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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 September 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 October 30, 2020, there were 162,268,865 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 SEPTEMBER 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 Income (Loss)

 

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

 

30

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

41

Item 4. Controls and Procedures

 

42

PART II—OTHER INFORMATION

 

43

Item 1. Legal Proceedings

 

43

Item 1A. Risk Factors

 

43

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

 

44

Item 3. Defaults Upon Senior Securities

 

44

Item 4. Mine Safety Disclosures

 

44

Item 5. Other Information

 

44

Item 6. Exhibits

 

45

SIGNATURES

 

47

 

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 Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 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.

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)

 

September 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

129,158

 

 

$

131,513

 

Restricted cash

 

 

549

 

 

 

917

 

Accounts receivable (net of allowance for credit loss

of $10.1 million at September 30, 2020)

 

 

141,019

 

 

 

93,514

 

Unbilled receivables

 

 

16,145

 

 

 

20,003

 

Prepaid expenses and other current assets

 

 

24,714

 

 

 

26,491

 

Total current assets

 

 

311,585

 

 

 

272,438

 

Installation and service parts, net

 

 

6,916

 

 

 

8,841

 

Property and equipment, net

 

 

73,155

 

 

 

72,266

 

Operating lease assets

 

 

30,548

 

 

 

32,177

 

Intangible assets, net

 

 

363,526

 

 

 

434,443

 

Goodwill

 

 

583,341

 

 

 

584,150

 

Other non-current assets

 

 

2,900

 

 

 

3,111

 

Total assets

 

$

1,371,971

 

 

$

1,407,426

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

45,601

 

 

$

50,825

 

Accrued liabilities

 

 

17,309

 

 

 

25,277

 

Current portion of long-term debt

 

 

9,104

 

 

 

28,779

 

Total current liabilities

 

 

72,014

 

 

 

104,881

 

Long-term debt, net of current portion

 

 

833,624

 

 

 

837,686

 

Operating lease liabilities, net of current portion

 

 

28,723

 

 

 

30,130

 

Payable to related party pursuant to tax receivable agreement

 

 

65,620

 

 

 

61,174

 

Asset retirement obligation

 

 

6,391

 

 

 

6,309

 

Deferred tax liabilities, net

 

 

21,514

 

 

 

25,716

 

Other long-term liabilities

 

 

163

 

 

 

2,183

 

Total liabilities

 

 

1,028,049

 

 

 

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

 

 

394,259

 

 

 

367,266

 

Accumulated deficit

 

 

(82,943

)

 

 

(80,220

)

Accumulated other comprehensive loss

 

 

(3,985

)

 

 

(2,577

)

Total stockholders' equity

 

 

343,922

 

 

 

339,347

 

Total liabilities and stockholders' equity

 

$

1,371,971

 

 

$

1,407,426

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

5


VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands, except per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Service revenue

 

$

82,980

 

 

$

110,757

 

 

$

245,292

 

 

$

311,884

 

Product sales

 

 

13,928

 

 

 

17,483

 

 

 

48,138

 

 

 

24,392

 

Total revenue

 

 

96,908

 

 

 

128,240

 

 

 

293,430

 

 

 

336,276

 

Cost of service revenue

 

 

907

 

 

 

1,388

 

 

 

3,139

 

 

 

4,390

 

Cost of product sales

 

 

7,088

 

 

 

7,238

 

 

 

24,838

 

 

 

10,432

 

Operating expenses

 

 

26,544

 

 

 

32,965

 

 

 

85,502

 

 

 

94,098

 

Selling, general and administrative expenses

 

 

17,511

 

 

 

21,293

 

 

 

64,218

 

 

 

62,709

 

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

 

 

29,590

 

 

 

28,697

 

 

 

88,002

 

 

 

86,488

 

Impairment of property and equipment

 

 

 

 

 

 

 

 

 

 

 

5,898

 

Total costs and expenses

 

 

81,640

 

 

 

91,581

 

 

 

265,699

 

 

 

264,015

 

Income from operations

 

 

15,268

 

 

 

36,659

 

 

 

27,731

 

 

 

72,261

 

Interest expense, net

 

 

9,578

 

 

 

14,932

 

 

 

31,568

 

 

 

46,621

 

Loss from tax receivable agreement adjustment

 

 

 

 

 

 

 

 

4,446

 

 

 

 

Other income, net

 

 

(4,982

)

 

 

(2,727

)

 

 

(9,430

)

 

 

(8,279

)

Total other expenses

 

 

4,596

 

 

 

12,205

 

 

 

26,584

 

 

 

38,342

 

Income before income tax provision

 

 

10,672

 

 

 

24,454

 

 

 

1,147

 

 

 

33,919

 

Income tax provision

 

 

3,986

 

 

 

6,702

 

 

 

3,176

 

 

 

9,756

 

Net income (loss)

 

$

6,686

 

 

$

17,752

 

 

$

(2,029

)

 

$

24,163

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

2,467

 

 

 

(1,664

)

 

 

(1,408

)

 

 

(1,736

)

Total comprehensive income (loss)

 

$

9,153

 

 

$

16,088

 

 

$

(3,437

)

 

$

22,427

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.11

 

 

$

(0.01

)

 

$

0.15

 

Diluted

 

$

0.04

 

 

$

0.11

 

 

$

(0.01

)

 

$

0.15

 

Weighted average shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic outstanding

 

 

161,744

 

 

 

158,610

 

 

 

161,460

 

 

 

157,514

 

Diluted outstanding

 

 

162,568

 

 

 

163,705

 

 

 

161,460

 

 

 

160,723

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

6


VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

For the Three and Nine Months Ended September 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 RSUs 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 RSUs 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

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,686

 

 

 

 

 

 

6,686

 

Vesting of RSUs

 

 

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of employee tax withholding related to RSUs vesting

 

 

 

 

 

 

 

 

 

 

 

(134

)

 

 

 

 

 

 

 

 

(134

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

3,153

 

 

 

 

 

 

 

 

 

3,153

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,467

 

 

 

2,467

 

Balance as of September 30, 2020

 

 

161,770

 

 

$

16

 

 

$

36,575

 

 

$

394,259

 

 

$

(82,943

)

 

$

(3,985

)

 

$

343,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three and Nine Months Ended September 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