Verra mobility corporation (VRRM)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17May'17Mar'17
Net income

6,673

9,180

17,752

3,591

2,820

-37,954

6,513

-4,795

-22,158

18,529

-291

-

1,088

151

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

29,250

29,065

28,697

28,865

28,939

28,507

28,792

27,497

18,550

-

-

-

-

-

Amortization of deferred financing costs and discounts

903

1,575

1,477

1,756

1,833

2,235

2,718

2,571

1,644

-

-

-

-

-

Credit loss expense

5,356

2,753

2,611

1,466

1,270

1,670

1,918

1,297

1,140

-

-

-

-

-

Deferred income taxes

-682

-1,468

2,142

-10,495

-1,073

-7,921

-5,565

-4,144

-6,805

-

-

-

-

-

Stock-based compensation

2,768

2,586

2,471

2,812

2,143

-

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-10,151

-

-

-

-

-

Installation and service parts expense

393

111

412

386

257

806

188

119

125

-

-

-

-

-

Accretion expense

64

81

86

93

90

104

98

97

97

-

-

-

-

-

(Gain) loss on disposal of assets

4

-

-

-

-2

-

-

-

-

-

-

-

-

-

Write-downs of installation and service parts and (gain) loss on disposal of assets

-

-

-

-

-

16

-2

-1

-6

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable, net

22,397

-13,691

4,920

13,061

8,372

13,018

7,213

-124

3,614

-

-

-

-

-

Unbilled receivables

-3,648

4,311

1,501

-3,181

3,797

-1,620

-273

3,846

4,171

-

-

-

-

-

Prepaid expenses and other current assets

-2,367

-1,821

5,123

2,321

1,527

1,636

-4,179

-710

1,138

-

-

-

-

-

Other assets

-

-

-

-

-

-

590

139

576

-

-

-

-

-

Accounts payable and accrued liabilities

-11,363

-20,452

7,034

-13,189

18,413

5,474

2,118

-3,919

3,452

-

-

-

-

-

Other liabilities

-2,135

2,825

-1,143

-186

-3,647

148

93

159

113

-

-

-

-

-

Changes in receivable - related party

-

-

-

-

-

-

-

-

-

0

0

0

-

-0

Changes in state franchise tax accrual

-

-

-

-

-

-

-

-

-

64

44

22

-

-1

Changes in prepaid assets

-

-

-

-

-

-

-

-

-

-65

-53

-19

-

274

Changes in deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

0

-

414

Changes in accrued expenses, formation and offering costs

-

-

-

-

-

-

-

-

-

23

-378

369

-

-231

Net cash provided by operating activities

14,841

38,216

49,805

8,430

37,351

-37

33,520

15,730

-3,196

48,608

-40,297

-

41,773

59

Cash Flows from Investing Activities:
Acquisition of businesses, net of cash and restricted cash acquired

-

-

-

-

-

11,337

0

-6,379

531,741

-

-

-

-

-

Purchases of installation and service parts and property and equipment

8,141

12,193

3,300

4,973

9,219

6,954

8,513

5,224

5,885

-

-

-

-

-

Cash proceeds from the sale of assets

10

-

-

-

52

-

-

-

-

-

-

-

-

-

Cash proceeds from the sale of assets and insurance recoveries

-

-

-

-

-

-

-

-182

185

-

-

-

-

-

Cash deposited in Trust Account

-

-

-

-

-

-

-

-

-

0

0

0

-

400,000

Interest reinvested in Trust Account

-

-

-

-

-

-

-

-

-

693

980

725

-

335

Net cash used in investing activities

-8,131

-37,495

-3,300

-5,011

-9,167

-17,878

-8,511

973

-537,441

-160,279

-393,256

-

391,549

-400,335

Cash Flows from Financing Activities:
Successor borrowings on revolver

-

-

-

-

-

0

0

0

468

-

-

-

-

-

Successor repayment on revolver

-

-

-

-

-

0

0

0

468

-

-

-

-

-

Successor borrowings of long-term debt

-

-

-

-

-

70,000

0

0

1,033,800

-

-

-

-

-

Repayment of long-term debt

21,951

2,277

2,275

2,276

2,276

202,276

2,100

2,100

448,375

-

-

-

-

-

Payment of debt issuance costs

806

127

147

115

37

1,401

840

270

29,242

-

-

-

-

-

Payment of debt extinguishment costs

-

-

-

-

-

4,000

0

0

8,187

-

-

-

-

-

Payment of employee tax withholding related to RSU vesting

327

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of Units in initial public offering

-

-

-

-

-

-

-

-

-

0

0

0

-

400,000

Proceeds from sale of Private Placement Warrants to Sponsor

-

-

-

-

-

-

-

-

-

0

0

0

-

10,000

Repayment of notes and advances payable related party

-

-

-

-

-

-

-

-

-

0

0

0

-

150

Payment of underwriter's discounts and commissions

-

-

-

-

-

-

-

-

-

0

0

0

-

8,000

Payment of accrued offering costs

-

-

-

-

-

-

-

-

-

0

-1

380

-

340

Net cash used in financing activities

-23,084

-7,394

-2,422

-2,391

-2,313

31,582

-2,940

-2,370

547,996

127,112

428,621

-

-429,000

401,509

Effect of exchange rate changes on cash and cash equivalents

-963

1,383

-353

-226

236

-

-

-

-

-

-

-

-

-

Net (decrease) increase in cash, cash equivalents and restricted cash

-17,337

-5,290

43,730

802

26,107

13,405

21,982

13,826

7,359

15,441

-4,932

-

4,323

1,232

Supplemental cash flow information:
Interest paid

11,822

12,889

14,164

14,254

13,890

15,203

17,392

22,101

5,745

-

-

-

-

-

Income taxes paid (refunded), net

319

487

8,422

20,158

-4,710

-95

8

528

321

-

-

-

-

-

Supplemental non-cash investing and financing activities:
Reduction to tax receivable agreement liability

-

0

0

0

2,940

-

-

-

-

-

-

-

-

-

Earn-out shares issued to Platinum Stockholder

18,287

-

-

-

-

-

-

-

-

-

-

-

-

-

Additions to ARO, property and equipment, and other

22

-

32

115

28

-

-

-

-

-

-

-

-

-

Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end

4,586

-4,195

4,130

185

4,084

-339

105

404

3,009

-

-

-

-

-

Capital contributions received in Parent common stock

-

-

-

-

-

-1

0

60,286

57,270

-

-

-

-

-

Payable to HTA sellers in connection with business acquisition

-

-

-

-

-

-

-719

0

12,056

-

-

-

-

-

Deferred underwriting compensation

-

-

-

-

-

-

-

-

-

0

0

0

-

14,000

Offering costs included in accrued expenses

-

-

-

-

-

-

-

-

-

-

-

0

-

380