		—			—			—			26,886			26,886
Transaction and other related expenses		—			—			—			1,528			1,528
Gain on interest rate swap		—			—			—			(396	)		(396	)
Loss on extinguishment of debt		—			—			—			595			595
Stock-based compensation		—			—			—			5,558			5,558
Interest expense, net		—			—			—			19,635			19,635
Income before income taxes	$	60,812		$	29,182		$	2,784		$	(53,806	)	$	38,972


	For the Three Months Ended March 31, 2023
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	85,639		$	83,233		$	15,826		$	—		$	184,698
Product sales		—			2,690			4,515			—			7,205
Total revenue		85,639			85,923			20,341			—			191,903
Cost of service revenue, excluding depreciation and amortization		483			511			3,236			—			4,230
Cost of product sales		—			1,714			3,669			—			5,383
Operating expenses		19,865			37,604			4,042			—			61,511
Selling, general and administrative expenses		15,452			14,640			6,548			—			36,640
Loss on disposal of assets, net		—			24			—			—			24
Other income, net		(3,717	)		(35	)		(4	)		—			(3,756	)
Segment profit	$	53,556		$	31,465		$	2,850		$	—		$	87,871
Segment profit	$	53,556		$	31,465		$	2,850		$	—		$	87,871
Depreciation and amortization		—			—			—			30,309			30,309
Transaction and other related expenses		—			—			—			268			268
Transformation expenses		—			—			—			59			59
Change in fair value of private placement warrants		—			—			—			14,601			14,601
Loss on interest rate swap		—			—			—			2,798			2,798
Loss on extinguishment of debt		—			—			—			1,349			1,349
Stock-based compensation		—			—			—			3,378			3,378
Interest expense, net		—			—			—			22,687			22,687
Income before income taxes	$	53,556		$	31,465		$	2,850		$	(75,449	)	$	12,422

The table below details the following assets by reportable segment as of the respective period-ends:


($ in thousands)	March 31, 2024		December 31, 2023
Property and equipment, net
Commercials Services	$	9,722	$	9,547
Government Solutions		101,938		98,611
Parking Solutions		13,548		13,281
Corporate and other		1,767		1,809
Total property and equipment, net	$	126,975	$	123,248
Total assets
Commercials Services	$	714,191	$	721,192
Government Solutions		486,754		523,687
Parking Solutions		397,897		404,267
Corporate and other		171,016		140,837
Total assets	$	1,769,858	$	1,789,983

In addition, refer to Note 4, Goodwill and Intangible Assets for goodwill balances by segment.

The Company primarily operates within the United States, Australia, Canada, United Kingdom and in various other countries in Europe and Asia. Revenues earned from goods transferred to customers at a point in time were approximately $7.0 million and $7.2 million for the three months ended March 31, 2024 and 2023, respectively.

The following table details the revenues from international operations for the respective periods:


	Three Months Ended March 31,
($ in thousands)	2024		2023
Australia	$	12,477	$	9,701
Canada		8,064		7,221
United Kingdom		5,159		6,736
All other		667		688
Total international revenues	$	26,367	$	24,346

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted Net Income Per Share

The components of basic and diluted net income per share are as follows:


	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023
Numerator:
Net income	$	29,149	$	4,577
Denominator:
Weighted average shares - basic		166,241		149,165
Common stock equivalents		2,485		3,964
Weighted average shares - diluted		168,726		153,129
Net income per share - basic	$	0.18	$	0.03
Net income per share - diluted	$	0.17	$	0.03
Antidilutive shares excluded from diluted net income per share:
Contingently issuable shares		—		5,000
Private placement warrants		—		6,667
Non-qualified stock options		24		1,141
Performance share units		297		110
Restricted stock units		1		369
Total antidilutive shares excluded		322		13,287

Other Significant Transactions

3 Months Ended

Mar. 31, 2024

Other Significant Transactions

12. Tax Receivable Agreement

In October 2018, the Company entered into a Tax Receivable Agreement (“TRA”) with PE Greenlight Holdings, LLC. On August 3, 2022, PE Greenlight Holdings, LLC sold and transferred to Lakeside Smart Holdco L.P (“Lakeside”), all of its rights, remaining interests and obligations as of that date under the TRA. The TRA provides for the payment to Lakeside of 50.0% of the net cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes (or is deemed to realize in certain circumstances) under the TRA. The Company generally retains the benefit of the remaining 50.0% of these cash savings. The Company estimated the potential maximum benefit to be paid will be approximately $70.0 million, and recorded an initial liability and corresponding charge to equity at the inception of the TRA.

At March 31, 2024, the TRA liability was approximately $53.5 million of which $5.1 million was the current portion and $48.4 million was the non-current portion, both of which are included in the respective tax receivable agreement liability line items on the condensed consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Description of Business

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Verra Mobility Corporation (collectively with its subsidiaries, the “Company” or “Verra Mobility”) offers integrated technology solutions and services to its customers who are located throughout the world, primarily within the United States, Australia, Canada and Europe. The Company is organized into three operating segments: Commercial Services, Government Solutions and Parking Solutions (see Note 14, Segment Reporting).

The Commercial Services segment offers automated toll and violations management and title and registration solutions to rental car companies (“RACs”), direct commercial fleet owner-operators (“Direct Fleets”) and fleet management companies (“FMCs”) and other large fleet owners in North America. Through its established relationships with individual tolling authorities throughout the United States, the segment provides an automated and outsourced administrative solution for its customers while also providing a value-added convenience for vehicle drivers and benefits to tolling and issuing authorities. The toll and violations management solutions help ensure timely payment of tolls and violations incurred by the customers’ vehicles and perform timely transfers of liability on the customers’ behalf, and driver billing and collections, as applicable. It also manages regional toll transponder installation and vehicle association—a critical and highly complex process for RAC, Direct Fleet and FMC customers—to ensure that the transponders (and corresponding toll transactions) are associated with the correct vehicle. In Europe, the Commercial Services segment provides violations processing through Euro Parking Collection plc and consumer tolling services through Pagatelia S.L.U.

The Government Solutions segment offers photo enforcement solutions and services to its customers. The Government Solutions segment provides complete, end-to-end speed, red-light, school bus stop arm and bus lane enforcement solutions within the United States and Canada. These programs are designed to reduce traffic violations and resulting collisions, injuries and fatalities. The Company implements and administers traffic safety programs for municipalities, counties, school districts and law enforcement agencies of all sizes. The international operations for this segment primarily involve the sale of traffic enforcement products and related maintenance services.

The Parking Solutions segment offers an integrated suite of parking software, transaction processing and hardware solutions to its customers, which include universities, municipalities, healthcare facilities and commercial parking operators. This segment develops specialized hardware and parking management software that provides a platform for the issuance of parking permits, enforcement, gateless vehicle counting, event parking and citation services. It also produces and markets its proprietary software as a service to its customers throughout the United States and Canada.

Net Income Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

8. Net Income Per Share

Basic net income per share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method.

The components of basic and diluted net income per share are as follows:


	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023
Numerator:
Net income	$	29,149	$	4,577
Denominator:
Weighted average shares - basic		166,241		149,165
Common stock equivalents		2,485		3,964
Weighted average shares - diluted		168,726		153,129
Net income per share - basic	$	0.18	$	0.03
Net income per share - diluted	$	0.17	$	0.03
Antidilutive shares excluded from diluted net income per share:
Contingently issuable shares		—		5,000
Private placement warrants		—		6,667
Non-qualified stock options		24		1,141
Performance share units		297		110
Restricted stock units		1		369
Total antidilutive shares excluded		322		13,287

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the unaudited condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.

Use of Estimates

The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. There have been no material changes in the Company's significant accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023.

Management believes that its estimates and assumptions are reasonable in the circumstances; however, actual results could differ materially from those estimates.

Concentration of Credit Risk

Significant customers are those which represent more than 10% of the Company’s total revenue or accounts receivable, net. Revenue from the single Government Solutions customer exceeding 10% of total revenue is presented below:


	Three Months Ended March 31,
	2024			2023
City of New York Department of Transportation		16.6	%		17.8	%

The City of New York Department of Transportation (“NYCDOT”) represented 14% and 18% of total accounts receivable, net as of March 31, 2024 and December 31, 2023, respectively. There is no material reserve related to NYCDOT open receivables as amounts are deemed collectible based on current conditions and expectations. No other Government Solutions customer exceeded 10% of total accounts receivable, net as of any period presented.

Significant customer revenues generated through the Company’s Commercial Services partners as a percent of total revenue are presented below:


	Three Months Ended March 31,
	2024			2023
Hertz Corporation		11.8	%		11.2	%
Avis Budget Group, Inc.		13.1	%		12.7	%
Enterprise Mobility		11.5	%		10.1	%

No Commercial Services customer exceeded 10% of total accounts receivable, net as of any period presented.

There were no significant customer concentrations that exceeded 10% of total revenue or accounts receivable, net for the Parking Solutions segment as of or for any period presented.

Remaining Performance Obligations

Deferred revenue represents amounts that have been invoiced in advance and are expected to be recognized as revenue in future periods, and it primarily relates to Government Solutions and Parking Solutions customers. The Company had approximately $11.7 million and $13.1 million of deferred revenue in the Government Solutions segment as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company recognized $3.0 million and $1.5 million, respectively, of revenue excluding exchange rate impact related to amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively. The Company had approximately $17.6 million and $19.7 million of deferred revenue in the Parking Solutions segment as of March 31, 2024 and December 31, 2023, respectively. The Company recognized $8.6 million and $8.7 million of revenue during the three months ended March 31, 2024 and 2023, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022.

Transaction price allocated to the remaining performance obligations includes deferred revenue above and unbilled amounts that are expected to be recognized as revenue in future periods. As of March 31, 2024, total transaction price allocated to performance obligations in the Government Solutions segment that were unsatisfied or partially unsatisfied was $310.5 million, of which $179.7 million is expected to be recognized as revenue in the next twelve months and the rest over the remaining performance obligation period. The Company elected the practical expedients to omit disclosure for the amount of the transaction price allocated to remaining performance obligations with original expected contract length of one year or less and the amount that relates to variable consideration allocated to a wholly unsatisfied performance obligation to transfer a distinct good or service within a series of distinct goods or services that form a single performance obligation.

Interest Rate Swap

In December 2022, the Company entered into a cancellable interest rate swap agreement to hedge its exposure to interest rate fluctuations associated with the LIBOR (now transitioned to Term Secured Overnight Financing Rate, “SOFR”) portion of the variable interest rate on its 2021 Term Loan. Under the interest rate swap agreement, the Company pays a fixed rate of 5.17% and the counterparty pays a variable interest rate. The Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement with the counterparty which provides for the net settlement of all, or a specified group, of derivative transactions through a single payment. The notional amount on the interest rate swap is $675.0 million. The Company has the option to effectively terminate the interest rate swap agreement starting in December 2023, and monthly thereafter until December 2025. The Company is treating the interest rate swap as an economic hedge for accounting purposes and any changes in the fair value of the derivative instrument (including accrued interest) and related cash payments are recorded in the condensed consolidated statements of operations within the (gain) loss on interest rate swap line item.

The Company recorded a $0.4 million gain during the three months ended March 31, 2024, of which $0.1 million is associated with the derivative instrument re-measured to fair value at the end of the reporting period, and $0.3 million of monthly cash proceeds received. The Company recorded a $2.8 million loss during the three months ended March 31, 2023, of which approximately $1.6 million is associated with the derivative instrument re-measured to fair value at the end of the reporting period and $1.2 million relates to the monthly cash payments made. The effect of remeasurement to fair value is recorded within the operating activities section and the monthly cash proceeds received or payments made are recorded within

the investing activities section in the condensed consolidated statements of cash flows. See Note 7, Fair Value of Financial Instruments, for further discussion on the fair value measurement of the interest rate swap, and Note 6, Long-term Debt, for additional information on the Company's mix of fixed and variable debt.

Recent Accounting Pronouncements [Open]

Recent Accounting Pronouncements

Accounting Standard Adopted

On June 30, 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted this standard as of January 1, 2024. The adoption of this standard did not have an impact on the Company's financial statements or disclosures.

Accounting Standards Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU intends to enhance disclosure related to significant segment expenses regularly provided to the Chief Operating Decision Maker (“CODM”), amounts presented as “other” within segment profit (loss), require that all annual disclosures are also reported for interim periods, further define the CODM and how they use segment profit (loss) to allocate resources, and require that entities with only a single reportable segment provide all required segment disclosures. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires companies to disclose specific categories in the rate reconciliation, provide additional disclosure for reconciling items that exceed proscribed thresholds, and enhance disclosure regarding income taxes paid and sources of income (loss) from continuing operations including the tax expense (or benefit) disaggregated by federal, state and foreign taxes. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stock-Based Compensation - Schedule of Components of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,558	$ 3,378
Operating Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,066	332
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,492	$ 3,046

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

The following table presents the changes in the carrying amount of goodwill by reportable segment:


	Commercial			Government			Parking
($ in thousands)	Services			Solutions			Solutions		Total
Balance at December 31, 2023	$	422,091		$	214,602		$	199,142	$	835,835
Foreign currency translation adjustment		(691	)		(553	)		—		(1,244	)
Balance at March 31, 2024	$	421,400		$	214,049		$	199,142	$	834,591

Intangible assets consist of the following as of the respective period-ends:


	March 31, 2024						December 31, 2023
	Weighted						Weighted
	Average	Gross					Average	Gross
	Remaining	Carrying			Accumulated		Remaining	Carrying			Accumulated
($ in thousands)	Useful Life	Amount			Amortization		Useful Life	Amount			Amortization
Trademarks (a)	5.9 years	$	4,740		$	1,598	0.3 years	$	36,190		$	32,882
Patent	4.6 years		500			42	4.8 years		500			17
Non-compete agreements (a)			—			—	0.0 years		62,540			62,540
Customer relationships	4.3 years		558,713			303,372	4.5 years		558,801			288,065
Developed technology (a)	4.6 years		39,677			15,206	0.8 years		201,657			175,159
Gross carrying value of intangible assets			603,630		$	320,218			859,688		$	558,663
Less: accumulated amortization			(320,218	)					(558,663	)
Intangible assets, net		$	283,412					$	301,025

(a)

Certain fully amortized intangible assets were removed as of March 31, 2024 as compared to the amounts reported in the December 31, 2023 Annual Report on Form 10-K, resulting in an increase in the weighted average remaining useful lives compared to the prior year which relates to the remaining intangible assets that are being amortized.

Amortization expense was $16.7 million and $22.0 million for the three months ended March 31, 2024 and 2023, respectively.

Estimated amortization expense in future years is expected to be:


($ in thousands)
Remainder of 2024	$	50,237
2025		64,285
2026		57,316
2027		28,403
2028		22,474
Thereafter		60,697
Total	$	283,412

Long-term Debt - Summary of the Company's Long-term Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
2021 Term Loan
Debt Instrument [Line Items]
Debt instrument, maturity year	2028	2028
Senior Notes, due 2029
Debt Instrument [Line Items]
Debt instrument, maturity year	2029	2029

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Significant Transactions - Additional Information (Details) $ in Thousands			3 Months Ended
	Jan. 27, 2020	Apr. 26, 2019	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2021 yr
Related Party Transaction [Line Items]
Total revenue			$ 209,730	$ 191,903
Term of volatility and risk free rates utilizing a peer group \| yr					5
Minimum \| Common Stock Price Greater than $13.00
Related Party Transaction [Line Items]
Common stock price threshold trading days		10 days
Minimum \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common stock price threshold trading days	10 days
Maximum \| Common Stock Price Greater than $13.00
Related Party Transaction [Line Items]
Common stock price threshold trading days		20 days
Maximum \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common stock price threshold trading days	20 days
Verra Mobility Business Combination
Related Party Transaction [Line Items]
Tax receivable agreement, portion of net cash savings paid out			50.00%
Tax receivable agreement, portion of net cash savings retained			50.00%
Estimated maximum benefit to be paid to tax receivable agreement			$ 70,000
Payable to related party pursuant to tax receivable agreement, current portion			5,100
Tax receivable agreement, amount payable			53,500
Tax receivable agreement, amount payable, non-current			$ 48,400

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Line Items]
Balance at December 31, 2023	$ 835,835
Foreign currency translation adjustment	(1,244)
Balance at March 31, 2024	834,591
Commercial Services
Goodwill [Line Items]
Balance at December 31, 2023	422,091
Foreign currency translation adjustment	(691)
Balance at March 31, 2024	421,400
Government Solutions
Goodwill [Line Items]
Balance at December 31, 2023	214,602
Foreign currency translation adjustment	(553)
Balance at March 31, 2024	214,049
Parking Solutions [Member]
Goodwill [Line Items]
Balance at December 31, 2023	199,142
Balance at March 31, 2024	$ 199,142

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-term Debt - Schedule of Consolidated First Lien Net Leverage Ratio and Applicable Prepayment Percentage (Details) - 2021 Term Loan, due 2028	3 Months Ended
	Mar. 31, 2024
> 3.70:1.00
Debt Instrument [Line Items]
Applicable prepayment percentage	50.00%
≤ 3.70:1.00 and > 3.20:1.00
Debt Instrument [Line Items]
Applicable prepayment percentage	25.00%
≤ 3.20:1.00
Debt Instrument [Line Items]
Applicable prepayment percentage	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Long-term Debt

The carrying value and the estimated fair value of long-term debt are as follows:


	Level in	March 31, 2024				December 31, 2023
	Fair Value	Carrying		Estimated		Carrying		Estimated
($ in thousands)	Hierarchy	Amount		Fair Value		Amount		Fair Value
2021 Term Loan	2	$	691,220	$	707,600	$	691,821	$	709,872
Senior Notes	2		346,480		337,750		346,311		335,125

Summary of Changes in the Private Placement Warrant Liabilities Included in Net Income

The following summarizes the change in fair value of Private Placement Warrant liabilities included in net income which consists of adjustments related to the Private Placement Warrants liabilities re-measured to fair value at the end of the reporting period:


($ in thousands)	Three Months Ended March 31, 2023
Beginning balance	$	24,066
Change in fair value of private placement warrants		14,601
Ending balance	$	38,667

Schedule of Interest Rate Derivatives [Table Text Block]

The following presents the changes in the fair value of the interest rate swap in the gross balances within the below line items for the respective periods:


($ in thousands)	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Prepaid expenses and other current assets
Beginning balance	$	689		$	—
Change in fair value of interest rate swap		152			—
Ending balance	$	841		$	—

Other non-current assets
Beginning balance	$	627		$	1,973
Change in fair value of interest rate swap		(50	)		(1,116	)
Ending balance	$	577		$	857

Accrued liabilities
Beginning balance	$	—		$	977
Change in fair value of interest rate swap		—			436
Ending balance	$	—		$	1,413

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Concentration of Credit Risk

Revenue from the single Government Solutions customer exceeding 10% of total revenue is presented below:


	Three Months Ended March 31,
	2024			2023
City of New York Department of Transportation		16.6	%		17.8	%

Significant customer revenues generated through the Company’s Commercial Services partners as a percent of total revenue are presented below:


	Three Months Ended March 31,
	2024			2023
Hertz Corporation		11.8	%		11.2	%
Avis Budget Group, Inc.		13.1	%		12.7	%
Enterprise Mobility		11.5	%		10.1	%

Summary of Activity in Allowance for Credit Loss

The following presents the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023, respectively:


($ in thousands)	Commercial Services (Driver-billed) (1)			Commercial Services (All other)			Government Solutions			Parking Solutions			Total
Balance at January 1, 2024	$	13,726		$	1,935		$	2,426		$	426		$	18,513
Credit loss expense (income)		5,077			145			106			(81	)		5,247
Write-offs, net of recoveries		(2,776	)		(398	)		(2	)		(9	)		(3,185	)
Balance at March 31, 2024	$	16,027		$	1,682		$	2,530		$	336		$	20,575

($ in thousands)	Commercial Services (Driver-billed) (1)			Commercial Services (All other)			Government Solutions			Parking Solutions			Total
Balance at January 1, 2023	$	9,600		$	1,577		$	4,573		$	157		$	15,907
Credit loss expense (income)		3,033			(467	)		(839	)		(30	)		1,697
Write-offs, net of recoveries		(972	)		5			—			(168	)		(1,135	)
Balance at March 31, 2023	$	11,661		$	1,115		$	3,734		$	(41	)	$	16,469

(1)

Driver-billed consists of receivables from drivers of rental cars 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.

Commitment and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

The Company had $1.8 million of bank guarantees at March 31, 2024 required to support bids and contracts with certain international customers.

The Company has non-cancelable purchase commitments to certain vendors. The aggregate non-cancelable purchase commitments outstanding at March 31, 2024 were $25.3 million. The majority of these outstanding commitments are expected to be incurred in the next twelve months, and approximately $0.6 million is expected to be incurred subsequent to March 31, 2025.

The Company is subject to tax audits in the normal course of business and does not have material contingencies recorded related to such audits.

The Company accrues for claims and contingencies when losses become probable and reasonably estimable. As of the end of each applicable reporting period, the Company reviews each of its matters and, where it is probable that a liability has been or will be incurred, the Company accrues for all probable and reasonably estimable losses. Where the Company can reasonably estimate a range of loss it may incur regarding such a matter, the Company records an accrual for the amount within the range that constitutes its best estimate. If the Company can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, the Company uses the amount that is the low end of such range.

Legal Proceedings

The Company is subject to legal and regulatory actions that arise from time to time in the ordinary course of business. The Company records a liability when it believes it is probable a loss will be incurred, and the amount of loss or range of loss can be reasonably estimated. The assessment as to whether a loss is probable, reasonably possible or remote, and as to whether a loss or a range of such loss is estimable, often involves significant judgment about future events. Other than the PlusPass matter discussed below, the Company has determined that resolution of the remaining pending matters is not probable to have a material adverse impact on its consolidated results of operations, cash flows, or financial position.

Brantley v. City of Gretna is a class action lawsuit filed in the 24th Judicial District Court of Jefferson Parish, Louisiana against the City of Gretna (the “City”) and its safety camera vendor, Redflex Traffic Systems, Inc. in April 2016. The Company acquired Redflex Traffic Systems, Inc. as part of its June 2021 purchase of Redflex Holdings Limited. The plaintiff class, which was certified on March 30, 2021, alleges that the City’s safety camera program was implemented and operated in violation of local ordinances and the state constitution, including that the City’s hearing process violated the plaintiffs’ due process rights for lack of a “neutral” arbiter of liability for traffic infractions. Plaintiffs seek recovery of traffic infraction fines paid. The City and Redflex Traffic Systems, Inc. appealed the trial court’s ruling granting class certification, which was denied and their petition for discretionary review of the certification ruling by the Louisiana Supreme Court was declined. Merits discovery in the trial court is underway. Trial is expected to occur in mid- to late 2025. Based on the information available to the Company at present, the Company is unable to estimate a reasonably possible range of loss for this action and, accordingly, it has not accrued any liability associated with this action.

PlusPass Inc. (“PlusPass”) v. Verra Mobility Corporation, et al. is a lawsuit filed in the United States District Court, Central District of California, against Verra Mobility, The Gores Group LLC, Platinum Equity LLC and ATS Processing Services, Inc., in November 2020. In February 2024, Verra Mobility and PlusPass entered into a confidential business arrangement pursuant to which Verra Mobility (i) acquired certain assets from PlusPass and (ii) fully and finally resolved all litigation and disputes between the parties. Verra Mobility accrued $31.5 million for this matter at December 31, 2023 which was presented within selling, general and administrative expenses on the consolidated statements of operations, and payment was made during the three months ended March 31, 2024.

Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consist of the following at:


($ in thousands)	March 31, 2024		December 31, 2023
Accrued salaries and wages	$	14,518	$	27,905
Accrued interest payable		9,366		4,594
Current deferred tax liabilities		7,593		7,574
Current portion of operating lease liabilities		6,665		7,133
Payroll liabilities		4,894		3,214
Restricted cash due to customers		3,148		2,835
Advanced deposits		2,964		2,308
Income taxes payable		1,869		1,780
Accrued legal settlement		—		31,500
Other		3,050		4,276
Total accrued liabilities	$	54,067	$	93,119

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued salaries and wages	$ 14,518	$ 27,905
Accrued interest payable	9,366	4,594
Current deferred tax liabilities	7,593	7,574
Current portion of operating lease liabilities	6,665	7,133
Payroll liabilities	4,894	3,214
Restricted cash due to customers	3,148	2,835
Advance deposits	2,964	2,308
Income taxes payable	1,869	1,780
Accrued legal settlement	0	31,500
Other	3,050	4,276
Total accrued liabilities	$ 54,067	$ 93,119

Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended March 31, 2024, Jonathan Baldwin, Executive Vice President, Government Solutions, adopted a trading arrangement for the sale of shares of our Class A Common Stock in amounts and prices determined in accordance with such plan, as more fully described in the following table:

      Name and Title

      Action

      Date

      Rule 10b5-1(1)

      Non Rule 10b5-1(2)

      Aggregate Number of Securities/Total Dollar Value to be Sold(3)

      Expiration

      Jonathan Baldwin
Executive Vice President, Government Solutions

      Adoption

      March 14, 2024

      X

      up to 35,579 shares

      December 5, 2025

(1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

(2) Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

(3) Represents gross number of vested shares before tax withholding.

Jonathan Baldwin [Member]

Trading Arrangements, by Individual

Name

Jonathan Baldwin

Title

Executive Vice President

Rule 10b5-1 Arrangement Adopted

true

^[1]

Non-Rule 10b5-1 Arrangement Adopted

false

^[2]

Adoption Date

March 14, 2024

Aggregate Available

35,579

^[3]

Expiration Date

December 5, 2025

[1]	Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
[2]	Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
[3]	Represents gross number of vested shares before tax withholding.

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

3. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following at:


($ in thousands)	March 31, 2024		December 31, 2023
Prepaid services	$	11,114	$	10,496
Prepaid tolls		7,512		9,174
Prepaid computer maintenance		7,334		6,775
Costs to fulfill a customer contract		5,501		5,852
Prepaid income taxes		4,851		9,830
Prepaid insurance		2,738		1,755
Deposits		2,405		2,322
Other		1,317		757
Total prepaid expenses and other current assets	$	42,772	$	46,961

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 29,149	$ 4,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,886	30,309
Amortization of deferred financing costs and discounts	1,361	1,277
Change in fair value of private placement warrants	0	14,601
(Gain) loss on interest rate swap	(102)	1,552
Loss on extinguishment of debt	595	1,349
Credit loss expense (income)	5,247	1,697
Deferred income taxes	696	(2,249)
Stock-based compensation	5,558	3,378
Other	319	8
Changes in operating assets and liabilities:
Accounts receivable	10,223	(16,222)
Unbilled receivables	(6,501)	(3,464)
Inventory	479	180
Prepaid expenses and other assets	5,565	6,232
Deferred revenue	(3,831)	95
Accounts payable and other current liabilities	(40,783)	(4,291)
Other liabilities	(529)	6,188
Net cash provided by operating activities	34,332	45,217
Cash Flows from Investing Activities:
Cash received (payments) for interest rate swap	294	(1,246)
Purchases of installation and service parts and property and equipment	(14,279)	(18,372)
Cash proceeds from the sale of assets	48	34
Net cash used in investing activities	(13,937)	(19,584)
Cash Flows from Financing Activities:
Repayment of long-term debt	(2,255)	(64,755)
Payment of debt issuance costs	(107)	(44)
Proceeds from exercise of stock options	689	699
Payment of employee tax withholding related to RSUs and PSUs vesting	(4,608)	(2,526)
Net cash provided by financing activities	(6,281)	(66,626)
Effect of exchange rate changes on cash and cash equivalents	(608)	(305)
Net increase (decrease) in cash, cash equivalents and restricted cash	13,506	(41,298)
Cash, cash equivalents and restricted cash - beginning of period	139,722	109,115
Cash, cash equivalents and restricted cash - end of period	153,228	67,817
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	149,520	64,267
Restricted cash	3,708	3,550
Total cash, cash equivalents, and restricted cash	153,228	67,817
Supplemental cash flow information:
Interest paid	14,973	17,064
Income taxes paid, net of refunds	3,690	2,631
Supplemental non-cash investing and financing activities:
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end	$ 3,915	$ 5,179

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill by Reportable Segment

The following table presents the changes in the carrying amount of goodwill by reportable segment:


	Commercial			Government			Parking
($ in thousands)	Services			Solutions			Solutions		Total
Balance at December 31, 2023	$	422,091		$	214,602		$	199,142	$	835,835
Foreign currency translation adjustment		(691	)		(553	)		—		(1,244	)
Balance at March 31, 2024	$	421,400		$	214,049		$	199,142	$	834,591

Schedule of Intangible Assets of Respective Period Ends

Intangible assets consist of the following as of the respective period-ends:


	March 31, 2024						December 31, 2023
	Weighted						Weighted
	Average	Gross					Average	Gross
	Remaining	Carrying			Accumulated		Remaining	Carrying			Accumulated
($ in thousands)	Useful Life	Amount			Amortization		Useful Life	Amount			Amortization
Trademarks (a)	5.9 years	$	4,740		$	1,598	0.3 years	$	36,190		$	32,882
Patent	4.6 years		500			42	4.8 years		500			17
Non-compete agreements (a)			—			—	0.0 years		62,540			62,540
Customer relationships	4.3 years		558,713			303,372	4.5 years		558,801			288,065
Developed technology (a)	4.6 years		39,677			15,206	0.8 years		201,657			175,159
Gross carrying value of intangible assets			603,630		$	320,218			859,688		$	558,663
Less: accumulated amortization			(320,218	)					(558,663	)
Intangible assets, net		$	283,412					$	301,025

Estimated Amortization Expense in Future Years

Estimated amortization expense in future years is expected to be:


($ in thousands)
Remainder of 2024	$	50,237
2025		64,285
2026		57,316
2027		28,403
2028		22,474
Thereafter		60,697
Total	$	283,412

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following at:


($ in thousands)	March 31, 2024		December 31, 2023
Accrued salaries and wages	$	14,518	$	27,905
Accrued interest payable		9,366		4,594
Current deferred tax liabilities		7,593		7,574
Current portion of operating lease liabilities		6,665		7,133
Payroll liabilities		4,894		3,214
Restricted cash due to customers		3,148		2,835
Advanced deposits		2,964		2,308
Income taxes payable		1,869		1,780
Accrued legal settlement		—		31,500
Other		3,050		4,276
Total accrued liabilities	$	54,067	$	93,119

Significant Accounting Policies - Summary of Activity in Allowance for Credit Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Accounts Notes And Loans Receivable [Line Items]

Balance

$ 18,513

$ 15,907

Credit loss expense (income)

5,247

1,697

Write-offs, net of recoveries

(3,185)

(1,135)

Balance

20,575

16,469

Commercial Services (Driver Billed)

Accounts Notes And Loans Receivable [Line Items]

Balance

^[1]

13,726

9,600

Credit loss expense (income)

^[1]

5,077

3,033

Write-offs, net of recoveries

^[1]

(2,776)

(972)

Balance

^[1]

16,027

11,661

Commercial Services (All Other)

Accounts Notes And Loans Receivable [Line Items]

Balance

1,935

1,577

Credit loss expense (income)

145

(467)

Write-offs, net of recoveries

(398)

write-offs, net of recoveries

Balance

1,682

1,115

Government Solutions

Accounts Notes And Loans Receivable [Line Items]

Balance

2,426

4,573

Credit loss expense (income)

106

(839)

Write-offs, net of recoveries

(2)

Balance

2,530

3,734

Parking Solutions [Member]

Accounts Notes And Loans Receivable [Line Items]

Balance

426

157

Credit loss expense (income)

(81)

(30)

Write-offs, net of recoveries

(9)

(168)

Balance

$ 336

$ 41

[1]	Driver-billed consists of receivables from drivers of rental cars 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.

Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Separately Identifiable Intangible Assets (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 603,630

$ 859,688

Accumulated Amortization

320,218

558,663

Less: accumulated amortization

(320,218)

(558,663)

Intangible assets, net

$ 283,412

$ 301,025

Trademarks

Finite Lived Intangible Assets [Line Items]

Weighted Average Remaining Useful Life

^[1]

5 years 10 months 24 days

3 months 18 days

Gross Carrying Amount

^[1]

$ 4,740

$ 36,190

Accumulated Amortization

^[1]

$ 1,598

$ 32,882

Patent

Finite Lived Intangible Assets [Line Items]

Weighted Average Remaining Useful Life

4 years 7 months 6 days

4 years 9 months 18 days

Gross Carrying Amount

$ 500

Accumulated Amortization

$ 42

$ 17

Non-compete Agreements

Finite Lived Intangible Assets [Line Items]

Weighted Average Remaining Useful Life

^[1]

0 years

Gross Carrying Amount

^[1]

$ 62,540

Accumulated Amortization

^[1]

$ 62,540

Customer Relationships

Finite Lived Intangible Assets [Line Items]

Weighted Average Remaining Useful Life

4 years 3 months 18 days

4 years 6 months

Gross Carrying Amount

$ 558,713

$ 558,801

Accumulated Amortization

$ 303,372

$ 288,065

Developed Technology

Finite Lived Intangible Assets [Line Items]

Weighted Average Remaining Useful Life

^[1]

4 years 7 months 6 days

9 months 18 days

Gross Carrying Amount

^[1]

$ 39,677

$ 201,657

Accumulated Amortization

^[1]

$ 15,206

$ 175,159

[1]

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock Contingent Consideration	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2022	$ 231,070	$ 15	$ 36,575	$ 305,423	$ (98,078)	$ (12,865)
Beginning Balance (in shares) at Dec. 31, 2022		148,962,000
Net income	4,577				4,577
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		313,000
Exercise of stock options	699			699
Exercise of stock options (in shares)		53,000
Payment of employee tax withholding related to RSUs and PSUs vesting	(2,526)			(2,526)
Exercise of public warrants ( in Shares)		633,000
Stock-based compensation	3,378			3,378
Other comprehensive income (loss),net of tax	(90)					(90)
Ending Balance at Mar. 31, 2023	237,108	$ 15	$ 36,575	306,974	(93,501)	(12,955)
Ending Balance (in shares) at Mar. 31, 2023		149,961,000
Beginning Balance at Dec. 31, 2023	421,467	$ 17		557,513	(125,887)	(10,176)
Beginning Balance (in shares) at Dec. 31, 2023		166,555,000
Net income	29,149				29,149
Share repurchase and retirement				(1,789)	1,789
Share repurchase and retirement (in shares)		(534,000)
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		445,000
Exercise of stock options	689			689
Exercise of stock options (in shares)		50,000
Payment of employee tax withholding related to RSUs and PSUs vesting	(4,608)			(4,608)
Stock-based compensation	5,558			5,558
Other comprehensive income (loss),net of tax	(3,260)					(3,260)
Ending Balance at Mar. 31, 2024	$ 448,995	$ 17		$ 557,363	$ (94,949)	$ (13,436)
Ending Balance (in shares) at Mar. 31, 2024		166,516,000

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Components of Stock Based Compensation Expense

The following details the components of stock-based compensation for the respective periods:


	Three Months Ended March 31,
($ in thousands)	2024		2023
Operating expenses	$	1,066	$	332
Selling, general and administrative expenses		4,492		3,046
Total stock-based compensation expense	$	5,558	$	3,378

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The Company’s interim income tax provision is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that period. The estimated annual effective tax rate requires judgment and is dependent upon several factors. The Company provides for income taxes under the liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the tax basis of assets or liabilities and their carrying amounts in the financial statements.

The Company provides a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before the Company is able to realize their benefit. The Company calculates the valuation allowance in accordance with the authoritative guidance relating to income taxes, which requires an assessment of both positive and negative evidence regarding the realizability of these deferred tax assets, when measuring the need for a valuation allowance. Significant judgment is required in determining any valuation allowance against deferred tax assets.

The Company’s effective income tax rate was 25.2% and 63.2% for the three months ended March 31, 2024 and 2023, respectively. The primary driver for the effective tax rate variance is the permanent difference related to the mark-to-market adjustments on the Private Placement Warrants that impacted the rate in the prior year without a comparable impact in the current period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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-Topic 946
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-Section 50
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+ Details

Segment Reporting - Revenues from International Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 26,367	$ 24,346
Australia
Segment Reporting Information [Line Items]
Revenues	12,477	9,701
Canada
Segment Reporting Information [Line Items]
Revenues	8,064	7,221
United Kingdom
Segment Reporting Information [Line Items]
Revenues	5,159	6,736
All other
Segment Reporting Information [Line Items]
Revenues	$ 667	$ 688

- Definition

+ References

+ Details

Segment Reporting - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total property and equipment, net	$ 126,975	$ 123,248
Total assets	1,769,858	1,789,983
Operating Segments \| Commercial Services
Segment Reporting Information [Line Items]
Total property and equipment, net	9,722	9,547
Total assets	714,191	721,192
Operating Segments \| Government Solutions
Segment Reporting Information [Line Items]
Total property and equipment, net	101,938	98,611
Total assets	486,754	523,687
Operating Segments \| Parking Solutions
Segment Reporting Information [Line Items]
Total property and equipment, net	13,548	13,281
Total assets	397,897	404,267
Corporate and Other
Segment Reporting Information [Line Items]
Total property and equipment, net	1,767	1,809
Total assets	$ 171,016	$ 140,837

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Long-term Debt - Summary of the Company's Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less: original issue discounts	$ (3,173)	$ (3,646)
Less: unamortized deferred financing costs	(11,459)	(12,809)
Total long-term debt	1,037,700	1,038,132
Less: current portion of long-term debt	0	(9,019)
Total long-term debt, net of current portion	1,037,700	1,029,113
Senior Notes, due 2029
Debt Instrument [Line Items]
Debt instrument carrying amount	350,000	350,000
2021 Term Loan
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 702,332	$ 704,587

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Management believes that its estimates and assumptions are reasonable in the circumstances; however, actual results could differ materially from those estimates.

Concentration of Credit Risk


	Three Months Ended March 31,
	2024			2023
City of New York Department of Transportation		16.6	%		17.8	%

Significant customer revenues generated through the Company’s Commercial Services partners as a percent of total revenue are presented below:


	Three Months Ended March 31,
	2024			2023
Hertz Corporation		11.8	%		11.2	%
Avis Budget Group, Inc.		13.1	%		12.7	%
Enterprise Mobility		11.5	%		10.1	%

No Commercial Services customer exceeded 10% of total accounts receivable, net as of any period presented.

There were no significant customer concentrations that exceeded 10% of total revenue or accounts receivable, net for the Parking Solutions segment as of or for any period presented.

Allowance for Credit Losses

The Company reviews historical credit losses and customer payment trends on receivables and develops loss rate estimates as of the balance sheet date, which includes adjustments for current and future expectations using probability-weighted assumptions about potential outcomes. Receivables are written off against the allowance for credit losses when it is probable that amounts will not be collected based on the terms of the customer contracts, and subsequent recoveries reverse the previous write-off and apply to the receivable in the period recovered. No interest or late fees are charged on delinquent accounts. The Company evaluates the adequacy of its allowance for expected credit losses by comparing its actual write-offs to its previously recorded estimates and adjusts appropriately.

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 three months ended March 31, 2024 and 2023, respectively:


($ in thousands)	Commercial Services (Driver-billed) (1)			Commercial Services (All other)			Government Solutions			Parking Solutions			Total
Balance at January 1, 2024	$	13,726		$	1,935		$	2,426		$	426		$	18,513
Credit loss expense (income)		5,077			145			106			(81	)		5,247
Write-offs, net of recoveries		(2,776	)		(398	)		(2	)		(9	)		(3,185	)
Balance at March 31, 2024	$	16,027		$	1,682		$	2,530		$	336		$	20,575

($ in thousands)	Commercial Services (Driver-billed) (1)			Commercial Services (All other)			Government Solutions			Parking Solutions			Total
Balance at January 1, 2023	$	9,600		$	1,577		$	4,573		$	157		$	15,907
Credit loss expense (income)		3,033			(467	)		(839	)		(30	)		1,697
Write-offs, net of recoveries		(972	)		5			—			(168	)		(1,135	)
Balance at March 31, 2023	$	11,661		$	1,115		$	3,734		$	(41	)	$	16,469

(1)

Remaining Performance Obligations

Interest Rate Swap

Recent Accounting Pronouncements

Accounting Standard Adopted

Accounting Standards Not Yet Adopted

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following at:


($ in thousands)	March 31, 2024		December 31, 2023
Prepaid services	$	11,114	$	10,496
Prepaid tolls		7,512		9,174
Prepaid computer maintenance		7,334		6,775
Costs to fulfill a customer contract		5,501		5,852
Prepaid income taxes		4,851		9,830
Prepaid insurance		2,738		1,755
Deposits		2,405		2,322
Other		1,317		757
Total prepaid expenses and other current assets	$	42,772	$	46,961

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	VERRA MOBILITY CORPORATION
Entity Central Index Key	0001682745
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	VRRM
Security Exchange Name	NASDAQ
Entity File Number	001-37979
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3563824
Entity Address, Address Line One	1150 North Alma School Road
Entity Address, City or Town	Mesa
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85201
City Area Code	480
Local Phone Number	443-7000
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		166,524,776

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Investment Owned, at Cost	$ 1.9	$ 2.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Cost of the investment.

+ References

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+ Details

Fair Value of Financial Instruments - Summary of Changes in the Private Placement Warrant Liabilities Included in Net Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Beginning balance	$ 24,066
Change in fair value of private placement warrants	14,601
Ending balance	$ 38,667

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax [Line Items]
Effective tax rate	25.20%	63.20%

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 350,000	$ 350,000
Level 2 \| 2021 Term Loan \| Carrying Amount
Debt Instrument [Line Items]
Total long-term debt	691,220	691,821
Level 2 \| 2021 Term Loan \| Estimated Fair Value
Debt Instrument [Line Items]
Total long-term debt	707,600	709,872
Level 2 \| Senior Notes \| Carrying Amount
Debt Instrument [Line Items]
Total long-term debt	346,480	346,311
Level 2 \| Senior Notes \| Estimated Fair Value
Debt Instrument [Line Items]
Total long-term debt	$ 337,750	$ 335,125

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-term Debt - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, maturity date		Mar. 24, 2028
Offering discount cost			$ 3,173		$ 3,646
Deferred financing costs			11,459		$ 12,809
Repayment of outstanding debt			$ 2,255	$ 64,755
Debt instrument interest rate			8.10%
Loss on extinguishment of debt			$ (595)	(1,349)
Interest expense including amortization of deferred financing costs and discounts			$ 19,600	22,700
Weighted average effective interest rates			7.20%		7.70%
Senior Notes, due 2029
Debt Instrument [Line Items]
Current principal outstanding			$ 350,000		$ 350,000
Debt instrument, maturity date		Apr. 15, 2029
Debt instrument, aggregate principal amount		$ 350,000
Fixed interest rate			5.50%
Debt instrument, payment terms			payable on April 15 and October 15 of each year
2021 Term Loan [Member]
Debt Instrument [Line Items]
Current principal outstanding		900,000	$ 702,300
Debt instrument available amount to borrow						$ 250,000
Offering discount cost						4,600
Deferred financing costs						$ 4,500
Early Repayments of Term Loan			2,300	62,500
Loss on extinguishment of debt			$ 600	$ 1,300
2021 Term Loan [Member] \| Minimum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	0.50%
2021 Term Loan [Member] \| Base Rate
Debt Instrument [Line Items]
Debt instrument interest rate per annum			1.75%
2021 Term Loan [Member] \| SOFR 2.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum			2.75%
2021 Term Loan [Member] \| SOFR 2.75% \| Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.75%
2021 Term Loan [Member] \| SOFR 3.25%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					3.25%
2021 Term Loan [Member] \| SOFR 0.00%
Debt Instrument [Line Items]
Debt instrument interest rate per annum	0.00%
2021 Term Loan and Senior Notes \| One Month Credit Spread \| Maximum
Debt Instrument [Line Items]
Credit spread adjustment Rate					0.71513%
2021 Term Loan and Senior Notes \| One Month Credit Spread \| Minimum
Debt Instrument [Line Items]
Credit spread adjustment Rate					0.11448%
Revolver
Debt Instrument [Line Items]
Debt instrument available amount to borrow			$ 74,600
Revolving commitment			75,000
Outstanding borrowings			0		$ 0
Outstanding letters of credit			$ 400
Debt instrument, periodic payment, interest rate			0.375%
Participation and fronting fees percentage on outstanding letter of credit			1.38%
Revolver \| Base Rate 0.25%
Debt Instrument [Line Items]
Debt instrument interest rate per annum			0.25%
Revolver \| Base Rate 0.50%
Debt Instrument [Line Items]
Debt instrument interest rate per annum			0.50%
Revolver \| Base Rate 0.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum			0.75%
Revolver \| SOFR 1.25%
Debt Instrument [Line Items]
Debt instrument interest rate per annum			1.25%
Revolver \| SOFR 1.50%
Debt Instrument [Line Items]
Debt instrument interest rate per annum			1.50%
Revolver \| SOFR 1.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum			1.75%
Revolver \| One Month Credit Spread
Debt Instrument [Line Items]
Credit spread adjustment Rate			0.10%
Revolver \| Three Month Credit Spread
Debt Instrument [Line Items]
Credit spread adjustment Rate			0.15%
Revolver \| Six Month Credit Spread
Debt Instrument [Line Items]
Credit spread adjustment Rate			0.25%
Senior Notes, due 2029
Debt Instrument [Line Items]
Deferred financing costs		$ 5,700

Significant Accounting Policies - Summary of Concentration of Credit Risk (Details) - Sales Revenue - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Government Solutions \| City of New York Department of Transportation
Concentration Risk [Line Items]
Concentration risk percentage	16.60%	17.80%
Commercial Services \| Hertz Corporation
Concentration Risk [Line Items]
Concentration risk percentage	11.80%	11.20%
Commercial Services \| Avis Budget Group, Inc.
Concentration Risk [Line Items]
Concentration risk percentage	13.10%	12.70%
Commercial Services \| Enterprise Mobility
Concentration Risk [Line Items]
Concentration risk percentage	11.50%	10.10%

Fair Value of Financial Instruments - Summary of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Offsetting Assets [Line Items]
Beginning balance		$ 24,066
Change in fair value of interest rate swap	$ 102	(1,552)
Ending balance		38,667
Interest Rate Swap [Member] \| Other non-current assets [Member]
Offsetting Assets [Line Items]
Beginning balance	627	1,973
Change in fair value of interest rate swap	(50)	(1,116)
Ending balance	577	857
Interest Rate Swap [Member] \| Accrued liabilities [Member]
Offsetting Assets [Line Items]
Beginning balance	0	977
Change in fair value of interest rate swap	0	436
Ending balance	0	1,413
Interest Rate Swap [Member] \| Prepaid Expenses and Other Current Assets [Member]
Offsetting Assets [Line Items]
Beginning balance	689	0
Change in fair value of interest rate swap	152	0
Ending balance	$ 841	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 149,520	$ 136,309
Restricted cash	3,708	3,413
Accounts receivable (net of allowance for credit losses of $20.6 million and $18.5 million at March 31, 2024 and December 31, 2023, respectively)	181,961	197,824
Unbilled receivables	43,323	37,065
Inventory	17,298	17,966
Prepaid expenses and other current assets	42,772	46,961
Total current assets	438,582	439,538
Installation and service parts, net	21,844	22,895
Property and equipment, net	126,975	123,248
Operating lease assets	31,599	33,523
Intangible assets, net	283,412	301,025
Goodwill	834,591	835,835
Other non-current assets	32,855	33,919
Total assets	1,769,858	1,789,983
Current liabilities:
Accounts payable	75,573	78,749
Deferred revenue	24,707	28,788
Accrued liabilities	54,067	93,119
Tax receivable agreement liability, current portion	5,098	5,098
Current portion of long-term debt	0	9,019
Total current liabilities	159,445	214,773
Long-term debt, net of current portion	1,037,700	1,029,113
Operating lease liabilities, net of current portion	27,702	29,124
Tax receivable agreement liability, net of current portion	48,369	48,369
Asset retirement obligation	14,980	14,580
Deferred tax liabilities, net	17,536	18,360
Other long-term liabilities	15,131	14,197
Total liabilities	1,320,863	1,368,516
Commitments and contingencies (Note 13)
Stockholders' equity
Preferred stock, $0.0001 par value, 1,000 shares authorized with no shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 260,000 shares authorized with 166,516 and 166,555 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	17	17
Additional paid-in capital	557,363	557,513
Accumulated deficit	(94,949)	(125,887)
Accumulated other comprehensive loss	(13,436)	(10,176)
Total stockholders' equity	448,995	421,467
Total liabilities and stockholders' equity	$ 1,769,858	$ 1,789,983