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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
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 |
|
|
|
— |
|
|