Total revenue of $170.4
million
Net income of $10.0
million
Generated cash flows from operations of
$31.2 million
Strong bookings across all three business
segments
Renewed the Hertz tolls and violations contract
for a 5-year term
Expected financial performance at the high-end of
guidance ranges
Board of Directors authorizes $125 million share repurchase program
MESA,
Ariz., May 9, 2022 /PRNewswire/ -- Verra
Mobility Corporation (NASDAQ: VRRM), a leading provider of smart
mobility technology solutions, announced today the financial
results for the quarter ended March 31,
2022.
"We are off to a great start for the year, delivering strong
growth and profitability. All areas of our business are benefitting
from strong macro trends, including a significant increase in
travel that is driving our Commercial Services performance," said
David Roberts, Chief Executive
Officer, Verra Mobility. "I am very
pleased with our financial results across all our segments, and we
are experiencing solid increases to bookings and our sales
pipelines, both of which are leading indicators for future growth.
I am also pleased to report our board of directors has approved a
$125 million share repurchase program
based on our conviction that the repurchase of our shares
represents an attractive investment opportunity to redeploy excess
capital and enhance long-term shareholder value creation."
First Quarter 2022 Financial Highlights
- Revenue: Total revenue for the first quarter of 2022 was
$170.4 million, an increase of 89.6%
compared to $89.9 million for the
first quarter of 2021. Organic service revenue growth was
approximately 45% which was mainly due to improved travel demand
that positively impacted our RAC customers in the Commercial
Services segment and the New York
City school zone speed expansion which drove about 28% of
organic growth in our Government Solutions segment. The recently
acquired Redflex and T2 Systems contributed approximately
$31 million to service revenue
growth. The remaining increase in total revenue was attributable to
approximately $9.2 million in product
revenue; of which, $3.2 million was
organic and $6.0 million was from the
aforementioned acquisitions.
- Net income (loss): Net income for the first quarter of
2022 was $10.0 million, or
$0.06 per share based on 160.7
million diluted weighted average shares outstanding. Net loss for
the comparable 2021 period was $(8.9)
million, or $(0.05) per share,
based on 162.3 million diluted weighted average shares
outstanding.
- Adjusted Earnings Per Share (EPS): Adjusted EPS for the
first quarter of 2022 was $0.20 per
share compared to $0.12 per share for
the first quarter of 2021.
- Adjusted EBITDA: Adjusted EBITDA was $75.3 million for the first quarter of 2022
compared to $40.3 million for the
same period last year. Adjusted EBITDA margin was 44% of total
revenue for 2022 and 45% for 2021.
We report our results of operations based on three operating
segments:
- Commercial Services offers automated toll and violations
management and title and registration solutions to rental car
companies, fleet management companies, and other large fleet
owners.
- Government Solutions delivers automated safety solutions
to municipalities, school districts and government agencies,
including services and technology that enable photo enforcement
related to speed, red-light, school bus, and city bus lane
management.
- Parking Solutions provides an integrated suite of
parking software and hardware solutions to universities,
municipalities, parking operators, healthcare facilities and
transportation hubs in the United
States and Canada.
First Quarter 2022 Segment Detail
- The Commercial Services segment generated total revenue of
$73.5 million, a 61% increase
compared to $45.7 million in the same
period in 2021. Segment profit was $46.6
million, a 110% increase from $22.2
million in the prior year. The significant increases in
revenue and profit resulted from improved travel demand that
positively impacted the rental car industry. The segment profit
margin was 63% for 2022 and 49% for the same period in 2021.
- The Government Solutions segment generated total revenue of
$78.8 million, a 78% increase
compared to $44.2 million in the same
period in 2021. The increase was mainly due to the inclusion of
Redflex operations with no comparable amounts in the prior year,
and from organic growth in service revenue and product sales in the
current period. The segment profit was $25.7
million, a 44% increase from $17.8
million in the prior year. The segment profit margin was 33%
for 2022 and 40% for 2021.
- The Parking Solutions segment generated total revenue of
$18.1 million with no comparable
amounts in the prior year. The segment profit was $2.9 million with a profit margin of 16% for
2022.
Liquidity: As of March 31,
2022, cash and cash equivalents were $93.4 million and we generated $31.2 million in cash flows from operations for
2022.
Share repurchase program: The Board of Directors has
approved a stock repurchase program, which authorizes the Company
to repurchase up to $125 million of
its Class A common stock over the next twelve months from time to
time in open market transactions, accelerated share repurchases or
in privately negotiated transactions, each as permitted under
applicable rules and regulations. Repurchases may be conducted and
may be suspended or terminated at any time without notice. The
extent to which the Company repurchases shares of its Class A
common stock and the timing of such purchases will depend upon
market conditions, the Company's capital position, and other
considerations as may be considered by the Company in its sole
discretion. Repurchases may also be made pursuant to a trading plan
under Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended, which would permit shares to be repurchased when the
Company might otherwise be precluded from doing so because of
self-imposed trading blackout periods or other regulatory
restrictions. The timing and actual number of shares repurchased
will depend on a variety of factors, including price, general
business and market conditions, and alternative investment
opportunities. The repurchase program will be executed consistent
with the Company's capital allocation strategy, which will continue
to prioritize investments to grow the business.
2022 Full Year Guidance
Any guidance that we provide is subject to change as a variety
of factors can affect actual operating results. Certain of the
factors that may impact our actual operating results are identified
below in the safe harbor language included within Forward-Looking
Statements of this press release. In addition, our recent
acquisition of T2 Systems includes preliminary allocation of the
fair values of assets acquired and liabilities assumed as of the
acquisition date. Purchase price allocations are subject to change
within the measurement period (up to one year from the acquisition
date).
Based on our first-quarter results and our outlook for the
remainder of the year, we are expecting to deliver results at the
high-end of the guidance range for all revenue measures and
Adjusted EBITDA. The guidance originally provided on March 31, 2022 is summarized below:
Service revenue $635 million - $652 million
Product sales $59 million -
$63 million
Total revenue $694 million -
$715 million
Adjusted EBITDA $312 million - $322 million
Conference Call Details
Date: May 9, 2022
Time: 5:00 p.m. Eastern Time
(2:00 p.m. Pacific Time)
U.S. and Canadian Callers Dial-in: 1-800-289-0438
Outside of U.S. and Canada Dial-in: 1-323-794-2423 for
international callers with conference ID #2688029
Webcast Information: Available live in the "Investor
Relations" section of our website at
http://ir.verramobility.com.
An audio replay of the call will also be available until
11:59 p.m. ET on May 23, 2022, by dialing 1-844-512-2921 for the
U.S. or Canada and 1-412-317-6671
for international callers and entering passcode #2688029. In
addition, an archived webcast will be available in the "News &
Events" section of the Investor Relations website at
http://ir.verramobility.com.
About Verra Mobility
Verra Mobility is committed to developing and using the latest
in technology and data intelligence to help make transportation
safer and easier. As a global company, Verra Mobility sits at the
center of the mobility ecosystem – one that brings together
vehicles, devices, information, and people to solve complex
challenges faced by our customers and the constituencies they
serve.
As a leading provider of connected mobility systems, Verra
Mobility serves the world's largest rental car companies and
commercial fleets by managing tolling and violation transactions
for millions of vehicles each year through integration and
connectivity with hundreds of tolling and issuing authorities.
Verra Mobility also fosters the development of safe cities,
partnering with law enforcement agencies, transportation
departments and school districts mainly across North America operating thousands of speed,
red-light, bus lane and school bus stop arm safety cameras, and by
offering parking hardware and software solutions. Arizona-based Verra Mobility operates in
North America, Australia, Europe and Asia. For more information, visit
www.verramobility.com.
Forward-Looking Statements
This press release contains forward-looking statements which
address our expected future business and financial performance, and
may contain words such as "goal," "target," "future," "estimate,"
"expect," "anticipate," "intend," "plan," "believe," "seek,"
"project," "may," "should," "will" or similar expressions. Examples
of forward-looking statements include, among others, statements
regarding the benefits of our strategic acquisitions, changes in
the market for our products and services, expected operating
results, such as revenue growth, expansion plans and opportunities,
and earnings guidance related to 2022 financial and operational
metrics. Forward-looking statements involve risks and uncertainties
and a number of factors could cause actual results to differ
materially from those currently anticipated. These factors include,
but are not limited to: (1) the disruption to our business and
results of operations as a result of the COVID-19 pandemic; (2)
customer concentration in our Commercial Services and Government
Solutions segments; (3) decreases in the prevalence of automated
and other similar methods of photo enforcement, parking solutions
or the use of tolling; (4) risks and uncertainties related to our
government contracts, including but not limited to administrative
hurdles, legislative changes, termination rights, audits and
investigations; (5) decreased interest in outsourcing from our
customers; (6) our ability to properly perform under our contracts
and otherwise satisfy our customers; (7) our ability to compete in
a highly competitive and rapidly evolving market; (8) our ability
to keep up with technological developments and changing customer
preferences; (9) the success of our new products and changes to
existing products and services; (10) our ability to successfully
integrate our recent or future acquisitions; (11) failures in or
breaches of our networks or systems, including as a result of
cyber-attacks; and (12) other risks and uncertainties indicated
from time to time in documents filed or to be filed with the
Securities and Exchange Commission (the "SEC") by
Verra Mobility. This press release should be read in conjunction
with the information included in our other press releases, reports
and other filings with the SEC. Understanding the information
contained in these filings is important in order to fully
understand our reported financial results and our business outlook
for future periods.
Non-GAAP Financial Measures
In addition to disclosing financial results that are determined
in accordance with U.S. generally accepted accounting principles
("GAAP"), we also disclose certain non-GAAP financial information
in this press release. These financial measures are not recognized
measures under GAAP and are not intended to be, and should not be,
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
GAAP. EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income,
Adjusted EPS and Adjusted EBITDA Margin are non-GAAP financial
measures as defined by SEC rules. These non-GAAP financial measures
may be determined or calculated differently by other companies. As
a result, they may not be comparable to similarly titled
performance measures presented by other companies. Reconciliations
of these non-GAAP measurements to the most directly comparable GAAP
financial measurements have been provided in the financial
statement tables included in this press release, and investors are
encouraged to review the reconciliations.
We are not providing a quantitative reconciliation of Adjusted
EBITDA, which is included in our 2022 financial guidance above, in
reliance on the "unreasonable efforts" exception for
forward-looking non-GAAP measures set forth in SEC rules because
certain financial information, the probable significance of which
cannot be determined, is not available and cannot be reasonably
estimated without unreasonable effort and expense. In this regard,
we are unable to provide a reconciliation of forward-looking
Adjusted EBITDA to GAAP net income (loss), due to the inherent
difficulty in forecasting and quantifying certain amounts that are
necessary for such reconciliation. Due to the uncertainty of
estimates and assumptions used in preparing forward-looking
non-GAAP measures, we caution investors that actual results could
differ materially from these non-GAAP financial projections.
We use these non-GAAP financial metrics to measure our
performance from period to period both at the consolidated level as
well as within our operating segments, to evaluate and fund
incentive compensation programs and to compare our results to those
of our competitors. In addition, we also believe that these
non-GAAP measures provide useful information to investors regarding
financial and business trends related to our results of operations
and that when non-GAAP financial information is viewed with GAAP
financial information, investors are provided with a more
meaningful understanding of our ongoing operating performance.
These non-GAAP measures have certain limitations as analytical
tools and should not be used as substitutes for net income, cash
flows from operations, earnings per share or other consolidated
income or cash flow data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA
We define EBITDA as net income (loss) adjusted to exclude
interest expense, net, income taxes, depreciation and amortization.
Adjusted EBITDA further excludes certain non-cash expenses and
other transactions that management believes are not indicative of
our ongoing operating performance. EBITDA and Adjusted EBITDA, as
defined, exclude some but not all items that affect our cash flow
from operating activities.
Free Cash Flow
We define "Free Cash Flow" as cash flow from
operations less capital expenditures.
Adjusted Net Income
We define "Adjusted Net Income" as net income (loss)
adjusted to exclude amortization of intangibles and certain
non-cash or non-recurring expenses.
Adjusted EPS
We define "Adjusted EPS" as Adjusted Net Income divided by the
diluted weighted average shares for the period.
Adjusted EBITDA Margin
We define "Adjusted EBITDA Margin" as Adjusted EBITDA as a
percentage of total revenue.
VERRA MOBILITY
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
($ in thousands except per share
data)
|
|
March 31,
2022
|
|
|
December 31,
2021
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
93,377
|
|
|
$
|
101,283
|
|
Restricted cash
|
|
|
4,016
|
|
|
|
3,149
|
|
Accounts receivable (net of
allowance for credit losses of $14.3 million and
$12.1 million at
March 31, 2022 and December 31, 2021, respectively)
|
|
|
171,906
|
|
|
|
160,979
|
|
Unbilled receivables
|
|
|
39,484
|
|
|
|
29,109
|
|
Inventory, net
|
|
|
15,451
|
|
|
|
12,093
|
|
Prepaid expenses and other
current assets
|
|
|
38,745
|
|
|
|
41,456
|
|
Total current assets
|
|
|
362,979
|
|
|
|
348,069
|
|
Installation and service parts,
net
|
|
|
15,491
|
|
|
|
13,332
|
|
Property and equipment,
net
|
|
|
99,351
|
|
|
|
96,066
|
|
Operating lease
assets
|
|
|
39,944
|
|
|
|
38,862
|
|
Intangible assets,
net
|
|
|
460,083
|
|
|
|
487,299
|
|
Goodwill
|
|
|
837,910
|
|
|
|
838,867
|
|
Other non-current
assets
|
|
|
8,727
|
|
|
|
14,561
|
|
Total assets
|
|
$
|
1,824,485
|
|
|
$
|
1,837,056
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
63,049
|
|
|
$
|
67,556
|
|
Deferred revenue
|
|
|
27,369
|
|
|
|
27,141
|
|
Accrued liabilities
|
|
|
46,668
|
|
|
|
38,435
|
|
Payable to related party
pursuant to tax receivable agreement, current portion
|
|
|
5,107
|
|
|
|
5,107
|
|
Current portion of long-term
debt
|
|
|
11,952
|
|
|
|
36,952
|
|
Total current
liabilities
|
|
|
154,145
|
|
|
|
175,191
|
|
Long-term debt, net of current portion
|
|
|
1,206,276
|
|
|
|
1,206,802
|
|
Operating lease liabilities, net of current
portion
|
|
|
35,850
|
|
|
|
34,984
|
|
Payable to related party pursuant to tax receivable
agreement, net of current portion
|
|
|
56,615
|
|
|
|
56,615
|
|
Private placement warrant liabilities
|
|
|
42,200
|
|
|
|
38,466
|
|
Asset retirement obligation
|
|
|
12,032
|
|
|
|
11,824
|
|
Deferred tax liabilities, net
|
|
|
28,286
|
|
|
|
47,524
|
|
Other long-term liabilities
|
|
|
13,266
|
|
|
|
5,686
|
|
Total
liabilities
|
|
|
1,548,670
|
|
|
|
1,577,092
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value
|
|
|
—
|
|
|
|
—
|
|
Common stock, $0.0001 par value
|
|
|
16
|
|
|
|
16
|
|
Common stock contingent consideration
|
|
|
36,575
|
|
|
|
36,575
|
|
Additional paid-in capital
|
|
|
312,986
|
|
|
|
309,883
|
|
Accumulated deficit
|
|
|
(71,376)
|
|
|
|
(81,416)
|
|
Accumulated other comprehensive loss
|
|
|
(2,386)
|
|
|
|
(5,094)
|
|
Total stockholders'
equity
|
|
|
275,815
|
|
|
|
259,964
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,824,485
|
|
|
$
|
1,837,056
|
|
VERRA MOBILITY
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE
INCOME (LOSS)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
($ in thousands, except per share
data)
|
|
2022
|
|
|
2021
|
|
Service
revenue
|
|
$
|
161,134
|
|
|
$
|
89,763
|
|
Product
sales
|
|
|
9,251
|
|
|
|
95
|
|
Total
revenue
|
|
|
170,385
|
|
|
|
89,858
|
|
Cost of service
revenue
|
|
|
3,779
|
|
|
|
880
|
|
Cost of product
sales
|
|
|
5,995
|
|
|
|
27
|
|
Operating
expenses
|
|
|
51,063
|
|
|
|
30,492
|
|
Selling, general and
administrative expenses
|
|
|
41,635
|
|
|
|
28,443
|
|
Depreciation,
amortization and (gain) loss on disposal of assets, net
|
|
|
35,907
|
|
|
|
28,265
|
|
Total costs and expenses
|
|
|
138,379
|
|
|
|
88,107
|
|
Income from
operations
|
|
|
32,006
|
|
|
|
1,751
|
|
Interest expense,
net
|
|
|
14,279
|
|
|
|
9,164
|
|
Change in fair value of
private placement warrants
|
|
|
3,734
|
|
|
|
2,067
|
|
Loss on extinguishment
of debt
|
|
|
—
|
|
|
|
5,334
|
|
Other income,
net
|
|
|
(2,866)
|
|
|
|
(3,013)
|
|
Total other expenses
|
|
|
15,147
|
|
|
|
13,552
|
|
Income (loss) before
income taxes
|
|
|
16,859
|
|
|
|
(11,801)
|
|
Income tax provision
(benefit)
|
|
|
6,819
|
|
|
|
(2,886)
|
|
Net income
(loss)
|
|
$
|
10,040
|
|
|
$
|
(8,915)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
Change in foreign
currency translation adjustment
|
|
|
2,708
|
|
|
|
(190)
|
|
Total comprehensive income
(loss)
|
|
$
|
12,748
|
|
|
$
|
(9,105)
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
|
$
|
(0.05)
|
|
Diluted
|
|
$
|
0.06
|
|
|
$
|
(0.05)
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
156,130
|
|
|
|
162,297
|
|
Diluted
|
|
|
160,749
|
|
|
|
162,297
|
|
VERRA MOBILITY
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
($ in thousands)
|
|
2022
|
|
|
2021
|
|
Cash Flows from Operating
Activities:
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
10,040
|
|
|
$
|
(8,915)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
35,675
|
|
|
|
28,214
|
|
Amortization of deferred financing costs and
discounts
|
|
|
1,306
|
|
|
|
1,593
|
|
Change in fair value of private placement warrants
|
|
|
3,734
|
|
|
|
2,067
|
|
Loss on extinguishment of debt
|
|
|
—
|
|
|
|
5,334
|
|
Credit loss expense
|
|
|
3,505
|
|
|
|
2,402
|
|
Deferred income taxes
|
|
|
(18,771)
|
|
|
|
281
|
|
Stock-based compensation
|
|
|
4,446
|
|
|
|
2,908
|
|
Other
|
|
|
354
|
|
|
|
133
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(14,300)
|
|
|
|
(26,672)
|
|
Unbilled receivables
|
|
|
(10,265)
|
|
|
|
(859)
|
|
Inventory, net
|
|
|
(5,722)
|
|
|
|
(691)
|
|
Prepaid expenses and other assets
|
|
|
8,235
|
|
|
|
429
|
|
Deferred revenue
|
|
|
46
|
|
|
|
(44)
|
|
Accounts payable and other current liabilities
|
|
|
(477)
|
|
|
|
2,374
|
|
Other liabilities
|
|
|
13,441
|
|
|
|
459
|
|
Net cash provided by
operating activities
|
|
|
31,247
|
|
|
|
9,013
|
|
Cash Flows from Investing
Activities:
|
|
|
|
|
|
|
Payment of contingent consideration
|
|
|
(412)
|
|
|
|
—
|
|
Purchases of installation and service parts and property and
equipment
|
|
|
(11,478)
|
|
|
|
(3,704)
|
|
Cash proceeds from the sale of assets
|
|
|
25
|
|
|
|
56
|
|
Net cash used in
investing activities
|
|
|
(11,865)
|
|
|
|
(3,648)
|
|
Cash Flows from Financing
Activities:
|
|
|
|
|
|
|
Repayment on the revolver
|
|
|
(25,000)
|
|
|
|
—
|
|
Borrowings of long-term debt
|
|
|
—
|
|
|
|
996,750
|
|
Repayment of long-term debt
|
|
|
(2,255)
|
|
|
|
(865,642)
|
|
Payment of debt issuance costs
|
|
|
(54)
|
|
|
|
(5,732)
|
|
Payment of debt extinguishment costs
|
|
|
—
|
|
|
|
(604)
|
|
Proceeds from the exercise of stock options
|
|
|
93
|
|
|
|
—
|
|
Payment of employee tax withholding related to RSUs
vesting
|
|
|
(1,436)
|
|
|
|
(857)
|
|
Net cash (used in)
provided by financing activities
|
|
|
(28,652)
|
|
|
|
123,915
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
|
2,231
|
|
|
|
252
|
|
Net (decrease) increase
in cash, cash equivalents and restricted cash
|
|
|
(7,039)
|
|
|
|
129,532
|
|
Cash, cash equivalents
and restricted cash - beginning of period
|
|
|
104,432
|
|
|
|
120,892
|
|
Cash, cash equivalents
and restricted cash - end of period
|
|
$
|
97,393
|
|
|
$
|
250,424
|
|
VERRA MOBILITY
CORPORATION
ADJUSTED EBITDA
RECONCILIATION (Unaudited)
|
|
|
|
|
|
Three Months Ended March 31,
|
|
($ in thousands)
|
|
2022
|
|
|
2021
|
|
Net income (loss)
|
|
$
|
10,040
|
|
|
$
|
(8,915)
|
|
Interest expense,
net
|
|
|
14,279
|
|
|
|
9,164
|
|
Income tax provision
(benefit)
|
|
|
6,819
|
|
|
|
(2,886)
|
|
Depreciation and
amortization
|
|
|
35,675
|
|
|
|
28,214
|
|
EBITDA
|
|
|
66,813
|
|
|
|
25,577
|
|
Transaction and other
related expenses (i)
|
|
|
216
|
|
|
|
4,126
|
|
Transformation expenses
(ii)
|
|
|
86
|
|
|
|
332
|
|
Change in fair value of
private placement warrants (iii)
|
|
|
3,734
|
|
|
|
2,067
|
|
Loss on extinguishment
of debt (iv)
|
|
|
—
|
|
|
|
5,334
|
|
Stock-based
compensation (v)
|
|
|
4,446
|
|
|
|
2,908
|
|
Adjusted
EBITDA
|
|
$
|
75,295
|
|
|
$
|
40,344
|
|
|
|
(i)
|
Transaction and other
related expenses incurred in 2021 primarily relate to costs for the
acquisition of Redflex Holdings Limited and certain costs for the
debt offering of senior unsecured notes and refinancing the first
lien term loan during the period.
|
(ii)
|
Transformation expenses
in 2021 consist of severance and other employee separation costs
related to exit activities initiated during the period.
|
(iii)
|
This consists of
adjustments to the private placement warrants liability from the
re-measurement to fair value at the end of each reporting
period.
|
(iv)
|
The loss on
extinguishment of debt in 2021 consists of a $4.0 million write-off
of pre-existing deferred financing costs and discounts and $1.3
million of lender and third-party costs associated with the
issuance of the 2021 first lien term loan.
|
(v)
|
Stock-based
compensation represents the non-cash charge related to the issuance
of awards under the Verra Mobility Corporation 2018 Equity
Incentive Plan.
|
FREE CASH FLOW
(Unaudited)
|
|
|
|
Three Months Ended March 31,
|
|
($ in thousands)
|
|
2022
|
|
|
2021
|
|
Net cash provided by
operating activities
|
|
$
|
31,247
|
|
|
$
|
9,013
|
|
Purchases of
installation and service parts and property and
equipment
|
|
|
(11,478)
|
|
|
|
(3,704)
|
|
Free cash
flow
|
|
$
|
19,769
|
|
|
$
|
5,309
|
|
ADJUSTED EPS
(Unaudited)
|
|
|
|
|
|
Three Months Ended March 31,
|
|
(In thousands, except per share
data)
|
|
2022
|
|
|
2021
|
|
Net income (loss)
|
|
$
|
10,040
|
|
|
$
|
(8,915)
|
|
Amortization of intangibles
|
|
|
27,331
|
|
|
|
22,719
|
|
Transaction and other related expenses
|
|
|
216
|
|
|
|
4,126
|
|
Transformation expenses
|
|
|
86
|
|
|
|
332
|
|
Change in fair value of private placement
warrants
|
|
|
3,734
|
|
|
|
2,067
|
|
Loss on extinguishment of debt
|
|
|
—
|
|
|
|
5,334
|
|
Stock-based compensation
|
|
|
4,446
|
|
|
|
2,908
|
|
Total adjustments before income tax effect
|
|
|
35,813
|
|
|
|
37,486
|
|
Income tax effect on adjustments
|
|
|
(14,485)
|
|
|
|
(9,167)
|
|
Total adjustments after income tax effect
|
|
|
21,328
|
|
|
|
28,319
|
|
Adjusted Net Income
|
|
$
|
31,368
|
|
|
$
|
19,404
|
|
|
|
|
|
|
|
|
Adjusted EPS
|
|
$
|
0.20
|
|
|
$
|
0.12
|
|
Diluted weighted
average shares outstanding
|
|
|
160,749
|
|
|
|
162,297
|
|
Investor Relations Contact
Mark Zindler
mark.zindler@verramobility.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/verra-mobility-announces-first-quarter-financial-results-301542754.html
SOURCE Verra Mobility