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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ___________.

Commission File Number: 001-37979

 

VERRA MOBILITY CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

81-3563824

(State of

 

(I.R.S. Employer

Incorporation)

 

Identification No.)

 

 

 

1150 North Alma School Road

 

85201

Mesa, Arizona

 

(Zip Code)

(Address of Principal Executive Offices)

 

 

(480) 443-7000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Class A Common Stock, par value $0.0001 per share

 

VRRM

 

Nasdaq Capital Market

(Title of Each Class)

 

(Trading Symbol)

 

(Name of Each Exchange on Which Registered)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES NO

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). YES NO

As of July 31, 2020, there were 161,736,615 shares of the Company’s Class A Common Stock, par value $0.0001 per share, issued and outstanding.

 

 

 


VERRA MOBILITY CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

5

Item 1. Financial Statements.

 

5

Condensed Consolidated Balance Sheets

 

5

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income

 

6

Condensed Consolidated Statements of Stockholders’ Equity

 

7

Condensed Consolidated Statements of Cash Flows

 

8

Notes to the Condensed Consolidated Financial Statements

 

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

40

Item 4. Controls and Procedures

 

41

PART II—OTHER INFORMATION

 

42

Item 1. Legal Proceedings

 

42

Item 1A. Risk Factors

 

42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

43

Item 3. Defaults Upon Senior Securities

 

43

Item 4. Mine Safety Disclosures

 

43

Item 5. Other Information

 

43

Item 6. Exhibits

 

44

SIGNATURES

 

46

 

2


Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of federal securities laws. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, products, services, and technology offerings, market conditions, growth and trends, expansion plans and opportunities, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part II, Item 1A, “Risk Factors,” of this Quarterly Report on Form 10-Q, Part II, Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2019. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

 

disruption to our business and results of operations as a result of the novel coronavirus (“COVID-19”) pandemic;

 

the impact of the COVID-19 pandemic on our revenues from key customers in the rental car industry and from photo enforcement programs;

 

historical data regarding our business, results of operations, financial condition and liquidity may not reflect the impact of COVID-19;

 

customer concentration in our Commercial Services and Government Solutions segments;

 

decreases in the prevalence of automated and other similar methods of photo enforcement or the use of tolling;

 

risks and uncertainties related to our government contracts, including legislative changes, termination rights, audits and investigations;

 

decreased interest in outsourcing from our customers;

 

our ability to properly perform under our contracts and otherwise satisfy our customers;

 

our ability to compete in a highly competitive and rapidly evolving market;

 

our ability to keep up with technological developments and changing customer preferences;

 

the success of our new products and changes to existing products and services;

 

our ability to successfully integrate our recent or future acquisitions; and

 

failures in or breaches of our networks or systems, including as a result of cyber-attacks.

3


You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q or to conform these statements to actual results or revised expectations.

Unless the context indicates otherwise, the terms “Verra Mobility,” the “Company,” “we,” “us,” and “our” as used in this Quarterly Report on Form 10-Q refer to Verra Mobility Corporation, a Delaware corporation, and its subsidiaries taken as a whole.

4


Part I—Financial Information

Item 1. Financial Statements.

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

($ in thousands except per share data)

 

June 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

113,239

 

 

$

131,513

 

Restricted cash

 

 

711

 

 

 

917

 

Accounts receivable (net of allowance for credit loss

of $12.9 million at June 30, 2020)

 

 

125,252

 

 

 

93,514

 

Unbilled receivables

 

 

12,532

 

 

 

20,003

 

Prepaid expenses and other current assets

 

 

18,964

 

 

 

26,491

 

Total current assets

 

 

270,698

 

 

 

272,438

 

Installation and service parts, net

 

 

8,672

 

 

 

8,841

 

Property and equipment, net

 

 

73,604

 

 

 

72,266

 

Operating lease assets

 

 

30,933

 

 

 

32,177

 

Intangible assets, net

 

 

386,363

 

 

 

434,443

 

Goodwill

 

 

581,615

 

 

 

584,150

 

Other non-current assets

 

 

3,237

 

 

 

3,111

 

Total assets

 

$

1,355,122

 

 

$

1,407,426

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

36,346

 

 

$

50,825

 

Accrued liabilities

 

 

19,570

 

 

 

25,277

 

Current portion of long-term debt

 

 

9,104

 

 

 

28,779

 

Total current liabilities

 

 

65,020

 

 

 

104,881

 

Long-term debt, net of current portion and deferred financing costs

 

 

834,317

 

 

 

837,686

 

Operating lease liabilities, net of current portion

 

 

29,240

 

 

 

30,130

 

Payable to related party pursuant to tax receivable agreement

 

 

65,620

 

 

 

61,174

 

Asset retirement obligation

 

 

6,237

 

 

 

6,309

 

Deferred tax liabilities, net

 

 

22,691

 

 

 

25,716

 

Other long-term liabilities

 

 

247

 

 

 

2,183

 

Total liabilities

 

 

1,023,372

 

 

 

1,068,079

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock, $.0001 par value

 

 

 

 

 

 

Common stock, $.0001 par value

 

 

16

 

 

 

16

 

Common stock contingent consideration

 

 

36,575

 

 

 

54,862

 

Additional paid-in capital

 

 

391,240

 

 

 

367,266

 

Accumulated deficit

 

 

(89,629

)

 

 

(80,220

)

Accumulated other comprehensive loss

 

 

(6,452

)

 

 

(2,577

)

Total stockholders' equity

 

 

331,750

 

 

 

339,347

 

Total liabilities and stockholders' equity

 

$

1,355,122

 

 

$

1,407,426

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

5


VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE (LOSS) INCOME

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(In thousands, except per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Service revenue

 

$

62,815

 

 

$

103,057

 

 

$

162,312

 

 

$

201,127

 

Product sales

 

 

16,994

 

 

 

6,518

 

 

 

34,210

 

 

 

6,909

 

Total revenue

 

 

79,809

 

 

 

109,575

 

 

 

196,522

 

 

 

208,036

 

Cost of service revenue

 

 

1,013

 

 

 

1,613

 

 

 

2,232

 

 

 

3,002

 

Cost of product sales

 

 

9,060

 

 

 

2,918

 

 

 

17,750

 

 

 

3,194

 

Operating expenses

 

 

26,699

 

 

 

31,795

 

 

 

58,958

 

 

 

61,133

 

Selling, general and administrative expenses

 

 

20,821

 

 

 

20,865

 

 

 

46,707

 

 

 

41,416

 

Depreciation, amortization and (gain) loss on disposal of assets, net

 

 

29,166

 

 

 

28,850

 

 

 

58,412

 

 

 

57,791

 

Impairment of property and equipment

 

 

 

 

 

5,898

 

 

 

 

 

 

5,898

 

Total costs and expenses

 

 

86,759

 

 

 

91,939

 

 

 

184,059

 

 

 

172,434

 

(Loss) income from operations

 

 

(6,950

)

 

 

17,636

 

 

 

12,463

 

 

 

35,602

 

Interest expense, net

 

 

9,539

 

 

 

15,656

 

 

 

21,990

 

 

 

31,689

 

Loss from tax receivable agreement adjustment

 

 

4,446

 

 

 

 

 

 

4,446

 

 

 

 

Other income, net

 

 

(1,523

)

 

 

(3,345

)

 

 

(4,448

)

 

 

(5,552

)

Total other expenses

 

 

12,462

 

 

 

12,311

 

 

 

21,988

 

 

 

26,137

 

(Loss) income before income tax (benefit) provision

 

 

(19,412

)

 

 

5,325

 

 

 

(9,525

)

 

 

9,465

 

Income tax (benefit) provision

 

 

(4,024

)

 

 

1,734

 

 

 

(810

)

 

 

3,054

 

Net (loss) income

 

$

(15,388

)

 

$

3,591

 

 

$

(8,715

)

 

$

6,411

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

(508

)

 

 

(1,396

)

 

 

(3,875

)

 

 

(72

)

Total comprehensive (loss) income

 

$

(15,896

)

 

$

2,195

 

 

$

(12,590

)

 

$

6,339

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.10

)

 

$

0.02

 

 

$

(0.05

)

 

$

0.04

 

Diluted

 

$

(0.10

)

 

$

0.02

 

 

$

(0.05

)

 

$

0.04

 

Weighted average shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic outstanding

 

 

161,710

 

 

 

157,846

 

 

 

161,317

 

 

 

156,956

 

Diluted outstanding

 

 

161,710

 

 

 

161,977

 

 

 

161,317

 

 

 

159,223

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

6


VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

For the Three and Six Months Ended June 30, 2020

 

 

 

Common

Stock

 

 

Common

Stock

Contingent

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

(In thousands)

 

Shares

 

 

Amount

 

 

Consideration

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance as of December 31, 2019

 

 

159,150

 

 

$

16

 

 

$

54,862

 

 

$

367,266

 

 

$

(80,220

)

 

$

(2,577

)

 

$

339,347

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,673

 

 

 

 

 

 

6,673

 

Cumulative effect of adoption of the CECL accounting standard, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(694

)

 

 

 

 

 

(694

)

Earn-out shares issued to Platinum Stockholder

 

 

2,500

 

 

 

 

 

 

(18,287

)

 

 

18,287

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units ("RSUs")

 

 

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of employee tax withholding related to RSU vesting

 

 

 

 

 

 

 

 

 

 

 

(327

)

 

 

 

 

 

 

 

 

(327

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

2,768

 

 

 

 

 

 

 

 

 

2,768

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,367

)

 

 

(3,367

)

Balance as of March 31, 2020

 

 

161,692

 

 

 

16

 

 

 

36,575

 

 

 

387,994

 

 

 

(74,241

)

 

 

(5,944

)

 

 

344,400

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,388

)

 

 

 

 

 

(15,388

)

Vesting of RSUs

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of employee tax withholding related to RSU vesting

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

 

 

(25

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

3,271

 

 

 

 

 

 

 

 

 

3,271

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(508

)

 

 

(508

)

Balance as of June 30, 2020

 

 

161,737

 

 

$

16

 

 

$

36,575

 

 

$

391,240

 

 

$

(89,629

)

 

$

(6,452

)

 

$

331,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three and Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2018

 

 

156,057

 

 

$

16

 

 

$

73,150

 

 

$

348,017

 

 

$

(113,306

)

 

$

(5,821

)

 

$

302,056

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,820

 

 

 

 

 

 

2,820

 

Cumulative effect of adoption of the new revenue accounting standard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(257

)

 

 

 

 

 

(257

)

Adjustment to equity infusion from Gores

 

 

 

 

 

 

 

 

 

 

 

(6,205

)

 

 

 

 

 

 

 

 

(6,205

)

Adjustment to tax receivable agreement liability

 

 

 

 

 

 

 

 

 

 

 

2,940

 

 

 

 

 

 

 

 

 

2,940

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

2,143

 

 

 

 

 

 

 

 

 

2,143

 

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,324

 

 

 

1,324

 

Balance as of March 31, 2019

 

 

156,057

 

 

 

16

 

 

 

73,150

 

 

 

346,895

 

 

 

(110,743

)

 

 

(4,497

)

 

 

304,821

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,591

 

 

 

 

 

 

3,591

 

Earn-out shares issued to Platinum Stockholder

 

 

2,500

 

 

 

 

 

 

(18,288

)

 

 

18,288

 

 

 

 

 

 

 

 

 

 

Vesting of RSUs

 

 

53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

2,812

 

 

 

 

 

 

 

 

 

2,812

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,396

)

 

 

(1,396

)

Balance as of June 30, 2019

 

 

158,610

 

 

$

16

 

 

$

54,862

 

 

$

367,995

 

 

$

(107,152

)

 

$

(5,893

)

 

$

309,828

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

7


VERRA MOBILITY CORPORATION

condensed consolidated