VERRA MOBILITY Corp
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
VRRM$2.06-3.3%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| ($ in thousands) | 2024 | 2023 |
| Cash Flows from Operating Activities: | ||
| Net income | $29,149 | $4,577 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 26,886 | 30,309 |
| Amortization of deferred financing costs and discounts | 1,361 | 1,277 |
| Change in fair value of private placement warrants | — | 14,601 |
| (Gain) loss on interest rate swap | (102) | 1,552 |
| Loss on extinguishment of debt | 595 | 1,349 |
| Credit loss expense | 5,247 | 1,697 |
| Deferred income taxes | 696 | (2,249) |
| Stock-based compensation | 5,558 | 3,378 |
| Other | 319 | 8 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 10,223 | (16,222) |
| Unbilled receivables | (6,501) | (3,464) |
| Inventory | 479 | 180 |
| Prepaid expenses and other assets | 5,565 | 6,232 |
| Deferred revenue | (3,831) | 95 |
| Accounts payable and other current liabilities | (40,783) | (4,291) |
| Other liabilities | (529) | 6,188 |
| Net cash provided by operating activities | 34,332 | 45,217 |
| Cash Flows from Investing Activities: | ||
| Cash received (payments) for interest rate swap | 294 | (1,246) |
| Purchases of installation and service parts and property and equipment | (14,279) | (18,372) |
| Cash proceeds from the sale of assets | 48 | 34 |
| Net cash used in investing activities | (13,937) | (19,584) |
| Cash Flows from Financing Activities: | ||
| Repayment of long-term debt | (2,255) | (64,755) |
| Payment of debt issuance costs | (107) | (44) |
| Proceeds from the exercise of stock options | 689 | 699 |
| Payment of employee tax withholding related to RSUs and PSUs vesting | (4,608) | (2,526) |
| Net cash used in financing activities | (6,281) | (66,626) |
| Effect of exchange rate changes on cash and cash equivalents | (608) | (305) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 13,506 | (41,298) |
| Cash, cash equivalents and restricted cash - beginning of period | 139,722 | 109,115 |
| Cash, cash equivalents and restricted cash - end of period | $153,228 | $67,817 |
| Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | ||
| Cash and cash equivalents | $149,520 | $64,267 |
| Restricted cash | 3,708 | 3,550 |
| Total cash, cash equivalents, and restricted cash | $153,228 | $67,817 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental cash flow information: | ||
| Interest paid | $14,973 | $17,064 |
| Income taxes paid, net of refunds | 3,690 | 2,631 |
| Supplemental non-cash investing and financing activities: | ||
| Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end | 3,915 | 5,179 |
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