0001564590-21-028121 | 10-K/A | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 24, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	VERRA MOBILITY CORPORATION
Entity Central Index Key	0001682745
Document Type	10-K/A
Document Period End Date	Dec. 31, 2020
Amendment Flag	true
Amendment Description	This Amendment No. 2 to the Annual Report on Form 10-K (this “Amendment” or “Form 10-K/A”) amends the Annual Report on Form 10-K of Verra Mobility Corporation (the “Company”) for the year ended December 31, 2020, originally filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2021 (the “Original Filing”) and Amendment No.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on April 6, 2021 (“Amendment No. 1” and, together with the Original Filing, the “Form 10-K”). The purpose of this Amendment is to restate the Company’s previously issued consolidated financial statements and related financial information as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. See “Item 8. Financial Statements and Supplementary Data— Note 2 – Restatement of Previously Issued Financial Statements”. The relevant unaudited interim financial information for each of the quarters during the years ended December 31, 2020 and 2019 have also been restated. See “Item 8. Financial Statements and Supplementary Data— Note 19. Quarterly Financial Information (Unaudited)”.
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity File Number	001-37979
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
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	VRRM
Entity Common Stock, Shares Outstanding		162,268,865
Entity Interactive Data Current	Yes
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 1,366,421,691
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement filed on April 12, 2021 are incorporated by reference into Part III of this Form 10-K/A.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 120,259	$ 131,513
Restricted cash	633	917
Accounts receivable (net of allowance for credit loss of $11.5 million and $7.6 million at December 31, 2020 and 2019, respectively)	168,783	93,514
Unbilled receivables	14,045	20,003
Prepaid expenses and other current assets	24,317	26,491
Total current assets	328,037	272,438
Installation and service parts, net	7,944	8,841
Property and equipment, net	70,284	72,266
Operating lease assets	29,787	32,177
Intangible assets, net	342,139	434,443
Goodwill	586,435	584,150
Other non-current assets	2,699	3,111
Total assets	1,367,325	1,407,426
Current liabilities:
Accounts payable	34,509	50,825
Accrued liabilities	15,636	19,547
Payable to related party pursuant to tax receivable agreement, current portion	4,791	5,730
Current portion of long-term debt	9,104	28,779
Total current liabilities	64,040	104,881
Long-term debt, net of current portion	832,941	837,686
Operating lease liabilities, net of current portion	27,986	30,130
Payable to related party pursuant to tax receivable agreement, net of current portion	67,869	61,174
Private placement warrant liabilities	30,866	29,733
Asset retirement obligation	6,409	6,309
Deferred tax liabilities, net	21,148	25,716
Other long-term liabilities	494	2,183
Total liabilities	1,051,753	1,097,812
Commitments and contingencies (Note 17)
Stockholders' equity
Preferred stock, $.0001 par value, 1,000 shares authorized with no shares issued and outstanding at December 31, 2020 and 2019
Common stock, $.0001 par value, 260,000 shares authorized with 162,269 and 159,150 shares issued and outstanding at December 31, 2020 and 2019, respectively	16	16
Common stock contingent consideration	36,575	54,862
Additional paid-in capital	373,620	346,891
Accumulated deficit	(94,850)	(89,578)
Accumulated other comprehensive income (loss)	211	(2,577)
Total stockholders' equity	315,572	309,614
Total liabilities and stockholders' equity	$ 1,367,325	$ 1,407,426

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for credit loss	$ 11.5	$ 7.6
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
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	260,000,000	260,000,000
Common stock, shares issued	162,269,000	159,150,000
Common stock, shares outstanding	162,269,000	159,150,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total revenue	$ 100,163,000	$ 96,908,000	$ 79,809,000	$ 116,713,000	$ 112,461,000	$ 128,240,000	$ 109,575,000	$ 98,461,000	$ 196,522,000	$ 208,036,000	$ 293,430,000	$ 336,276,000	$ 393,593,000	$ 448,737,000	$ 370,146,000
Operating expenses													115,729,000	125,640,000	108,883,000
Selling, general and administrative expenses													89,664,000	85,493,000	132,827,000
Depreciation, amortization and (gain) loss on disposal of assets, net													116,844,000	115,771,000	103,353,000
Impairment of property and equipment													0	5,898,000	0
Total costs and expenses													355,777,000	352,282,000	354,298,000
Income from operations	10,085,000	15,268,000	(6,950,000)	19,413,000	24,194,000	36,659,000	17,636,000	17,966,000	12,463,000	35,602,000	27,731,000	72,261,000	37,816,000	96,455,000	15,848,000
Interest expense, net													40,865,000	60,729,000	69,550,000
Change in fair value of private placement warrants	12,666,000	(4,400,000)	8,334,000	(15,467,000)	(1,267,000)	1,134,000	7,600,000	8,800,000	(7,133,000)	16,400,000	(11,533,000)	17,534,000	1,133,000	16,267,000	(3,667,000)
Tax receivable agreement liability adjustment													6,850,000	(106,000)
Loss on extinguishment of debt															26,486,000
Other income, net													(11,885,000)	(11,092,000)	(8,795,000)
Total other expenses													36,963,000	65,798,000	83,574,000
Income (loss) before income tax provision (benefit)													853,000	30,657,000	(67,726,000)
Income tax provision (benefit)													5,431,000	13,581,000	(16,241,000)
Net (loss) income	$ (14,082,000)	$ 11,086,000	$ (23,722,000)	$ 22,140,000	$ 10,447,000	$ 16,618,000	$ (4,009,000)	$ (5,980,000)	$ (1,582,000)	$ (9,989,000)	$ 9,504,000	$ 6,629,000	(4,578,000)	17,076,000	(51,485,000)
Other comprehensive income (loss):
Change in foreign currency translation adjustment													2,788,000	3,244,000	(5,821,000)
Total comprehensive (loss) income													$ (1,790,000)	$ 20,320,000	$ (57,306,000)
Net (loss) income per share:
Basic	$ (0.09)	$ 0.07	$ (0.15)	$ 0.14	$ 0.07	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
Diluted	$ (0.09)	$ 0.07	$ (0.15)	$ 0.04	$ 0.06	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
Weighted average shares outstanding:
Basic													161,632	157,890	87,320
Diluted													161,632	160,080	87,320
Service Revenue
Total revenue													$ 336,274,000	$ 416,723,000	$ 365,076,000
Cost of revenue													3,967,000	5,561,000	5,788,000
Product Sales
Total revenue													57,319,000	32,014,000	5,070,000
Cost of revenue													$ 29,573,000	$ 13,919,000	$ 3,447,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common Stock Platinum Stockholder	Common Stock Contingent Consideration	Common Stock Contingent Consideration Platinum Stockholder	Additional Paid-in Capital	Additional Paid-in Capital Platinum Stockholder	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2017	$ 147,264		$ 6				$ 129,020		$ 18,238
Beginning Balance (in shares) at Dec. 31, 2017			60,484
Net income (loss)	(51,485)								(51,485)
Stock issued in exchange for business acquisitions	117,555		$ 1				117,554
Stock issued in exchange for business acquisitions (in shares)			12,420
Equity infusion from Gores	403,294		$ 4				403,290
Equity infusion from Gores (in shares)			39,675
Private placement	400,000		$ 5				399,995
Private placement (in shares)			43,478
Gores Holdings rollover equity	(34)						(34)
Capital contribution from Greenlight	169,259						169,259
Return of capital to Greenlight stockholders	(779,270)						(779,270)
Common stock contingent consideration					$ 73,150				(73,150)
Private placement warrant liability adjustment	(17,133)						(17,133)
Tax receivable payable to Greenlight stockholders	(69,996)						(69,996)
Underwriting fees	(14,693)						(14,693)
Transaction costs incurred by Greenlight	(4,265)						(4,265)
Transaction costs incurred by Gores	(8,357)						(8,357)
Stock-based compensation	2,272						2,272
Other comprehensive income (loss), net of tax	(5,821)										$ (5,821)
Ending Balance at Dec. 31, 2018	288,590		$ 16		73,150		327,642		(106,397)		(5,821)
Ending Balance (Accounting Standards Update 2014-09) at Dec. 31, 2018		$ (257)								$ (257)
Ending Balance (in shares) at Dec. 31, 2018			156,057
Net income (loss)	17,076								17,076
Adjustment to equity infusion from Gores	(7,001)						(7,001)
Adjustment to tax receivable agreement liability	2,940						2,940
Stock issued in exchange for business acquisitions						$ (18,288)		$ 18,288
Stock issued in exchange for business acquisitions (in shares)				2,500
Vesting of restricted stock units (RSUs) (in shares)			593
Payment of employee tax withholding related to RSUs vesting	(4,990)						(4,990)
Stock-based compensation	10,012						10,012
Other comprehensive income (loss), net of tax	3,244										3,244
Ending Balance at Dec. 31, 2019	309,614		$ 16		54,862		346,891		(89,578)		(2,577)
Ending Balance (Accounting Standards Update 2016-13) at Dec. 31, 2019		(694)								(694)
Ending Balance (in shares) at Dec. 31, 2019			159,150
Net income (loss)	22,140
Ending Balance at Mar. 31, 2020	330,134
Beginning Balance at Dec. 31, 2019	309,614		$ 16		54,862		346,891		(89,578)		(2,577)
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 31, 2019		(694)								(694)
Beginning Balance (in shares) at Dec. 31, 2019			159,150
Net income (loss)	(1,582)
Ending Balance at Jun. 30, 2020	309,150
Beginning Balance at Dec. 31, 2019	309,614		$ 16		54,862		346,891		(89,578)		(2,577)
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 31, 2019		(694)								(694)
Beginning Balance (in shares) at Dec. 31, 2019			159,150
Net income (loss)	9,504
Ending Balance at Sep. 30, 2020	325,722
Beginning Balance at Dec. 31, 2019	309,614		$ 16		54,862		346,891		(89,578)		(2,577)
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 31, 2019		$ (694)								$ (694)
Beginning Balance (in shares) at Dec. 31, 2019			159,150
Net income (loss)	(4,578)								(4,578)
Stock issued in exchange for business acquisitions						$ (18,287)		$ 18,287
Stock issued in exchange for business acquisitions (in shares)				2,500
Vesting of restricted stock units (RSUs) (in shares)			619
Payment of employee tax withholding related to RSUs vesting	(4,147)						(4,147)
Stock-based compensation	12,589						12,589
Other comprehensive income (loss), net of tax	2,788										2,788
Ending Balance at Dec. 31, 2020	315,572		$ 16		36,575		373,620		(94,850)		211
Ending Balance (in shares) at Dec. 31, 2020			162,269
Beginning Balance at Mar. 31, 2020	330,134
Net income (loss)	(23,722)
Ending Balance at Jun. 30, 2020	309,150
Net income (loss)	11,086
Ending Balance at Sep. 30, 2020	325,722
Net income (loss)	(14,082)
Ending Balance at Dec. 31, 2020	$ 315,572		$ 16		$ 36,575		$ 373,620		$ (94,850)		$ 211
Ending Balance (in shares) at Dec. 31, 2020			162,269

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Cash Flows from Operating Activities:
Net (loss) income	$ 17,076,000	$ (51,485,000)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	115,566,000	103,346,000
Amortization of deferred financing costs and discounts	6,641,000	9,168,000
Impairment of property and equipment	5,898,000	0
Change in fair value of private placement warrants	16,267,000	(3,667,000)
Tax receivable agreement liability adjustment	(106,000)
Credit loss expense	8,100,000	6,025,000
Deferred income taxes	(10,894,000)	(24,435,000)
Stock-based compensation	10,012,000	2,272,000
Loss on extinguishment of debt		26,486,000
Installation and service parts expense	1,166,000	1,238,000
Accretion expense	350,000	396,000
Loss on disposal of assets	205,000	7,000
Changes in operating assets and liabilities:
Accounts receivable, net	(12,662,000)	(23,721,000)
Unbilled receivables	(6,428,000)	(6,124,000)
Prepaid expenses and other assets	(7,150,000)	2,115,000
Accounts payable and accrued liabilities	(8,194,000)	7,125,000
Other liabilities	(2,045,000)	513,000
Net cash provided by operating activities	133,802,000	49,259,000
Cash Flows from Investing Activities:
Acquisitions, net of cash and restricted cash acquired	(25,519,000)	(536,699,000)
Purchases of installation and service parts and property and equipment	(29,685,000)	(26,576,000)
Cash proceeds from the sale of assets	231,000	418,000
Net cash used in investing activities	(54,973,000)	(562,857,000)
Cash Flows from Financing Activities:
Borrowings on revolver		468,000
Repayment on revolver		(468,000)
Borrowings of long-term debt		1,103,800,000
Repayment of long-term debt	(9,104,000)	(654,851,000)
Payment of debt issuance costs	(426,000)	(31,753,000)
Payment of debt extinguishment costs		(12,187,000)
Payment of employee tax withholding related to RSUs vesting	(4,990,000)
Capitalization from merger with Gores Holdings		803,294,000
Payment of underwriting and transaction costs		(27,266,000)
Capital contribution from Greenlight		169,259,000
Distribution to selling shareholders		(779,270,000)
Net cash (used in) provided by financing activities	(14,520,000)	571,026,000
Effect of exchange rate changes on cash and cash equivalents	1,040,000	(856,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	65,349,000	56,572,000
Cash, cash equivalents and restricted cash - beginning of period	67,081,000	10,509,000
Cash, cash equivalents and restricted cash - end of period	132,430,000	67,081,000
Supplemental cash flow information:
Interest paid	55,197,000	60,441,000
Income taxes paid, net of refunds	24,357,000	762,000
Supplemental non-cash investing and financing activities:
Earn-out shares issued to Platinum Stockholder	18,288,000
Additions to ARO, property and equipment, and other	230,000	147,000
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end	4,204,000	3,179,000
Tenant improvement allowance included in property and equipment	581,000
Gores equity infusion working capital adjustment payable to related party	7,001,000
Reduction to tax receivable agreement liability	$ 2,940,000
Capital contributions received in Greenlight Acquisition Corporation common stock		117,555,000
Tax receivable agreement established upon merger		$ 69,996,000

Basis of Presentation and Description of Business

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation and Description of Business

1.	Description of Business

Verra Mobility Corporation (collectively with its subsidiaries, the “Company” or “Verra Mobility”), formerly known as Gores Holdings II, Inc. (“Gores”), was originally incorporated in Delaware on August 15, 2016, as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more target businesses. On January 19, 2017, the Company consummated its initial public offering (the “IPO”), following which its shares began trading on the Nasdaq Capital Market (“Nasdaq”). On June 21, 2018, Gores entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Greenlight Holding II Corporation (“Greenlight”), PE Greenlight Holdings, LLC, AM Merger Sub I, Inc., a direct, wholly-owned subsidiary of Gores and AM Merger Sub II, LLC, a direct, wholly-owned subsidiary of Gores. On October 17, 2018, the transactions contemplated by the Merger Agreement (the “Business Combination”) were consummated. In connection with the closing of the Business Combination, Gores changed its name to Verra Mobility Corporation. As a result of the Business Combination, Verra Mobility Corporation became the owner, directly or indirectly, of all of the equity interests of Verra Mobility Holdings, LLC and its subsidiaries.

Verra Mobility offers integrated technology solutions and services to commercial fleets, rental car companies and state and local governments. The Company has customers located throughout the United States, Canada and Europe. The Company is organized into two operating segments: Commercial Services and Government Solutions (see Note 18).

The Commercial Services segment offers toll and violation management solutions for the commercial fleet and rental car industries by partnering with the leading fleet management and rental car companies in North America. Electronic toll payment services enable fleet drivers and rental car customers to use high-speed cashless toll lanes or all-electronic cashless toll roads. The service helps commercial fleets reduce toll management costs, while it provides rental car companies with a revenue-generating, value-added service for their customers. Electronic violation processing services reduce the cost and risk associated with vehicle-issued violations, such as toll, parking or camera-enforced tickets. Title and registration services offer title and registration processing for individuals, rental car companies and fleet management companies. In Europe, the Company provides violations processing through Euro Parking Collection plc (“EPC”) and consumer tolling services through Pagatelia S.L (“Pagatelia”).

The Government Solutions segment provides complete, end-to-end red-light, speed, school bus stop arm and bus lane enforcement solutions. The Company’s 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.

Significant Accounting Policies (As Restated)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies (As Restated)

2.	Significant Accounting Policies (As Restated)

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company prepared in accordance with GAAP. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.

Restatement of Previously Issued Financial Statements

On April 12, 2021, the Staff of the Division of Corporation Finance of the SEC (the “Staff”) released a public statement highlighting the potential accounting implications of certain terms of warrants issued by SPACs. In the statement, the Staff, among other things, described several fact patterns common in warrants issued in connection with the initial public offerings of SPACs and related accounting consequences.

The restatement results from the Company’s prior accounting for its Private Placement Warrants, which were incorrectly classified as a component of equity instead of a derivative liability in its consolidated balance sheets. The

warrant agreement governing the Warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the Warrant, which affected the accounting treatment for Private Placement Warrants.

The Company’s Private Placement Warrants are not indexed to the Company’s common shares in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares.

As a result, the Private Placement Warrants must be classified as a liability instead of a component of shareholders’ equity, and the Company is required to measure the fair value of the Private Placement Warrants at the end of each reporting period and recognize those changes in fair value in the Company’s consolidated statements of operations. The Private Placement Warrants are deemed equity instruments for income tax purposes, and accordingly, there is no tax accounting relating to changes in the fair value recognized.

A summary of the accounting impact of these adjustments to the Company’s consolidated financial statements as of and for the related periods is provided below. In addition, amounts were restated in the following Notes as a result of these adjustments:

•

Note 2. Significant Accounting Policies

•

Note 11. Net (Loss) Income Per Share

•

Note 12. Income Taxes

•

Note 13. Stockholders’ Equity

•

Note 18. Segment Reporting

•

Note 19. Quarterly Financial Information (Unaudited)

•

Note 20. Guarantor/Non-Guarantor Financial Information (Unaudited)

The Company’s previously issued consolidated balance sheets are restated as of December 31, 2020 and 2019. The below reconciliations present certain line items with amounts originally reported and restated amounts after restatement adjustments for the respective period-ends:

	As of December 31, 2020									As of December 31, 2019
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,367,325		$	—		$	1,367,325		$	1,407,426		$	—		$	1,407,426
Private placement warrant liabilities		—			30,866			30,866			—			29,733			29,733
Total liabilities		1,020,887			30,866			1,051,753			1,068,079			29,733			1,097,812
Additional paid-in capital		393,995			(20,375	)		373,620			367,266			(20,375	)		346,891
Accumulated deficit		(84,359	)		(10,491	)		(94,850	)		(80,220	)		(9,358	)		(89,578	)
Total stockholders' equity		346,438			(30,866	)		315,572			339,347			(29,733	)		309,614

The Company’s previously issued consolidated statements of operations are restated for the years ended December 31, 2020, 2019 and 2018. The Company recalculated the basic and diluted net (loss) income per share calculations for each of the periods affected under the new accounting treatment. The below reconciliations present certain line items with amounts originally reported and restated amounts after restatement adjustments for each of the respective periods:

	Year Ended December 31, 2020									Year Ended December 31, 2019
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	393,593		$	—		$	393,593		$	448,737	$	—		$	448,737
Income from operations		37,816			—			37,816			96,455		—			96,455
Change in fair value of private placement warrants		—			1,133			1,133			—		16,267			16,267
Total other expenses		35,830			1,133			36,963			49,531		16,267			65,798
Income before income tax provision		1,986			(1,133	)		853			46,924		(16,267	)		30,657
Net (loss) income		(3,445	)		(1,133	)		(4,578	)		33,343		(16,267	)		17,076
Total comprehensive (loss) income		(657	)		(1,133	)		(1,790	)		36,587		(16,267	)		20,320
(Loss) income per share - basic	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11
(Loss) income per share - diluted	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11

	Year Ended December 31, 2018
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	370,146		$	—		$	370,146
Selling, general and administrative expenses		136,069			(3,242	)		132,827
Income from operations		12,606			3,242			15,848
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Total other expenses		87,241			(3,667	)		83,574
Loss before income tax benefit		(74,635	)		6,909			(67,726	)
Net loss		(58,394	)		6,909			(51,485	)
Total comprehensive loss		(64,215	)		6,909			(57,306	)
Loss per share - basic	$	(0.67	)	$	0.08		$	(0.59	)
Loss per share - diluted	$	(0.67	)	$	0.08		$	(0.59	)

The reconciliations for the consolidated statements of cash flows for the years ended December 31, 2019 and 2020 are not included below as the impact of the error related to the Private Placement Warrants resulted in an adjustment to net income (loss) and change in fair value of private placement warrants and did not change net cash provided by operating activities. The Company’s previously issued consolidated statements of cash flows are restated for the year ended December 31, 2018. The below reconciliation presents certain line items with amounts originally reported and restated amounts after restatement adjustments:

	Year Ended December 31, 2018
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)
Net loss	$	(58,394	)	$	6,909		$	(51,485	)
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Net cash provided by operating activities		46,017			3,242			49,259
Payment of underwriting and transaction costs		(24,024	)		(3,242	)		(27,266	)
Net cash provided by financing activities		574,268			(3,242	)		571,026

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the fair values assigned to net assets acquired (including identifiable intangibles) in business combinations, the carrying amounts of long-lived assets and goodwill, the carrying amount of installation and service parts, the allowance for credit loss, fair value of

private placement warrant liabilities, valuation allowances on deferred tax assets, asset retirement obligations, contingent consideration and the recognition and measurement of loss contingencies.

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

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a remaining maturity of three months or less when acquired to be cash equivalents.

Restricted Cash

The Company collects citation fees for customers under certain contracts, which it deposits daily into Company bank accounts and transfers to customer-owned bank accounts on a continuous basis. Restricted cash represents customer cash collected but not yet remitted to the customer. Restricted cash is classified as a current asset and the corresponding liability due to customers is classified in current liabilities.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, accounts receivable and unbilled receivables. The Company limits cash and cash equivalents to highly rated financial institutions.

Significant customers are those which represent more than 10% of the Company’s total revenue and accounts receivable. Revenue from one of the Government Solutions customers as a percent of total revenue is presented below for the years ended December 31, 2020, 2019 and 2018, respectively:

	For the Year Ended December 31,
	2020			2019			2018
City of New York Department of Transportation		31.3	%		14.6	%		9.3	%

As of December 31, 2020, the City of New York Department of Transportation (“NYCDOT”) represented 58.9% of accounts receivable, net. The Company provides photo enforcement services to NYCDOT under two primary agreements, (i) a legacy contract relating to photo enforcement cameras that were installed prior to fiscal year 2020 (the “Legacy Contract”), and (ii) an emergency contract for the purchase, installation, maintenance and operation of the expanded speed camera program beginning in 2020 (the “Emergency Contract”). At December 31, 2020, the Legacy Contract had an open receivable balance of $28.8 million, of which $20.5 million had aged beyond NYCDOT’s 45-day payment terms. As of December 31, 2020, the Company had invoiced NYCDOT for $52.6 million in product revenue and $17.4 million in service revenue under the Emergency Contract. NYCDOT has not made any payments against the Emergency Contract to date. In late January 2021, we were informed that the City of New York is investigating matters related to our past installation practices, and it is unclear whether this investigation will impact the timing of the payments. There is no material reserve related to these receivables as amounts were deemed collectible based on current conditions and expectations. For additional information on the risks and uncertainties relating to our contracts with NYCDOT, please see the risk factor entitled “The New York City Law Department recently advised us that the City of New York is investigating certain aspects of our installation work for our largest customer, NYCDOT” set forth in Part I, Item 1A. “Risk Factors.”

Significant customer revenue generated through the Company’s Commercial Services partners as a percent of total revenue is presented below for the years ended December 31, 2020, 2019 and 2018, respectively:

	For the Year Ended December 31,
	2020			2019			2018
Hertz Corporation		12.0	%		18.7	%		19.3	%
Avis Budget Group, Inc.		9.5	%		14.5	%	(a)
Enterprise Holdings, Inc.		11.3	%		13.5	%	(a)

(a)

These two customers were part of the Company’s 2018 acquisition of Highway Toll Administration, LLC and Canada Highway Toll Administration.

Allowance for Credit Loss

Accounts receivable and unbilled receivables are uncollateralized customer obligations arising from the sale of products or services. Accounts receivable and unbilled receivables have normal trade terms of less than one year and are initially stated at the amounts billed to the customers and subsequently measured at amortized cost net of allowance for credit loss. Unbilled receivables are recorded when revenues have been earned but have not been included on a customer invoice through the end of the current period. Unbilled receivables generally represents commercial tolls and violations paid by the Company on a behalf of rental car and fleet management customers that will be invoiced in future periods.

The Company reviews historical loss rates, customer payment trends and collection rates on customer balances in accordance with the new current expected credit losses (“CECL”) standard implemented on January 1, 2020. Estimated loss rates are developed as of the balance sheet date using historical credit loss experience, adjusted for future expectations using probability-weighted assumptions about potential outcomes. Receivables are written off against the allowance for credit loss when it is probable that amounts will not be collected based on 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 periodically evaluates the adequacy of its allowance for expected credit losses by comparing its actual historical 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 by portfolio segment accounts receivable, net and the activity in the allowance for credit loss for the year ended December 31, 2020:

($ in thousands)	Commercial Services (Driver-billed) ⁽¹⁾			Commercial Services (All other)			Government Solutions			Total
Accounts receivable, net at January 1, 2020 ⁽²⁾	$	9,793		$	51,158		$	31,744		$	92,695

Allowance for credit loss at January 1, 2020 ⁽²⁾	$	5,272		$	1,406		$	1,778		$	8,456
Credit loss expense		6,554			4,941			2,892			14,387
Write-offs, net of recoveries		(8,616	)		(2,074	)		(686	)		(11,376	)
Allowance for credit loss at December 31, 2020	$	3,210		$	4,273		$	3,984		$	11,467

Accounts receivable, net at December 31, 2020	$	11,060		$	48,169		$	109,554		$	168,783

(1)

Driver-billed consists of receivables from drivers of rental cars and fleet management companies 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.

(2)

This includes a $0.8 million increase to allowance for credit loss as a result of adopting the credit loss standard.

The allowance for credit loss at December 31, 2020 includes $14.4 million of expense for total expected credit losses offset by write-offs, net of recoveries for the fiscal year. The increase in accounts receivable, net in the Government Solutions portfolio segment is due to NYCDOT discussed above, which the Company believes is not at risk of non-payment based on current conditions and expectations. The allowance for doubtful accounts developed under the legacy incurred loss model was $7.6 million as of December 31, 2019.

Installation and Service Parts

Installation and service parts consist of components used in the construction and maintenance of our photo enforcement systems. Installation and service parts are stated at cost and are reclassified to property and equipment

upon initiation of construction. Installation and service parts used in repairs and maintenance are recorded in operating expenses.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. All repairs and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful lives of the related assets as follows:

Building		39 years
Equipment installed at customer sites		3-7 years
Computer equipment		3-5 years
Furniture		5-10 years
Automobiles		5-6 years
Software		3-5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Equipment installed at customer sites includes certain installation costs that qualify for capitalization. Software costs include certain internal and external costs associated with the development of software that are incurred during the application development stage. In addition, a modification or upgrade to existing software is capitalized only to the extent it results in additional functionality to existing software. Software maintenance and training costs are expensed as incurred. The Company capitalized internally developed software costs of $5.1 million, $2.1 million and $2.2 million during fiscal years 2020, 2019, and 2018 respectively.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of net tangible and identifiable intangible assets acquired in business combinations. Goodwill is assessed for impairment at least annually at the reporting unit level or more frequently if events or changes in circumstances indicate the carrying value may not be recoverable. If, based on a qualitative analysis, it is determined more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, a one-step quantitative impairment test is performed in accordance with ASU 2017-04. Application of the goodwill impairment test requires judgment, including the identification of reporting units, the assignment of assets (including goodwill) to those reporting units and the determination of the fair value of each reporting unit. The date of the Company’s annual impairment analysis is October 1. As described in Note 18, the Company has two operating segments, which are also the Company’s reporting units.

We adopted ASU 2017-04 as of January 1, 2020 as discussed in Recent Accounting Pronouncements below, and followed the one-step quantitative method in evaluating potential goodwill impairment for the first and second quarters of fiscal year 2020 and concluded that there was no impairment. Refer to Note 6, Goodwill and Intangibles Assets for more information. In addition, our annual qualitative analysis did not indicate any impairment as of the fiscal years ended December 31, 2020, 2019 and 2018.

Intangible Assets

Intangible assets represent existing customer relationships, trademarks, developed technology and non-compete agreements. Intangible assets are amortized over their respective estimated useful lives on a straight-line basis, which approximates the utilization of their expected future benefits. Amortization of intangible assets is included in depreciation, amortization and (gain) loss on disposal of assets, net in the consolidated statements of operations.

The Company annually evaluates the estimated remaining useful lives of its intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of amortization.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets (including intangible assets with finite useful lives and installation and service parts) for impairment whenever events or circumstances indicate that the carrying amount of an asset or an asset group may not be fully recoverable. The Company assesses recoverability by comparing the estimated undiscounted future cash flows expected to be generated by the asset or asset group with its carrying value. If the carrying value of the asset or asset group exceeds the estimated undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair value and the carrying value.

The state of Texas passed legislation as of June 1, 2019 to ban red-light photo enforcement programs across the state, with certain carve-outs for some existing programs. The Company considered this a triggering event for potential impairment and evaluated the recoverability of property and equipment used in the operations of red-light photo enforcement programs in Texas. As a result, the Company recognized an impairment charge in the Government Solutions segment of $5.9 million for fiscal year 2019, which is included in impairment of property and equipment in the consolidated statements of operations. We did not have impairment losses on long-lived assets for the years ended December 31, 2020 or December 31, 2018.

Self-Insurance

The Company is self-insured for medical costs and has stop-loss insurance policies to limit its exposure to individual and aggregate claims made. Liabilities for these programs are estimated based on outstanding claims and claims estimated to be incurred but not yet reported using historical loss experience. These estimates are subject to variability due to changes in trends of losses for outstanding claims and incurred but not reported claims, including external factors such as the number, and cost of, claims, benefit level changes and claim settlement patterns.

Warrants

As of December 31, 2020, there were warrants outstanding to acquire 19,999,967 shares of the Company’s Class A Common Stock including: (i) 6,666,666 warrants originally issued to Gores Sponsor II, LLC in a private placement in connection with the IPO (the “Private Placement Warrants”); and (ii) 13,333,301 warrants issued in connection with the IPO (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). The Warrants entitle the registered holder to purchase one share of our Class A Common Stock at a price of $11.50 per share, subject to certain adjustments.

The Warrants became exercisable on November 16, 2018, 30 days following the completion of the Business Combination, and expire five years after that date, or earlier upon redemption or liquidation. The Company may redeem the outstanding Warrants at a price of $0.01 per warrant, if the last sale price of its Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading day period ending on the third business day before it sends the notice of redemption to the Warrant holders. The Private Placement Warrants, however, are nonredeemable so long as they are held by Gores Sponsor II, LLC or its permitted transferees.

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance under FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares, among other conditions for equity classification.

For warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The Company’s Public Warrants meet the criteria for equity classification and accordingly, are reported as component of shareholders’ equity while the Company’s Private Placement Warrants do not meet the criteria for equity classification because the holder of the instrument is not an

input into the pricing of a fixed-for-fixed option on equity shares and are instead classified as a liability. The fair value of the Private Placement Warrants is estimated at period-end using a Black-Scholes option pricing model. Shares issuable under the Warrants were considered for inclusion in the diluted share count in accordance with GAAP. As the shares issuable under the Warrants are issuable shares when exercised by the holders, they are included when computing diluted (loss) income per share, if such exercise is dilutive to (loss) income per share.

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 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 New First Lien Term Loan as of December 31, 2020 and 2019 was categorized in Level 2 of the fair value hierarchy and was calculated based upon available market information. The carrying value and fair value of long-term debt is as follows:

Level in

December 31, 2020

December 31, 2019

Fair Value

Carrying

Estimated

Carrying

Estimated

($ in thousands)

Hierarchy

Amount

Fair Value

Amount

Fair Value

Total long-term debt

842,045

861,314

866,465

905,601

The fair value of the private placement warrant liabilities is measured on a recurring basis and is estimated using the Black-Scholes option pricing model using significant unobservable inputs, primarily related to estimated volatility, and is therefore classified within level 3 of the fair value hierarchy. The key assumptions used were as follows:

	December 31, 2020			December 31, 2019
Stock price	$	13.42		$	13.99
Strike price	$	11.50		$	11.50
Volatility		44.0	%		27.0	%
Remaining life (in years)		2.8			3.8
Risk-free interest rate		0.16	%		1.65	%
Expected dividend yield		0.0	%		0.0	%
Estimated fair value	$	4.63		$	4.46

The following summarizes the changes in the private placement warrant liabilities for the respective periods:

	December 31, 2020		December 31, 2019
Beginning balance	$	29,733	$	13,466
Change in fair value included in net (loss) income		1,133		16,267
Ending balance	$	30,866	$	29,733

Asset Retirement Obligation

The Company records obligations to perform certain retirement activities on camera and speed enforcement systems in the period that the related assets are placed in service. Asset retirement obligations are contractual obligations to restore property to its initial state. These obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to operating expenses in the consolidated statements of operations. The associated asset retirement obligation is capitalized as part of the related asset’s carrying value and is depreciated over the asset’s estimated remaining useful life.

Deferred Financing Costs

Deferred financing costs consist of the costs incurred to obtain long-term financing, including the Company’s credit facilities (See Note 9). These costs, which are a reduction to long-term debt on the consolidated balance sheets, are amortized over the term of the related debt, using the effective interest method for term debt and the straight-line method for revolving credit facilities. Amortization of deferred financing costs for fiscal years 2020, 2019 and 2018 was $5.4 million, $6.6 million, and $9.2 million respectively.

Income Taxes

The Company accounts for income taxes under the asset and 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. Deferred tax assets generally represent items that can be used as a tax deduction or credit in tax return in future years, while deferred tax liabilities generally represent items that generate a future tax liability for items where deductions have been accelerated for tax purposes. The Company provides a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the tax assets will not be realized. 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 realization of deferred tax assets can be affected by, among other things, the nature, frequency, and severity of current and cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, our experience with utilizing operating losses and tax credit carryforwards by jurisdiction and tax planning alternatives and strategies that may be available.

The Company’s effective tax rate is based on income, statutory tax rates, differences in the deductibility of certain expenses and inclusion of certain income items between financial statement and tax return purposes, and tax planning opportunities available to it in the various jurisdictions in which it operates. Under GAAP, if the Company determines that a tax position is more likely than not of being sustained upon audit, based solely on the technical merits of the position, the Company recognizes the benefit. Tax code and regulations require certain items to be included in the tax return at different times than when those items are required to be recorded in the consolidated financial statements. As a result, the effective tax rate reflected in its consolidated financial statements is different from that reported in its tax returns. Some of these differences are permanent, such as meals and entertainment expenses that are not fully deductible on the Company’s tax returns, and some are temporary differences, such as depreciation expense. Temporary differences create deferred tax assets and liabilities.

The Company recognizes benefits on uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit.

Stock-based Compensation

In October 2018, the Company established the Verra Mobility 2018 Equity Incentive Plan (the “2018 Plan”) which provides for a variety of stock-based awards for issuance to employees and directors. We have granted restricted stock units (“RSUs”), stock options and performance share units (“PSUs”).

The Company recognizes the fair value of RSUs based on the Company’s common stock price at market close on the date of the grant. The Company uses the Black-Scholes model to determine the fair value of stock options,

and uses the Monte Carlo simulation model to determine the fair value of PSUs containing market conditions. The Black-Scholes model requires an assumption regarding the expected life of the stock option, which the Company estimated to be 6.25 years by applying the short-cut method permitted under SEC Staff Accounting Bulletin No. 110. The expected term of the PSUs granted in 2020 was three years, which matches the awards’ performance period. RSUs and stock options vest based on the continued service of the recipient. PSUs are issued upon continued service along with the relative satisfaction of a market condition that measures the Company’s total stockholder return relative to a comparably calculated return for a peer group during the performance period. In addition, the Black-Scholes and the Monte Carlo models require assumptions to be made regarding the expected volatility of the Company’s stock price. Stock price volatility is determined by averaging an implied volatility with a measure of historical volatility. Stock options granted in 2020 had an expected volatility that ranged from approximately 30% to 60% and the risk-free rate ranged from approximately 0.40% to 0.70%. The expected volatility of PSUs granted in 2020 was approximately 35% and the risk-free rate used was approximately 0.60%.

Stock-based compensation expense for share-based awards is determined based on the grant date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the share based payment award. The compensation expense for the PSUs is recognized over the requisite service period regardless of whether the market condition is satisfied. Forfeitures are accounted for as they occur. See Note 14, Equity Incentive Plan, for more information on the Company’s share-based awards.

Revenue Recognition

Nature of Goods and Services

The following is a description of principal activities – separated by reportable segments – from which the Company generates revenue:

Commercial Services: This segment offers toll and violation management solutions for the commercial fleet and rental car industries by partnering with the leading fleet management and rental car companies in North America. The Company determined its performance obligation is a distinct stand-ready obligation, as there is an unspecified quantity of services provided that does not diminish, and the customer is being charged only when it uses the Company’s services, such as toll payment, title and registration, etc. Payment terms for contracts with commercial fleet and rental car companies vary, but are usually billed as services are performed.

Government Solutions: This segment principally generates revenue from providing complete, end-to-end red-light, speed, school bus stop arm, and bus lane enforcement solutions. Products, when sold, are typically sold together with services in a bundle. The average initial term of a contract is 3 to 5 years. Payment terms for contracts with government agencies vary depending on whether the consideration is fixed or variable. Payment terms for contracts with fixed consideration are usually based on equal installments over the duration of the contract. Payment terms for contracts with variable consideration are usually billed and collected as citations are issued or paid.

For bundled packages, the Company accounts for individual products and services separately if they are distinct – i.e., if a product or service is separately identifiable from other items in the bundle and if a customer can benefit from it as a stand-alone item. The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices (“SSP”). The Company estimates the SSP of its services based upon observable evidence, market conditions and other relevant inputs.

Product sales (sale of camera and installation) – The Company recognizes revenue when the installation process is completed and the camera is ready to perform the services as expected by the customer. Generally, it occurs at site acceptance or first citation. The Company recognizes revenue for the sale of the camera and installation services at a point in time.

Service revenue – The Company determined its performance obligation is to provide a complete end-to-end safety and enforcement solution. Promises include providing a system to capture images, processing images taken by the camera, forwarding eligible images to the local police department and processing payments on behalf of the municipality. The Company

determined that certain of the promises to its customers are capable of being distinct, as they may provide some measure of benefit to the customer either on their own or together with other resources that are readily available to the customer. However, the Company determined that the promises to its customers do not meet the criterion of being distinct within the context of its contracts. The Company would not be able to fulfill its promises individually, as its customers could not obtain the intended benefit from the contract without the Company fulfilling all promises. Accordingly, the Company concluded that each contract represents one service offering and is a single performance obligation to our customer. Further, the Company accounts for all the services as a single continuous service. The Company applies the series guidance for those services as it stands ready to deliver those services over the contract period. The Company recognizes revenue from services over time, as they are performed.

Remaining Performance Obligations

As of December 31, 2020, the Company had approximately $0.2 million of remaining performance obligations in the Government Solutions segment, which include amounts that will be invoiced and recognized in future periods. The remaining performance obligations are limited only to arrangements that meet the definition of a contract under ASC 606 as of December 31, 2020. As these amounts relate to the initial deferral of revenue under a contract, the Company expects to recognize these amounts over a two month period at the end of the contract.

Significant Judgments

Judgments are required in order to estimate transaction prices. Additional judgments are required for identifying the performance obligations and determining whether the services provided are able to be distinct, determining the transaction price as it relates to the different variable consideration structures identified in our contracts, the estimation of the SSP and the allocation of the transaction price by relative SSPs. Assumptions regarding timing of when control transfers to the customer also requires judgment in order to recognize revenue.

Credit Card Rebates

The Company earns volume rebates from total spend on purchasing cards and recognizes the income in other income, net in the consolidated statements of operations. For the fiscal years ended December 31, 2020, 2019 and 2018, the Company recorded $8.5 million, $11.8 million, and $8.9 million respectively, related to rebates.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs for the fiscal years ended December 31, 2020, 2019 and 2018, were $0.8 million, $2.3 million, $1.4 million, respectively and were included in selling, general, and administrative expenses in the consolidated statements of operations.

Foreign Currency

The assets and liabilities of our foreign subsidiaries whose functional currency is not the U.S. dollar are translated into U.S. dollars at current exchange rates while revenue and expenses are translated from functional currencies at average monthly exchange rates. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) in stockholders’ equity.

Certain assets and liabilities denominated in foreign currencies that differ from their functional currencies are re-measured at the exchange rate on the balance sheet date. The foreign currency effect of the re-measurement of these assets and liabilities is included in other income, net in the consolidated statements of operations. The impact of foreign currency re-measurements was gains (losses) of $0.4 million, $(0.6) million and $(0.1) million for the fiscal years ended December 31, 2020, 2019 and 2018, respectively.

Acquisitions

The Company applies the asset acquisition method to account for business acquisitions. The Company allocates the fair value of the purchase price consideration to assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase consideration over the fair value of the identifiable assets and liabilities is recorded as goodwill.

The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment, and includes the use of independent valuation specialists to assist the Company in estimating fair values of acquired tangible and intangible assets. Although the Company believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from estimates.

Segment Information

The Company determined it has two operating and reportable segments (Commercial Services and Government Solutions) for which discrete financial information is available and is regularly reviewed by the Company’s chief operating decision maker function (“CODM”) to assess performance and make decisions about the allocation of resources. The CODM consists of the Company’s Chief Executive Officer and certain defined representatives of the Company’s executive management team (See Note 18 for additional information on segment reporting).

Recent Accounting Pronouncements

Accounting Standards Adopted

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test. Goodwill impairment is now the amount by which a reporting unit’s carrying value exceeds its fair value limited to the total amount of goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill for all reporting units, even those with zero or negative carrying amounts. The Company adopted the ASU as of January 1, 2020 and followed the one-step method in evaluating potential goodwill impairment for the first and second quarters of fiscal year 2020, refer to Note 6, Goodwill and Intangible Assets. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and issued certain amendments within ASU 2019-04, ASU 2019-05 and ASU 2019-11, respectively. The guidance replaced the incurred loss impairment model and applies a new model, current expected credit losses (“CECL”), that requires entities to estimate expected credit losses measured over the contractual life of an instrument that consider supportable forecasts of future economic conditions in addition to information about past events and current conditions. An entity is required to measure and record an allowance for credit loss upon initial recognition of a financial asset, and present in-scope assets at the net amount expected to be collected. Under legacy GAAP, the Company recognized credit losses on trade receivables when it was probable that a loss has been incurred.

The Company adopted the CECL standard as of January 1, 2020 through a cumulative effect adjustment of $0.7 million, net of tax, to the opening balance of accumulated deficit. The adjustment increased accumulated deficit and increased the allowance for credit loss accounts. Subsequent impacts to the allowance for credit loss have been recorded through the credit loss expense account included within selling, general and administrative expenses in our consolidated statements of operations and as an allowance for credit loss on our consolidated balance sheet. See Allowance for Credit Loss above for additional information.

Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes specific exceptions to the general principles in Topic 740 in GAAP including the exception to the incremental approach for intra-period tax allocation, exceptions to accounting for basis differences when there are ownership changes in foreign investments, and the exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also simplifies current guidance in relation to franchise taxes that are partially based on income, transactions with a government that result in a step-up in tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted. The impact of the implementation of this standard is still being determined by the Company.

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides temporary optional guidance to ease the potential burden in accounting for the reference rate reform. It provides optional expedients and exceptions for applying GAAP to contract modifications, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is in effect for a limited time through December 31, 2022, to help stakeholders during the global market-wide reference rate transition period. The impact of the implementation of this standard is still being determined by the Company.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted. The Company will early adopt this standard as of January 1, 2021 and does not expect the impact to be material to its consolidated financial statements and related disclosures.

Mergers and Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Mergers and Acquisitions

3.	Merger and Acquisition

Verra Mobility Merger

As described in Note 1, Gores and Greenlight consummated the Business Combination on October 17, 2018. Pursuant to ASC 805, the Business Combination qualified as a reverse acquisition because immediately following completion of the transaction the stockholders of Greenlight immediately prior to the Business Combination maintained effective control of Verra Mobility, the post-combination company. For accounting purposes, Greenlight is deemed the accounting acquirer in the transaction and, consequently, the transaction is treated as recapitalization of Greenlight (i.e. a capital transaction involving the issuance of stock by Greenlight in exchange for the payment of cash by Gores to the selling shareholders of Greenlight). Accordingly, the consolidated assets, liabilities and results of operations of Greenlight are the historical financial statements of Verra Mobility and the Gores assets, liabilities and results of operations are consolidated with Greenlight beginning on the acquisition date. No step-up in basis of intangible assets or goodwill was recorded for this transaction. The Company effected this treatment through opening stockholders’ equity by adjusting the number of common shares outstanding. Other than underwriting and professional fees paid to consummate the transaction, the Business Combination primarily involved the exchange of cash and equity between Gores, Greenlight and the stockholders of the respective companies. During fiscal year 2019, the Company recorded a $7.0 million decrease to the additional paid-in capital account for a payable to Platinum Equity, LLC, a related party, for the recapitalization related to the working capital adjustment required by the merger agreements, which was paid during the fourth quarter of fiscal year 2019.

Pagatelia Acquisition

On October 31, 2019, the Company completed the acquisition of all of the outstanding shares of Pagatelia S.L., (“Pagatelia”), a Spanish limited liability company that provides electronic consumer tolling and parking solutions in Spain, Portugal, France and Italy. The purchase consideration for Pagatelia was $26.6 million and transaction costs were not material. Pro forma information for Pagatelia was not provided as it was not material.

The final allocation of the purchase consideration is summarized as follows:

($ in thousands)
Assets acquired
Cash	$	1,086
Other assets		5,047
Trademark		771
Customer relationships		5,946
Developed technology		4,624
Non-compete agreements		440
Goodwill		17,528
Total assets acquired		35,442

Liabilities assumed
Accounts payable and accrued expenses		6,045
Deferred tax liability		2,801
Total liabilities assumed		8,846
Total purchase price	$	26,596

Goodwill arising from Pagatelia was assigned to the Company’s Commercial Services segment and consists largely of the expected cash flows and future growth anticipated for the Company. The goodwill is not expected to be deductible for tax purposes. The customer relationships value was based on an excess earnings methodology utilizing projected cash flows. The trademark and the developed technology values were based on a relief-from-royalty method. The non-compete agreement values were based on the with-or-without method. The trademark, customer relationships, developed technology and non-compete agreements were assigned useful lives of 8.5 years, 9.5 years, 6.5 years and 3 years, respectively.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2020

Prepaid Expense And Other Assets Current [Abstract]

Prepaid Expenses and Other Current Assets

4.	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following at December 31:

($ in thousands)	2020		2019
Prepaid tolls	$	9,237	$	10,116
Deposits		3,474		3,642
Prepaid services		2,989		5,201
Prepaid computer maintenance		2,732		2,923
Prepaid insurance		2,641		1,485
Prepaid income taxes		2,354		1,025
Other		890		2,099
Total prepaid expenses and other current assets	$	24,317	$	26,491

Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property and Equipment, Net

5.	Property and Equipment, Net

Property and equipment, net, consists of the following at December 31:

($ in thousands)	2020			2019
Equipment installed at customer sites	$	80,880		$	71,464
Software		19,202			13,839
Leasehold improvements		9,938			8,809
Computer equipment		10,974			8,882
Furniture		2,079			1,681
Automobiles		2,899			2,128
Construction in progress		4,876			4,773
Property and equipment		130,848			111,576
Less: accumulated depreciation		(60,564	)		(39,310	)
Property and equipment, net	$	70,284		$	72,266

Depreciation expense was $23.1 million, $22.8 million and $22.5 million for the fiscal years ended December 31, 2020, 2019 and 2018, respectively, including depreciation related to costs to develop or implement software for internal use of $4.3 million, $3.8 million and $2.9 million for the fiscal years ended December 31, 2020, 2019 and 2018, respectively.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6.	Goodwill and Intangible Assets

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

	Commercial		Government
($ in thousands)	Services		Solutions		Total
Balance at December 31, 2018	$	404,977	$	159,746	$	564,723
Goodwill from Pagatelia acquisition		17,528		—		17,528
Foreign currency translation adjustment		1,899		—		1,899
Balance at December 31, 2019		424,404		159,746		584,150
Foreign currency translation adjustment		2,285		—		2,285
Balance at December 31, 2020	$	426,689	$	159,746	$	586,435

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

Weighted

At December 31, 2020

Average

Gross

Remaining

Amortization

Carrying

Accumulated

($ in thousands)

Useful Life

Period

Amount

Amortization

Trademarks

0.3 years

3.0 years

32,223

29,358

Non-compete agreements

2.0 years

5.0 years

62,589

37,412

Customer relationships

5.9 years

8.9 years

367,512

123,784

Developed technology

2.3 years

5.5 years

166,217

95,848

Gross carrying value of intangible assets

628,541

286,402

Less: accumulated amortization

(286,402

)

Intangible assets, net

342,139

Weighted

At December 31, 2019

Average

Gross

Remaining

Amortization

Carrying

Accumulated

($ in thousands)

Useful Life

Period

Amount

Amortization

Trademarks

1.5 years

3.0 years

32,127

19,106

Non-compete agreements

3.0 years

5.0 years

62,549

24,834

Customer relationships

6.9 years

8.9 years

366,533

82,903

Developed technology

3.3 years

5.5 years

165,708

65,631

Gross carrying value of intangible assets

626,917

192,474

Less: accumulated amortization

(192,474

)

Intangible assets, net

434,443

Amortization expense was $93.5 million, $92.8 million and $80.8 million for fiscal years ended December 31, 2020, 2019 and 2018, respectively.

Estimated amortization expense in future years is expected to be:

($ in thousands)
2021	$	85,935
2022		81,167
2023		52,493
2024		42,000
2025		39,302
Thereafter		41,242
Total	$	342,139

Goodwill Impairment Tests

During the first half of fiscal year 2020, our market capitalization declined significantly compared to December 31, 2019. Over the same period, the equity value of our key Commercial Services customers, our peer group companies and the overall U.S. stock market also declined significantly amid market volatility. These declines were driven by the uncertainty surrounding the outbreak of the novel coronavirus (“COVID-19”) and other macroeconomic events. Based on these factors, we concluded that a triggering event occurred and, accordingly, an interim quantitative goodwill impairment test was performed as of March 31, 2020 and again as of June 30, 2020.

Based upon the results of our interim impairment tests as of March 31, 2020 and June 30, 2020, we concluded that the fair values of the Government Solutions and Commercial Services reporting units exceeded their carrying values. In addition, there were no indicators of impairment based on the qualitative analysis performed as of October 1 in fiscal years 2020, 2019 and 2018.

The current economic conditions due to COVID-19 are still evolving and any significant adverse changes in future periods to our internal forecasts or the external market conditions, if any, could reasonably be expected to negatively affect our key assumptions and may result in a future goodwill impairment charge, which could be material.

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables And Accruals [Abstract]

Accrued Liabilities

7.	Accrued Liabilities

Accrued liabilities consist of the following at December 31:

($ in thousands)	2020		2019
Accrued salaries and wages	$	4,432	$	10,319
Current portion of operating lease liabilities		3,179		2,970
Advanced deposits payable		2,922		2,875
Payroll liabilities		1,755		149
Deferred income		750		691
Self-insurance liability		682		411
Other		1,916		2,132
Total accrued liabilities	$	15,636	$	19,547

Asset Retirement Obligation

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

8.	Asset Retirement Obligation

The following table summarizes changes in the Company’s asset retirement obligation for the years ended December 31:


($ in thousands)	2020			2019
Asset retirement obligation, beginning balance	$	6,309		$	6,750
Liabilities incurred		133			230
Accretion expense		259			350
Liabilities settled		(292	)		(1,021	)
Asset retirement obligation, ending balance	$	6,409		$	6,309

Long-term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

9.	Long-term Debt

The following table provides a summary of the Company’s long-term debt at December 31:

($ in thousands)	2020			2019
New First Lien Term Loan, due February 28, 2025	$	865,642		$	894,421
Less: original issue discounts		(3,952	)		(4,778	)
Less: unamortized deferred financing costs		(19,645	)		(23,178	)
Total long-term debt		842,045			866,465
Less: current portion of long-term debt		(9,104	)		(28,779	)
Total long-term debt, net of current portion	$	832,941		$	837,686

The following table presents the aggregate principal payments in future years on long-term debt at December 31, 2020:

($ in thousands)
2021	$	9,104
2022		9,104
2023		9,104
2024		9,104
2025		829,226
Thereafter		—
Total	$	865,642

In connection with an acquisition, VM Consolidated, Inc., our wholly-owned subsidiary, entered into a First Lien Term Loan Credit Agreement (the “New First Lien Term Loan”), a Second Lien Term Loan Credit Agreement (the “New Second Lien Term Loan” and together with the New First Lien Term Loan, the “New Term Loans”) and a Revolving Credit Agreement (the “New Revolver,” and together with the New Term Loans, the “2018 Credit Facilities”) with a syndicate of lenders. The 2018 Credit Facilities initially provided for committed senior secured financing of $1.115 billion, consisting of an aggregate principal amount of $1.04 billion under the New Term Loans and an aggregate revolving commitment of up to $75 million available for loans and letters of credit under the New Revolver (subject to borrowing eligibility requirements as described below). In July 2018, we amended the New First Lien Term Loan to expand the aggregate principal loan amount from $840 million to $910 million. The additional $70 million, along with funds contributed by Platinum Equity, LLC, were used to repay the $200 million New Second Lien Term Loan in full contemporaneously with the closing of the Business Combination on October 17, 2018. The New First Lien Term Loan represents the only debt outstanding under the 2018 Credit Facilities as of December 31, 2020.

The 2018 Credit Facilities replaced the previous First Lien Term Loan Credit Agreement (the “Old First Lien”), the Second Lien Term Loan Credit Agreement (the “Old Second Lien” and together with the Old First Lien, the “Old Term Loans”), which were repaid concurrent with the closing on the 2018 Credit Facilities, and a preexisting Revolving Credit Agreement (the “Old Revolver”, collectively with the Old Term Loans, the “2017 Credit Facilities”) which was undrawn at close. The outstanding balances at the date of close on the Old Term Loans, which were repaid in full with proceeds from the 2018 Credit Facilities were $323 million and $125 million, respectively.

The New First Lien Term Loan is repayable at 1.0% per annum of the amount initially borrowed, paid in quarterly installments. The New First Lien Term Loan matures on February 28, 2025. The Company refinanced the entire outstanding amount under the New First Lien Term Loan on February 20, 2020, which reduced the previous applicable margin by 50 basis points. The New First Lien Term Loan now bears interest based, at our option, on either (1) LIBOR plus an applicable margin of 3.25% per annum, or (2) an alternate base rate plus an applicable margin of 2.25% per annum. As of December 31, 2020, the interest rate on the New First Lien Term Loan was 3.4%.

In addition, the New First Lien Term Loan requires mandatory prepayments equal to the product of the excess cash flows of the Company (as defined in the loan agreement) and the applicable prepayment percentages (calculated as of the last day of the fiscal year, beginning with the year ending December 31, 2019), as set forth in the following table:

Consolidated first lien net leverage ratio (as defined by the New First Lien 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%

The Company made a $19.7 million mandatory prepayment of excess cash flow during the first quarter of fiscal year 2020, which was classified as current portion of long-term debt in the consolidated balance sheet at December 31, 2019. We did not have a mandatory prepayment of excess cash flow for the fiscal year ended December 31, 2020.

The New Revolver matures on February 28, 2023. The terms of the New Revolver were not affected by the refinancing of the New First Lien Term Loan discussed above. Borrowing eligibility under the New 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 New Revolver bears interest on either (1) LIBOR plus an applicable margin, or (2) an alternate base rate, plus an applicable margin. The margin percentage applied to (1) LIBOR 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. At December 31, 2020, the Company had no outstanding borrowings on the New Revolver and availability to borrow was $48.8 million, net of $6.3 million of outstanding letters of credit.

Interest on the unused portion of the New Revolver is payable quarterly at 0.375% and we are also required to pay participation and fronting fees at 1.38% on $6.3 million of outstanding letters of credit as of December 31, 2020.

All borrowings and other extensions of credits under the 2018 Credit Facilities are subject to the satisfaction of customary conditions and restrictive covenants including absence of defaults and accuracy in material respects of representations and warranties. At December 31, 2020, the Company was compliant with the 2018 Credit Facilities covenants. Substantially all of the Company’s assets are pledged as collateral to secure the Company’s indebtedness under the 2018 Credit Facilities.

The Company recorded interest expense, including amortization of deferred financing costs and discounts, of $40.9 million, $60.7 million and $69.6 million for the fiscal years ended December 31, 2020, 2019 and 2018, respectively.

In connection with the refinancing of the New First Lien Term Loan in February 2020, which the Company determined was to be accounted for as a modification, we incurred $0.8 million of lender fees which were capitalized as deferred financing costs and amortized over the remaining life of the New First Lien Term Loan, and $0.2 million of legal fees that were expensed as selling, general and administrative expenses on the consolidated statement of operations in the fiscal year ended December 31, 2020.

The Company recognized a charge of $10.2 million in fiscal year 2018 consisting of a $3.8 million prepayment penalty on the Old Term Loan balances, a $2.0 million write-off of pre-existing deferred financing costs and $4.4 million of lender and third-party costs associated with the issuance of the 2018 Credit Facilities. The Company also recorded a loss on extinguishment of the New Second Lien Term Loan of $16.3 million in fiscal year 2018 consisting of a $4.0 million prepayment penalty, a $3.4 million write-off of pre-existing deferred financing costs and $8.9 million of lender and third-party costs associated with the issuance of the loan.

The weighted average effective interest rates on the Company’s outstanding borrowing under the 2018 Credit Facilities were 3.4% and 5.5% at December 31, 2020 and December 31, 2019, respectively.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

10.

Leases

The Company adopted the leases guidance under ASC 842, Leases, as of January 1, 2019. The Company’s operating leases primarily consist of office and data center space expiring at various dates through April 2035. The Company has lease agreements with lease and non-lease components and has elected to account for such components as a single lease component. The Company recognizes and measures contracts containing a lease and determines lease classification at commencement. Right of use operating assets and lease liabilities are measured based on the estimated present value of lease payments over the lease term. In determining the present value of lease payments, the Company used its estimated incremental borrowing rate when the rate implicit in the lease cannot be readily determined. The estimated incremental borrowing rate is based upon information available at lease commencement including publicly available data for debt instruments. The lease term includes periods covered by options to extend when it is reasonably certain the Company will exercise such options as well as periods subsequent to an option to terminate the lease if it is reasonably certain the Company will not exercise the termination option. Operating lease costs are recognized on a straight-line basis over the lease term. Variable lease costs are recognized as incurred. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company does not have material short-term leases and does not engage in subleasing activities.

As of December 31, 2020, operating leases have a remaining weighted average lease term of 12.2 years and operating lease liabilities were measured using a weighted average discount rate of 5.4%. The total operating lease costs for the fiscal years ended December 31, 2020 and 2019 were $5.3 million and $5.7 million, respectively. Variable lease costs for the fiscal 2020 were approximately $1.1 million. The Company has one finance lease that is not material.

The following is a summary of the operating lease liabilities as of December 31:

($ in thousands)	2020		2019
Operating lease liabilities, net of current portion	$	27,986	$	30,130
Current portion		3,179		2,970
Total operating lease liabilities	$	31,165	$	33,100

The following provides future maturities of operating lease liabilities as of December 31, 2020:

($ in thousands)
2021	$	4,737
2022		3,641
2023		3,094
2024		2,998
2025		2,992
Thereafter		26,023
Total minimum payments	$	43,485
Less: amount representing interest		(12,320	)
Total	$	31,165

Net (Loss) Income Per Share (As Restated)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net (Loss) Income Per Share (As Restated)

11.	Net (Loss) Income Per Share (As Restated)

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net (loss) 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 (loss) income per share are as follows:

	For the Year Ended December 31,
	2020			2019		2018
(In thousands, except per share data)	(As restated)			(As restated)		(As restated)
Numerator:
Net (loss) income	$	(4,578	)	$	17,076	$	(51,485	)
Denominator:
Weighted average shares - basic		161,632			157,890		87,320
Common stock equivalents		—			2,190		—
Weighted average shares - diluted		161,632			160,080		87,320
Net (loss) income per share - basic	$	(0.03	)	$	0.11	$	(0.59	)
Net (loss) income per share - diluted	$	(0.03	)	$	0.11	$	(0.59	)
Antidilutive shares excluded from diluted net (loss) income per share ⁽¹⁾:
Contingently issuable shares ⁽²⁾		5,000			7,500		10,000
Public warrants		13,333			—		13,333
Private placement warrants		6,667			6,667		6,667
Non-qualified stock options		614			—		—
Performance share units		106			—		—
Restricted stock units		2,203			3,004		4,437
Total antidilutive shares excluded		27,923			17,171		34,437

⁽¹⁾

These amounts represent outstanding shares as of years ended December 31, 2020, 2019 and 2018.

⁽²⁾

Contingently issuable shares relate to the earn-out agreement as discussed in Note 16, Related Party Transactions.

Income Taxes (As Restated)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes (As Restated)

12.	Income Taxes (As Restated)

In December 2019, COVID-19 emerged and has since spread throughout the world causing severe disruption to the global economy. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. There were several income tax provisions and other non-tax matters incorporated into law as a result of the enactment of the CARES Act. The Company applied certain articles of the CARES Act in the income tax provision (benefit), including the increased interest deduction allowed up to 50 percent of adjusted taxable income for tax years 2019 and 2020. For the year ended December 31, 2019, the Company deducted an additional $4.7 million in interest expense in the 2019 federal income tax return as a result of the increased adjusted taxable income limitation. In addition, the Company elected to delay the employer-side of the FICA payments until 2021 as provided under the CARES Act.

The income (loss) before income tax provision (benefit) consisted of:

	For the Year Ended December 31,
	2020			2019			2018
($ in thousands)	(As restated)			(As restated)			(As restated)
U.S.	$	6,429		$	33,655		$	(68,374	)
Foreign		(5,576	)		(2,998	)		648
Total income (loss) before income tax provision (benefit)	$	853		$	30,657		$	(67,726	)

The income tax provision (benefit) consisted of the following items:

	For the Year Ended December 31,
($ in thousands)	2020			2019			2018
Current
Federal	$	4,169		$	16,901		$	5,687
State		5,399			7,316			1,624
Foreign		652			673			883
Total current		10,220			24,890			8,194
Deferred
Federal		(1,308	)		(8,542	)		(18,334	)
State		(2,615	)		(2,092	)		(5,669	)
Foreign		(866	)		(675	)		(432	)
Total deferred		(4,789	)		(11,309	)		(24,435	)
Income tax provision (benefit)	$	5,431		$	13,581		$	(16,241	)

A reconciliation to the income tax provision (benefit) from the amounts computed by applying the statutory U.S. federal income tax rate is as follows:

	For the Year Ended December 31,
	2020			2019			2018
($ in thousands)	(As restated)			(As restated)			(As restated)
Income tax provision (benefit) at statutory rate	$	179		$	6,438		$	(14,222	)
State income taxes, net of federal income tax effect		1,188			2,360			(3,785	)
Tax rate changes/ valuation of deferred tax items		1,353			998			(1,457	)
162(m) limitation		1,179			1,289			—
Non-deductible expenses		1,748			450			676
Unrecognized tax benefits		(929	)		(741	)		600
Tax impact for change in fair value of warrants		237			3,416			(1,452	)
Change in valuation allowance		924			317			2,149
Non-deductible transaction costs		19			270			1,172
Research and development credits		(121	)		(232	)		(602	)
Global intangible low tax inclusion		—			—			478
Other		(346	)		(984	)		202
Total income tax provision (benefit)	$	5,431		$	13,581		$	(16,241	)

Significant components of the Company’s deferred income tax assets and liabilities consist of the following at December 31:

($ in thousands)	2020			2019
Deferred tax assets:
Accrued expenses and other	$	1,027		$	1,538
Allowance for credit loss		4,838			2,280
Net operating loss carryforward		3,626			2,612
Interest expense limitation carryforward		1,070			5,687
Federal and state income tax credits		1,132			1,060
ASC 842 operating lease liabilities		8,679			8,660
Transaction costs		319			—
Other		1,210			1,935
Gross deferred tax assets		21,901			23,772
Valuation allowance		(3,422	)		(2,564	)
Deferred tax assets, net of valuation allowance		18,479			21,208
Deferred tax liabilities:
Intangible assets and transaction costs		(16,358	)		(27,489	)
Property and equipment		(10,285	)		(9,941	)
Financing costs		(3,730	)		(482	)
Prepaid assets		(957	)		(604	)
ASC 842 operating lease assets		(8,297	)		(8,408	)
Gross deferred tax liabilities		(39,627	)		(46,924	)
Total deferred tax liabilities, net	$	(21,148	)	$	(25,716	)

In accordance with ASC 740, Income Taxes, deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets can be affected by, among other things, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, the Company’s experience with utilizing operating losses and tax credit carryforwards by jurisdiction, and tax planning alternatives and strategies that may be available.

The Company performed an analysis of the reversal of the deferred tax assets and considered the overall business environment, historical earnings and the outlook for future years. The Company determined that it is more likely than not that the benefit from certain state and foreign net operating loss carryforwards will not be realized as of the years ended December 31, 2020 and 2019, and as such provided a valuation allowance of $3.4 million and $2.6 million, respectively. The valuation allowance could be adjusted in future periods if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present.

The net operating loss carryforwards represent $31.1 million and $25.5 million of state net operating losses at December 31, 2020 and 2019, respectively. The Company has certain tax credits of $1.5 million and $1.8 million at December 31, 2020 and 2019, respectively, which if unused will begin to expire in 2024.

The following table summarizes the activity related to the Company’s unrecognized tax benefits as of December 31:

($ in thousands)	2020			2019
Balance at the beginning of the year	$	1,735		$	2,529
Increases/(decreases) related to current year tax positions		126			(79	)
Increases/(decreases) related to prior year tax positions		299			45
Expiration due to statute of limitations		(1,207	)		(760	)
Balance at the end of the year	$	953		$	1,735

Included in the balance of unrecognized tax benefits as of December 31, 2020 were $0.4 million of tax benefits that, if recognized, would impact the effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months.

The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. The Company recognized $1.0 million for fiscal year 2020 and less than $0.1 million for fiscal year 2019, in interest and penalties. At December 31, 2020 and 2019, the Company had accrued interest and penalties of less than $0.1 million and $0.9 million, respectively. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based on technical merits, it is more likely than not that the tax position will be sustained under examination.

The Company is subject to examination by the Internal Revenue Service and taxing authorities in various states. The Company’s U.S. federal income tax returns remain subject to examination by tax authorities for the years 2017 to 2019. The Company’s state income tax returns are no longer subject to income tax examination by tax authorities prior to 2016; however, our net operating loss carryforwards and research credit carryforwards arising prior to that year are subject to adjustment. The Company regularly assesses the likelihood of tax deficiencies in each of the tax jurisdictions and, accordingly, makes appropriate adjustments to the tax provision as deemed necessary.

- 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 + Details

Stockholders' Equity (As Restated)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity (As Restated)

13.	Stockholders’ Equity (As Restated)

In conjunction with the Business Combination on October 17, 2018, the Company made changes to its capital stock. The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of 261,000,000 shares of capital stock, consisting of (i) 260,000,000 shares of Class A Common Stock, and (ii) 1,000,000 shares of preferred stock, each at par value of $0.0001 per share. The outstanding shares of the Company’s common stock are duly authorized, validly issued, fully paid and non-assessable.

Equity Incentive Plan

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plan

14.	Equity Incentive Plan

In October 2018, the Company established the Verra Mobility 2018 Equity Incentive Plan (the “2018 Plan”) which provides for a variety of stock-based awards including restricted stock units (“RSUs”), performance share units (“PSUs”) and non-qualified stock options to employees and directors. The maximum number of shares of the Company’s common stock that may be subject to awards under the 2018 Plan was 10,864,000 as of December 31, 2020, subject to adjustment in accordance with the terms of the 2018 Plan. At December 31, 2020, the Company had an aggregate of 6,002,689 shares of common stock available for future grants under the 2018 Plan.

RSUs and PSUs

The Company’s RSUs consist of a right to receive shares on one or more vesting dates in the future. RSUs granted to employees vest ratably over four years from their individual award dates, subject to continued employment on the applicable vesting dates. RSUs granted to non-employee directors vest on the earlier of (a) the first anniversary of the vesting start date, or (b) the date immediately prior to the next annual stockholders meeting held by the Company occurring after the date of grant.

The Company granted PSUs to senior executives during fiscal year 2020 which consist of a right to receive shares when certain service and market-vesting conditions are met at the end of a three-year period. The level at which the performance condition is attained upon the completion of the performance period determines the actual number of shares of our Class A Common Stock into which the PSUs will be converted. The conversion percentage ranges from 0% up to 150% of the target level.

The following table summarizes the activity of the Company’s RSUs and PSUs:

	RSUs and PSUs ⁽¹⁾
	Shares (in thousands)			Weighted Average Grant Date Fair Value
Balance at December 31, 2017		—			—
Granted		4,437		$	10.13
Vested		—			—
Forfeited		—			—
Balance at December 31, 2018		4,437		$	10.13
Granted		400		$	11.32
Vested		(953	)	$	10.13
Forfeited		(880	)	$	10.17
Balance at December 31, 2019		3,004		$	10.28
Granted		692		$	12.42
Vested		(986	)	$	10.35
Forfeited		(401	)	$	10.82
Balance at December 31, 2020		2,309		$	10.79

(1)

The awards granted in fiscal year 2020 include 116 PSUs that had a weighted average grant date fair value of $13.88, of which 10 units were forfeited. There were no PSUs that vested during fiscal year 2020.

The fair value of RSUs vested during fiscal years 2020 and 2019 was $10.2 million and $9.7 million, respectively. No RSUs granted pursuant to the 2018 Plan vested in 2018. As of December 31, 2020, we had $21.1 million of unrecognized stock-based compensation expense related to unvested RSUs and PSUs, which is expected to be recognized over a weighted average period of 2.2 years.

Stock Options

During fiscal year 2020, the Company granted stock options that vest ratably over four years from their individual award dates, subject to continued employment on the applicable vesting dates. The Company did not grant stock options for fiscal years 2019 and 2018. The following table summarizes the activity of the Company’s stock options:

	Stock Options Outstanding
	Shares (in thousands)			Weighted Average Exercise Price
Balance at December 31, 2019		—			—
Granted		720		$	12.56
Vested		—			—
Forfeited		(106	)	$	12.56
Balance at December 31, 2020		614		$	12.56

The weighted average grant date fair value of options was $4.36 and the remaining contractual term is 9.2 years. There were no stock options exercised during the fiscal year 2020. As of December 31, 2020, we had $2.1 million of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over a weighted average period of 3.2 years.

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

	December 31,
($ in thousands)	2020		2019		2018
Operating expenses	$	837	$	819	$	137
Selling, general and administrative expenses		11,752		9,193		2,135
Total stock-based compensation expense	$	12,589	$	10,012	$	2,272

Tax benefits attributable to stock-based compensation represented approximately $2.9 million, $3.4 million and $0 of stock-based compensation expense, before limitations under section 162(m) of the Internal Revenue Code, during the years ended December 31, 2020, 2019 and 2018, respectively.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans [Abstract]

Employee Benefit Plan

15.	Employee Benefit Plan

The Company has a 401(k) plan that covers substantially all employees who meet certain eligibility requirements. Covered employees may elect to have a portion of their compensation withheld up to the statutory limit. The 401(k) plan includes a company match that vests immediately. The Company made employer contributions of $1.7 million, $1.7 million and $1.6 million during the fiscal years ended December 31, 2020, 2019 and 2018, respectively.

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

16.	Related Party Transactions

Tax Receivable Agreement

At the closing of the Business Combination, the Company entered into the Tax Receivable Agreement (“Tax Receivable Agreement” or “TRA”) with PE Greenlight Holdings, LLC (the “Platinum Stockholder”) and Greenlight as the stockholder representative. The TRA generally provides for the payment by the post-closing company to the Platinum Stockholder of 50% of the net cash savings, if any, in U.S. federal, state and local income tax that the post-closing company actually realizes (or is deemed to realize in certain circumstances) in periods after the closing of the Business Combination as a result of the increase in the tax basis of the intangible assets which resulted from an acquisition by Verra Mobility prior to the Business Combination. The post-closing company generally retains the benefit of the remaining 50% 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 closing of the Business Combination. Subsequently, the Company made adjustments to this amount.

The Company recorded a $6.8 million expense in fiscal year 2020 and $0.1 million of income in fiscal year 2019 to tax receivable agreement liability adjustment in the consolidated statements of operations. The adjustment in 2020 reflects the impact of an increase to the Company’s deferred tax rate arising from higher estimated state tax rates due to a change in apportionment. At December 31, 2020, the TRA liability was approximately $72.7 million of which $4.8 million was the current portion and $67.9 million was the non-current portion, both of which are included in the respective payable to related party pursuant to tax receivable agreement line items on the consolidated balance sheets.

Earn-Out Agreement

Under the Merger Agreement, the Platinum Stockholder is entitled to receive additional shares of Class A Common Stock (the “Earn-Out Shares”) if the volume weighted average closing sale price of one share of Class A Common Stock on the Nasdaq exceeds certain thresholds for a period of at least 10 days out of 20 consecutive trading days at any time during the five-year period following the closing of the Business Combination (the “Common Stock Price”).

The Earn-Out Shares are issued by the Company to the Platinum Stockholder as follows:

Common Stock Price thresholds	One-time issuance of shares
> $13.00 ^(a)		2,500,000
> $15.50 ^(a)		2,500,000
> $18.00		2,500,000
> $20.50		2,500,000

(a)

The first and second tranches of Earn-Out Shares have been issued, as discussed below.

If any of the Common Stock Price thresholds above (each, a “Triggering Event”) are not achieved within the five-year period following the closing of the Business Combination, the Company will not be required to issue the Earn-Out Shares in respect of such Common Stock Price threshold. In no event shall the Platinum Stockholder be entitled to receive more than an aggregate of 10,000,000 Earn-Out Shares.

If, during the earn-out period, there is a change of control (as defined in the Merger Agreement) that will result in the holders of our Class A Common Stock receiving a per share price equal to or in excess of the applicable Common Stock Price required in connection with any Triggering Event (an “Acceleration Event”), then immediately prior to the consummation of such change of control: (a) any such Triggering Event that has not previously occurred shall be deemed to have occurred; and (b) we shall issue the applicable Earn-Out Shares to the cash consideration stockholders (as defined in the Merger Agreement) (in accordance with their respective pro rata cash share), and the recipients of the issued Earn-Out Shares shall be eligible to participate in such change of control.

The Company estimated the original fair value of the contingently issuable shares to be $73.15 million, of which $36.6 million remains contingently issuable as of December 31, 2020. The estimated value is not subject to future revisions during the five-year period discussed above. The Company used a Monte Carlo simulation option-pricing model to arrive at its original estimate. Each tranche was valued separately giving specific consideration to the tranche’s price target. The simulation considered volatility and risk free rates utilizing a peer group based on a five-year term. This was initially recorded as a distribution to shareholders and was presented as common stock contingent consideration. Upon the occurrence of a Triggering Event, any issuable shares are transferred from common stock contingent consideration to common stock and additional paid-in capital accounts. Any contingently issuable shares not issued as a result of a Triggering Event not being attained by the end of earn-out period will be canceled.

On April 26, 2019 and on January 27, 2020, the Triggering Events for the issuance of the first and second tranches of Earn-Out Shares occurred, as the volume weighted average closing sale price per share of the Company’s Class A Common Stock as of that date had been greater than $13.00 and $15.50, respectively, for 10 out of 20 consecutive trading days. These Triggering Events resulted in the issuance of an aggregate 5,000,000 shares of the Company’s Class A Common Stock to the Platinum Stockholder and an increase in the Company’s common stock and additional paid-in capital accounts of $36.6 million, with a corresponding decrease to the common stock contingent consideration account. At December 31, 2020, the potential future shares issuable pursuant to the earn-out are between zero and 5.0 million.

Platinum Stockholder Secondary Offerings

On June 10, 2019, the Platinum Stockholder sold 15,000,000 shares of the Company’s Class A Common Stock in a secondary offering. On July 8, 2019, the underwriters of the secondary offering fully exercised the overallotment option granted at the time of the secondary offering to purchase an additional 2,250,000 shares of the Company’s Class A Common Stock at the secondary offering price of $12.50 per share, less underwriting discounts and commissions, from the Platinum Stockholder.

On November 18, 2019, the Platinum Stockholder sold 17,250,000 shares of the Company’s Class A Common Stock in a secondary offering at a price per share of $14.10. The offering consisted of an initial 15,000,000 shares, along with an additional 2,250,000 shares purchased pursuant to the underwriter’s exercise in full of an overallotment option granted by the Platinum Stockholder. The Company received no proceeds from either secondary offering conducted by the Platinum Stockholder during 2019.

The Company incurred $1.7 million in expenses related to the secondary offerings during fiscal year 2019, consisting of various registration, filing and professional services fees, which were included in selling, general and administrative expenses in the consolidated statements of operations. Specifically, pursuant to the Amended and Restated Registration Rights Agreement dated as of October 17, 2018, the Company was required to pay, among other things, all registration and filing fees, reasonable fees and expenses of legal counsel for the Platinum Stockholder, and road show and marketing expenses. After giving effect to both secondary offerings and exercises of the overallotment options, the Platinum Stockholder held approximately 13.7% of the Company’s outstanding Class A Common Stock.

Advisory Services Agreement

The Company had a corporate advisory services agreement with Advisors whereby it paid a management fee for services and related expenses incurred by Advisors in the provision of those services. The Company paid $5.4 million in management fees for fiscal year 2018. In addition, the Company paid $9.7 million related to the provision of acquisition related services and $2.8 million related to the provision of debt financing related services during fiscal year 2018. The agreement was terminated effective October 17, 2018 in connection with the Business Combination.

On January 7, 2019, the Company entered into a new corporate advisory services agreement with Advisors to provide certain transactional and corporate advisory services to the Company as mutually agreed by the parties. No fees are payable under the agreement, but the Company must reimburse Advisors for its out-of-pocket expenses incurred in connection with services rendered. There were no significant payments made during fiscal years 2019 or 2020.

Commitment and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

17.	Commitments and Contingencies

The Company has issued various letters of credit under contractual arrangements with certain of its vendors and customers. Outstanding letters of credit under these arrangements totaled $6.3 million at December 31, 2020.

The Company has non-cancelable purchase commitments to certain vendors. The aggregate non-cancelable purchase commitments outstanding at December 31, 2020 were $6.3 million.

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.

NYC Investigation

The New York City Law Department recently advised the Company that the City of New York is investigating certain aspects of the Company’s installation work for its largest customer, NYCDOT. The Company is cooperating with the investigation. It is reasonably possible that the Company becomes subject to claims and assessments by the City of New York. However, at this time, the Company cannot estimate its additional exposure, if any, nor can it estimate whether any potential impact would have a material effect on its results, operations or financial position.

Customer Guarantee

In the ordinary course of business, the Company occasionally employs contract terms that mitigate the customer’s risk of aggregate revenue decline in connection with the customer’s adoption of additional or changes to service models within its existing portfolio. These agreements require the customer to satisfy numerous conditions to trigger payment, including volume metrics and other operational requirements. The Company has one such guarantee outstanding for the one-year period ending March 31, 2021. At December 31, 2020, the Company has concluded that the likelihood of making payment under this guarantee is remote, and consequently no liability or corresponding contra revenue has been recorded in the Company’s consolidated financial statements.

Exit Activities

We commenced exit activities consisting of severance and other employee separation costs during the year ended December 31, 2020 and expensed $1.1 million as selling, general and administrative expenses on the consolidated statements of operations. These costs were paid during fiscal year 2020.

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. The Company has determined that resolution of pending matters is not probable to have a material adverse impact on its consolidated results of operations, cash flows, or financial position, and accordingly, no material contingency accruals are recorded. However, the outcome of litigation is inherently uncertain. As additional information becomes available, the Company reassesses the potential liability.

HTA Settlement Agreement

During the third quarter of 2020, we entered into a Settlement and Release Agreement with the former owners of Highway Toll Administration, LLC (the “HTA Settlement Agreement”) related to certain terms in dispute for which the Company sought indemnification. In connection with the HTA Settlement Agreement, the Company recognized a $1.4 million gain for the distribution of escrow funds and a $1.4 million gain for the receipt of additional proceeds from a third-party insurance carrier related to this matter, both of which are included in other income, net on the consolidated statements of operations for the fiscal year ended December 31, 2020.

Segment Reporting (As Restated)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting (As Restated)

18.	Segment Reporting (As Restated)

The Company has two operating and reportable segments, Commercial Services and Government Solutions. Commercial Services offers toll and violation management solutions and title and registration services to commercial fleet vehicle owners, rental car companies and violation-issuing authorities. Government Solutions implements and administers traffic safety programs and products for municipalities and local government agencies of all sizes. The Company’s Chief Operating Decision Maker function (“CODM”) 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 two segments.

Segment performance is based on revenues and income from operations before depreciation, amortization, gain (loss) on disposal of assets, net, impairment of property and equipment, 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 (loss). 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 consists primarily of credit card rebates earned on the prepayment of tolling transactions and is therefore included in segment profit (loss). There are no significant non-cash items reported in segment profit (loss).

The Company allocates certain corporate expenses to the two segments using several different factors depending on the item being allocated. These factors range from specific identification to headcount-based to allocate proportionately between the two segments. The corporate and other columns below include items that are not included in segment profit (loss) plus transaction expenses, fees to Advisors and other items designated by the CODM as corporate initiatives.

The Company does not disaggregate assets by segment other than equipment installed at customer sites and automobiles, which had carrying values of $44.2 million and $1.8 million, respectively, at December 31, 2020 and carrying values of $46.6 million and $1.5 million, respectively, at December 31, 2019 all of which relate solely to the Government Solutions segment. Refer to Note 6, Goodwill and Intangible Assets for goodwill balances by segment.

The following tables set forth financial information by segment for the fiscal years ended December 31, 2020, 2019 and 2018:

	For the Year Ended December 31, 2020
	Commercial			Government			Corporate
	Services			Solutions			and Other			Total
($ in thousands)							(As restated)			(As restated)
Service revenue	$	180,856		$	155,418		$	—		$	336,274
Product sales		—			57,319			—			57,319
Total revenue		180,856			212,737			—			393,593
Cost of service revenue		2,562			1,405			—			3,967
Cost of product sales		—			29,573			—			29,573
Operating expenses		52,505			62,387			—			114,892
Selling, general and administrative expenses		40,978			34,465			2,469			77,912
Other income, net		(11,774	)		(111	)		—			(11,885	)
Segment profit (loss)	$	96,585		$	85,018		$	(2,469	)	$	179,134
Segment profit (loss)	$	96,585		$	85,018		$	(2,469	)	$	179,134
Depreciation and amortization		—			—			116,570			116,570
Loss on disposal of assets, net		16			258			—			274
Change in fair value of private placement warrants		—			—			1,133			1,133
TRA liability adjustment		—			—			6,850			6,850
Stock-based compensation		—			—			12,589			12,589
Interest expense, net		—			—			40,865			40,865
Income (loss) before income tax provision	$	96,569		$	84,760		$	(180,476	)	$	853

	For the Year Ended December 31, 2019
	Commercial			Government			Corporate
	Services			Solutions			and Other			Total
($ in thousands)							(As restated)			(As restated)
Service revenue	$	276,479		$	140,244		$	—		$	416,723
Product sales		—			32,014			—			32,014
Total revenue		276,479			172,258			—			448,737
Cost of service revenue		3,709			1,852			—			5,561
Cost of product sales		—			13,919			—			13,919
Operating expenses		66,916			57,905			—			124,821
Selling, general and administrative expenses		41,384			32,696			2,220			76,300
Other income, net		(10,814	)		(278	)		—			(11,092	)
Segment profit (loss)	$	175,284		$	66,164		$	(2,220	)	$	239,228
Segment profit (loss)	$	175,284		$	66,164		$	(2,220	)	$	239,228
Depreciation and amortization		—			—			115,566			115,566
Loss on disposal of assets, net		145			60			—			205
Change in fair value of private placement warrants		—			—			16,267			16,267
Impairment of property and equipment		—			5,898			—			5,898
TRA liability adjustment								(106	)		(106	)
Stock-based compensation		—			—			10,012			10,012
Interest expense, net		—			—			60,729			60,729
Income (loss) before income tax provision	$	175,139		$	60,206		$	(204,688	)	$	30,657

	For the Year Ended December 31, 2018
	Commercial			Government			Corporate
	Services			Solutions			and Other			Total
($ in thousands)							(As restated)			(As restated)
Service revenue	$	222,611		$	142,465		$	—		$	365,076
Product sales		—			5,070			—			5,070
Total revenue		222,611			147,535			—			370,146
Cost of service revenue		3,078			2,710			—			5,788
Cost of product sales		—			3,447			—			3,447
Operating expenses		51,221			57,525			—			108,746
Selling, general and administrative expenses		55,370			27,827			47,495			130,692
Other (income) expenses, net		(8,680	)		(117	)		2			(8,795	)
Segment profit (loss)	$	121,622		$	56,143		$	(47,497	)	$	130,268
Segment profit (loss)	$	121,622		$	56,143		$	(47,497	)	$	130,268
Depreciation and amortization		—			—			103,346			103,346
Loss on disposal of assets, net		—			—			7			7
Change in fair value of private placement warrants		—			—			(3,667	)		(3,667	)
Stock-based compensation		—			—			2,272			2,272
Interest expense		—			—			69,550			69,550
Loss on extinguishment of debt		—			—			26,486			26,486
(Loss) income before income tax (benefit)	$	121,622		$	56,143		$	(245,491	)	$	(67,726	)

The Company operates in the United States, Canada and Europe. Revenues are attributable to countries based upon the location of the customer. During the years ended December 31, 2020, 2019 and 2018, the Company’s international revenues were $13.3 million, $14.5 million and $11.0 million, respectively. Substantially all of the Company’s assets are in the United States.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Quarterly Financial Information (Unaudited) (As Restated)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited) (As Restated)

19.	Quarterly Financial Information (Unaudited) (As Restated)

	First			Second			Third		Fourth
Fiscal Year 2020	Quarter			Quarter			Quarter		Quarter
($ in thousands, except per share data)	(As restated)			(As restated)			(As restated)		(As restated)
Total revenue	$	116,713		$	79,809		$	96,908	$	100,163
Income (loss) from operations		19,413			(6,950	)		15,268		10,085
Net income (loss)		22,140			(23,722	)		11,086		(14,082	)
Earnings (loss) per share - basic	$	0.14		$	(0.15	)	$	0.07	$	(0.09	)
Earnings (loss) per share - diluted	$	0.04		$	(0.15	)	$	0.07	$	(0.09	)


	First			Second			Third		Fourth
Fiscal Year 2019	Quarter			Quarter			Quarter		Quarter
($ in thousands, except per share data)	(As restated)			(As restated)			(As restated)		(As restated)
Total revenue	$	98,461		$	109,575		$	128,240	$	112,461
Income from operations		17,966			17,636			36,659		24,194
Net (loss) income		(5,980	)		(4,009	)		16,618		10,447
(Loss) earnings per share - basic	$	(0.04	)	$	(0.03	)	$	0.10	$	0.07
(Loss) earnings per share - diluted	$	(0.04	)	$	(0.03	)	$	0.10	$	0.06

Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

The Company has provided certain information from its unaudited condensed consolidated statements of operations in fiscal years 2020 and 2019 in the below reconciliations, which presents amounts originally reported and restated amounts after restatement adjustments:

	Three Months Ended March 31, 2020									Three Months Ended June 30, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	116,713		$	—		$	116,713		$	79,809		$	—		$	79,809
Income (loss) from operations		19,413			—			19,413			(6,950	)		—			(6,950	)
Change in fair value of private placement warrants		—			(15,467	)		(15,467	)		—			8,334			8,334
Net income (loss)		6,673			15,467			22,140			(15,388	)		(8,334	)		(23,722	)
Earnings (loss) per share - basic	$	0.04		$	0.10		$	0.14		$	(0.10	)	$	(0.05	)	$	(0.15	)
Earnings (loss) per share - diluted	$	0.04		$	—		$	0.04		$	(0.10	)	$	(0.05	)	$	(0.15	)

	Three Months Ended September 30, 2020									Three Months Ended December 31, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	96,908		$	—		$	96,908		$	100,163		$	—		$	100,163
Income from operations		15,268			—			15,268			10,085			—			10,085
Change in fair value of private placement warrants		—			(4,400	)		(4,400	)		—			12,666			12,666
Net income (loss)		6,686			4,400			11,086			(1,416	)		(12,666	)		(14,082	)
Earnings (loss) per share - basic	$	0.04		$	0.03		$	0.07		$	(0.01	)	$	(0.08	)	$	(0.09	)
Earnings (loss) per share - diluted	$	0.04		$	0.03		$	0.07		$	(0.01	)	$	(0.08	)	$	(0.09	)

	Six Months Ended June 30, 2020									Nine Months Ended September 30, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	196,522		$	—		$	196,522		$	293,430		$	—		$	293,430
Income from operations		12,463			—			12,463			27,731			—			27,731
Change in fair value of private placement warrants		—			(7,133	)		(7,133	)		—			(11,533	)		(11,533	)
Net (loss) income		(8,715	)		7,133			(1,582	)		(2,029	)		11,533			9,504
(Loss) earnings per share - basic	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.01	)	$	0.07		$	0.06
(Loss) earnings per share - diluted	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.01	)	$	0.07		$	0.06

	Three Months Ended March 31, 2019								Three Months Ended June 30, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	98,461	$	—		$	98,461		$	109,575	$	—		$	109,575
Income from operations		17,966		—			17,966			17,636		—			17,636
Change in fair value of private placement warrants		—		8,800			8,800			—		7,600			7,600
Net income (loss)		2,820		(8,800	)		(5,980	)		3,591		(7,600	)		(4,009	)
Earnings (loss) per share - basic	$	0.02	$	(0.06	)	$	(0.04	)	$	0.02	$	(0.05	)	$	(0.03	)
Earnings (loss) per share - diluted	$	0.02	$	(0.06	)	$	(0.04	)	$	0.02	$	(0.05	)	$	(0.03	)

	Three Months Ended September 30, 2019								Three Months Ended December 31, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	128,240	$	—		$	128,240		$	112,461	$	—		$	112,461
Income from operations		36,659		—			36,659			24,194		—			24,194
Change in fair value of private placement warrants		—		1,134			1,134			—		(1,267	)		(1,267	)
Net income		17,752		(1,134	)		16,618			9,180		1,267			10,447
Earnings (loss) per share - basic	$	0.11	$	(0.01	)	$	0.10		$	0.06	$	0.01		$	0.07
Earnings (loss) per share - diluted	$	0.11	$	(0.01	)	$	0.10		$	0.06	$	—		$	0.06

	Six Months Ended June 30, 2019								Nine Months Ended September 30, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	208,036	$	—		$	208,036		$	336,276	$	—		$	336,276
Income from operations		35,602		—			35,602			72,261		—			72,261
Change in fair value of private placement warrants		—		16,400			16,400			—		17,534			17,534
Net income (loss)		6,411		(16,400	)		(9,989	)		24,163		(17,534	)		6,629
Earnings (loss) per share - basic	$	0.04	$	(0.10	)	$	(0.06	)	$	0.15	$	(0.11	)	$	0.04
Earnings (loss) per share - diluted	$	0.04	$	(0.10	)	$	(0.06	)	$	0.15	$	(0.11	)	$	0.04

The Company has provided certain information affected by the restatement from its unaudited condensed consolidated balance sheets, as of each period indicated in the below reconciliations, which presents amounts originally reported and restated amounts after restatement adjustments:

	As of March 31, 2020									As of June 30, 2020
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,374,129		$	—		$	1,374,129		$	1,355,122		$	—		$	1,355,122
Private placement warrant liabilities		—			14,266			14,266			—			22,600			22,600
Total liabilities		1,029,729			14,266			1,043,995			1,023,372			22,600			1,045,972
Additional paid-in capital		387,994			(20,375	)		367,619			391,240			(20,375	)		370,865
Accumulated deficit		(74,241	)		6,109			(68,132	)		(89,629	)		(2,225	)		(91,854	)
Total stockholders' equity		344,400			(14,266	)		330,134			331,750			(22,600	)		309,150


	As of September 30, 2020
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,371,971		$	—		$	1,371,971
Private placement warrant liabilities		—			18,200			18,200
Total liabilities		1,028,049			18,200			1,046,249
Additional paid-in capital		394,259			(20,375	)		373,884
Accumulated deficit		(82,943	)		2,175			(80,768	)
Total stockholders' equity		343,922			(18,200	)		325,722

Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated)

20.	Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated)

VM Consolidated, Inc., a wholly-owned subsidiary of the Company, is the lead borrower of the New First Lien Term Loan and the New Revolver. VM Consolidated, Inc. is owned by the Company through a series of holding companies that ultimately end with the Company. VM Consolidated, Inc. is wholly-owned by Greenlight Acquisition Corporation, which is wholly-owned by Greenlight Intermediate Holding Corporation, which is wholly-owned by Greenlight Holding Corporation, which is wholly-owned by Verra Mobility Holdings, LLC, which is wholly-owned by Verra Mobility Corporation or the Company. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Company’s wholly-owned subsidiary guarantor and non-guarantor subsidiaries.

The following financial information presents the consolidated balance sheets as of December 31, 2020 and the related consolidated statements of operations and comprehensive loss and consolidated statements of cash flows for the year ended December 31, 2020 for the Company, combined guarantor subsidiary and combined non-guarantor subsidiaries:

Verra Mobility Corporation and Subsidiaries

Consolidated Balance Sheets

at December 31, 2020




	Verra Mobility Corporation (Ultimate Parent)		VM Consolidated Inc. (Guarantor Subsidiary)		Non- guarantor Subsidiaries		Eliminations			Consolidated
($ in thousands)	(As restated)		(As restated)				(As restated)			(As restated)
Assets
Current assets:
Cash and cash equivalents	$	—	$	103,969	$	16,290	$	—		$	120,259
Restricted cash		—		633		—		—			633
Accounts receivable (net of allowance for credit loss of $11.5 million)		—		166,749		2,034		—			168,783
Unbilled receivables		—		13,452		593		—			14,045
Investment in subsidiary		146,313		77,200		—		(223,513	)		—
Prepaid expenses and other current assets		—		21,586		2,731		—			24,317
Total current assets		146,313		383,589		21,648		(223,513	)		328,037
Installation and service parts, net		—		7,944		—		—			7,944
Property and equipment, net		—		65,547		4,737		—			70,284
Operating lease assets		—		29,430		357		—			29,787
Intangible assets, net		—		315,533		26,606		—			342,139
Goodwill		—		524,766		61,669		—			586,435
Due from affiliates		169,259		—		—		(169,259	)		—
Other non-current assets		—		2,684		15		—			2,699
Total assets	$	315,572	$	1,329,493	$	115,032	$	(392,772	)	$	1,367,325
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	—	$	22,346	$	12,163	$	—		$	34,509
Accrued liabilities		—		11,617		4,019		—			15,636
Payable to related party pursuant to tax receivable agreement, current portion		—		4,791		—		—			4,791
Current portion of long-term debt		—		9,104		—		—			9,104
Total current liabilities		—		47,858		16,182		—			64,040
Long-term debt, net of current portion		—		832,941		—		—			832,941
Operating lease liabilities, net of current portion		—		27,854		132		—			27,986
Payable to related party pursuant to tax receivable agreement, net of current portion		—		67,869		—		—			67,869
Private placement warrant liabilities		—		30,866		—		—			30,866
Asset retirement obligation		—		6,409		—		—			6,409
Due to affiliates		—		152,914		16,345		(169,259	)		—
Deferred tax liabilities, net		—		15,975		5,173		—			21,148
Other long-term liabilities		—		494		—		—			494
Total liabilities		—		1,183,180		37,832		(169,259	)		1,051,753
Total stockholders' equity		315,572		146,313		77,200		(223,513	)		315,572
Total liabilities and stockholders' equity	$	315,572	$	1,329,493	$	115,032	$	(392,772	)	$	1,367,325

Verra Mobility Corporation and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss

Year Ended December 31, 2020

	Verra Mobility Corporation (Ultimate Parent)			VM Consolidated Inc. (Guarantor Subsidiary)			Non- guarantor Subsidiaries			Eliminations			Consolidated
($ in thousands)	(As restated)			(As restated)						(As restated)			(As restated)
Service revenue	$	—		$	322,972		$	13,302		$	—		$	336,274
Product sales		—			57,319			—			—			57,319
Total revenue		—			380,291			13,302			—			393,593
Cost of service revenue		—			1,774			2,193			—			3,967
Cost of product sales		—			29,573			—			—			29,573
Operating expenses		—			108,659			7,070			—			115,729
Selling, general and administrative expenses		—			84,732			4,932			—			89,664
Depreciation, amortization and (gain) loss on disposal of assets, net		—			111,968			4,876			—			116,844
Total costs and expenses		—			336,706			19,071			—			355,777
Income (loss) from operations		—			43,585			(5,769	)		—			37,816
Loss from equity investment		4,578			5,361			—			(9,939	)		—
Interest expense, net		—			40,865			—			—			40,865
Change in fair value of private placement warrants					1,133			—			—			1,133
Tax receivable agreement liability adjustment		—			6,850			—			—			6,850
Other income, net		—			(11,692	)		(193	)		—			(11,885	)
Total other expenses (income)		4,578			42,517			(193	)		(9,939	)		36,963
Loss before income tax provision (benefit)		(4,578	)		1,068			(5,576	)		9,939			853
Income tax provision (benefit)		—			5,646			(215	)		—			5,431
Net loss	$	(4,578	)	$	(4,578	)	$	(5,361	)	$	9,939		$	(4,578	)
Other comprehensive income:
Change in foreign currency translation adjustment		—			—			2,788			—			2,788
Total comprehensive loss	$	(4,578	)	$	(4,578	)	$	(2,573	)	$	9,939		$	(1,790	)

Verra Mobility Corporation and Subsidiaries

Consolidated Statements of Cash Flows

Year Ended December 31, 2020

	Verra Mobility Corporation (Ultimate Parent)			VM Consolidated Inc. (Guarantor Subsidiary)			Non- guarantor Subsidiaries			Eliminations			Consolidated
($ in thousands)	(As restated)			(As restated)						(As restated)			(As restated)
Cash Flows from Operating Activities:
Net loss	$	(4,578	)	$	(4,578	)	$	(5,361	)	$	9,939		$	(4,578	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		—			111,710			4,860			—			116,570
Amortization of deferred financing costs and discounts		—			5,437			—			—			5,437
Change in fair value of private placement warrants		—			1,133			—			—			1,133
Tax receivable agreement liability adjustment		—			6,850			—			—			6,850
Credit loss expense		—			14,355			32			—			14,387
Deferred income taxes		—			(3,798	)		(948	)		—			(4,746	)
Stock-based compensation		—			12,589			—			—			12,589
Installation and service parts expense		—			677			—			—			677
Accretion expense		—			259			—			—			259
Loss on disposal of assets		—			258			16			—			274
Loss from equity investment		4,578			5,361			—			(9,939	)		—
Changes in operating assets and liabilities:
Accounts receivable, net		—			(92,977	)		2,389			—			(90,588	)
Unbilled receivables		—			5,864			100			—			5,964
Prepaid expenses and other assets		—			3,996			(167	)		—			3,829
Accounts payable and accrued liabilities		—			(15,035	)		(1,832	)		—			(16,867	)
Due to affiliates		—			(2,447	)		2,447			—			—
Other liabilities		—			(4,281	)		—			—			(4,281	)
Net cash provided by operating activities		—			45,373			1,536			—			46,909
Cash Flows from Investing Activities:
Purchases of installation and service parts and property and equipment		—			(21,160	)		(3,100	)		—			(24,260	)
Cash proceeds from the sale of assets		—			107			—			—			107
Net cash used in investing activities		—			(21,053	)		(3,100	)		—			(24,153	)
Cash Flows from Financing Activities:
Repayment of long-term debt		—			(28,779	)		—			—			(28,779	)
Payment of debt issuance costs		—			(1,078	)		—			—			(1,078	)
Payment of employee tax withholding related to RSUs vesting		—			(4,147	)		—			—			(4,147	)
Net cash used in financing activities		—			(34,004	)		—			—			(34,004	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(290	)		—			(290	)
Net decrease in cash, cash equivalents and restricted cash		—			(9,684	)		(1,854	)		—			(11,538	)
Cash, cash equivalents and restricted cash - beginning of period		—			114,286			18,144			—			132,430
Cash, cash equivalents and restricted cash - end of period	$	—		$	104,602		$	16,290		$	—		$	120,892

Verra Mobility Corporation and Subsidiaries

Consolidated Statements of Cash Flows (Continued)

Year Ended December 31, 2020


	Verra Mobility Corporation (Ultimate Parent)		VM Consolidated Inc. (Guarantor Subsidiary)		Non- guarantor Subsidiaries		Eliminations		Consolidated
Supplemental cash flow information:
Interest paid	$	—	$	35,822	$	—	$	—	$	35,822
Income taxes paid, net of refunds		—		12,318		320		—		12,638
Supplemental non-cash investing and financing activities:
Earn-out shares issued to Platinum Stockholder		18,287		—		—		—		18,287
Additions to ARO, property and equipment, and other		—		133		—		—		133
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end		—		1,289		—		—		1,289

Subsequent Event

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Event

21.	Subsequent Event

On January 21, 2021, we entered into a Scheme Implementation Agreement (the “Agreement”) with Redflex Holdings Limited, a public company limited by shares, incorporated in Australia and listed on the Australian Securities Exchange (“Redflex”), pursuant to which, among other things and subject to the satisfaction or waiver of specified conditions, all of the holders of outstanding equity of Redflex on the record date will sell, and the Company will, or will cause its applicable subsidiary to, purchase one hundred percent (100%) of the outstanding equity of Redflex (the “Transaction”). The aggregate consideration payable by the Company under the Agreement will be AUD 146.1 million. The Company will also assume Redflex’s existing cash and indebtedness at the closing of the Transaction. The Company and Redflex have made customary warranties and Redflex has agreed to customary undertakings, including relating to the conduct of its business from the date of the Agreement until the closing of the Transaction, which is expected to take place in the second quarter of 2021. Each party’s obligation to consummate the Transaction is subject to the satisfaction of certain conditions including receipt of required regulatory and court approvals, the approval of the Transaction by the requisite majority of Redflex shareholders, the accuracy of the other party’s warranties and the performance, in all material respects, by the other party of its obligations under the Agreement, and an independent expert issuing a report which concludes that the Transaction is in the best interests of Redflex shareholders. Under the Agreement, Redflex would be obligated to pay the Company a fee in the amount set forth in the Agreement, if (a) any director of Redflex fails to recommend the Transaction or makes a public statement indicating that he or she does not support the Transaction (except in limited circumstances), (b) Redflex consummates a transaction within a certain period under the terms of a deal constituting a Competing Proposal under the Agreement, or (c) the Agreement is validly terminated by the Company due to a material breach by Redflex. Additionally, the Company would be obligated to pay Redflex a fee in the amount set forth in the Agreement if the Company does not pay the consideration in accordance with the Agreement or the Agreement is validly terminated by Redflex due to a material breach by the Company.

Significant Accounting Policies (As Restated) (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

Restatement of Previously Issued Financial Statements

•

Note 2. Significant Accounting Policies

•

Note 11. Net (Loss) Income Per Share

•

Note 12. Income Taxes

•

Note 13. Stockholders’ Equity

•

Note 18. Segment Reporting

•

Note 19. Quarterly Financial Information (Unaudited)

•

Note 20. Guarantor/Non-Guarantor Financial Information (Unaudited)

	As of December 31, 2020									As of December 31, 2019
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,367,325		$	—		$	1,367,325		$	1,407,426		$	—		$	1,407,426
Private placement warrant liabilities		—			30,866			30,866			—			29,733			29,733
Total liabilities		1,020,887			30,866			1,051,753			1,068,079			29,733			1,097,812
Additional paid-in capital		393,995			(20,375	)		373,620			367,266			(20,375	)		346,891
Accumulated deficit		(84,359	)		(10,491	)		(94,850	)		(80,220	)		(9,358	)		(89,578	)
Total stockholders' equity		346,438			(30,866	)		315,572			339,347			(29,733	)		309,614

	Year Ended December 31, 2020									Year Ended December 31, 2019
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	393,593		$	—		$	393,593		$	448,737	$	—		$	448,737
Income from operations		37,816			—			37,816			96,455		—			96,455
Change in fair value of private placement warrants		—			1,133			1,133			—		16,267			16,267
Total other expenses		35,830			1,133			36,963			49,531		16,267			65,798
Income before income tax provision		1,986			(1,133	)		853			46,924		(16,267	)		30,657
Net (loss) income		(3,445	)		(1,133	)		(4,578	)		33,343		(16,267	)		17,076
Total comprehensive (loss) income		(657	)		(1,133	)		(1,790	)		36,587		(16,267	)		20,320
(Loss) income per share - basic	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11
(Loss) income per share - diluted	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11

	Year Ended December 31, 2018
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	370,146		$	—		$	370,146
Selling, general and administrative expenses		136,069			(3,242	)		132,827
Income from operations		12,606			3,242			15,848
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Total other expenses		87,241			(3,667	)		83,574
Loss before income tax benefit		(74,635	)		6,909			(67,726	)
Net loss		(58,394	)		6,909			(51,485	)
Total comprehensive loss		(64,215	)		6,909			(57,306	)
Loss per share - basic	$	(0.67	)	$	0.08		$	(0.59	)
Loss per share - diluted	$	(0.67	)	$	0.08		$	(0.59	)

	Year Ended December 31, 2018
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)
Net loss	$	(58,394	)	$	6,909		$	(51,485	)
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Net cash provided by operating activities		46,017			3,242			49,259
Payment of underwriting and transaction costs		(24,024	)		(3,242	)		(27,266	)
Net cash provided by financing activities		574,268			(3,242	)		571,026

Use of Estimates

private placement warrant liabilities, valuation allowances on deferred tax assets, asset retirement obligations, contingent consideration and the recognition and measurement of loss contingencies.

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

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a remaining maturity of three months or less when acquired to be cash equivalents.

Restricted Cash

Concentration of Credit Risk

	For the Year Ended December 31,
	2020			2019			2018
City of New York Department of Transportation		31.3	%		14.6	%		9.3	%

	For the Year Ended December 31,
	2020			2019			2018
Hertz Corporation		12.0	%		18.7	%		19.3	%
Avis Budget Group, Inc.		9.5	%		14.5	%	(a)
Enterprise Holdings, Inc.		11.3	%		13.5	%	(a)

(a)

These two customers were part of the Company’s 2018 acquisition of Highway Toll Administration, LLC and Canada Highway Toll Administration.

Allowance for Credit Loss

($ in thousands)	Commercial Services (Driver-billed) ⁽¹⁾			Commercial Services (All other)			Government Solutions			Total
Accounts receivable, net at January 1, 2020 ⁽²⁾	$	9,793		$	51,158		$	31,744		$	92,695

Allowance for credit loss at January 1, 2020 ⁽²⁾	$	5,272		$	1,406		$	1,778		$	8,456
Credit loss expense		6,554			4,941			2,892			14,387
Write-offs, net of recoveries		(8,616	)		(2,074	)		(686	)		(11,376	)
Allowance for credit loss at December 31, 2020	$	3,210		$	4,273		$	3,984		$	11,467

Accounts receivable, net at December 31, 2020	$	11,060		$	48,169		$	109,554		$	168,783

(1)

(2)

This includes a $0.8 million increase to allowance for credit loss as a result of adopting the credit loss standard.

Installation and Service Parts

upon initiation of construction. Installation and service parts used in repairs and maintenance are recorded in operating expenses.

Property and Equipment

Building		39 years
Equipment installed at customer sites		3-7 years
Computer equipment		3-5 years
Furniture		5-10 years
Automobiles		5-6 years
Software		3-5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Goodwill

Intangible Assets

Impairment of Long-Lived Assets

Self-Insurance

Warrants

Fair Value of Financial Instruments

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

Level in

December 31, 2020

December 31, 2019

Fair Value

Carrying

Estimated

Carrying

Estimated

($ in thousands)

Hierarchy

Amount

Fair Value

Amount

Fair Value

Total long-term debt

842,045

861,314

866,465

905,601

	December 31, 2020			December 31, 2019
Stock price	$	13.42		$	13.99
Strike price	$	11.50		$	11.50
Volatility		44.0	%		27.0	%
Remaining life (in years)		2.8			3.8
Risk-free interest rate		0.16	%		1.65	%
Expected dividend yield		0.0	%		0.0	%
Estimated fair value	$	4.63		$	4.46

The following summarizes the changes in the private placement warrant liabilities for the respective periods:

	December 31, 2020		December 31, 2019
Beginning balance	$	29,733	$	13,466
Change in fair value included in net (loss) income		1,133		16,267
Ending balance	$	30,866	$	29,733

Asset Retirement Obligation

Deferred Financing Costs

Income Taxes

Stock-based Compensation

Revenue Recognition

Nature of Goods and Services

The following is a description of principal activities – separated by reportable segments – from which the Company generates revenue:

Remaining Performance Obligations

Significant Judgments

Recent Accounting Pronouncements

Accounting Standards Adopted

Accounting Standards Not Yet Adopted

Significant Accounting Policies (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Restatement of Previously Issued Financial Statements

The below reconciliations present certain line items with amounts originally reported and restated amounts after restatement adjustments for the respective period-ends:

	As of December 31, 2020									As of December 31, 2019
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,367,325		$	—		$	1,367,325		$	1,407,426		$	—		$	1,407,426
Private placement warrant liabilities		—			30,866			30,866			—			29,733			29,733
Total liabilities		1,020,887			30,866			1,051,753			1,068,079			29,733			1,097,812
Additional paid-in capital		393,995			(20,375	)		373,620			367,266			(20,375	)		346,891
Accumulated deficit		(84,359	)		(10,491	)		(94,850	)		(80,220	)		(9,358	)		(89,578	)
Total stockholders' equity		346,438			(30,866	)		315,572			339,347			(29,733	)		309,614

The below reconciliations present certain line items with amounts originally reported and restated amounts after restatement adjustments for each of the respective periods:

	Year Ended December 31, 2020									Year Ended December 31, 2019
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	393,593		$	—		$	393,593		$	448,737	$	—		$	448,737
Income from operations		37,816			—			37,816			96,455		—			96,455
Change in fair value of private placement warrants		—			1,133			1,133			—		16,267			16,267
Total other expenses		35,830			1,133			36,963			49,531		16,267			65,798
Income before income tax provision		1,986			(1,133	)		853			46,924		(16,267	)		30,657
Net (loss) income		(3,445	)		(1,133	)		(4,578	)		33,343		(16,267	)		17,076
Total comprehensive (loss) income		(657	)		(1,133	)		(1,790	)		36,587		(16,267	)		20,320
(Loss) income per share - basic	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11
(Loss) income per share - diluted	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11

	Year Ended December 31, 2018
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	370,146		$	—		$	370,146
Selling, general and administrative expenses		136,069			(3,242	)		132,827
Income from operations		12,606			3,242			15,848
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Total other expenses		87,241			(3,667	)		83,574
Loss before income tax benefit		(74,635	)		6,909			(67,726	)
Net loss		(58,394	)		6,909			(51,485	)
Total comprehensive loss		(64,215	)		6,909			(57,306	)
Loss per share - basic	$	(0.67	)	$	0.08		$	(0.59	)
Loss per share - diluted	$	(0.67	)	$	0.08		$	(0.59	)

The below reconciliation presents certain line items with amounts originally reported and restated amounts after restatement adjustments:

	Year Ended December 31, 2018
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)
Net loss	$	(58,394	)	$	6,909		$	(51,485	)
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Net cash provided by operating activities		46,017			3,242			49,259
Payment of underwriting and transaction costs		(24,024	)		(3,242	)		(27,266	)
Net cash provided by financing activities		574,268			(3,242	)		571,026

Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

	Three Months Ended March 31, 2020									Three Months Ended June 30, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	116,713		$	—		$	116,713		$	79,809		$	—		$	79,809
Income (loss) from operations		19,413			—			19,413			(6,950	)		—			(6,950	)
Change in fair value of private placement warrants		—			(15,467	)		(15,467	)		—			8,334			8,334
Net income (loss)		6,673			15,467			22,140			(15,388	)		(8,334	)		(23,722	)
Earnings (loss) per share - basic	$	0.04		$	0.10		$	0.14		$	(0.10	)	$	(0.05	)	$	(0.15	)
Earnings (loss) per share - diluted	$	0.04		$	—		$	0.04		$	(0.10	)	$	(0.05	)	$	(0.15	)

	Three Months Ended September 30, 2020									Three Months Ended December 31, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	96,908		$	—		$	96,908		$	100,163		$	—		$	100,163
Income from operations		15,268			—			15,268			10,085			—			10,085
Change in fair value of private placement warrants		—			(4,400	)		(4,400	)		—			12,666			12,666
Net income (loss)		6,686			4,400			11,086			(1,416	)		(12,666	)		(14,082	)
Earnings (loss) per share - basic	$	0.04		$	0.03		$	0.07		$	(0.01	)	$	(0.08	)	$	(0.09	)
Earnings (loss) per share - diluted	$	0.04		$	0.03		$	0.07		$	(0.01	)	$	(0.08	)	$	(0.09	)

	Six Months Ended June 30, 2020									Nine Months Ended September 30, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	196,522		$	—		$	196,522		$	293,430		$	—		$	293,430
Income from operations		12,463			—			12,463			27,731			—			27,731
Change in fair value of private placement warrants		—			(7,133	)		(7,133	)		—			(11,533	)		(11,533	)
Net (loss) income		(8,715	)		7,133			(1,582	)		(2,029	)		11,533			9,504
(Loss) earnings per share - basic	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.01	)	$	0.07		$	0.06
(Loss) earnings per share - diluted	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.01	)	$	0.07		$	0.06

	Three Months Ended March 31, 2019								Three Months Ended June 30, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	98,461	$	—		$	98,461		$	109,575	$	—		$	109,575
Income from operations		17,966		—			17,966			17,636		—			17,636
Change in fair value of private placement warrants		—		8,800			8,800			—		7,600			7,600
Net income (loss)		2,820		(8,800	)		(5,980	)		3,591		(7,600	)		(4,009	)
Earnings (loss) per share - basic	$	0.02	$	(0.06	)	$	(0.04	)	$	0.02	$	(0.05	)	$	(0.03	)
Earnings (loss) per share - diluted	$	0.02	$	(0.06	)	$	(0.04	)	$	0.02	$	(0.05	)	$	(0.03	)

	Three Months Ended September 30, 2019								Three Months Ended December 31, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	128,240	$	—		$	128,240		$	112,461	$	—		$	112,461
Income from operations		36,659		—			36,659			24,194		—			24,194
Change in fair value of private placement warrants		—		1,134			1,134			—		(1,267	)		(1,267	)
Net income		17,752		(1,134	)		16,618			9,180		1,267			10,447
Earnings (loss) per share - basic	$	0.11	$	(0.01	)	$	0.10		$	0.06	$	0.01		$	0.07
Earnings (loss) per share - diluted	$	0.11	$	(0.01	)	$	0.10		$	0.06	$	—		$	0.06

	Six Months Ended June 30, 2019								Nine Months Ended September 30, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	208,036	$	—		$	208,036		$	336,276	$	—		$	336,276
Income from operations		35,602		—			35,602			72,261		—			72,261
Change in fair value of private placement warrants		—		16,400			16,400			—		17,534			17,534
Net income (loss)		6,411		(16,400	)		(9,989	)		24,163		(17,534	)		6,629
Earnings (loss) per share - basic	$	0.04	$	(0.10	)	$	(0.06	)	$	0.15	$	(0.11	)	$	0.04
Earnings (loss) per share - diluted	$	0.04	$	(0.10	)	$	(0.06	)	$	0.15	$	(0.11	)	$	0.04

	As of March 31, 2020									As of June 30, 2020
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,374,129		$	—		$	1,374,129		$	1,355,122		$	—		$	1,355,122
Private placement warrant liabilities		—			14,266			14,266			—			22,600			22,600
Total liabilities		1,029,729			14,266			1,043,995			1,023,372			22,600			1,045,972
Additional paid-in capital		387,994			(20,375	)		367,619			391,240			(20,375	)		370,865
Accumulated deficit		(74,241	)		6,109			(68,132	)		(89,629	)		(2,225	)		(91,854	)
Total stockholders' equity		344,400			(14,266	)		330,134			331,750			(22,600	)		309,150


	As of September 30, 2020
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,371,971		$	—		$	1,371,971
Private placement warrant liabilities		—			18,200			18,200
Total liabilities		1,028,049			18,200			1,046,249
Additional paid-in capital		394,259			(20,375	)		373,884
Accumulated deficit		(82,943	)		2,175			(80,768	)
Total stockholders' equity		343,922			(18,200	)		325,722

Summary of Concentration of Credit Risk

Revenue from one of the Government Solutions customers as a percent of total revenue is presented below for the years ended December 31, 2020, 2019 and 2018, respectively:

	For the Year Ended December 31,
	2020			2019			2018
City of New York Department of Transportation		31.3	%		14.6	%		9.3	%

	For the Year Ended December 31,
	2020			2019			2018
Hertz Corporation		12.0	%		18.7	%		19.3	%
Avis Budget Group, Inc.		9.5	%		14.5	%	(a)
Enterprise Holdings, Inc.		11.3	%		13.5	%	(a)

(a)

These two customers were part of the Company’s 2018 acquisition of Highway Toll Administration, LLC and Canada Highway Toll Administration.

Summary of Accounts Receivable, Net and Activity in Allowance for Credit Loss by Portfolio Segment

($ in thousands)	Commercial Services (Driver-billed) ⁽¹⁾			Commercial Services (All other)			Government Solutions			Total
Accounts receivable, net at January 1, 2020 ⁽²⁾	$	9,793		$	51,158		$	31,744		$	92,695

Allowance for credit loss at January 1, 2020 ⁽²⁾	$	5,272		$	1,406		$	1,778		$	8,456
Credit loss expense		6,554			4,941			2,892			14,387
Write-offs, net of recoveries		(8,616	)		(2,074	)		(686	)		(11,376	)
Allowance for credit loss at December 31, 2020	$	3,210		$	4,273		$	3,984		$	11,467

Accounts receivable, net at December 31, 2020	$	11,060		$	48,169		$	109,554		$	168,783

(1)

(2)

This includes a $0.8 million increase to allowance for credit loss as a result of adopting the credit loss standard.

Estimated Useful Lives of Property and Equipment

Building		39 years
Equipment installed at customer sites		3-7 years
Computer equipment		3-5 years
Furniture		5-10 years
Automobiles		5-6 years
Software		3-5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Carrying Value and Fair Value of Long-term Debt

The carrying value and fair value of long-term debt is as follows:

Level in

December 31, 2020

December 31, 2019

Fair Value

Carrying

Estimated

Carrying

Estimated

($ in thousands)

Hierarchy

Amount

Fair Value

Amount

Fair Value

Total long-term debt

842,045

861,314

866,465

905,601

Key Assumptions Used for Measuring Fair Value of Private Placement Warrant Liabilities

	December 31, 2020			December 31, 2019
Stock price	$	13.42		$	13.99
Strike price	$	11.50		$	11.50
Volatility		44.0	%		27.0	%
Remaining life (in years)		2.8			3.8
Risk-free interest rate		0.16	%		1.65	%
Expected dividend yield		0.0	%		0.0	%
Estimated fair value	$	4.63		$	4.46

Summary of Changes in Private Placement Warrant Liabilities

The following summarizes the changes in the private placement warrant liabilities for the respective periods:

	December 31, 2020		December 31, 2019
Beginning balance	$	29,733	$	13,466
Change in fair value included in net (loss) income		1,133		16,267
Ending balance	$	30,866	$	29,733

Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Summary of Final Allocation of Purchase Consideration

The final allocation of the purchase consideration is summarized as follows:

($ in thousands)
Assets acquired
Cash	$	1,086
Other assets		5,047
Trademark		771
Customer relationships		5,946
Developed technology		4,624
Non-compete agreements		440
Goodwill		17,528
Total assets acquired		35,442

Liabilities assumed
Accounts payable and accrued expenses		6,045
Deferred tax liability		2,801
Total liabilities assumed		8,846
Total purchase price	$	26,596

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

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 December 31:

($ in thousands)	2020		2019
Prepaid tolls	$	9,237	$	10,116
Deposits		3,474		3,642
Prepaid services		2,989		5,201
Prepaid computer maintenance		2,732		2,923
Prepaid insurance		2,641		1,485
Prepaid income taxes		2,354		1,025
Other		890		2,099
Total prepaid expenses and other current assets	$	24,317	$	26,491

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consists of the following at December 31:

($ in thousands)	2020			2019
Equipment installed at customer sites	$	80,880		$	71,464
Software		19,202			13,839
Leasehold improvements		9,938			8,809
Computer equipment		10,974			8,882
Furniture		2,079			1,681
Automobiles		2,899			2,128
Construction in progress		4,876			4,773
Property and equipment		130,848			111,576
Less: accumulated depreciation		(60,564	)		(39,310	)
Property and equipment, net	$	70,284		$	72,266

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

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
($ in thousands)	Services		Solutions		Total
Balance at December 31, 2018	$	404,977	$	159,746	$	564,723
Goodwill from Pagatelia acquisition		17,528		—		17,528
Foreign currency translation adjustment		1,899		—		1,899
Balance at December 31, 2019		424,404		159,746		584,150
Foreign currency translation adjustment		2,285		—		2,285
Balance at December 31, 2020	$	426,689	$	159,746	$	586,435

Schedule of Intangible Assets of Respective Period Ends

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

Weighted

At December 31, 2020

Average

Gross

Remaining

Amortization

Carrying

Accumulated

($ in thousands)

Useful Life

Period

Amount

Amortization

Trademarks

0.3 years

3.0 years

32,223

29,358

Non-compete agreements

2.0 years

5.0 years

62,589

37,412

Customer relationships

5.9 years

8.9 years

367,512

123,784

Developed technology

2.3 years

5.5 years

166,217

95,848

Gross carrying value of intangible assets

628,541

286,402

Less: accumulated amortization

(286,402

)

Intangible assets, net

342,139

Weighted

At December 31, 2019

Average

Gross

Remaining

Amortization

Carrying

Accumulated

($ in thousands)

Useful Life

Period

Amount

Amortization

Trademarks

1.5 years

3.0 years

32,127

19,106

Non-compete agreements

3.0 years

5.0 years

62,549

24,834

Customer relationships

6.9 years

8.9 years

366,533

82,903

Developed technology

3.3 years

5.5 years

165,708

65,631

Gross carrying value of intangible assets

626,917

192,474

Less: accumulated amortization

(192,474

)

Intangible assets, net

434,443

Estimated Amortization Expense in Future Years

Estimated amortization expense in future years is expected to be:

($ in thousands)
2021	$	85,935
2022		81,167
2023		52,493
2024		42,000
2025		39,302
Thereafter		41,242
Total	$	342,139

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables And Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following at December 31:

($ in thousands)	2020		2019
Accrued salaries and wages	$	4,432	$	10,319
Current portion of operating lease liabilities		3,179		2,970
Advanced deposits payable		2,922		2,875
Payroll liabilities		1,755		149
Deferred income		750		691
Self-insurance liability		682		411
Other		1,916		2,132
Total accrued liabilities	$	15,636	$	19,547

Asset Retirement Obligation (Tables)

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Changes in Asset Retirement Obligation

The following table summarizes changes in the Company’s asset retirement obligation for the years ended December 31:


($ in thousands)	2020			2019
Asset retirement obligation, beginning balance	$	6,309		$	6,750
Liabilities incurred		133			230
Accretion expense		259			350
Liabilities settled		(292	)		(1,021	)
Asset retirement obligation, ending balance	$	6,409		$	6,309

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

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 December 31:

($ in thousands)	2020			2019
New First Lien Term Loan, due February 28, 2025	$	865,642		$	894,421
Less: original issue discounts		(3,952	)		(4,778	)
Less: unamortized deferred financing costs		(19,645	)		(23,178	)
Total long-term debt		842,045			866,465
Less: current portion of long-term debt		(9,104	)		(28,779	)
Total long-term debt, net of current portion	$	832,941		$	837,686

Scheduled Aggregate Future Principal Payments of Long-term Debt

The following table presents the aggregate principal payments in future years on long-term debt at December 31, 2020:

($ in thousands)
2021	$	9,104
2022		9,104
2023		9,104
2024		9,104
2025		829,226
Thereafter		—
Total	$	865,642

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

Consolidated first lien net leverage ratio (as defined by the New First Lien 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%

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Summary of Operating Lease Assets and Liabilities

The following is a summary of the operating lease liabilities as of December 31:

($ in thousands)	2020		2019
Operating lease liabilities, net of current portion	$	27,986	$	30,130
Current portion		3,179		2,970
Total operating lease liabilities	$	31,165	$	33,100

Summary of Future Maturities of Operating Lease Liabilities

The following provides future maturities of operating lease liabilities as of December 31, 2020:

($ in thousands)
2021	$	4,737
2022		3,641
2023		3,094
2024		2,998
2025		2,992
Thereafter		26,023
Total minimum payments	$	43,485
Less: amount representing interest		(12,320	)
Total	$	31,165

Net (Loss) Income Per Share (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted Net (Loss) Income Per Share

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

	For the Year Ended December 31,
	2020			2019		2018
(In thousands, except per share data)	(As restated)			(As restated)		(As restated)
Numerator:
Net (loss) income	$	(4,578	)	$	17,076	$	(51,485	)
Denominator:
Weighted average shares - basic		161,632			157,890		87,320
Common stock equivalents		—			2,190		—
Weighted average shares - diluted		161,632			160,080		87,320
Net (loss) income per share - basic	$	(0.03	)	$	0.11	$	(0.59	)
Net (loss) income per share - diluted	$	(0.03	)	$	0.11	$	(0.59	)
Antidilutive shares excluded from diluted net (loss) income per share ⁽¹⁾:
Contingently issuable shares ⁽²⁾		5,000			7,500		10,000
Public warrants		13,333			—		13,333
Private placement warrants		6,667			6,667		6,667
Non-qualified stock options		614			—		—
Performance share units		106			—		—
Restricted stock units		2,203			3,004		4,437
Total antidilutive shares excluded		27,923			17,171		34,437

⁽¹⁾

These amounts represent outstanding shares as of years ended December 31, 2020, 2019 and 2018.

⁽²⁾

Contingently issuable shares relate to the earn-out agreement as discussed in Note 16, Related Party Transactions.

Income Taxes (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Tax Provision (Benefit)

The income (loss) before income tax provision (benefit) consisted of:

	For the Year Ended December 31,
	2020			2019			2018
($ in thousands)	(As restated)			(As restated)			(As restated)
U.S.	$	6,429		$	33,655		$	(68,374	)
Foreign		(5,576	)		(2,998	)		648
Total income (loss) before income tax provision (benefit)	$	853		$	30,657		$	(67,726	)

Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consisted of the following items:

	For the Year Ended December 31,
($ in thousands)	2020			2019			2018
Current
Federal	$	4,169		$	16,901		$	5,687
State		5,399			7,316			1,624
Foreign		652			673			883
Total current		10,220			24,890			8,194
Deferred
Federal		(1,308	)		(8,542	)		(18,334	)
State		(2,615	)		(2,092	)		(5,669	)
Foreign		(866	)		(675	)		(432	)
Total deferred		(4,789	)		(11,309	)		(24,435	)
Income tax provision (benefit)	$	5,431		$	13,581		$	(16,241	)

Schedule of Reconciliation to Income Tax Provision (Benefit)

A reconciliation to the income tax provision (benefit) from the amounts computed by applying the statutory U.S. federal income tax rate is as follows:

	For the Year Ended December 31,
	2020			2019			2018
($ in thousands)	(As restated)			(As restated)			(As restated)
Income tax provision (benefit) at statutory rate	$	179		$	6,438		$	(14,222	)
State income taxes, net of federal income tax effect		1,188			2,360			(3,785	)
Tax rate changes/ valuation of deferred tax items		1,353			998			(1,457	)
162(m) limitation		1,179			1,289			—
Non-deductible expenses		1,748			450			676
Unrecognized tax benefits		(929	)		(741	)		600
Tax impact for change in fair value of warrants		237			3,416			(1,452	)
Change in valuation allowance		924			317			2,149
Non-deductible transaction costs		19			270			1,172
Research and development credits		(121	)		(232	)		(602	)
Global intangible low tax inclusion		—			—			478
Other		(346	)		(984	)		202
Total income tax provision (benefit)	$	5,431		$	13,581		$	(16,241	)

Components of Deferred Income Tax Assets and Liabilities

Significant components of the Company’s deferred income tax assets and liabilities consist of the following at December 31:

($ in thousands)	2020			2019
Deferred tax assets:
Accrued expenses and other	$	1,027		$	1,538
Allowance for credit loss		4,838			2,280
Net operating loss carryforward		3,626			2,612
Interest expense limitation carryforward		1,070			5,687
Federal and state income tax credits		1,132			1,060
ASC 842 operating lease liabilities		8,679			8,660
Transaction costs		319			—
Other		1,210			1,935
Gross deferred tax assets		21,901			23,772
Valuation allowance		(3,422	)		(2,564	)
Deferred tax assets, net of valuation allowance		18,479			21,208
Deferred tax liabilities:
Intangible assets and transaction costs		(16,358	)		(27,489	)
Property and equipment		(10,285	)		(9,941	)
Financing costs		(3,730	)		(482	)
Prepaid assets		(957	)		(604	)
ASC 842 operating lease assets		(8,297	)		(8,408	)
Gross deferred tax liabilities		(39,627	)		(46,924	)
Total deferred tax liabilities, net	$	(21,148	)	$	(25,716	)

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits as of December 31:

($ in thousands)	2020			2019
Balance at the beginning of the year	$	1,735		$	2,529
Increases/(decreases) related to current year tax positions		126			(79	)
Increases/(decreases) related to prior year tax positions		299			45
Expiration due to statute of limitations		(1,207	)		(760	)
Balance at the end of the year	$	953		$	1,735

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2020

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Activity of Stock Options

The following table summarizes the activity of the Company’s stock options:

	Stock Options Outstanding
	Shares (in thousands)			Weighted Average Exercise Price
Balance at December 31, 2019		—			—
Granted		720		$	12.56
Vested		—			—
Forfeited		(106	)	$	12.56
Balance at December 31, 2020		614		$	12.56

Schedule of Components of Stock Based Compensation Expense

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

	December 31,
($ in thousands)	2020		2019		2018
Operating expenses	$	837	$	819	$	137
Selling, general and administrative expenses		11,752		9,193		2,135
Total stock-based compensation expense	$	12,589	$	10,012	$	2,272

RSUs and PSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Activity of RSUs and PSUs

The following table summarizes the activity of the Company’s RSUs and PSUs:

	RSUs and PSUs ⁽¹⁾
	Shares (in thousands)			Weighted Average Grant Date Fair Value
Balance at December 31, 2017		—			—
Granted		4,437		$	10.13
Vested		—			—
Forfeited		—			—
Balance at December 31, 2018		4,437		$	10.13
Granted		400		$	11.32
Vested		(953	)	$	10.13
Forfeited		(880	)	$	10.17
Balance at December 31, 2019		3,004		$	10.28
Granted		692		$	12.42
Vested		(986	)	$	10.35
Forfeited		(401	)	$	10.82
Balance at December 31, 2020		2,309		$	10.79

(1)

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Earn Out Shares Issued by Company to Platinum Stockholder

The Earn-Out Shares are issued by the Company to the Platinum Stockholder as follows:

Common Stock Price thresholds	One-time issuance of shares
> $13.00 ^(a)		2,500,000
> $15.50 ^(a)		2,500,000
> $18.00		2,500,000
> $20.50		2,500,000

(a)

The first and second tranches of Earn-Out Shares have been issued, as discussed below.

Segment Reporting (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Financial Information by Segment

The following tables set forth financial information by segment for the fiscal years ended December 31, 2020, 2019 and 2018:

	For the Year Ended December 31, 2020
	Commercial			Government			Corporate
	Services			Solutions			and Other			Total
($ in thousands)							(As restated)			(As restated)
Service revenue	$	180,856		$	155,418		$	—		$	336,274
Product sales		—			57,319			—			57,319
Total revenue		180,856			212,737			—			393,593
Cost of service revenue		2,562			1,405			—			3,967
Cost of product sales		—			29,573			—			29,573
Operating expenses		52,505			62,387			—			114,892
Selling, general and administrative expenses		40,978			34,465			2,469			77,912
Other income, net		(11,774	)		(111	)		—			(11,885	)
Segment profit (loss)	$	96,585		$	85,018		$	(2,469	)	$	179,134
Segment profit (loss)	$	96,585		$	85,018		$	(2,469	)	$	179,134
Depreciation and amortization		—			—			116,570			116,570
Loss on disposal of assets, net		16			258			—			274
Change in fair value of private placement warrants		—			—			1,133			1,133
TRA liability adjustment		—			—			6,850			6,850
Stock-based compensation		—			—			12,589			12,589
Interest expense, net		—			—			40,865			40,865
Income (loss) before income tax provision	$	96,569		$	84,760		$	(180,476	)	$	853

	For the Year Ended December 31, 2019
	Commercial			Government			Corporate
	Services			Solutions			and Other			Total
($ in thousands)							(As restated)			(As restated)
Service revenue	$	276,479		$	140,244		$	—		$	416,723
Product sales		—			32,014			—			32,014
Total revenue		276,479			172,258			—			448,737
Cost of service revenue		3,709			1,852			—			5,561
Cost of product sales		—			13,919			—			13,919
Operating expenses		66,916			57,905			—			124,821
Selling, general and administrative expenses		41,384			32,696			2,220			76,300
Other income, net		(10,814	)		(278	)		—			(11,092	)
Segment profit (loss)	$	175,284		$	66,164		$	(2,220	)	$	239,228
Segment profit (loss)	$	175,284		$	66,164		$	(2,220	)	$	239,228
Depreciation and amortization		—			—			115,566			115,566
Loss on disposal of assets, net		145			60			—			205
Change in fair value of private placement warrants		—			—			16,267			16,267
Impairment of property and equipment		—			5,898			—			5,898
TRA liability adjustment								(106	)		(106	)
Stock-based compensation		—			—			10,012			10,012
Interest expense, net		—			—			60,729			60,729
Income (loss) before income tax provision	$	175,139		$	60,206		$	(204,688	)	$	30,657

	For the Year Ended December 31, 2018
	Commercial			Government			Corporate
	Services			Solutions			and Other			Total
($ in thousands)							(As restated)			(As restated)
Service revenue	$	222,611		$	142,465		$	—		$	365,076
Product sales		—			5,070			—			5,070
Total revenue		222,611			147,535			—			370,146
Cost of service revenue		3,078			2,710			—			5,788
Cost of product sales		—			3,447			—			3,447
Operating expenses		51,221			57,525			—			108,746
Selling, general and administrative expenses		55,370			27,827			47,495			130,692
Other (income) expenses, net		(8,680	)		(117	)		2			(8,795	)
Segment profit (loss)	$	121,622		$	56,143		$	(47,497	)	$	130,268
Segment profit (loss)	$	121,622		$	56,143		$	(47,497	)	$	130,268
Depreciation and amortization		—			—			103,346			103,346
Loss on disposal of assets, net		—			—			7			7
Change in fair value of private placement warrants		—			—			(3,667	)		(3,667	)
Stock-based compensation		—			—			2,272			2,272
Interest expense		—			—			69,550			69,550
Loss on extinguishment of debt		—			—			26,486			26,486
(Loss) income before income tax (benefit)	$	121,622		$	56,143		$	(245,491	)	$	(67,726	)

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited) (As Restated)

	First			Second			Third		Fourth
Fiscal Year 2020	Quarter			Quarter			Quarter		Quarter
($ in thousands, except per share data)	(As restated)			(As restated)			(As restated)		(As restated)
Total revenue	$	116,713		$	79,809		$	96,908	$	100,163
Income (loss) from operations		19,413			(6,950	)		15,268		10,085
Net income (loss)		22,140			(23,722	)		11,086		(14,082	)
Earnings (loss) per share - basic	$	0.14		$	(0.15	)	$	0.07	$	(0.09	)
Earnings (loss) per share - diluted	$	0.04		$	(0.15	)	$	0.07	$	(0.09	)


	First			Second			Third		Fourth
Fiscal Year 2019	Quarter			Quarter			Quarter		Quarter
($ in thousands, except per share data)	(As restated)			(As restated)			(As restated)		(As restated)
Total revenue	$	98,461		$	109,575		$	128,240	$	112,461
Income from operations		17,966			17,636			36,659		24,194
Net (loss) income		(5,980	)		(4,009	)		16,618		10,447
(Loss) earnings per share - basic	$	(0.04	)	$	(0.03	)	$	0.10	$	0.07
(Loss) earnings per share - diluted	$	(0.04	)	$	(0.03	)	$	0.10	$	0.06

Restatement of Previously Issued Financial Statements

The below reconciliations present certain line items with amounts originally reported and restated amounts after restatement adjustments for the respective period-ends:

	As of December 31, 2020									As of December 31, 2019
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,367,325		$	—		$	1,367,325		$	1,407,426		$	—		$	1,407,426
Private placement warrant liabilities		—			30,866			30,866			—			29,733			29,733
Total liabilities		1,020,887			30,866			1,051,753			1,068,079			29,733			1,097,812
Additional paid-in capital		393,995			(20,375	)		373,620			367,266			(20,375	)		346,891
Accumulated deficit		(84,359	)		(10,491	)		(94,850	)		(80,220	)		(9,358	)		(89,578	)
Total stockholders' equity		346,438			(30,866	)		315,572			339,347			(29,733	)		309,614

The below reconciliations present certain line items with amounts originally reported and restated amounts after restatement adjustments for each of the respective periods:

	Year Ended December 31, 2020									Year Ended December 31, 2019
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	393,593		$	—		$	393,593		$	448,737	$	—		$	448,737
Income from operations		37,816			—			37,816			96,455		—			96,455
Change in fair value of private placement warrants		—			1,133			1,133			—		16,267			16,267
Total other expenses		35,830			1,133			36,963			49,531		16,267			65,798
Income before income tax provision		1,986			(1,133	)		853			46,924		(16,267	)		30,657
Net (loss) income		(3,445	)		(1,133	)		(4,578	)		33,343		(16,267	)		17,076
Total comprehensive (loss) income		(657	)		(1,133	)		(1,790	)		36,587		(16,267	)		20,320
(Loss) income per share - basic	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11
(Loss) income per share - diluted	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	0.21	$	(0.10	)	$	0.11

	Year Ended December 31, 2018
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	370,146		$	—		$	370,146
Selling, general and administrative expenses		136,069			(3,242	)		132,827
Income from operations		12,606			3,242			15,848
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Total other expenses		87,241			(3,667	)		83,574
Loss before income tax benefit		(74,635	)		6,909			(67,726	)
Net loss		(58,394	)		6,909			(51,485	)
Total comprehensive loss		(64,215	)		6,909			(57,306	)
Loss per share - basic	$	(0.67	)	$	0.08		$	(0.59	)
Loss per share - diluted	$	(0.67	)	$	0.08		$	(0.59	)

The below reconciliation presents certain line items with amounts originally reported and restated amounts after restatement adjustments:

	Year Ended December 31, 2018
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)
Net loss	$	(58,394	)	$	6,909		$	(51,485	)
Change in fair value of private placement warrants		—			(3,667	)		(3,667	)
Net cash provided by operating activities		46,017			3,242			49,259
Payment of underwriting and transaction costs		(24,024	)		(3,242	)		(27,266	)
Net cash provided by financing activities		574,268			(3,242	)		571,026

Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

	Three Months Ended March 31, 2020									Three Months Ended June 30, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	116,713		$	—		$	116,713		$	79,809		$	—		$	79,809
Income (loss) from operations		19,413			—			19,413			(6,950	)		—			(6,950	)
Change in fair value of private placement warrants		—			(15,467	)		(15,467	)		—			8,334			8,334
Net income (loss)		6,673			15,467			22,140			(15,388	)		(8,334	)		(23,722	)
Earnings (loss) per share - basic	$	0.04		$	0.10		$	0.14		$	(0.10	)	$	(0.05	)	$	(0.15	)
Earnings (loss) per share - diluted	$	0.04		$	—		$	0.04		$	(0.10	)	$	(0.05	)	$	(0.15	)

	Three Months Ended September 30, 2020									Three Months Ended December 31, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	96,908		$	—		$	96,908		$	100,163		$	—		$	100,163
Income from operations		15,268			—			15,268			10,085			—			10,085
Change in fair value of private placement warrants		—			(4,400	)		(4,400	)		—			12,666			12,666
Net income (loss)		6,686			4,400			11,086			(1,416	)		(12,666	)		(14,082	)
Earnings (loss) per share - basic	$	0.04		$	0.03		$	0.07		$	(0.01	)	$	(0.08	)	$	(0.09	)
Earnings (loss) per share - diluted	$	0.04		$	0.03		$	0.07		$	(0.01	)	$	(0.08	)	$	(0.09	)

	Six Months Ended June 30, 2020									Nine Months Ended September 30, 2020
($ in thousands, except per share data)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total revenue	$	196,522		$	—		$	196,522		$	293,430		$	—		$	293,430
Income from operations		12,463			—			12,463			27,731			—			27,731
Change in fair value of private placement warrants		—			(7,133	)		(7,133	)		—			(11,533	)		(11,533	)
Net (loss) income		(8,715	)		7,133			(1,582	)		(2,029	)		11,533			9,504
(Loss) earnings per share - basic	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.01	)	$	0.07		$	0.06
(Loss) earnings per share - diluted	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.01	)	$	0.07		$	0.06

	Three Months Ended March 31, 2019								Three Months Ended June 30, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	98,461	$	—		$	98,461		$	109,575	$	—		$	109,575
Income from operations		17,966		—			17,966			17,636		—			17,636
Change in fair value of private placement warrants		—		8,800			8,800			—		7,600			7,600
Net income (loss)		2,820		(8,800	)		(5,980	)		3,591		(7,600	)		(4,009	)
Earnings (loss) per share - basic	$	0.02	$	(0.06	)	$	(0.04	)	$	0.02	$	(0.05	)	$	(0.03	)
Earnings (loss) per share - diluted	$	0.02	$	(0.06	)	$	(0.04	)	$	0.02	$	(0.05	)	$	(0.03	)

	Three Months Ended September 30, 2019								Three Months Ended December 31, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	128,240	$	—		$	128,240		$	112,461	$	—		$	112,461
Income from operations		36,659		—			36,659			24,194		—			24,194
Change in fair value of private placement warrants		—		1,134			1,134			—		(1,267	)		(1,267	)
Net income		17,752		(1,134	)		16,618			9,180		1,267			10,447
Earnings (loss) per share - basic	$	0.11	$	(0.01	)	$	0.10		$	0.06	$	0.01		$	0.07
Earnings (loss) per share - diluted	$	0.11	$	(0.01	)	$	0.10		$	0.06	$	—		$	0.06

	Six Months Ended June 30, 2019								Nine Months Ended September 30, 2019
($ in thousands, except per share data)	(As originally reported)		(Restatement adjustments)			(As restated)			(As originally reported)		(Restatement adjustments)			(As restated)
Total revenue	$	208,036	$	—		$	208,036		$	336,276	$	—		$	336,276
Income from operations		35,602		—			35,602			72,261		—			72,261
Change in fair value of private placement warrants		—		16,400			16,400			—		17,534			17,534
Net income (loss)		6,411		(16,400	)		(9,989	)		24,163		(17,534	)		6,629
Earnings (loss) per share - basic	$	0.04	$	(0.10	)	$	(0.06	)	$	0.15	$	(0.11	)	$	0.04
Earnings (loss) per share - diluted	$	0.04	$	(0.10	)	$	(0.06	)	$	0.15	$	(0.11	)	$	0.04

	As of March 31, 2020									As of June 30, 2020
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)			(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,374,129		$	—		$	1,374,129		$	1,355,122		$	—		$	1,355,122
Private placement warrant liabilities		—			14,266			14,266			—			22,600			22,600
Total liabilities		1,029,729			14,266			1,043,995			1,023,372			22,600			1,045,972
Additional paid-in capital		387,994			(20,375	)		367,619			391,240			(20,375	)		370,865
Accumulated deficit		(74,241	)		6,109			(68,132	)		(89,629	)		(2,225	)		(91,854	)
Total stockholders' equity		344,400			(14,266	)		330,134			331,750			(22,600	)		309,150


	As of September 30, 2020
($ in thousands)	(As originally reported)			(Restatement adjustments)			(As restated)
Total assets	$	1,371,971		$	—		$	1,371,971
Private placement warrant liabilities		—			18,200			18,200
Total liabilities		1,028,049			18,200			1,046,249
Additional paid-in capital		394,259			(20,375	)		373,884
Accumulated deficit		(82,943	)		2,175			(80,768	)
Total stockholders' equity		343,922			(18,200	)		325,722

Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Summary of Consolidated Balance Sheets

Verra Mobility Corporation and Subsidiaries

Consolidated Balance Sheets

at December 31, 2020




	Verra Mobility Corporation (Ultimate Parent)		VM Consolidated Inc. (Guarantor Subsidiary)		Non- guarantor Subsidiaries		Eliminations			Consolidated
($ in thousands)	(As restated)		(As restated)				(As restated)			(As restated)
Assets
Current assets:
Cash and cash equivalents	$	—	$	103,969	$	16,290	$	—		$	120,259
Restricted cash		—		633		—		—			633
Accounts receivable (net of allowance for credit loss of $11.5 million)		—		166,749		2,034		—			168,783
Unbilled receivables		—		13,452		593		—			14,045
Investment in subsidiary		146,313		77,200		—		(223,513	)		—
Prepaid expenses and other current assets		—		21,586		2,731		—			24,317
Total current assets		146,313		383,589		21,648		(223,513	)		328,037
Installation and service parts, net		—		7,944		—		—			7,944
Property and equipment, net		—		65,547		4,737		—			70,284
Operating lease assets		—		29,430		357		—			29,787
Intangible assets, net		—		315,533		26,606		—			342,139
Goodwill		—		524,766		61,669		—			586,435
Due from affiliates		169,259		—		—		(169,259	)		—
Other non-current assets		—		2,684		15		—			2,699
Total assets	$	315,572	$	1,329,493	$	115,032	$	(392,772	)	$	1,367,325
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	—	$	22,346	$	12,163	$	—		$	34,509
Accrued liabilities		—		11,617		4,019		—			15,636
Payable to related party pursuant to tax receivable agreement, current portion		—		4,791		—		—			4,791
Current portion of long-term debt		—		9,104		—		—			9,104
Total current liabilities		—		47,858		16,182		—			64,040
Long-term debt, net of current portion		—		832,941		—		—			832,941
Operating lease liabilities, net of current portion		—		27,854		132		—			27,986
Payable to related party pursuant to tax receivable agreement, net of current portion		—		67,869		—		—			67,869
Private placement warrant liabilities		—		30,866		—		—			30,866
Asset retirement obligation		—		6,409		—		—			6,409
Due to affiliates		—		152,914		16,345		(169,259	)		—
Deferred tax liabilities, net		—		15,975		5,173		—			21,148
Other long-term liabilities		—		494		—		—			494
Total liabilities		—		1,183,180		37,832		(169,259	)		1,051,753
Total stockholders' equity		315,572		146,313		77,200		(223,513	)		315,572
Total liabilities and stockholders' equity	$	315,572	$	1,329,493	$	115,032	$	(392,772	)	$	1,367,325

Summary of Consolidated Statements of Operations and Comprehensive Loss

Verra Mobility Corporation and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss

Year Ended December 31, 2020

	Verra Mobility Corporation (Ultimate Parent)			VM Consolidated Inc. (Guarantor Subsidiary)			Non- guarantor Subsidiaries			Eliminations			Consolidated
($ in thousands)	(As restated)			(As restated)						(As restated)			(As restated)
Service revenue	$	—		$	322,972		$	13,302		$	—		$	336,274
Product sales		—			57,319			—			—			57,319
Total revenue		—			380,291			13,302			—			393,593
Cost of service revenue		—			1,774			2,193			—			3,967
Cost of product sales		—			29,573			—			—			29,573
Operating expenses		—			108,659			7,070			—			115,729
Selling, general and administrative expenses		—			84,732			4,932			—			89,664
Depreciation, amortization and (gain) loss on disposal of assets, net		—			111,968			4,876			—			116,844
Total costs and expenses		—			336,706			19,071			—			355,777
Income (loss) from operations		—			43,585			(5,769	)		—			37,816
Loss from equity investment		4,578			5,361			—			(9,939	)		—
Interest expense, net		—			40,865			—			—			40,865
Change in fair value of private placement warrants					1,133			—			—			1,133
Tax receivable agreement liability adjustment		—			6,850			—			—			6,850
Other income, net		—			(11,692	)		(193	)		—			(11,885	)
Total other expenses (income)		4,578			42,517			(193	)		(9,939	)		36,963
Loss before income tax provision (benefit)		(4,578	)		1,068			(5,576	)		9,939			853
Income tax provision (benefit)		—			5,646			(215	)		—			5,431
Net loss	$	(4,578	)	$	(4,578	)	$	(5,361	)	$	9,939		$	(4,578	)
Other comprehensive income:
Change in foreign currency translation adjustment		—			—			2,788			—			2,788
Total comprehensive loss	$	(4,578	)	$	(4,578	)	$	(2,573	)	$	9,939		$	(1,790	)

Summary of Consolidated Statements of Cash Flows

Verra Mobility Corporation and Subsidiaries

Consolidated Statements of Cash Flows

Year Ended December 31, 2020

	Verra Mobility Corporation (Ultimate Parent)			VM Consolidated Inc. (Guarantor Subsidiary)			Non- guarantor Subsidiaries			Eliminations			Consolidated
($ in thousands)	(As restated)			(As restated)						(As restated)			(As restated)
Cash Flows from Operating Activities:
Net loss	$	(4,578	)	$	(4,578	)	$	(5,361	)	$	9,939		$	(4,578	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		—			111,710			4,860			—			116,570
Amortization of deferred financing costs and discounts		—			5,437			—			—			5,437
Change in fair value of private placement warrants		—			1,133			—			—			1,133
Tax receivable agreement liability adjustment		—			6,850			—			—			6,850
Credit loss expense		—			14,355			32			—			14,387
Deferred income taxes		—			(3,798	)		(948	)		—			(4,746	)
Stock-based compensation		—			12,589			—			—			12,589
Installation and service parts expense		—			677			—			—			677
Accretion expense		—			259			—			—			259
Loss on disposal of assets		—			258			16			—			274
Loss from equity investment		4,578			5,361			—			(9,939	)		—
Changes in operating assets and liabilities:
Accounts receivable, net		—			(92,977	)		2,389			—			(90,588	)
Unbilled receivables		—			5,864			100			—			5,964
Prepaid expenses and other assets		—			3,996			(167	)		—			3,829
Accounts payable and accrued liabilities		—			(15,035	)		(1,832	)		—			(16,867	)
Due to affiliates		—			(2,447	)		2,447			—			—
Other liabilities		—			(4,281	)		—			—			(4,281	)
Net cash provided by operating activities		—			45,373			1,536			—			46,909
Cash Flows from Investing Activities:
Purchases of installation and service parts and property and equipment		—			(21,160	)		(3,100	)		—			(24,260	)
Cash proceeds from the sale of assets		—			107			—			—			107
Net cash used in investing activities		—			(21,053	)		(3,100	)		—			(24,153	)
Cash Flows from Financing Activities:
Repayment of long-term debt		—			(28,779	)		—			—			(28,779	)
Payment of debt issuance costs		—			(1,078	)		—			—			(1,078	)
Payment of employee tax withholding related to RSUs vesting		—			(4,147	)		—			—			(4,147	)
Net cash used in financing activities		—			(34,004	)		—			—			(34,004	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(290	)		—			(290	)
Net decrease in cash, cash equivalents and restricted cash		—			(9,684	)		(1,854	)		—			(11,538	)
Cash, cash equivalents and restricted cash - beginning of period		—			114,286			18,144			—			132,430
Cash, cash equivalents and restricted cash - end of period	$	—		$	104,602		$	16,290		$	—		$	120,892

Verra Mobility Corporation and Subsidiaries

Consolidated Statements of Cash Flows (Continued)

Year Ended December 31, 2020


	Verra Mobility Corporation (Ultimate Parent)		VM Consolidated Inc. (Guarantor Subsidiary)		Non- guarantor Subsidiaries		Eliminations		Consolidated
Supplemental cash flow information:
Interest paid	$	—	$	35,822	$	—	$	—	$	35,822
Income taxes paid, net of refunds		—		12,318		320		—		12,638
Supplemental non-cash investing and financing activities:
Earn-out shares issued to Platinum Stockholder		18,287		—		—		—		18,287
Additions to ARO, property and equipment, and other		—		133		—		—		133
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end		—		1,289		—		—		1,289

Basis of Presentation and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of operating segments	2

Significant Accounting Policies (As Restated) - Additional Information (Details)		3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2020 USD ($)	Dec. 31, 2020 USD ($) yr $ / shares shares	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2020 USD ($) yr Segment Agreement TradingDay $ / shares shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Operating lease assets		$ 29,787,000				$ 32,177,000								$ 29,787,000	$ 32,177,000
Operating lease liabilities		31,165,000				33,100,000								31,165,000	33,100,000
Revenue		100,163,000	$ 96,908,000	$ 79,809,000	$ 116,713,000	112,461,000	$ 128,240,000	$ 109,575,000	$ 98,461,000	$ 196,522,000	$ 208,036,000	$ 293,430,000	$ 336,276,000	393,593,000	448,737,000	$ 370,146,000
Interest or late fees charged on delinquent accounts														0
Credit loss expense (reversal)														14,387,000	8,100,000	6,025,000
Allowance for credit loss		11,500,000				7,600,000								11,500,000	7,600,000
Capitalization of internally developed software costs														$ 5,100,000	2,100,000	2,200,000
Number of operating segments \| Segment														2
Goodwill, impairment														$ 0
Impairment of property and equipment														0	5,898,000	0
Amortization of deferred financing costs														$ 5,400,000	6,600,000	9,200,000
Number of operating and reportable segments \| Segment														2
Adjustment to accumulated deficit		(94,850,000)	(80,768,000)	(91,854,000)	(68,132,000)	(89,578,000)				(91,854,000)		(80,768,000)		$ (94,850,000)	(89,578,000)
Revision of Prior Period, Adjustment
Summary Of Significant Accounting Principles And Policies [Line Items]
Adjustment to accumulated deficit		$ (10,491,000)	$ 2,175,000	$ (2,225,000)	$ 6,109,000	$ (9,358,000)				$ (2,225,000)		$ 2,175,000		(10,491,000)	(9,358,000)
Cumulative Effect, Period of Adoption, Adjustment \| Revision of Prior Period, Adjustment
Summary Of Significant Accounting Principles And Policies [Line Items]
Adjustment to accumulated deficit	$ 700,000
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Other Income
Summary Of Significant Accounting Principles And Policies [Line Items]
Benefit on credit card rebates														8,500,000	11,800,000	8,900,000
Foreign currency effect of re-measurement of assets and liabilities gains (losses)														400,000	(600,000)	(100,000)
Selling, General and Administrative Expenses
Summary Of Significant Accounting Principles And Policies [Line Items]
Advertising costs														$ 800,000	2,300,000	1,400,000
Performance Share Units
Summary Of Significant Accounting Principles And Policies [Line Items]
Share-based payment award, fair value assumptions, method used														Monte Carlo simulation model
Risk free rate														0.60%
Stock Options
Summary Of Significant Accounting Principles And Policies [Line Items]
Share-based payment award, fair value assumptions, method used														Black-Scholes model
Risk free rate, minimum														0.40%
Risk free rate, maximum														0.70%
Expected Term \| Stock Options
Summary Of Significant Accounting Principles And Policies [Line Items]
Alternative investment, measurement input \| yr		6.25												6.25
Expected Volatility \| Performance Share Units
Summary Of Significant Accounting Principles And Policies [Line Items]
Alternative investment, measurement input		0.35												0.35
Warrants
Summary Of Significant Accounting Principles And Policies [Line Items]
Warrants exercisable date														Nov. 16, 2018
Warrant exercisable term if business combination Is completed														30 days
Warrant expiration term														5 years
Outstanding warrants to be redeemed \| $ / shares														$ 0.01
Class A
Summary Of Significant Accounting Principles And Policies [Line Items]
Warrants outstanding to acquire shares \| shares		19,999,967												19,999,967
Common stock purchase price per share \| $ / shares		$ 11.50												$ 11.50
Class A \| Private Placement
Summary Of Significant Accounting Principles And Policies [Line Items]
Warrants outstanding to acquire shares \| shares		6,666,666												6,666,666
Class A \| Warrants
Summary Of Significant Accounting Principles And Policies [Line Items]
Warrants outstanding to acquire shares \| shares		13,333,301												13,333,301
Last sale price of common stock equals or exceeds per share \| $ / shares														$ 18.00
Number of trading days \| TradingDay														20
Maximum trading days for sending notice of redemption to warrant holders \| TradingDay														30
Product Sales
Summary Of Significant Accounting Principles And Policies [Line Items]
Revenue														$ 57,319,000	32,014,000	5,070,000
Service Revenue
Summary Of Significant Accounting Principles And Policies [Line Items]
Revenue														$ 336,274,000	416,723,000	$ 365,076,000
Minimum \| Expected Volatility \| Stock Options
Summary Of Significant Accounting Principles And Policies [Line Items]
Alternative investment, measurement input		0.30												0.30
Maximum \| Expected Volatility \| Stock Options
Summary Of Significant Accounting Principles And Policies [Line Items]
Alternative investment, measurement input		0.60												0.60
Accounting Standards Update 2014-09 \| Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Average initial term of a contract														3 years
Accounting Standards Update 2014-09 \| Maximum
Summary Of Significant Accounting Principles And Policies [Line Items]
Average initial term of a contract														5 years
City Of New York Department Of Transportation
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of agreements \| Agreement														2
City Of New York Department Of Transportation \| Legacy Contract
Summary Of Significant Accounting Principles And Policies [Line Items]
Receivable balance		$ 28,800,000												$ 28,800,000
Accounts receivable aged beyond payment terms		$ 20,500,000												$ 20,500,000
Agreement payment term														45-day
City Of New York Department Of Transportation \| Product Sales \| Emergency Contract
Summary Of Significant Accounting Principles And Policies [Line Items]
Revenue														$ 52,600,000
City Of New York Department Of Transportation \| Service Revenue \| Emergency Contract
Summary Of Significant Accounting Principles And Policies [Line Items]
Revenue														$ 17,400,000
Government Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Impairment of property and equipment															$ 5,900,000
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 \| Commercial Services \| Hertz Corporation
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage														12.00%	18.70%	19.30%
Customer Concentration Risk \| Sales Revenue \| Commercial Services \| Avis Budget Group, Inc.
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage														9.50%	14.50%
Customer Concentration Risk \| Sales Revenue \| Commercial Services \| Enterprise Holdings, Inc.
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage														11.30%	13.50%
Customer Concentration Risk \| Sales Revenue \| Government Solutions \| City Of New York Department Of Transportation
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage														31.30%	14.60%	9.30%
Customer Concentration Risk \| Accounts Receivable \| Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage														10.00%
Customer Concentration Risk \| Accounts Receivable \| City Of New York Department Of Transportation
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage														58.90%

Significant Accounting Policies (As Restated) - Reconciliations of Consolidated Balance Sheets Line Items Originally Reported and Restated After Restatement Adjustments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Total assets	$ 1,367,325	$ 1,371,971	$ 1,355,122	$ 1,374,129	$ 1,407,426
Private placement warrant liabilities	30,866	18,200	22,600	14,266	29,733
Total liabilities	1,051,753	1,046,249	1,045,972	1,043,995	1,097,812
Additional paid-in capital	373,620	373,884	370,865	367,619	346,891
Accumulated deficit	(94,850)	(80,768)	(91,854)	(68,132)	(89,578)
Total stockholders' equity	315,572	325,722	309,150	330,134	309,614	$ 288,590	$ 147,264
As Originally Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Total assets	1,367,325	1,371,971	1,355,122	1,374,129	1,407,426
Total liabilities	1,020,887	1,028,049	1,023,372	1,029,729	1,068,079
Additional paid-in capital	393,995	394,259	391,240	387,994	367,266
Accumulated deficit	(84,359)	(82,943)	(89,629)	(74,241)	(80,220)
Total stockholders' equity	346,438	343,922	331,750	344,400	339,347
Restatement Adjustments
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Private placement warrant liabilities	30,866	18,200	22,600	14,266	29,733
Total liabilities	30,866	18,200	22,600	14,266	29,733
Additional paid-in capital	(20,375)	(20,375)	(20,375)	(20,375)	(20,375)
Accumulated deficit	(10,491)	2,175	(2,225)	6,109	(9,358)
Total stockholders' equity	$ (30,866)	$ (18,200)	$ (22,600)	$ (14,266)	$ (29,733)

- 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.

+ References

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Significant Accounting Policies (As Restated) - Reconciliations of Consolidated Statements of Operations Line Items Originally Reported and Restated After Restatement Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Total revenue	$ 100,163	$ 96,908	$ 79,809	$ 116,713	$ 112,461	$ 128,240	$ 109,575	$ 98,461	$ 196,522	$ 208,036	$ 293,430	$ 336,276	$ 393,593	$ 448,737	$ 370,146
Selling, general and administrative expenses													89,664	85,493	132,827
Income from operations	10,085	15,268	(6,950)	19,413	24,194	36,659	17,636	17,966	12,463	35,602	27,731	72,261	37,816	96,455	15,848
Change in fair value of private placement warrants	12,666	(4,400)	8,334	(15,467)	(1,267)	1,134	7,600	8,800	(7,133)	16,400	(11,533)	17,534	1,133	16,267	(3,667)
Total other expenses													36,963	65,798	83,574
Income (loss) before income tax provision (benefit)													853	30,657	(67,726)
Net income (loss)	$ (14,082)	$ 11,086	$ (23,722)	$ 22,140	$ 10,447	$ 16,618	$ (4,009)	$ (5,980)	$ (1,582)	$ (9,989)	$ 9,504	$ 6,629	(4,578)	17,076	(51,485)
Total comprehensive (loss) income													$ (1,790)	$ 20,320	$ (57,306)
(Loss) income per share - basic	$ (0.09)	$ 0.07	$ (0.15)	$ 0.14	$ 0.07	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
(Loss) income per share - diluted	$ (0.09)	$ 0.07	$ (0.15)	$ 0.04	$ 0.06	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
As Originally Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Total revenue	$ 100,163	$ 96,908	$ 79,809	$ 116,713	$ 112,461	$ 128,240	$ 109,575	$ 98,461	$ 196,522	$ 208,036	$ 293,430	$ 336,276	$ 393,593	$ 448,737	$ 370,146
Selling, general and administrative expenses															136,069
Income from operations	10,085	15,268	(6,950)	19,413	24,194	36,659	17,636	17,966	12,463	35,602	27,731	72,261	37,816	96,455	12,606
Total other expenses													35,830	49,531	87,241
Income (loss) before income tax provision (benefit)													1,986	46,924	(74,635)
Net income (loss)	$ (1,416)	$ 6,686	$ (15,388)	$ 6,673	$ 9,180	$ 17,752	$ 3,591	$ 2,820	$ (8,715)	$ 6,411	$ (2,029)	$ 24,163	(3,445)	33,343	(58,394)
Total comprehensive (loss) income													$ (657)	$ 36,587	$ (64,215)
(Loss) income per share - basic	$ (0.01)	$ 0.04	$ (0.10)	$ 0.04	$ 0.06	$ 0.11	$ 0.02	$ 0.02	$ (0.05)	$ 0.04	$ (0.01)	$ 0.15	$ (0.02)	$ 0.21	$ (0.67)
(Loss) income per share - diluted	$ (0.01)	$ 0.04	$ (0.10)	$ 0.04	$ 0.06	$ 0.11	$ 0.02	$ 0.02	$ (0.05)	$ 0.04	$ (0.01)	$ 0.15	$ (0.02)	$ 0.21	$ (0.67)
Restatement Adjustments
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Selling, general and administrative expenses															$ (3,242)
Income from operations															3,242
Change in fair value of private placement warrants	$ 12,666	$ (4,400)	$ 8,334	$ (15,467)	$ (1,267)	$ 1,134	$ 7,600	$ 8,800	$ (7,133)	$ 16,400	$ (11,533)	$ 17,534	$ 1,133	$ 16,267	(3,667)
Total other expenses													1,133	16,267	(3,667)
Income (loss) before income tax provision (benefit)													(1,133)	(16,267)	6,909
Net income (loss)	$ (12,666)	$ 4,400	$ (8,334)	$ 15,467	$ 1,267	$ (1,134)	$ (7,600)	$ (8,800)	$ 7,133	$ (16,400)	$ 11,533	$ (17,534)	(1,133)	(16,267)	6,909
Total comprehensive (loss) income													$ (1,133)	$ (16,267)	$ 6,909
(Loss) income per share - basic	$ (0.08)	$ 0.03	$ (0.05)	$ 0.10	$ 0.01	$ (0.01)	$ (0.05)	$ (0.06)	$ 0.04	$ (0.10)	$ 0.07	$ (0.11)	$ (0.01)	$ (0.10)	$ 0.08
(Loss) income per share - diluted	$ (0.08)	$ 0.03	$ (0.05)			$ (0.01)	$ (0.05)	$ (0.06)	$ 0.04	$ (0.10)	$ 0.07	$ (0.11)	$ (0.01)	$ (0.10)	$ 0.08

Significant Accounting Policies (As Restated) - Reconciliations of Consolidated Statements of Cash Flows Line Items Originally Reported and Restated After Restatement Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net (loss) income													$ (4,578)	$ 17,076	$ (51,485)
Change in fair value of private placement warrants	$ 12,666	$ (4,400)	$ 8,334	$ (15,467)	$ (1,267)	$ 1,134	$ 7,600	$ 8,800	$ (7,133)	$ 16,400	$ (11,533)	$ 17,534	1,133	16,267	(3,667)
Net cash provided by operating activities													46,909	133,802	49,259
Payment of underwriting and transaction costs															(27,266)
Net cash provided by financing activities													(34,004)	(14,520)	571,026
As Originally Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net (loss) income															(58,394)
Net cash provided by operating activities															46,017
Payment of underwriting and transaction costs															(24,024)
Net cash provided by financing activities															574,268
Restatement Adjustments
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net (loss) income															6,909
Change in fair value of private placement warrants	$ 12,666	$ (4,400)	$ 8,334	$ (15,467)	$ (1,267)	$ 1,134	$ 7,600	$ 8,800	$ (7,133)	$ 16,400	$ (11,533)	$ 17,534	$ 1,133	$ 16,267	(3,667)
Net cash provided by operating activities															3,242
Payment of underwriting and transaction costs															(3,242)
Net cash provided by financing activities															$ (3,242)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Significant Accounting Policies (As Restated) - Summary of Concentration of Credit Risk (Details) - Sales Revenue - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Government Solutions \| City of New York Department of Transportation
Concentration Risk [Line Items]
Concentration risk percentage	31.30%	14.60%	9.30%
Commercial Services \| Hertz Corporation
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	18.70%	19.30%
Commercial Services \| Avis Budget Group, Inc.
Concentration Risk [Line Items]
Concentration risk percentage	9.50%	14.50%
Commercial Services \| Enterprise Holdings, Inc.
Concentration Risk [Line Items]
Concentration risk percentage	11.30%	13.50%

Significant Accounting Policies (As Restated) - Summary of Accounts Receivable, Net and Activity in Allowance for Credit Loss by Portfolio Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net, beginning balance	$ 92,695
Allowance for credit loss, beginning balance	8,456
Credit loss expense	14,387	$ 8,100	$ 6,025
Write-offs, net of recoveries	(11,376)
Allowance for credit loss, ending balance	11,467	8,456
Accounts receivable, net, ending balance	168,783	92,695
Commercial Services (Driver Billed)
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net, beginning balance	9,793
Allowance for credit loss, beginning balance	5,272
Credit loss expense	6,554
Write-offs, net of recoveries	(8,616)
Allowance for credit loss, ending balance	3,210	5,272
Accounts receivable, net, ending balance	11,060	9,793
Commercial Services (All Other)
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net, beginning balance	51,158
Allowance for credit loss, beginning balance	1,406
Credit loss expense	4,941
Write-offs, net of recoveries	(2,074)
Allowance for credit loss, ending balance	4,273	1,406
Accounts receivable, net, ending balance	48,169	51,158
Government Solutions
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net, beginning balance	31,744
Allowance for credit loss, beginning balance	1,778
Credit loss expense	2,892
Write-offs, net of recoveries	(686)
Allowance for credit loss, ending balance	3,984	1,778
Accounts receivable, net, ending balance	$ 109,554	$ 31,744

Significant Accounting Policies (As Restated) - Summary of Accounts Receivable, Net and Activity in Allowance for Credit Loss by Portfolio Segment (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Allowance For Doubtful Accounts Receivable Rollforward
Allowance for credit loss increase	$ 0.8

Significant Accounting Policies (As Restated) - Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Building
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	39 years
Equipment Installed at Customer Sites \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Equipment Installed at Customer Sites \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Computer Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Computer Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Furniture \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Furniture \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	10 years
Automobiles \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Automobiles \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	6 years
Software \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Software \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	Shorter of lease term or estimated useful life

Significant Accounting Policies (As Restated) - Carrying Value and Fair Value of Long-term Debt (Details) - Level 2 - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Summary Of Significant Accounting Principles And Policies [Line Items]
Total long-term debt	$ 842,045	$ 866,465
Estimated Fair Value
Summary Of Significant Accounting Principles And Policies [Line Items]
Total long-term debt	$ 861,314	$ 905,601

Significant Accounting Policies (As Restated) - Key Assumptions Used for Measuring Fair Value of Private Placement Warrant Liabilities (Details) - Private Placement Warrant Liabilities	Dec. 31, 2020 $ / shares yr	Dec. 31, 2019 $ / shares yr
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Valuation Technique [Extensible List]	vrrm:BlackScholesOptionPricingModelMember	vrrm:BlackScholesOptionPricingModelMember
Stock Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected stock price volatility	13.42	13.99
Strike Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected stock price volatility	11.50	11.50
Expected Term
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected stock price volatility \| yr	2.8	3.8
Expected Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected stock price volatility	0.440	0.270
Risk-free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected stock price volatility	0.0016	0.0165
Expected Dividend Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected stock price volatility	0.000	0.000
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected stock price volatility	4.63	4.46

Significant Accounting Policies (As Restated) - Summary of Changes in Private Placement Warrant Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Beginning balance	$ 29,733	$ 13,466
Change in fair value included in net (loss) income	1,133	16,267
Ending balance	$ 30,866	$ 29,733

Significant Accounting Policies (As Restated) - Additional Information (Details 1) - Accounting Standards Update 2014-09 - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 $ in Millions	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Remaining performance obligations	$ 0.2
Revenue recognition period	2 months

Mergers and Acquisitions - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Decrease to the additional paid-in capital account			$ (7,001)
Payable to related party for the recapitalization related to the working capital adjustment			$ 7,001
Pagatelia S.L
Business Acquisition [Line Items]
Purchase price	$ 26,600
Pagatelia S.L \| Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets useful life	8 years 6 months
Pagatelia S.L \| Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets useful life	9 years 6 months
Pagatelia S.L \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets useful life	6 years 6 months
Pagatelia S.L \| Non-compete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets useful life	3 years
Platinum
Business Acquisition [Line Items]
Decrease to the additional paid-in capital account		$ (7,000)
Payable to related party for the recapitalization related to the working capital adjustment		$ 7,000

Mergers and Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2019	Dec. 31, 2018
Assets acquired
Goodwill	$ 586,435	$ 584,150		$ 564,723
Pagatelia S.L
Assets acquired
Cash			$ 1,086
Other assets			5,047
Goodwill			17,528
Total assets acquired			35,442
Liabilities assumed
Accounts payable and accrued expenses			6,045
Deferred tax liability			2,801
Total liabilities assumed			8,846
Total purchase price			26,596
Trademarks \| Pagatelia S.L
Assets acquired
Intangible assets			771
Customer Relationships \| Pagatelia S.L
Assets acquired
Intangible assets			5,946
Developed Technology \| Pagatelia S.L
Assets acquired
Intangible assets			4,624
Non-compete Agreements \| Pagatelia S.L
Assets acquired
Intangible assets			$ 440

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
Prepaid tolls	$ 9,237	$ 10,116
Deposits	3,474	3,642
Prepaid services	2,989	5,201
Prepaid computer maintenance	2,732	2,923
Prepaid insurance	2,641	1,485
Prepaid income taxes	2,354	1,025
Other	890	2,099
Total prepaid expenses and other current assets	$ 24,317	$ 26,491

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment	$ 130,848	$ 111,576
Less: accumulated depreciation	(60,564)	(39,310)
Property and equipment, net	70,284	72,266
Equipment Installed at Customer Sites
Property Plant And Equipment [Line Items]
Property and equipment	80,880	71,464
Software
Property Plant And Equipment [Line Items]
Property and equipment	19,202	13,839
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	9,938	8,809
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	10,974	8,882
Furniture
Property Plant And Equipment [Line Items]
Property and equipment	2,079	1,681
Automobiles
Property Plant And Equipment [Line Items]
Property and equipment	2,899	2,128
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment	$ 4,876	$ 4,773

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Depreciation expense	$ 23.1	$ 22.8	$ 22.5
Cost to Develop Software for Internal Use
Property Plant And Equipment [Line Items]
Depreciation expense	$ 4.3	$ 3.8	$ 2.9

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Balance	$ 584,150	$ 564,723
Foreign currency translation adjustment	2,285	1,899
Balance	586,435	584,150
Pagatelia S.L
Goodwill [Line Items]
Goodwill from Acquisition		17,528
Commercial Services
Goodwill [Line Items]
Balance	424,404	404,977
Foreign currency translation adjustment	2,285	1,899
Balance	426,689	424,404
Commercial Services \| Pagatelia S.L
Goodwill [Line Items]
Goodwill from Acquisition		17,528
Government Solutions
Goodwill [Line Items]
Balance	159,746	159,746
Balance	$ 159,746	$ 159,746

Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Separately Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 628,541	$ 626,917
Accumulated Amortization	286,402	192,474
Less: accumulated amortization	(286,402)	(192,474)
Intangible assets, net	$ 342,139	$ 434,443
Trademarks
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	3 months 18 days	1 year 6 months
Weighted Average Amortization Period	3 years	3 years
Gross Carrying Amount	$ 32,223	$ 32,127
Accumulated Amortization	29,358	19,106
Less: accumulated amortization	$ (29,358)	$ (19,106)
Non-compete Agreements
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	2 years	3 years
Weighted Average Amortization Period	5 years	5 years
Gross Carrying Amount	$ 62,589	$ 62,549
Accumulated Amortization	37,412	24,834
Less: accumulated amortization	$ (37,412)	$ (24,834)
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	5 years 10 months 24 days	6 years 10 months 24 days
Weighted Average Amortization Period	8 years 10 months 24 days	8 years 10 months 24 days
Gross Carrying Amount	$ 367,512	$ 366,533
Accumulated Amortization	123,784	82,903
Less: accumulated amortization	$ (123,784)	$ (82,903)
Developed Technology
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	2 years 3 months 18 days	3 years 3 months 18 days
Weighted Average Amortization Period	5 years 6 months	5 years 6 months
Gross Carrying Amount	$ 166,217	$ 165,708
Accumulated Amortization	95,848	65,631
Less: accumulated amortization	$ (95,848)	$ (65,631)

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 93.5	$ 92.8	$ 80.8

Goodwill and Intangible Assets - Estimated Amortization Expense in Future Years (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021	$ 85,935
2022	81,167
2023	52,493
2024	42,000
2025	39,302
Thereafter	41,242
Total	$ 342,139

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued salaries and wages	$ 4,432	$ 10,319
Current portion of operating lease liabilities	$ 3,179	$ 2,970
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesMember	us-gaap:AccruedLiabilitiesMember
Advanced deposits payable	$ 2,922	$ 2,875
Payroll liabilities	1,755	149
Deferred income	750	691
Self-insurance liability	682	411
Other	1,916	2,132
Total accrued liabilities	$ 15,636	$ 19,547

Asset Retirement Obligation - Schedule of Changes in Asset Retirement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, beginning balance	$ 6,309	$ 6,750
Liabilities incurred	133	230
Accretion expense	259	350	$ 396
Liabilities settled	(292)	(1,021)
Asset retirement obligation, ending balance	$ 6,409	$ 6,309	$ 6,750

Long-term Debt - Summary of the Company's Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
New First Lien Term Loan, due February 28, 2025	$ 865,642	$ 894,421
Less: original issue discounts	(3,952)	(4,778)
Less: unamortized deferred financing costs	(19,645)	(23,178)
Total long-term debt	842,045	866,465
Less: current portion of long-term debt	(9,104)	(28,779)
Long-term debt, net of current portion	$ 832,941	$ 837,686

Long-term Debt - Summary of the Company's Long-term Debt (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020
New First Lien Term Loan, due February 28, 2025
Debt Instrument [Line Items]
Debt instrument, maturity date	Feb. 28, 2025

Long-term Debt - Scheduled Aggregate Future Principal Payments of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 9,104
2022	9,104
2023	9,104
2024	9,104
2025	829,226
Total	$ 865,642	$ 894,421

Long-term Debt - Additional Information (Details) - USD ($)			3 Months Ended	12 Months Ended
	Feb. 20, 2020	Oct. 17, 2018	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 31, 2018	Mar. 01, 2018
Debt Instrument [Line Items]
Debt Instrument, interest rate, decrease	0.50%
Mandatory prepayment of excess cash flow under loan agreement			$ 19,700,000	$ 0
Outstanding letters of credit				$ 6,300,000
Debt instrument, periodic payment, interest rate				0.375%
Debt instrument fronting fees				$ 6,300,000
Participation and fronting fees percentage on outstanding letter of credit				1.38%
Interest expense including amortization of deferred financing costs and discounts				$ 40,900,000	$ 60,700,000	$ 69,600,000
Debt instrument charge						26,486,000
Debt instrument prepayment penalty						12,187,000
Weighted average effective interest rates				3.40%	5.50%
New First Lien Term Loan
Debt Instrument [Line Items]
Debt instrument, interest rate during the period				1.00%
Debt instrument, maturity date				Feb. 28, 2025
Debt instrument interest rate				3.40%
Debt instrument fee amount	$ 800,000
Debt instrument legal fees	$ 200,000
New First Lien Term Loan \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument interest rate per annum				3.25%
New First Lien Term Loan \| Base Rate
Debt Instrument [Line Items]
Debt instrument interest rate per annum				2.25%
New Second Lien Term Loan
Debt Instrument [Line Items]
Debt instrument charge						16,300,000
Debt instrument prepayment penalty						4,000,000.0
Write off of preexisting deferred financing costs						3,400,000
Third party costs associated with issuance						8,900,000
New Revolver
Debt Instrument [Line Items]
Outstanding borrowings				$ 0
Debt instrument borrow under new revolver				48,800,000
Outstanding letters of credit				$ 6,300,000
New Revolver \| LIBOR 1.25%
Debt Instrument [Line Items]
Debt instrument interest rate per annum				1.25%
New Revolver \| LIBOR 1.50%
Debt Instrument [Line Items]
Debt instrument interest rate per annum				1.50%
New Revolver \| Base Rate 0.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum				0.75%
New Revolver \| LIBOR 1.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum				1.75%
New Revolver \| Base Rate 0.25%
Debt Instrument [Line Items]
Debt instrument interest rate per annum				0.25%
New Revolver \| Base Rate 0.50%
Debt Instrument [Line Items]
Debt instrument interest rate per annum				0.50%
2018 Credit Facilities
Debt Instrument [Line Items]
Outstanding borrowings							$ 1,115,000,000
Debt instrument, aggregate principal amount							1,040,000,000.00
Aggregate revolving commitment				$ 75,000,000
Debt instrument charge						10,200,000
Write off of preexisting deferred financing costs						2,000,000.0
Third party costs associated with issuance						4,400,000
2018 Credit Facilities \| New Second Lien Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000,000
Additional repayments of lines of credit		$ 70,000,000
2018 Credit Facilities \| Old Term Loans
Debt Instrument [Line Items]
Outstanding credit line								$ 323,000,000
Debt instrument prepayment penalty						$ 3,800,000
2018 Credit Facilities \| Old Revolver
Debt Instrument [Line Items]
Outstanding credit line								$ 125,000,000
2018 Credit Facilities \| Minimum \| New First Lien Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount							840,000,000
2018 Credit Facilities \| Maximum \| New First Lien Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount							$ 910,000,000

Long-term Debt - Schedule of Consolidated First Lien Net Leverage Ratio and Applicable Prepayment Percentage (Details) - New First Lien Term Loan	12 Months Ended
	Dec. 31, 2020
> 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%

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lease expiration date	Apr. 30, 2035
Operating lease, weighted average remaining lease term	12 years 2 months 12 days
Operating lease liabilities weighted average discount rate	5.40%
Operating lease expense	$ 5.3	$ 5.7
Variable lease costs	$ 1.1

Leases - Summary of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets And Liabilities Lessee [Abstract]
Operating lease liabilities, net of current portion	$ 27,986	$ 30,130
Current portion	3,179	2,970
Total operating lease liabilities	$ 31,165	$ 33,100

Leases - Summary of Future Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Lease Liabilities Payments Due [Abstract]
2021	$ 4,737
2022	3,641
2023	3,094
2024	2,998
2025	2,992
Thereafter	26,023
Total minimum payments	43,485
Less: amount representing interest	(12,320)
Operating lease liabilities	$ 31,165	$ 33,100

Net (Loss) Income Per Share (As Restated) - Schedule of Components of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income (loss)	$ (14,082)	$ 11,086	$ (23,722)	$ 22,140	$ 10,447	$ 16,618	$ (4,009)	$ (5,980)	$ (1,582)	$ (9,989)	$ 9,504	$ 6,629	$ (4,578)	$ 17,076	$ (51,485)
Weighted average shares outstanding:
Weighted average shares - basic													161,632	157,890	87,320
Common stock equivalents														2,190
Weighted average shares - diluted													161,632	160,080	87,320
Net (loss) income per share - basic	$ (0.09)	$ 0.07	$ (0.15)	$ 0.14	$ 0.07	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
Net (loss) income per share - diluted	$ (0.09)	$ 0.07	$ (0.15)	$ 0.04	$ 0.06	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
Antidilutive shares excluded from diluted net (loss) income per share:
Total antidilutive shares excluded													27,923	17,171	34,437
Contingently Issuable Shares
Antidilutive shares excluded from diluted net (loss) income per share:
Total antidilutive shares excluded													5,000	7,500	10,000
Public Warrants
Antidilutive shares excluded from diluted net (loss) income per share:
Total antidilutive shares excluded													13,333		13,333
Non-qualified Stock Options
Antidilutive shares excluded from diluted net (loss) income per share:
Total antidilutive shares excluded													614
Private Placement Warrants
Antidilutive shares excluded from diluted net (loss) income per share:
Total antidilutive shares excluded													6,667	6,667	6,667
Performance Share Units
Antidilutive shares excluded from diluted net (loss) income per share:
Total antidilutive shares excluded													106
Restricted Stock Units
Antidilutive shares excluded from diluted net (loss) income per share:
Total antidilutive shares excluded													2,203	3,004	4,437

Income Taxes (As Restated) - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Deferred tax assets, valuation allowance	$ 3,422	$ 2,564
Tax credits	$ 1,500	1,800
Tax credits, expiration start year	2024
Unrecognized tax benefits, if recognized	$ 400
Unrecognized tax benefits, income tax penalties and interest expense	1,000
State
Income Tax [Line Items]
Deferred tax assets, valuation allowance	3,400	2,600
Operating loss carryforwards	$ 31,100	25,500
Tax Year 2019
Income Tax [Line Items]
Deduction in interest expense as a result of increased adjusted taxable income		$ 4,700
Earliest \| Internal Revenue Service
Income Tax [Line Items]
Income tax examination, year under examination	2017
Latest \| Internal Revenue Service
Income Tax [Line Items]
Income tax examination, year under examination	2019
Maximum
Income Tax [Line Items]
Percent of adjusted taxable income with regard to CARES Act	50.00%	50.00%
Unrecognized tax benefits, income tax penalties and interest expense		$ 100
Accrued interest and penalties	$ 100	$ 900

Income Taxes (As Restated) - Schedule of Income (Loss) Before Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S.	$ 6,429	$ 33,655	$ (68,374)
Foreign	(5,576)	(2,998)	648
Total income (loss) before income tax provision (benefit)	$ 853	$ 30,657	$ (67,726)

Income Taxes (As Restated) - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current Federal	$ 4,169	$ 16,901	$ 5,687
Current State	5,399	7,316	1,624
Current Foreign	652	673	883
Total current	10,220	24,890	8,194
Deferred Federal	(1,308)	(8,542)	(18,334)
Deferred State	(2,615)	(2,092)	(5,669)
Deferred Foreign	(866)	(675)	(432)
Total deferred	(4,789)	(11,309)	(24,435)
Income tax provision (benefit)	$ 5,431	$ 13,581	$ (16,241)

Income Taxes (As Restated) - Schedule of Reconciliation to Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax provision (benefit) at statutory rate	$ 179	$ 6,438	$ (14,222)
State income taxes, net of federal income tax effect	1,188	2,360	(3,785)
Tax rate changes/ valuation of deferred tax items	1,353	998	(1,457)
162(m) limitation	1,179	1,289
Non-deductible expenses	1,748	450	676
Unrecognized tax benefits	(929)	(741)	600
Tax impact for change in fair value of warrants	237	3,416	(1,452)
Change in valuation allowance	924	317	2,149
Non-deductible transaction costs	19	270	1,172
Research and development credits	(121)	(232)	(602)
Global intangible low tax inclusion			478
Other	(346)	(984)	202
Income tax provision (benefit)	$ 5,431	$ 13,581	$ (16,241)

Income Taxes (As Restated) - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued expenses and other	$ 1,027	$ 1,538
Allowance for credit loss	4,838	2,280
Net operating loss carryforward	3,626	2,612
Interest expense limitation carryforward	1,070	5,687
Federal and state income tax credits	1,132	1,060
ASC 842 operating lease liabilities	8,679	8,660
Transaction costs	319
Other	1,210	1,935
Gross deferred tax assets	21,901	23,772
Valuation allowance	(3,422)	(2,564)
Deferred tax assets, net of valuation allowance	18,479	21,208
Deferred tax liabilities:
Intangible assets and transaction costs	(16,358)	(27,489)
Property and equipment	(10,285)	(9,941)
Financing costs	(3,730)	(482)
Prepaid assets	(957)	(604)
ASC 842 operating lease assets	(8,297)	(8,408)
Gross deferred tax liabilities	(39,627)	(46,924)
Total deferred tax liabilities, net	$ (21,148)	$ (25,716)

Income Taxes (As Restated) - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 1,735	$ 2,529
Increases/(decreases) related to current year tax positions	126	(79)
Increases/(decreases) related to prior year tax positions	299	45
Expiration due to statute of limitations	(1,207)	(760)
Balance at the end of the year	$ 953	$ 1,735

Stockholders' Equity (As Restated) - Additional Information (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Oct. 17, 2018
Class of Stock [Line Items]
Capital stock authorized for issuance			261,000,000
Common stock, shares authorized	260,000,000	260,000,000
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Class A
Class of Stock [Line Items]
Common stock, shares authorized			260,000,000
Common stock, par value (in dollars per share)			$ 0.0001

Equity Incentive Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax benefits attributable to stock-based compensation	$ 2,900,000	$ 3,400,000	$ 0
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock granted vesting period	4 years
Stock based compensation expense, weighted average period of recognition	3 years 2 months 12 days
Weighted?Average Grant Date Fair Value	$ 4.36
Remaining contractual term	9 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised	0
Unrecognized stock based compensation expense	$ 2,100,000
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	10,864,000
Aggregate Common stock available for future grants	6,002,689
2018 Equity Incentive Plan \| Restricted Stock Units (RSU's)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock granted vesting period	4 years
Fair value of vested restricted stock unit	$ 10,200,000	$ 9,700,000
Restricted stock unit granted expense			$ 0
2018 Equity Incentive Plan \| Performance Share Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of conversion ranges	0.00%
2018 Equity Incentive Plan \| Performance Share Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of conversion ranges	150.00%
2018 Equity Incentive Plan \| RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 21,100,000
Stock based compensation expense, weighted average period of recognition	2 years 2 months 12 days

Equity Incentive Plan - Summary of Activity of RSUs and PSUs (Details) - 2018 Equity Incentive Plan - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units (RSU's)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	3,004	4,437
Number of Shares, Granted		400	4,437
Number of Shares, Vested		(953)	0
Number of Shares, Forfeited		(880)	0
Number of Shares, Ending balance		3,004	4,437
Weighted?Average Grant Date Fair Value, Beginning balance	$ 10.28	$ 10.13
Weighted?Average Grant Date Fair Value, Granted		11.32	$ 10.13
Weighted?Average Grant Date Fair Value, Vested		10.13	0
Weighted?Average Grant Date Fair Value, Forfeited		10.17	0
Weighted?Average Grant Date Fair Value, Ending balance		$ 10.28	$ 10.13
RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	3,004
Number of Shares, Granted	692
Number of Shares, Vested	(986)
Number of Shares, Forfeited	(401)
Number of Shares, Ending balance	2,309	3,004
Weighted?Average Grant Date Fair Value, Beginning balance	$ 10.28
Weighted?Average Grant Date Fair Value, Granted	12.42
Weighted?Average Grant Date Fair Value, Vested	10.35
Weighted?Average Grant Date Fair Value, Forfeited	10.82
Weighted?Average Grant Date Fair Value, Ending balance	$ 10.79	$ 10.28

Equity Incentive Plan - Summary of Activity of RSUs and PSUs (Parenthetical) (Details) - 2018 Equity Incentive Plan - Performance Share Units	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	116
Weighted?Average Grant Date Fair Value \| $ / shares	$ 13.88
Number of Shares, Forfeited	10
Number of Shares, Vested	0

Equity Incentive Plan - Summary of Activity of Stock Options (Details) - Stock Options	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance \| shares	0
Number of Shares, Granted \| shares	720
Number of Shares, Vested \| shares	0
Number of Shares, Forfeited \| shares	(106)
Number of Shares, Ending balance \| shares	614
Weighted?Average Exercise Price, Beginning balance \| $ / shares	$ 0
Weighted?Average Exercise Price, Granted \| $ / shares	12.56
Weighted?Average Exercise Price, Vested \| $ / shares	0
Weighted?Average Exercise Price, Forfeited \| $ / shares	12.56
Weighted?Average Exercise Price, Ending balance \| $ / shares	$ 12.56

Equity Incentive Plan - Schedule of Components of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 12,589	$ 10,012	$ 2,272
Operating Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	837	819	137
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 11,752	$ 9,193	$ 2,135

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Benefit Plans [Abstract]
Contributions by employer	$ 1.7	$ 1.7	$ 1.6

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Related Party Transactions - Additional Information (Details)							12 Months Ended
	Jan. 27, 2020 USD ($) $ / shares shares	Nov. 18, 2019 $ / shares shares	Jul. 08, 2019 $ / shares shares	Jun. 10, 2019 shares	Apr. 26, 2019 $ / shares	Jan. 07, 2019 USD ($)	Dec. 31, 2020 USD ($) yr $ / shares shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Oct. 17, 2018 USD ($)
Related Party Transaction [Line Items]
Tax receivable agreement, amount payable, current							$ 4,791,000	$ 5,730,000
Tax receivable agreement, amount payable, non-current							$ 67,869,000	61,174,000
Reduction to tax receivable agreement liability								2,940,000
Overallotment Option
Related Party Transaction [Line Items]
Number of additional common stock purchased \| shares			2,250,000
Offering price per share \| $ / shares		$ 14.10	$ 12.50
Proceeds from secondary offering								0
Percentage of common stock share outstanding held							13.70%
Common Class A
Related Party Transaction [Line Items]
Number of common stock sold in secondary offering \| shares		17,250,000		15,000,000
Platinum Stockholder
Related Party Transaction [Line Items]
Management Fees							$ 0	0	$ 5,400,000
Provision of acquisition related services									9,700,000
Provision of debt financing related services									$ 2,800,000
Business combination date of termination agreement							Oct. 17, 2018
Advisory services fee						$ 0
Platinum Stockholder \| Common Stock Price Greater than $13.00 and $15.50
Related Party Transaction [Line Items]
Earn-out shares issuable if condition met \| shares	5,000,000
Platinum Stockholder \| Common Stock Price Greater than $13.00 and $15.50 \| Common Stock Including Additional Paid in Capital
Related Party Transaction [Line Items]
Earn-out shares issued value	$ 36,600,000
Platinum Stockholder \| Common Stock Price Greater than $13.00
Related Party Transaction [Line Items]
Common stock price \| $ / shares					$ 13.00
Platinum Stockholder \| Common Stock Price Greater than $13.00 \| Potential Future Shares
Related Party Transaction [Line Items]
Earn-out shares issued value							$ 0
Platinum Stockholder \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common stock price \| $ / shares	$ 15.50
Platinum Stockholder \| Common Stock Price Greater than $15.50 \| Common Stock Contingent Consideration
Related Party Transaction [Line Items]
Earn-out shares issued value	$ (36,600,000)
Platinum Stockholder \| Common Stock Price Greater than $15.50 \| Potential Future Shares
Related Party Transaction [Line Items]
Earn-out shares issued value							$ 5,000,000.0
Platinum Stockholder \| Earn-Out Agreement \| Earn-Out Scenario Five
Related Party Transaction [Line Items]
Earn-out shares issuable if condition met \| shares							0
Platinum Stockholder \| Earn-Out Agreement \| Common Stock Price Greater than $13.00
Related Party Transaction [Line Items]
Earn-out shares issuable if condition met \| shares							2,500,000
Common stock price \| $ / shares							$ 13.00
Platinum Stockholder \| Earn-Out Agreement \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Earn-out shares issuable if condition met \| shares							2,500,000
Common stock price \| $ / shares							$ 15.50
Minimum \| Platinum Stockholder \| Common Stock Price Greater than $13.00
Related Party Transaction [Line Items]
Common stock price threshold trading days					10 days
Minimum \| Platinum Stockholder \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common stock price threshold trading days	10 days
Maximum \| Platinum Stockholder \| Common Stock Price Greater than $13.00
Related Party Transaction [Line Items]
Common stock price threshold trading days					20 days
Maximum \| Platinum Stockholder \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common stock price threshold trading days	20 days
Maximum \| Platinum Stockholder \| Earn-Out Agreement
Related Party Transaction [Line Items]
Earn-out shares issuable if condition met \| shares							10,000,000
Selling, General and Administrative Expenses \| Overallotment Option
Related Party Transaction [Line Items]
Expense incurred in secondary offering								1,700,000
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							$ 70,000,000.0
Tax receivable agreement, amount payable							72,700,000
Tax receivable agreement, amount payable, current							4,800,000
Tax receivable agreement, amount payable, non-current							67,900,000
Increase (decrease) to payable related to tax receivable agreement adjustment							$ 6,800,000	$ (100,000)
Contingency period							5 years
Verra Mobility Business Combination \| Platinum Stockholder \| Earn-Out Agreement
Related Party Transaction [Line Items]
Contingent consideration							$ 36,600,000			$ 73,150,000
Term of volatility and risk free rates utilizing a peer group \| yr							5
Verra Mobility Business Combination \| Minimum
Related Party Transaction [Line Items]
Common stock price threshold trading days							10 days
Verra Mobility Business Combination \| Maximum
Related Party Transaction [Line Items]
Common stock price threshold trading days							20 days

Related Party Transactions - Summary of Earn Out Shares Issued by Company to Platinum Stockholder (Details) - Platinum Stockholder - $ / shares	12 Months Ended
	Dec. 31, 2020	Jan. 27, 2020	Apr. 26, 2019
Common Stock Price Greater than $13.00
Related Party Transaction [Line Items]
Common Stock Price thresholds			$ 13.00
Common Stock Price Greater than $13.00 \| Earn-Out Agreement
Related Party Transaction [Line Items]
Common Stock Price thresholds	$ 13.00
One-time issuance of shares	2,500,000
Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common Stock Price thresholds		$ 15.50
Common Stock Price Greater than $15.50 \| Earn-Out Agreement
Related Party Transaction [Line Items]
Common Stock Price thresholds	$ 15.50
One-time issuance of shares	2,500,000
Common Stock Price Greater than $18.00 \| Earn-Out Agreement
Related Party Transaction [Line Items]
Common Stock Price thresholds	$ 18.00
One-time issuance of shares	2,500,000
Common Stock Price Greater than $20.50 \| Earn-Out Agreement
Related Party Transaction [Line Items]
Common Stock Price thresholds	$ 20.50
One-time issuance of shares	2,500,000

Commitment and Contingencies - Additional Information (Details)	12 Months Ended
	Mar. 31, 2021 Guarantee	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Letters of Credit Outstanding		$ 6,300,000
Non-cancelable purchase commitments outstanding		$ 6,300,000
Guarantee triggering events, description		In the ordinary course of business, the Company occasionally employs contract terms that mitigate the customer’s risk of aggregate revenue decline in connection with the customer’s adoption of additional or changes to service models within its existing portfolio. These agreements require the customer to satisfy numerous conditions to trigger payment, including volume metrics and other operational requirements.
Guarantee liability		$ 0
Selling, General and Administrative Expenses
Loss Contingencies [Line Items]
Severance and other employee separation costs		1,100,000
Other Income, Net \| HTA Settlement Agreement
Loss Contingencies [Line Items]
Gain for distribution of escrow funds		1,400,000
Gain from receipt of additional proceeds from third party insurance carrier		$ 1,400,000
Scenario Forecast
Loss Contingencies [Line Items]
Guarantee outstanding \| Guarantee	1
Guarantee outstanding period	1 year

Segment Reporting (As Restated) - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	2
Number of reportable segments \| Segment	2
Carrying value of property and equipment	$ 70,284	$ 72,266
International
Segment Reporting Information [Line Items]
Revenues	13,300	14,500	$ 11,000
Government Solutions \| Equipment Installed at Customer Sites
Segment Reporting Information [Line Items]
Carrying value of property and equipment	44,200	46,600
Government Solutions \| Automobiles
Segment Reporting Information [Line Items]
Carrying value of property and equipment	$ 1,800	$ 1,500

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Segment Reporting (As Restated) - Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenue	$ 100,163	$ 96,908	$ 79,809	$ 116,713	$ 112,461	$ 128,240	$ 109,575	$ 98,461	$ 196,522	$ 208,036	$ 293,430	$ 336,276	$ 393,593	$ 448,737	$ 370,146
Operating expenses													114,892	124,821	108,746
Selling, general and administrative expenses													77,912	76,300	130,692
Other (income) expenses, net													(11,885)	(11,092)	(8,795)
Segment profit (loss)	10,085	15,268	(6,950)	19,413	24,194	36,659	17,636	17,966	12,463	35,602	27,731	72,261	37,816	96,455	15,848
Depreciation and amortization													116,570	115,566	103,346
Loss on disposal of assets, net													274	205	7
Impairment of property and equipment														5,898
Change in fair value of private placement warrants	$ 12,666	$ (4,400)	$ 8,334	$ (15,467)	$ (1,267)	$ 1,134	$ 7,600	$ 8,800	$ (7,133)	$ 16,400	$ (11,533)	$ 17,534	1,133	16,267	(3,667)
TRA liability adjustment													6,850	(106)
Stock-based compensation													12,589	10,012	2,272
Interest expense, net													40,865	60,729	69,550
Loss on extinguishment of debt															26,486
Income (loss) before income tax provision													853	30,657	(67,726)
Service Revenue
Segment Reporting Information [Line Items]
Total revenue													336,274	416,723	365,076
Cost of revenue													3,967	5,561	5,788
Product Sales
Segment Reporting Information [Line Items]
Total revenue													57,319	32,014	5,070
Cost of revenue													29,573	13,919	3,447
Operating Segments
Segment Reporting Information [Line Items]
Segment profit (loss)													179,134	239,228	130,268
Operating Segments \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue													212,737	172,258	147,535
Operating expenses													62,387	57,905	57,525
Selling, general and administrative expenses													34,465	32,696	27,827
Other (income) expenses, net													(111)	(278)	(117)
Segment profit (loss)													85,018	66,164	56,143
Loss on disposal of assets, net													258	60
Impairment of property and equipment														5,898
Income (loss) before income tax provision													84,760	60,206	56,143
Operating Segments \| Commercial Services
Segment Reporting Information [Line Items]
Total revenue													180,856	276,479	222,611
Operating expenses													52,505	66,916	51,221
Selling, general and administrative expenses													40,978	41,384	55,370
Other (income) expenses, net													(11,774)	(10,814)	(8,680)
Segment profit (loss)													96,585	175,284	121,622
Loss on disposal of assets, net													16	145
Income (loss) before income tax provision													96,569	175,139	121,622
Operating Segments \| Service Revenue \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue													155,418	140,244	142,465
Cost of revenue													1,405	1,852	2,710
Operating Segments \| Service Revenue \| Commercial Services
Segment Reporting Information [Line Items]
Total revenue													180,856	276,479	222,611
Cost of revenue													2,562	3,709	3,078
Operating Segments \| Product Sales \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue													57,319	32,014	5,070
Cost of revenue													29,573	13,919	3,447
Corporate and Other
Segment Reporting Information [Line Items]
Selling, general and administrative expenses													2,469	2,220	47,495
Other (income) expenses, net															2
Segment profit (loss)													(2,469)	(2,220)	(47,497)
Depreciation and amortization													116,570	115,566	103,346
Loss on disposal of assets, net															7
Change in fair value of private placement warrants													1,133	16,267	(3,667)
TRA liability adjustment													6,850	(106)
Stock-based compensation													12,589	10,012	2,272
Interest expense, net													40,865	60,729	69,550
Loss on extinguishment of debt															26,486
Income (loss) before income tax provision													$ (180,476)	$ (204,688)	$ (245,491)

Quarterly Financial Information (Unaudited) (As Restated) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Total revenue	$ 100,163	$ 96,908	$ 79,809	$ 116,713	$ 112,461	$ 128,240	$ 109,575	$ 98,461	$ 196,522	$ 208,036	$ 293,430	$ 336,276	$ 393,593	$ 448,737	$ 370,146
Income (loss) from operations	10,085	15,268	(6,950)	19,413	24,194	36,659	17,636	17,966	12,463	35,602	27,731	72,261	37,816	96,455	15,848
Net income (loss)	$ (14,082)	$ 11,086	$ (23,722)	$ 22,140	$ 10,447	$ 16,618	$ (4,009)	$ (5,980)	$ (1,582)	$ (9,989)	$ 9,504	$ 6,629	$ (4,578)	$ 17,076	$ (51,485)
Earnings (loss) per share - basic	$ (0.09)	$ 0.07	$ (0.15)	$ 0.14	$ 0.07	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
Earnings (loss) per share - diluted	$ (0.09)	$ 0.07	$ (0.15)	$ 0.04	$ 0.06	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Quarterly Financial Information (Unaudited) (As Restated) - Restatement of Previously Issued Unaudited Condensed Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total revenue	$ 100,163	$ 96,908	$ 79,809	$ 116,713	$ 112,461	$ 128,240	$ 109,575	$ 98,461	$ 196,522	$ 208,036	$ 293,430	$ 336,276	$ 393,593	$ 448,737	$ 370,146
Income (loss) from operations	10,085	15,268	(6,950)	19,413	24,194	36,659	17,636	17,966	12,463	35,602	27,731	72,261	37,816	96,455	15,848
Change in fair value of private placement warrants	12,666	(4,400)	8,334	(15,467)	(1,267)	1,134	7,600	8,800	(7,133)	16,400	(11,533)	17,534	1,133	16,267	(3,667)
Net income (loss)	$ (14,082)	$ 11,086	$ (23,722)	$ 22,140	$ 10,447	$ 16,618	$ (4,009)	$ (5,980)	$ (1,582)	$ (9,989)	$ 9,504	$ 6,629	$ (4,578)	$ 17,076	$ (51,485)
Earnings (loss) per share - basic	$ (0.09)	$ 0.07	$ (0.15)	$ 0.14	$ 0.07	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
Earnings (loss) per share - diluted	$ (0.09)	$ 0.07	$ (0.15)	$ 0.04	$ 0.06	$ 0.10	$ (0.03)	$ (0.04)	$ (0.01)	$ (0.06)	$ 0.06	$ 0.04	$ (0.03)	$ 0.11	$ (0.59)
As Originally Reported
Total revenue	$ 100,163	$ 96,908	$ 79,809	$ 116,713	$ 112,461	$ 128,240	$ 109,575	$ 98,461	$ 196,522	$ 208,036	$ 293,430	$ 336,276	$ 393,593	$ 448,737	$ 370,146
Income (loss) from operations	10,085	15,268	(6,950)	19,413	24,194	36,659	17,636	17,966	12,463	35,602	27,731	72,261	37,816	96,455	12,606
Net income (loss)	$ (1,416)	$ 6,686	$ (15,388)	$ 6,673	$ 9,180	$ 17,752	$ 3,591	$ 2,820	$ (8,715)	$ 6,411	$ (2,029)	$ 24,163	$ (3,445)	$ 33,343	$ (58,394)
Earnings (loss) per share - basic	$ (0.01)	$ 0.04	$ (0.10)	$ 0.04	$ 0.06	$ 0.11	$ 0.02	$ 0.02	$ (0.05)	$ 0.04	$ (0.01)	$ 0.15	$ (0.02)	$ 0.21	$ (0.67)
Earnings (loss) per share - diluted	$ (0.01)	$ 0.04	$ (0.10)	$ 0.04	$ 0.06	$ 0.11	$ 0.02	$ 0.02	$ (0.05)	$ 0.04	$ (0.01)	$ 0.15	$ (0.02)	$ 0.21	$ (0.67)
Restatement Adjustments
Income (loss) from operations															$ 3,242
Change in fair value of private placement warrants	$ 12,666	$ (4,400)	$ 8,334	$ (15,467)	$ (1,267)	$ 1,134	$ 7,600	$ 8,800	$ (7,133)	$ 16,400	$ (11,533)	$ 17,534	$ 1,133	$ 16,267	(3,667)
Net income (loss)	$ (12,666)	$ 4,400	$ (8,334)	$ 15,467	$ 1,267	$ (1,134)	$ (7,600)	$ (8,800)	$ 7,133	$ (16,400)	$ 11,533	$ (17,534)	$ (1,133)	$ (16,267)	$ 6,909
Earnings (loss) per share - basic	$ (0.08)	$ 0.03	$ (0.05)	$ 0.10	$ 0.01	$ (0.01)	$ (0.05)	$ (0.06)	$ 0.04	$ (0.10)	$ 0.07	$ (0.11)	$ (0.01)	$ (0.10)	$ 0.08
Earnings (loss) per share - diluted	$ (0.08)	$ 0.03	$ (0.05)			$ (0.01)	$ (0.05)	$ (0.06)	$ 0.04	$ (0.10)	$ 0.07	$ (0.11)	$ (0.01)	$ (0.10)	$ 0.08

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

Quarterly Financial Information (Unaudited) (As Restated) - Restatement of Previously Issued Unaudited Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total assets	$ 1,367,325	$ 1,371,971	$ 1,355,122	$ 1,374,129	$ 1,407,426
Private placement warrant liabilities	30,866	18,200	22,600	14,266	29,733
Total liabilities	1,051,753	1,046,249	1,045,972	1,043,995	1,097,812
Additional paid-in capital	373,620	373,884	370,865	367,619	346,891
Accumulated deficit	(94,850)	(80,768)	(91,854)	(68,132)	(89,578)
Total stockholders' equity	315,572	325,722	309,150	330,134	309,614	$ 288,590	$ 147,264
As Originally Reported
Total assets	1,367,325	1,371,971	1,355,122	1,374,129	1,407,426
Total liabilities	1,020,887	1,028,049	1,023,372	1,029,729	1,068,079
Additional paid-in capital	393,995	394,259	391,240	387,994	367,266
Accumulated deficit	(84,359)	(82,943)	(89,629)	(74,241)	(80,220)
Total stockholders' equity	346,438	343,922	331,750	344,400	339,347
Restatement Adjustments
Private placement warrant liabilities	30,866	18,200	22,600	14,266	29,733
Total liabilities	30,866	18,200	22,600	14,266	29,733
Additional paid-in capital	(20,375)	(20,375)	(20,375)	(20,375)	(20,375)
Accumulated deficit	(10,491)	2,175	(2,225)	6,109	(9,358)
Total stockholders' equity	$ (30,866)	$ (18,200)	$ (22,600)	$ (14,266)	$ (29,733)

+ References + Details

Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated) - Summary of Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 120,259				$ 131,513
Restricted cash	633				917
Accounts receivable (net of allowance for credit loss of $11.5 million)	168,783				93,514
Unbilled receivables	14,045				20,003
Prepaid expenses and other current assets	24,317				26,491
Total current assets	328,037				272,438
Installation and service parts, net	7,944				8,841
Property and equipment, net	70,284				72,266
Operating lease assets	29,787				32,177
Intangible assets, net	342,139				434,443
Goodwill	586,435				584,150	$ 564,723
Other non-current assets	2,699				3,111
Total assets	1,367,325	$ 1,371,971	$ 1,355,122	$ 1,374,129	1,407,426
Current liabilities:
Accounts payable	34,509				50,825
Accrued liabilities	15,636				19,547
Payable to related party pursuant to tax receivable agreement, current portion	4,791
Current portion of long-term debt	9,104				28,779
Total current liabilities	64,040				104,881
Long-term debt, net of current portion	832,941				837,686
Operating lease liabilities, net of current portion	27,986				30,130
Payable to related party pursuant to tax receivable agreement, net of current portion	67,869
Private placement warrant liabilities	30,866
Asset retirement obligation	6,409				6,309	6,750
Deferred tax liabilities, net	21,148				25,716
Other long-term liabilities	494				2,183
Total liabilities	1,051,753	1,046,249	1,045,972	1,043,995	1,097,812
Total stockholders' equity	315,572	$ 325,722	$ 309,150	$ 330,134	309,614	$ 288,590	$ 147,264
Total liabilities and stockholders' equity	1,367,325				$ 1,407,426
Verra Mobility Corporation (Ultimate Parent)
Current assets:
Investment in subsidiary	146,313
Total current assets	146,313
Due from affiliates	169,259
Total assets	315,572
Current liabilities:
Total stockholders' equity	315,572
Total liabilities and stockholders' equity	315,572
VM Consolidated Inc. (Guarantor Subsidiary)
Current assets:
Cash and cash equivalents	103,969
Restricted cash	633
Accounts receivable (net of allowance for credit loss of $11.5 million)	166,749
Unbilled receivables	13,452
Investment in subsidiary	77,200
Prepaid expenses and other current assets	21,586
Total current assets	383,589
Installation and service parts, net	7,944
Property and equipment, net	65,547
Operating lease assets	29,430
Intangible assets, net	315,533
Goodwill	524,766
Other non-current assets	2,684
Total assets	1,329,493
Current liabilities:
Accounts payable	22,346
Accrued liabilities	11,617
Payable to related party pursuant to tax receivable agreement, current portion	4,791
Current portion of long-term debt	9,104
Total current liabilities	47,858
Long-term debt, net of current portion	832,941
Operating lease liabilities, net of current portion	27,854
Payable to related party pursuant to tax receivable agreement, net of current portion	67,869
Private placement warrant liabilities	30,866
Asset retirement obligation	6,409
Due to affiliates	152,914
Deferred tax liabilities, net	15,975
Other long-term liabilities	494
Total liabilities	1,183,180
Total stockholders' equity	146,313
Total liabilities and stockholders' equity	1,329,493
Non-guarantor Subsidiaries
Current assets:
Cash and cash equivalents	16,290
Accounts receivable (net of allowance for credit loss of $11.5 million)	2,034
Unbilled receivables	593
Prepaid expenses and other current assets	2,731
Total current assets	21,648
Property and equipment, net	4,737
Operating lease assets	357
Intangible assets, net	26,606
Goodwill	61,669
Other non-current assets	15
Total assets	115,032
Current liabilities:
Accounts payable	12,163
Accrued liabilities	4,019
Total current liabilities	16,182
Operating lease liabilities, net of current portion	132
Due to affiliates	16,345
Deferred tax liabilities, net	5,173
Total liabilities	37,832
Total stockholders' equity	77,200
Total liabilities and stockholders' equity	115,032
Eliminations
Current assets:
Investment in subsidiary	(223,513)
Total current assets	(223,513)
Due from affiliates	(169,259)
Total assets	(392,772)
Current liabilities:
Due to affiliates	(169,259)
Total liabilities	(169,259)
Total stockholders' equity	(223,513)
Total liabilities and stockholders' equity	$ (392,772)

Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated) (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Allowance for credit loss	$ 11,467	$ 8,456

Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated) - Summary of Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Statement Of Income Captions [Line Items]
Total revenue	$ 100,163	$ 96,908	$ 79,809	$ 116,713	$ 112,461	$ 128,240	$ 109,575	$ 98,461	$ 196,522	$ 208,036	$ 293,430	$ 336,276	$ 393,593	$ 448,737	$ 370,146
Operating expenses													115,729	125,640	108,883
Selling, general and administrative expenses													89,664	85,493	132,827
Depreciation, amortization and (gain) loss on disposal of assets, net													116,844	115,771	103,353
Total costs and expenses													355,777	352,282	354,298
Income from operations	10,085	15,268	(6,950)	19,413	24,194	36,659	17,636	17,966	12,463	35,602	27,731	72,261	37,816	96,455	15,848
Interest expense, net													40,865	60,729	69,550
Change in fair value of private placement warrants	12,666	(4,400)	8,334	(15,467)	(1,267)	1,134	7,600	8,800	(7,133)	16,400	(11,533)	17,534	1,133	16,267	(3,667)
Tax receivable agreement liability adjustment													6,850	(106)
Other income, net													(11,885)	(11,092)	(8,795)
Total other expenses													36,963	65,798	83,574
Income (loss) before income tax provision (benefit)													853	30,657	(67,726)
Income tax provision (benefit)													5,431	13,581	(16,241)
Net (loss) income	$ (14,082)	$ 11,086	$ (23,722)	$ 22,140	$ 10,447	$ 16,618	$ (4,009)	$ (5,980)	$ (1,582)	$ (9,989)	$ 9,504	$ 6,629	(4,578)	17,076	(51,485)
Other comprehensive income (loss):
Change in foreign currency translation adjustment													2,788	3,244	(5,821)
Total comprehensive (loss) income													(1,790)	20,320	(57,306)
Verra Mobility Corporation (Ultimate Parent)
Condensed Statement Of Income Captions [Line Items]
Loss from equity investment													4,578
Total other expenses													4,578
Income (loss) before income tax provision (benefit)													(4,578)
Net (loss) income													(4,578)
Other comprehensive income (loss):
Total comprehensive (loss) income													(4,578)
VM Consolidated Inc. (Guarantor Subsidiary)
Condensed Statement Of Income Captions [Line Items]
Total revenue													380,291
Operating expenses													108,659
Selling, general and administrative expenses													84,732
Depreciation, amortization and (gain) loss on disposal of assets, net													111,968
Total costs and expenses													336,706
Income from operations													43,585
Loss from equity investment													5,361
Interest expense, net													40,865
Change in fair value of private placement warrants													1,133
Tax receivable agreement liability adjustment													6,850
Other income, net													(11,692)
Total other expenses													42,517
Income (loss) before income tax provision (benefit)													1,068
Income tax provision (benefit)													5,646
Net (loss) income													(4,578)
Other comprehensive income (loss):
Total comprehensive (loss) income													(4,578)
Non-guarantor Subsidiaries
Condensed Statement Of Income Captions [Line Items]
Total revenue													13,302
Operating expenses													7,070
Selling, general and administrative expenses													4,932
Depreciation, amortization and (gain) loss on disposal of assets, net													4,876
Total costs and expenses													19,071
Income from operations													(5,769)
Other income, net													(193)
Total other expenses													(193)
Income (loss) before income tax provision (benefit)													(5,576)
Income tax provision (benefit)													(215)
Net (loss) income													(5,361)
Other comprehensive income (loss):
Change in foreign currency translation adjustment													2,788
Total comprehensive (loss) income													(2,573)
Eliminations
Condensed Statement Of Income Captions [Line Items]
Loss from equity investment													(9,939)
Total other expenses													(9,939)
Income (loss) before income tax provision (benefit)													9,939
Net (loss) income													9,939
Other comprehensive income (loss):
Total comprehensive (loss) income													9,939
Service Revenue
Condensed Statement Of Income Captions [Line Items]
Total revenue													336,274	416,723	365,076
Cost of revenue													3,967	5,561	5,788
Service Revenue \| VM Consolidated Inc. (Guarantor Subsidiary)
Condensed Statement Of Income Captions [Line Items]
Total revenue													322,972
Cost of revenue													1,774
Service Revenue \| Non-guarantor Subsidiaries
Condensed Statement Of Income Captions [Line Items]
Total revenue													13,302
Cost of revenue													2,193
Product Sales
Condensed Statement Of Income Captions [Line Items]
Total revenue													57,319	32,014	5,070
Cost of revenue													29,573	$ 13,919	$ 3,447
Product Sales \| VM Consolidated Inc. (Guarantor Subsidiary)
Condensed Statement Of Income Captions [Line Items]
Total revenue													57,319
Cost of revenue													$ 29,573

Guarantor/Non-Guarantor Financial Information (Unaudited) (As Restated) - Summary of Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net (loss) income													$ (4,578)	$ 17,076	$ (51,485)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization													116,570	115,566	103,346
Amortization of deferred financing costs and discounts													5,437	6,641	9,168
Change in fair value of private placement warrants	$ 12,666	$ (4,400)	$ 8,334	$ (15,467)	$ (1,267)	$ 1,134	$ 7,600	$ 8,800	$ (7,133)	$ 16,400	$ (11,533)	$ 17,534	1,133	16,267	(3,667)
Tax receivable agreement liability adjustment													6,850	(106)
Credit loss expense													14,387	8,100	6,025
Deferred income taxes													(4,746)	(10,894)	(24,435)
Stock-based compensation													12,589	10,012	2,272
Installation and service parts expense													677	1,166	1,238
Accretion expense													259	350	396
Loss on disposal of assets													274	205	7
Changes in operating assets and liabilities:
Accounts receivable, net													(90,588)	(12,662)	(23,721)
Unbilled receivables													5,964	(6,428)	(6,124)
Prepaid expenses and other assets													3,829	(7,150)	2,115
Accounts payable and accrued liabilities													(16,867)	(8,194)	7,125
Other liabilities													(4,281)	(2,045)	513
Net cash provided by operating activities													46,909	133,802	49,259
Cash Flows from Investing Activities:
Purchases of installation and service parts and property and equipment													(24,260)	(29,685)	(26,576)
Cash proceeds from the sale of assets													107	231	418
Net cash used in investing activities													(24,153)	(54,973)	(562,857)
Cash Flows from Financing Activities:
Repayment of long-term debt													(28,779)	(9,104)	(654,851)
Payment of debt issuance costs													(1,078)	(426)	(31,753)
Payment of employee tax withholding related to RSUs vesting													(4,147)	(4,990)
Net cash (used in) provided by financing activities													(34,004)	(14,520)	571,026
Effect of exchange rate changes on cash and cash equivalents													(290)	1,040	(856)
Net (decrease) increase in cash, cash equivalents and restricted cash													(11,538)	65,349	56,572
Cash, cash equivalents and restricted cash - beginning of period				132,430				$ 67,081	132,430	$ 67,081	132,430	$ 67,081	132,430	67,081	10,509
Cash, cash equivalents and restricted cash - end of period	120,892				132,430								120,892	132,430	67,081
Supplemental cash flow information:
Interest paid													35,822	55,197	60,441
Income taxes paid, net of refunds													12,638	24,357	762
Supplemental non-cash investing and financing activities:
Earn-out shares issued to Platinum Stockholder													18,287	18,288
Additions to ARO, property and equipment, and other													133	230	147
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end													1,289	4,204	$ 3,179
Verra Mobility Corporation (Ultimate Parent)
Cash Flows from Operating Activities:
Net (loss) income													(4,578)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss from equity investment													4,578
Supplemental non-cash investing and financing activities:
Earn-out shares issued to Platinum Stockholder													18,287
VM Consolidated Inc. (Guarantor Subsidiary)
Cash Flows from Operating Activities:
Net (loss) income													(4,578)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization													111,710
Amortization of deferred financing costs and discounts													5,437
Change in fair value of private placement warrants													1,133
Tax receivable agreement liability adjustment													6,850
Credit loss expense													14,355
Deferred income taxes													(3,798)
Stock-based compensation													12,589
Installation and service parts expense													677
Accretion expense													259
Loss on disposal of assets													258
Loss from equity investment													5,361
Changes in operating assets and liabilities:
Accounts receivable, net													(92,977)
Unbilled receivables													5,864
Prepaid expenses and other assets													3,996
Accounts payable and accrued liabilities													(15,035)
Due to affiliates													(2,447)
Other liabilities													(4,281)
Net cash provided by operating activities													45,373
Cash Flows from Investing Activities:
Purchases of installation and service parts and property and equipment													(21,160)
Cash proceeds from the sale of assets													107
Net cash used in investing activities													(21,053)
Cash Flows from Financing Activities:
Repayment of long-term debt													(28,779)
Payment of debt issuance costs													(1,078)
Payment of employee tax withholding related to RSUs vesting													(4,147)
Net cash (used in) provided by financing activities													(34,004)
Net (decrease) increase in cash, cash equivalents and restricted cash													(9,684)
Cash, cash equivalents and restricted cash - beginning of period				114,286					114,286		114,286		114,286
Cash, cash equivalents and restricted cash - end of period	104,602				114,286								104,602	114,286
Supplemental cash flow information:
Interest paid													35,822
Income taxes paid, net of refunds													12,318
Supplemental non-cash investing and financing activities:
Additions to ARO, property and equipment, and other													133
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end													1,289
Non-guarantor Subsidiaries
Cash Flows from Operating Activities:
Net (loss) income													(5,361)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization													4,860
Credit loss expense													32
Deferred income taxes													(948)
Loss on disposal of assets													16
Changes in operating assets and liabilities:
Accounts receivable, net													2,389
Unbilled receivables													100
Prepaid expenses and other assets													(167)
Accounts payable and accrued liabilities													(1,832)
Due to affiliates													2,447
Net cash provided by operating activities													1,536
Cash Flows from Investing Activities:
Purchases of installation and service parts and property and equipment													(3,100)
Net cash used in investing activities													(3,100)
Cash Flows from Financing Activities:
Effect of exchange rate changes on cash and cash equivalents													(290)
Net (decrease) increase in cash, cash equivalents and restricted cash													(1,854)
Cash, cash equivalents and restricted cash - beginning of period				$ 18,144					$ 18,144		$ 18,144		18,144
Cash, cash equivalents and restricted cash - end of period	$ 16,290				$ 18,144								16,290	$ 18,144
Supplemental cash flow information:
Income taxes paid, net of refunds													320
Eliminations
Cash Flows from Operating Activities:
Net (loss) income													9,939
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss from equity investment													$ (9,939)

Subsequent Event - Additional Information (Details) - Subsequent Event - Redflex Holdings Limited $ in Millions	Jan. 21, 2021 AUD ($)
Subsequent Event [Line Items]
Purchase percentage of outstanding equity	100.00%
Purchase price	$ 146.1