VERRA MOBILITY Corp
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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) | 2024 | 2023 | 2022 |
| Cash Flows from Operating Activities: | |||
| Net income | $31,448 | $57,015 | $92,475 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 108,525 | 113,067 | 138,684 |
| Amortization of deferred financing costs and discounts | 4,106 | 4,679 | 5,472 |
| Change in fair value of private placement warrants | — | 24,966 | (14,400) |
| Tax receivable agreement liability adjustment | (257) | (3,077) | (720) |
| Change in fair value of interest rate swap | 1,316 | (320) | (996) |
| Loss (gain) on extinguishment of debt | 1,745 | 3,533 | (3,005) |
| Credit loss expense | 13,002 | 9,054 | 14,481 |
| Deferred income taxes | (10,012) | (27,037) | (17,355) |
| Stock-based compensation | 22,958 | 17,476 | 16,663 |
| Goodwill impairment | 97,076 | — | — |
| Impairment of long-lived assets and ROU assets | 170 | 4,280 | — |
| Other | 1,403 | 359 | 2,994 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (22,664) | (42,459) | (17,685) |
| Unbilled receivables | (11,987) | (6,252) | (1,936) |
| Inventory | 1,917 | 1,148 | (10,310) |
| Prepaid expenses and other assets | 5,926 | (2,161) | 4,306 |
| Deferred revenue | 1,231 | (2,400) | 4,591 |
| Accounts payable and other current liabilities | (16,425) | 50,512 | 6,513 |
| Other liabilities | (5,836) | 3,718 | (1,435) |
| Net cash provided by operating activities | 223,642 | 206,101 | 218,337 |
| Cash Flows from Investing Activities: | |||
| Cash receipts (payments) for interest rate swap | 822 | (1,137) | — |
| Purchase of intellectual property | — | (500) | — |
| Purchases of installation and service parts and property and equipment | (70,856) | (56,985) | (48,186) |
| Cash proceeds from the sale of assets | 314 | 332 | 241 |
| Payment of contingent consideration | — | — | (647) |
| Net cash used in investing activities | (69,720) | (58,290) | (48,592) |
| Cash Flows from Financing Activities: | |||
| Borrowings on long-term debt | 36,591 | — | — |
| Repayment of long-term debt | (45,610) | (181,519) | (9,019) |
| Repayment on revolver | — | — | (25,000) |
| Payment of debt issuance costs | (716) | (459) | (447) |
| Proceeds from the exercise of warrants | — | 161,408 | — |
| Share repurchases and retirement | (199,979) | (100,000) | (125,071) |
| Proceeds from exercise of stock options | 4,288 | 5,919 | 1,334 |
| Payment of employee tax withholding related to RSUs and PSUs vesting | (6,001) | (3,142) | (6,524) |
| Payment of contingent consideration | — | — | (205) |
| Net cash used in financing activities | (211,427) | (117,793) | (164,932) |
| Effect of exchange rate changes on cash and cash equivalents | (1,063) | 589 | (130) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (58,568) | 30,607 | 4,683 |
| Cash, cash equivalents and restricted cash - beginning of period | 139,722 | 109,115 | 104,432 |
| Cash, cash equivalents and restricted cash - end of period | $81,154 | $139,722 | $109,115 |
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 | 2024 | 2023 | 2022 |
| Cash and cash equivalents | $77,560 | $136,309 | $105,204 |
| Restricted cash | 3,594 | 3,413 | 3,911 |
| Total cash, cash equivalents, and restricted cash | $81,154 | $139,722 | $109,115 |
| Supplemental cash flow information: | |||
|---|---|---|---|
| Interest paid | $76,203 | $86,113 | $63,663 |
| Income taxes paid, net of refunds | 50,199 | 54,002 | 47,623 |
| Supplemental non-cash information: | |||
| Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year-end | 8,911 | 5,120 | 10,421 |
| Accrued excise tax payable on net share repurchases | 1,673 | — | — |
| Leased assets obtained in exchange for new operating lease liabilities | 3,994 | — | — |
| Earn-out shares issued to PE Greenlight Holdings, LLC | — | 36,575 | — |
| Increase in additional paid-in capital due to exercise of private placement warrants | — | 49,032 | — |
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