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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________.

Commission File Number: 001-37979

 

VERRA MOBILITY CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

81-3563824

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

1150 North Alma School Road

 

85201

Mesa, Arizona

 

(Zip Code)

(Address of Principal Executive Offices)

 

 

(480) 443-7000

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

(Title of Each Class)

 

(Trading Symbol)

 

(Name of Each Exchange on Which Registered)

Class A Common Stock, par value $0.0001 per share

 

VRRM

 

Nasdaq Capital Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). YES ☐ NO

As of October 25, 2024, there were 164,804,157 shares of the Company’s Class A Common Stock, par value $0.0001 per share, issued and outstanding.

 

 


 

VERRA MOBILITY CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

4

Item 1. Financial Statements

 

4

Condensed Consolidated Balance Sheets

 

4

Condensed Consolidated Statements of Operations and Comprehensive Income

 

5

Condensed Consolidated Statements of Stockholders’ Equity

 

6

Condensed Consolidated Statements of Cash Flows

 

8

Notes to the Condensed Consolidated Financial Statements

 

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

38

Item 4. Controls and Procedures

 

39

PART II—OTHER INFORMATION

 

40

Item 1. Legal Proceedings

 

40

Item 1A. Risk Factors

 

40

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

 

40

Item 3. Defaults Upon Senior Securities

 

40

Item 4. Mine Safety Disclosures

 

40

Item 5. Other Information

 

40

Item 6. Exhibits

 

41

SIGNATURES

 

42

 

2


 

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this Report other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, products, services, and technology offerings, market conditions, growth and trends, expansion plans and opportunities, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.

The future events and trends discussed in this Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Factors that could cause actual results to differ include the risks and uncertainties described in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (our “Annual Report”), as updated by the Company’s subsequent filings with the SEC, which highlight, among other risks:

customer concentration in our Commercial Services and Government Solutions segments, including risks impacting these segments such as travel demand and legislation, and risks relating to our contract with NYCDOT (defined below), which comprises a material portion of our revenue, expires on December 31, 2024 and is subject to competitive procurement, and for which there can be no assurance that we will be successful in securing an extension of the contract or winning the competitive procurement. If our contract with NYCDOT is not extended or we are not successful in winning the competitive procurement for a new contract with NYCDOT, it would have a material adverse effect on our business, financial condition and results of operations;
risks and uncertainties related to our government contracts, including legislative changes, termination rights, delays in payments, audits and investigations;
decreases in the prevalence or political acceptance of, or an increase in governmental restrictions regarding, automated and other similar methods of photo enforcement, parking solutions or the use of tolling;
our ability to successfully implement our acquisition strategy or integrate acquisitions;
our ability to remediate the material weakness in internal controls over financial reporting on a timely basis and ability to establish and maintain effective internal controls over financial reporting;
failure in or breaches of our networks or systems, including as a result of cyber-attacks or other incidents;
risks and uncertainties related to our international operations;
our failure to acquire necessary intellectual property or adequately protect our intellectual property;
our ability to manage our substantial level of indebtedness; and
our reliance on specialized third-party providers.

You should not rely on forward-looking statements as predictions of future events. We operate in a very competitive and rapidly changing environment and new risks emerge from time to time. The forward-looking statements in this Report represent our views as of the date hereof. Except as may be required by law, we undertake no obligation to update any of these forward-looking statements for any reason or to conform these statements to actual results or revised expectations.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports, are available free of charge on our website, verramobility.com, under the heading “Investors” immediately after they are filed with, or furnished to, the SEC. We use our investor relations website, ir.verramobility.com, as a means of disclosing information, which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. Information contained on or accessible through, including any reports available on, our website is not a part of, and is not incorporated by reference into, this Report or any other report or document we file with the SEC. Any reference to our website in this Report is intended to be an inactive textual reference only.

Unless the context indicates otherwise, the terms “Verra Mobility,” the “Company,” “we,” “us,” and “our” as used in this Report refer to Verra Mobility Corporation, a Delaware corporation, and its subsidiaries taken as a whole.

3


 

Part I—Financial Information

Item 1. Financial Statements

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In thousands, except per share data)

 

September 30,
2024

 

 

December 31,
2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

206,088

 

 

$

136,309

 

Restricted cash

 

 

7,125

 

 

 

3,413

 

Accounts receivable (net of allowance for credit losses of $19.6 million and
$
18.5 million at September 30, 2024 and December 31, 2023, respectively)

 

 

194,587

 

 

 

197,824

 

Unbilled receivables

 

 

51,100

 

 

 

37,065

 

Inventory

 

 

18,708

 

 

 

17,966

 

Prepaid expenses and other current assets

 

 

51,407

 

 

 

46,961

 

Total current assets

 

 

529,015

 

 

 

439,538

 

Installation and service parts, net

 

 

30,134

 

 

 

22,895

 

Property and equipment, net

 

 

136,815

 

 

 

123,248

 

Operating lease assets

 

 

30,710

 

 

 

33,523

 

Intangible assets, net

 

 

251,327

 

 

 

301,025

 

Goodwill

 

 

838,151

 

 

 

835,835

 

Other non-current assets

 

 

34,429

 

 

 

33,919

 

Total assets

 

$

1,850,581

 

 

$

1,789,983

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

100,225

 

 

$

78,749

 

Deferred revenue

 

 

30,204

 

 

 

28,788

 

Accrued liabilities

 

 

66,966

 

 

 

93,119

 

Tax receivable agreement liability, current portion

 

 

5,098

 

 

 

5,098

 

Current portion of long-term debt

 

 

 

 

 

9,019

 

Total current liabilities

 

 

202,493

 

 

 

214,773

 

Long-term debt, net of current portion

 

 

1,037,174

 

 

 

1,029,113

 

Operating lease liabilities, net of current portion

 

 

26,873

 

 

 

29,124

 

Tax receivable agreement liability, net of current portion

 

 

48,369

 

 

 

48,369

 

Asset retirement obligations

 

 

15,208

 

 

 

14,580

 

Deferred tax liabilities, net

 

 

16,886

 

 

 

18,360

 

Other long-term liabilities

 

 

17,032

 

 

 

14,197

 

Total liabilities

 

 

1,364,035

 

 

 

1,368,516

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 1,000 shares authorized with no shares issued and outstanding at September 30, 2024 and December 31, 2023

 

 

 

 

 

 

Common stock, $0.0001 par value, 260,000 shares authorized with 164,804
and
166,555 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

16

 

 

 

17

 

Additional paid-in capital

 

 

564,491

 

 

 

557,513

 

Accumulated deficit

 

 

(71,149

)

 

 

(125,887

)

Accumulated other comprehensive loss

 

 

(6,812

)

 

 

(10,176

)

Total stockholders' equity

 

 

486,546

 

 

 

421,467

 

Total liabilities and stockholders' equity

 

$

1,850,581

 

 

$

1,789,983

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

4


 

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands, except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Service revenue

 

$

217,267

 

 

$

201,029

 

 

$

632,005

 

 

$

581,777

 

Product sales

 

 

8,284

 

 

 

8,904

 

 

 

25,702

 

 

 

24,520

 

Total revenue

 

 

225,551

 

 

 

209,933

 

 

 

657,707

 

 

 

606,297

 

Cost of service revenue, excluding depreciation and amortization

 

 

5,378

 

 

 

5,150

 

 

 

14,324

 

 

 

13,718

 

Cost of product sales

 

 

5,621

 

 

 

6,864

 

 

 

18,755

 

 

 

18,209

 

Operating expenses

 

 

76,026

 

 

 

68,873

 

 

 

221,569

 

 

 

196,373

 

Selling, general and administrative expenses

 

 

47,918

 

 

 

42,276

 

 

 

142,432

 

 

 

125,494

 

Depreciation, amortization and (gain) loss on disposal of assets, net

 

 

26,718

 

 

 

27,597

 

 

 

81,215

 

 

 

87,018

 

Total costs and expenses

 

 

161,661

 

 

 

150,760

 

 

 

478,295

 

 

 

440,812

 

Income from operations

 

 

63,890

 

 

 

59,173

 

 

 

179,412

 

 

 

165,485

 

Interest expense, net

 

 

18,723

 

 

 

20,384

 

 

 

57,203

 

 

 

65,842

 

Change in fair value of private placement warrants

 

 

 

 

 

(553

)

 

 

 

 

 

24,966

 

Loss (gain) on interest rate swap

 

 

913

 

 

 

60

 

 

 

494

 

 

 

(1,947

)

Loss on extinguishment of debt

 

 

33

 

 

 

1,975

 

 

 

628

 

 

 

3,533

 

Other income, net

 

 

(4,272

)

 

 

(4,498

)

 

 

(13,970

)

 

 

(12,766

)

Total other expenses

 

 

15,397

 

 

 

17,368

 

 

 

44,355

 

 

 

79,628

 

Income before income taxes

 

 

48,493

 

 

 

41,805

 

 

 

135,057

 

 

 

85,857

 

Income tax provision

 

 

13,761

 

 

 

11,497

 

 

 

36,953

 

 

 

31,864

 

Net income

 

$

34,732

 

 

$

30,308

 

 

$

98,104

 

 

$

53,993

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

 

5,190

 

 

 

(4,189

)

 

 

3,364

 

 

 

(3,561

)

Total comprehensive income

 

$

39,922

 

 

$

26,119

 

 

$

101,468

 

 

$

50,432

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.21

 

 

$

0.18

 

 

$

0.59

 

 

$

0.35

 

Diluted

 

$

0.21

 

 

$

0.18

 

 

$

0.58

 

 

$

0.34

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

164,735

 

 

 

168,089

 

 

 

165,676

 

 

 

156,196

 

Diluted

 

 

167,624

 

 

 

169,497

 

 

 

168,318

 

 

 

157,133

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

5


 

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

For the Three and Nine Months Ended September 30, 2024

 

 

 

Common
Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

(In thousands)

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance as of December 31, 2023

 

 

166,555

 

 

$

17

 

 

$

557,513

 

 

$

(125,887

)

 

$

(10,176

)

 

$

421,467

 

Net income

 

 

 

 

 

 

 

 

 

 

 

29,149

 

 

 

 

 

 

29,149

 

Share repurchases and retirement

 

 

(534

)

 

 

 

 

 

(1,789

)

 

 

1,789

 

 

 

 

 

 

 

Vesting of restricted stock units ("RSUs") and performance share units ("PSUs")

 

 

445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

50

 

 

 

 

 

 

689

 

 

 

 

 

 

 

 

 

689

 

Payment of employee tax withholding related to RSUs and PSUs vesting

 

 

 

 

 

 

 

 

(4,608

)

 

 

 

 

 

 

 

 

(4,608

)

Stock-based compensation

 

 

 

 

 

 

 

 

5,558

 

 

 

 

 

 

 

 

 

5,558

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,260

)

 

 

(3,260

)

Balance as of March 31, 2024

 

 

166,516

 

 

 

17

 

 

 

557,363

 

 

 

(94,949

)

 

 

(13,436

)

 

 

448,995

 

Net income

 

 

 

 

 

 

 

 

 

 

 

34,223

 

 

 

 

 

 

34,223

 

Share repurchases and retirement

 

 

(2,000

)

 

 

(1

)

 

 

(6,694

)

 

 

(45,155

)

 

 

 

 

 

(51,850

)

Vesting of RSUs and PSUs

 

 

120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

22

 

 

 

 

 

 

285

 

 

 

 

 

 

 

 

 

285

 

Payment of employee tax withholding related to RSUs and PSUs vesting

 

 

 

 

 

 

 

 

(1,050

)

 

 

 

 

 

 

 

 

(1,050

)

Stock-based compensation

 

 

 

 

 

 

 

 

6,590

 

 

 

 

 

 

 

 

 

6,590

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,434

 

 

 

1,434

 

Balance as of June 30, 2024

 

 

164,658

 

 

 

16

 

 

 

556,494

 

 

 

(105,881

)

 

 

(12,002

)

 

 

438,627

 

Net income

 

 

 

 

 

 

 

 

 

 

 

34,732

 

 

 

 

 

 

34,732

 

Vesting of RSUs and PSUs

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

130

 

 

 

 

 

 

1,727

 

 

 

 

 

 

 

 

 

1,727

 

Payment of employee tax withholding related to RSUs and PSUs vesting

 

 

 

 

 

 

 

 

(168

)

 

 

 

 

 

 

 

 

(168

)

Stock-based compensation

 

 

 

 

 

 

 

 

6,438

 

 

 

 

 

 

 

 

 

6,438

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,190

 

 

 

5,190

 

Balance as of September 30, 2024

 

 

164,804

 

 

$

16

 

 

$

564,491

 

 

$

(71,149

)

 

$

(6,812

)

 

$

486,546

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

6


 

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)

(Unaudited)

 

For the Three and Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common
Stock

 

 

Common
Stock
Contingent

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

(In thousands)

 

Shares

 

 

Amount

 

 

Consideration

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance as of December 31, 2022

 

 

148,962

 

 

$

15

 

 

$

36,575

 

 

$

305,423

 

 

$

(98,078

)

 

$

(12,865

)

 

$

231,070

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,577

 

 

 

 

 

 

4,577

 

Vesting of RSUs and PSUs

 

 

313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

53

 

 

 

 

 

 

 

 

 

699

 

 

 

 

 

 

 

 

 

699

 

Payment of employee tax withholding related to RSUs and PSUs vesting

 

 

 

 

 

 

 

 

 

 

 

(2,526

)

 

 

 

 

 

 

 

 

(2,526

)

Exercise of warrants

 

 

633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

3,378

 

 

 

 

 

 

 

 

 

3,378

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(90

)

 

 

(90

)

Balance as of March 31, 2023

 

 

149,961

 

 

 

15

 

 

 

36,575

 

 

 

306,974

 

 

 

(93,501

)

 

 

(12,955

)

 

 

237,108

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,108

 

 

 

 

 

 

19,108

 

Earn-out shares issued to PE Greenlight Holdings, LLC

 

 

2,500

 

 

 

 

 

 

(18,288

)

 

 

18,288

 

 

 

 

 

 

 

 

 

 

Vesting of RSUs and PSUs

 

 

121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

127

 

 

 

 

 

 

 

 

 

1,689

 

 

 

 

 

 

 

 

 

1,689

 

Payment of employee tax withholding related to RSUs and PSUs vesting

 

 

 

 

 

 

 

 

 

 

 

(502

)

 

 

 

 

 

 

 

 

(502

)

Exercise of warrants

 

 

14,208

 

 

 

2

 

 

 

 

 

 

202,652

 

 

 

 

 

 

 

 

 

202,654

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

4,525

 

 

 

 

 

 

 

 

 

4,525

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

718

 

 

 

718

 

Balance as of June 30, 2023

 

 

166,917

 

 

 

17

 

 

 

18,287

 

 

 

533,626

 

 

 

(74,393

)

 

 

(12,237

)

 

 

465,300

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,308

 

 

 

 

 

 

30,308

 

Earn-out shares issued to PE Greenlight Holdings, LLC

 

 

2,500

 

 

 

 

 

 

(18,287

)

 

 

18,287

 

 

 

 

 

 

 

 

 

 

Share repurchases and retirement

 

 

(4,581

)

 

 

 

 

 

 

 

 

(15,176

)

 

 

(84,824

)

 

 

 

 

 

(100,000

)

Vesting of RSUs and PSUs

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

34

 

 

 

 

 

 

 

 

 

457

 

 

 

 

 

 

 

 

 

457

 

Payment of employee tax withholding related to RSUs and PSUs vesting

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

 

 

 

 

 

 

(49

)

Exercise of warrants

 

 

1,433

 

 

 

 

 

 

 

 

 

7,786

 

 

 

 

 

 

 

 

 

7,786

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

4,443

 

 

 

 

 

 

 

 

 

4,443

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,189

)

 

 

(4,189

)

Balance as of September 30, 2023

 

 

166,310

 

 

$

17

 

 

$

 

 

$

549,374

 

 

$

(128,909

)

 

$

(16,426

)

 

$

404,056

 

 

See accompanying Notes to the Condensed Consolidated Financial Statements.

 

7


 

VERRA MOBILITY CORPORATION

condensed consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

($ in thousands)

 

2024

 

 

2023

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

98,104

 

 

$

53,993

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

80,982

 

 

 

86,835

 

Amortization of deferred financing costs and discounts

 

 

3,437

 

 

 

3,600

 

Change in fair value of private placement warrants

 

 

 

 

 

24,966

 

Change in fair value of interest rate swap

 

 

1,316

 

 

 

(3,361

)

Loss on extinguishment of debt

 

 

628

 

 

 

3,533

 

Credit loss expense

 

 

11,425

 

 

 

7,553

 

Deferred income taxes

 

 

(1,684

)

 

 

(7,236

)

Stock-based compensation

 

 

18,586

 

 

 

12,346

 

Other

 

 

749

 

 

 

306

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(7,891

)

 

 

(35,854

)

Unbilled receivables

 

 

(13,912

)

 

 

(9,529

)

Inventory

 

 

511

 

 

 

(1,061