VERRA MOBILITY Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 29, 2024
VRRM$2.06-3.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2023 | 2022 | 2021 |
| Cash Flows from Operating Activities: | |||
| Net income | $57,015 | $92,475 | $41,449 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 113,067 | 138,684 | 116,753 |
| Amortization of deferred financing costs and discounts | 4,679 | 5,472 | 5,170 |
| Change in fair value of private placement warrants | 24,966 | (14,400) | 7,600 |
| Tax receivable agreement liability adjustment | (3,077) | (720) | (1,016) |
| Gain on interest rate swap | (320) | (996) | — |
| Loss (gain) on extinguishment of debt | 3,533 | (3,005) | 5,334 |
| Credit loss expense | 9,054 | 14,481 | 9,588 |
| Deferred income taxes | (27,037) | (17,355) | (10,640) |
| Stock-based compensation | 17,476 | 16,663 | 13,784 |
| Impairment of long-lived assets and ROU assets | 4,280 | — | — |
| Impairment on a privately-held equity investment | — | 1,340 | — |
| Other | 359 | 1,654 | 308 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (42,459) | (17,685) | 14,946 |
| Unbilled receivables | (6,252) | (1,936) | (7,753) |
| Inventory | 1,148 | (10,310) | 2,798 |
| Prepaid expenses and other assets | (2,161) | 4,306 | (5,097) |
| Deferred revenue | (2,400) | 4,591 | (3,966) |
| Accounts payable and other current liabilities | 50,512 | 6,513 | 8,296 |
| Other liabilities | 3,718 | (1,435) | (4,383) |
| Net cash provided by operating activities | 206,101 | 218,337 | 193,171 |
| Cash Flows from Investing Activities: | |||
| Acquisitions, net of cash and restricted cash acquired | — | — | (451,237) |
| Payment of contingent consideration | — | (647) | — |
| Payments for interest rate swap | (1,137) | — | — |
| Purchase of intellectual property | (500) | — | — |
| Purchases of installation and service parts and property and equipment | (56,985) | (48,186) | (24,998) |
| Cash proceeds from the sale of assets | 332 | 241 | 265 |
| Net cash used in investing activities | (58,290) | (48,592) | (475,970) |
| Cash Flows from Financing Activities: | |||
| Borrowings on revolver | — | — | 25,000 |
| Repayment on revolver | — | (25,000) | — |
| Borrowings of long-term debt | — | — | 1,245,500 |
| Repayment of long-term debt | (181,519) | (9,019) | (884,530) |
| Payment of debt issuance costs | (459) | (447) | (10,646) |
| Payment of debt extinguishment costs | — | — | (1,066) |
| Proceeds from the exercise of warrants | 161,408 | — | — |
| Share repurchases and retirement | (100,000) | (125,071) | (100,000) |
| Proceeds from exercise of stock options | 5,919 | 1,334 | 155 |
| Payment of employee tax withholding related to RSUs and PSUs vesting | (3,142) | (6,524) | (5,691) |
| Payment of contingent consideration | — | (205) | — |
| Net cash (used in) provided by financing activities | (117,793) | (164,932) | 268,722 |
| Effect of exchange rate changes on cash and cash equivalents | 589 | (130) | (2,383) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 30,607 | 4,683 | (16,460) |
| Cash, cash equivalents and restricted cash - beginning of period | 109,115 | 104,432 | 120,892 |
| Cash, cash equivalents and restricted cash - end of period | $139,722 | $109,115 | $104,432 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| For the Year Ended December 31, | |||
|---|---|---|---|
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | 2023 | 2022 | 2021 |
| Cash and cash equivalents | $136,309 | $105,204 | $101,283 |
| Restricted cash | 3,413 | 3,911 | 3,149 |
| Total cash, cash equivalents, and restricted cash | $139,722 | $109,115 | $104,432 |
| Supplemental cash flow information: | |||
|---|---|---|---|
| Interest paid | $86,113 | $63,663 | $35,786 |
| Income taxes paid, net of refunds | 54,002 | 47,623 | 35,774 |
| Supplemental non-cash investing and financing activities: | |||
| Earn-out shares issued to Platinum Stockholder | 36,575 | — | — |
| Additions related to asset retirement obligations and property and equipment(a) | 1,173 | 946 | 1,397 |
| Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end | 5,120 | 10,421 | 1,714 |
| Increase in additional paid-in capital due to exercise of private placement warrants | 49,032 | — | — |
| Contingent consideration related to NuPark acquisition | — | — | 1,450 |
(a) Asset retirement obligations of $3.9 million assumed as part of the Redflex acquisition in 2021 are excluded from these additions.
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