Technology

Verra Mobility Announces Fourth Quarter and Full Year 2023 Financial Results

Published

1 year ago

February 29, 2024

Full year 2023 revenue of $817.3 millionFull year 2023 net income of $57.0 millionFull year 2023 cash flows from operations of $206.1 million

MESA, Ariz., Feb. 29, 2024 /PRNewswire/ — Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the financial results for the fourth quarter and full year ended December 31, 2023.

“We delivered fantastic results for the fourth quarter, highlighted by robust revenue and Adjusted EBITDA performance,” said David Roberts, President and CEO, Verra Mobility. “Our strong results are aligned with three macro trends across our operating segments: First, we’re seeing strong travel demand by both consumers and businesses, particularly in the United States. The second macro trend is the continued push for safer roads and communities, which drives demand for investments in automated safety enforcement. And lastly, the complexities surrounding university and municipality parking create opportunities that we address and solve through our software-enabled parking management solutions.”

Fourth Quarter 2023 Financial Highlights

Revenue: Total revenue for the fourth quarter of 2023 was $211.0 million, an increase of 13% compared to $186.1 million for the fourth quarter of 2022. Service revenue growth was 13% due to increases in travel volume and related tolling activity in the Commercial Services segment which grew 16%, and the growth in service revenue from our Government Solutions segment, which increased 10% and was driven by the expansion of speed programs. Parking Solutions service revenue increased 10% due to increases in our software as a service (SaaS) product offerings and various services related to parking management solutions.Net income: Net income for the fourth quarter of 2023 was $3.0 million, or $0.02 per share, based on 168.6 million diluted weighted average shares outstanding. Net income for the comparable 2022 period was $28.2 million, or $0.13 per share, based on 154.8 million diluted weighted average shares outstanding.Adjusted Earnings Per Share (EPS): Adjusted EPS for the fourth quarter of 2023 was $0.24 per share compared to $0.25 per share for the fourth quarter of 2022.Adjusted EBITDA: Adjusted EBITDA was $91.3 million for the fourth quarter of 2023 compared to $83.6 million for the same period last year. Adjusted EBITDA margin was 43% of total revenue for 2023 and 45% for 2022.

We report our results of operations based on three operating segments:

Commercial Services offers automated toll and violations management and title and registration solutions to rental car companies, fleet management companies and other large fleet owners.Government Solutions delivers automated safety solutions to municipalities, school districts and government agencies, including services and technology that enable photo enforcement cameras to detect and process traffic violations related to speed, red-light, school bus and city bus lane management.Parking Solutions provides an integrated suite of parking software, transaction processing and hardware solutions to universities, municipalities, parking operators, healthcare facilities and transportation hubs in the United States and Canada.

Fourth Quarter 2023 Segment Detail

The Commercial Services segment generated total revenue of $94.5 million, a 16% increase compared to $81.6 million in the same period in 2022. Segment profit was $62.2 million, a 27% increase from $49.0 million in the prior year. The increases in revenue and profit compared to the prior period resulted from increased travel volume and the continued adoption of the all-inclusive fee structure for our rental car company customers as well as the increase in enrolled vehicles and higher tolling activity for our fleet management company customers. The segment profit margin was 66% for 2023 and 60% for 2022.The Government Solutions segment generated total revenue of $94.0 million, an 11% increase compared to $84.6 million in the same period in 2022. The increase was due to a 10% increase in recurring service revenue over the prior year quarter, primarily driven by the expansion of speed programs. The segment profit was $24.1 million in 2023 compared to $30.7 million in the prior year with segment profit margins of 26% for 2023 and 36% for 2022. The decrease in segment profit is primarily attributable to a $3.9 million installation and service parts write-down as well as increased operating expenses associated with enhancing customer-facing platforms and systems.The Parking Solutions segment generated total revenue of $22.5 million, a 13% increase compared to $19.9 million in the same period in 2022 partly due to an increase in one-time product sales and professional services compared to the prior year quarter. The segment profit was $5.0 million compared to $3.9 million in the prior year with segment profit margins of 22% for 2023 and 20% for 2022. The increase in segment profit is primarily attributable to an increase in our gross profit margin for professional services, software as a service product offerings and citation processing services related to parking management solutions.

Full Year 2023 Financial Highlights

Revenue: Total revenue for fiscal year 2023 was $817.3 million, an increase of 10% compared to $741.6 million for fiscal year 2022. Service revenue growth was 13% due to increases in travel volume and related tolling activity in the Commercial Services segment, which grew 14%, and the growth in service revenue from our Government Solutions segment, which increased 12% and was driven by the expansion of speed programs. Parking Solutions service revenue increased 8% due to increases in our professional services and SaaS product offerings related to parking management solutions.Net Income: Net income for fiscal year 2023 was $57.0 million, or $0.36 per share, based on 160.0 million diluted weighted average shares outstanding. Net income for the comparable 2022 period was $92.5 million, or $0.50 per share, based on 159.0 million diluted weighted average shares outstanding.Adjusted EPS: Adjusted EPS for fiscal year 2023 was $1.08 per share compared to $1.02 per share for the fiscal year 2022.Adjusted EBITDA: Adjusted EBITDA was $371.5 million for fiscal year 2023, compared to $338.5 million for fiscal year 2022. Adjusted EBITDA margin was 45% of total revenue for fiscal year 2023 and 46% for 2022.

Liquidity: As of December 31, 2023, cash and cash equivalents were $136.3 million, and we generated $206.1 million in cash flows from operations for the fiscal year ended December 31, 2023.

Interest Rate Swap

In December 2022, we entered into a cancellable interest rate swap agreement to hedge our exposure to interest rate fluctuations associated with the LIBOR (now transitioned to Term Secured Overnight Financing Rate) portion of the variable interest rate on our 2021 Term Loan. Under the interest rate swap agreement, we pay a fixed rate of 5.17% and the counterparty pays a variable interest rate which is net settled. The notional amount on the interest rate swap is $675.0 million. We have the monthly option to terminate the interest rate swap agreement until December 2025 in the event interest rates decrease. Any changes in the fair value of the derivative instrument (including accrued interest) and related cash payments are recorded in the condensed consolidated statements of operations within the loss (gain) on interest rate swap line item. We recorded a $2.8 million loss during the three months ended December 31, 2023, of which approximately $3.0 million is associated with the derivative instrument re-measured to fair value at the end of the reporting period, netted by $0.2 million related to the net cash received. We recorded a $0.8 million loss during fiscal year 2023, of which approximately $(0.3) million is associated with the derivative instrument re-measured to fair value at the end of the reporting period, netted by $1.1 million related to the monthly cash payments. We recorded a gain of $1.0 million during fiscal year 2022 associated with the derivative instrument re-measured to fair value.

Warrants

During fiscal year 2023, we processed the exercise of approximately 20 million warrants in exchange for the issuance of 16,273,406 shares of Class A Common Stock. There were 14,035,449 shares issued on a cash-basis resulting in the receipt of $161.4 million in cash proceeds during fiscal year 2023.

Share Repurchases

In November 2022, our Board of Directors authorized a share repurchase program for up to an aggregate amount of $100.0 million of our outstanding shares of Class A Common Stock over an 18-month period in open market, accelerated share repurchase (“ASR”) or privately negotiated transactions, each as permitted under applicable rules and regulations, any of which may use pre-arranged trading plans that are designed to meet the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended ( the “Exchange Act”).

We paid $8.1 million to repurchase 449,432 shares of our Class A Common Stock through open market transactions during the third quarter of fiscal year 2023, which we subsequently retired. On September 5, 2023, we used the remaining availability under the share repurchase program for an ASR and paid approximately $91.9 million to receive an initial delivery of 4,131,551 shares of our Class A Common Stock in accordance with an ASR agreement with a third-party financial institution. The final settlement occurred on January 12, 2024, at which time, we received 534,499 additional shares calculated using a volume-weighted average price over the term of the ASR agreement. We paid a total of $100.0 million for shares repurchases during the year ended December 31, 2023.

New Share Repurchase Program

In October 2023, our Board of Directors approved a stock repurchase program, which authorizes us to repurchase up to $100.0 million of our Class A Common Stock over an 18-month period from time to time in open market transactions, ASR or in privately negotiated transactions, each as permitted under applicable rules and regulations. Repurchases may be conducted and may be suspended or terminated at any time without notice. The extent to which we repurchase shares of our Class A Common Stock and the timing of such purchases will depend upon market conditions, our capital position, and other considerations as may be considered by us. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when we might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The repurchase program will be executed consistent with our capital allocation strategy, which will continue to prioritize investments to grow the business.

Legal Proceedings

On November 2, 2020, PlusPass, Inc. (“PlusPass”) commenced an action in the United States District Court, Central District of California, against Verra Mobility, The Gores Group LLC, Platinum Equity LLC, and ATS Processing Services, Inc., alleging civil violations of Section 7 of the Clayton Antitrust Act of 1914 and Sections 1 and 2 of the Sherman Act. In February 2024, we entered into a confidential business arrangement to acquire certain assets from PlusPass and fully and finally resolve all litigation and disputes between the parties. We accrued $31.5 million for this matter at December 31, 2023, which is presented within selling, general and administrative expenses in the condensed consolidated statements of operations for the year ended December 31, 2023.

2024 Full Year Guidance

Any guidance that we provide is subject to change as a variety of factors can affect actual operating results. Certain of the factors that may impact our actual operating results are identified below in the safe harbor language included within Forward-Looking Statements of this press release.

We are providing the following forward-looking guidance, which includes Adjusted EBITDA, Adjusted EPS, and Adjusted Free Cash Flow, all of which are non-GAAP financial measures (defined below):

Total revenue of $865 million to $880 millionAdjusted EBITDA of $395 million to $405 millionAdjusted EPS of $1.15 to $1.20Adjusted Free Cash Flow of $155 million to $165 million

Conference Call Details

Date: February 29, 2024
Time: 5:00 p.m. Eastern Time
U.S. and Canadian Callers Dial-in: 1-888-886-7786
Outside of U.S. and Canada Dial-in: 1-416-764-8658 for international callers with conference ID 36121812
Request a return call: Available by clicking on the following link and requesting a return call: callme.viavid.com
Webcast Information: Available live in the “Investor Relations” section of our website at http://ir.verramobility.com.

An audio replay of the call will also be available until 11:59 p.m. ET on March 14, 2024, by dialing 1-844-512-2921 for the U.S. or Canada, and 1-412-317-6671 for international callers and entering passcode 36121812. In addition, an archived webcast will be available in the “News & Events” section of the Investor Relations website at http://ir.verramobility.com.

About Verra Mobility

Verra Mobility is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. We sit at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Our transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. We also solve complex payment, utilization and compliance challenges for fleet owners and rental car companies. We are headquartered in Arizona, and operate in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.

Forward-Looking Statements

This press release contains forward-looking statements which address our expected future business and financial performance, and may contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” “will” or similar expressions. Examples of forward-looking statements include, among others, statements regarding the changes and trends in the market for our products and services, expected operating results, such as revenue growth, expansion plans and opportunities, and earnings guidance related to 2024 financial and operational metrics. Forward-looking statements involve risks and uncertainties and a number of factors could cause actual results to differ materially from those currently anticipated. These factors include, but are not limited to, economic and geopolitical conditions; customer concentration, demand and spending; new and emerging technologies; cybersecurity risks; our ability to manage our substantial level of indebtedness; risks and uncertainties related to our government contracts, including legislative changes, termination rights, delays in payments, audits and investigations; legislative changes; our reliance on a limited number of third-party vendors and service providers; and other risks and uncertainties indicated from time to time in documents we filed or will file with the Securities and Exchange Commission (the “SEC”). In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.

Additional Information

We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.

We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.

Non-GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we also disclose certain non-GAAP financial information in this press release. These financial measures are not recognized measures under GAAP and are not intended to be, and should not be, considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted EPS and Adjusted EBITDA Margin are non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures may be determined or calculated differently by other companies. As a result, they may not be comparable to similarly titled performance measures presented by other companies. Reconciliations of these non-GAAP measurements to the most directly comparable GAAP financial measurements have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliations.

We are not providing a quantitative reconciliation of Adjusted EBITDA, Adjusted EPS, or Adjusted Free Cash Flow which are included in our 2024 financial guidance above, in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, we are unable to provide a reconciliation of forward-looking Adjusted EBITDA to GAAP net income as well as Adjusted EPS to net income per share, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Due to the uncertainty of estimates and assumptions used in preparing forward-looking non-GAAP measures, we caution investors that actual results could differ materially from these non-GAAP financial projections.

We use these non-GAAP financial metrics to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. In addition, we also believe that these non-GAAP measures provide useful information to investors regarding financial and business trends related to our results of operations and that when non-GAAP financial information is viewed with GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance. These non-GAAP measures have certain limitations as analytical tools and should not be used as substitutes for net income, cash flows from operations, earnings per share or other consolidated income or cash flow data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA

We define EBITDA as net income adjusted to exclude interest expense, net, income taxes, depreciation and amortization. Adjusted EBITDA further excludes certain non-cash expenses and other transactions that management believes are not indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA, as defined, exclude some but not all items that affect our cash flow from operating activities.

Free Cash Flow

We define “Free Cash Flow” as cash flow from operations less capital expenditures.

Adjusted Free Cash Flow

We define Adjusted Free Cash Flow as Free Cash Flow which further excludes certain one-time and non-recurring items (for example, the PlusPass legal settlement).

Adjusted Net Income

We define “Adjusted Net Income” as net income adjusted to exclude amortization of intangibles and certain non-cash or non-recurring expenses.

Adjusted EPS

We define “Adjusted EPS” as Adjusted Net Income divided by the diluted weighted average shares for the period.

Adjusted EBITDA Margin

We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue.

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

December 31,
2023

December 31,
2022

Assets

Current assets:

Cash and cash equivalents

136,309

105,204

Restricted cash

3,413

3,911

Accounts receivable (net of allowance for credit losses of $18.5 million and $15.9 million at December 31, 2023 and 2022, respectively)

197,824

163,786

Unbilled receivables

37,065

30,782

Inventory

17,966

19,307

Prepaid expenses and other current assets

46,961

39,604

Total current assets

439,538

362,594

Installation and service parts, net

22,895

22,923

Property and equipment, net

123,248

109,775

Operating lease assets

33,523

37,593

Intangible assets, net

301,025

377,420

Goodwill

835,835

833,480

Other non-current assets

33,919

12,484

Total assets

1,789,983

1,756,269

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

78,749

79,869

Deferred revenue

28,788

31,164

Accrued liabilities

93,119

48,847

Tax receivable agreement liability, current portion

5,098

4,994

Current portion of long-term debt

9,019

21,935

Total current liabilities

214,773

186,809

Long-term debt, net of current portion

1,029,113

1,190,045

Operating lease liabilities, net of current portion

29,124

33,362

Tax receivable agreement liability, net of current portion

48,369

50,900

Private placement warrant liabilities

—

24,066

Asset retirement obligations

14,580

12,993

Deferred tax liabilities, net

18,360

21,149

Other long-term liabilities

14,197

5,875

Total liabilities

1,368,516

1,525,199

Commitments and contingencies

Stockholders’ equity

Preferred stock, $0.0001 par value

—

Common stock, $0.0001 par value

Common stock contingent consideration

—

36,575

Additional paid-in capital

557,513

305,423

Accumulated deficit

(125,887)

(98,078)

Accumulated other comprehensive loss

(10,176)

(12,865)

Total stockholders’ equity

421,467

231,070

Total liabilities and stockholders’ equity

1,789,983

1,756,269

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended December 31,

Year Ended December 31,

(In thousands, except per share data)

2023

2022

2023

2022

Service revenue

201,818

178,965

783,595

695,218

Product sales

9,195

7,105

33,715

46,380

Total revenue

211,013

186,070

817,310

741,598

Cost of service revenue, excluding depreciation and amortization

4,514

4,694

18,232

16,330

Cost of product sales

7,022

5,294

25,231

30,932

Operating expenses

76,915

59,529

273,288

226,324

Selling, general and administrative expenses

73,056

40,220

198,550

163,133

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

26,177

34,293

113,195

140,174

Total costs and expenses

187,684

144,030

628,496

576,893

Income from operations

23,329

42,040

188,814

164,705

Interest expense, net

20,859

20,348

86,701

69,372

Change in fair value of private placement warrants

—

(9,267)

24,966

(14,400)

Tax receivable agreement liability adjustment

(3,077)

245

(3,077)

(720)

Loss (gain) on interest rate swap

2,764

(996)

817

(996)

Loss (gain) on extinguishment of debt

—

3,533

(3,005)

Other income, net

1,643

(3,287)

(11,123)

(12,654)

Total other expenses

22,189

7,043

101,817

37,597

Income before income taxes

1,140

34,997

86,997

127,108

Income tax (benefit) provision

(1,882)

6,779

29,982

34,633

Net income

3,022

28,218

57,015

92,475

Other comprehensive income (loss):

Change in foreign currency translation adjustment

6,250

8,069

2,689

(7,771)

Total comprehensive income

9,272

36,287

59,704

84,704

Net income per share:

Basic

0.02

0.19

0.36

0.61

Diluted

0.02

0.13

0.36

0.50

Weighted average shares outstanding:

Basic

166,437

149,227

158,777

152,848

Diluted

168,585

154,825

160,017

159,026

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended December 31,

($ in thousands)

2023

2022

Cash Flows from Operating Activities:

Net income

3,022

28,218

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

Depreciation and amortization

26,232

33,390

Amortization of deferred financing costs and discounts

1,079

1,350

Change in fair value of private placement warrants

—

(9,267)

Tax receivable agreement liability adjustment

(3,077)

245

Loss (gain) on interest rate swap

3,041

(996)

Credit loss expense

1,501

3,589

Deferred income taxes

(19,801)

(45)

Stock-based compensation

5,130

3,007

Impairment of long-lived assets and ROU assets

4,280

—

Impairment on a privately-held equity investment

—

1,340

Other

1,030

Changes in operating assets and liabilities:

Accounts receivable

(6,605)

8,161

Unbilled receivables

3,277

2,269

Inventory

2,209

(1,254)

Prepaid expenses and other assets

(5,109)

(4,099)

Deferred revenue

(5,875)

(1,700)

Accounts payable and other current liabilities

23,453

8,491

Other liabilities

2,920

(4,168)

Net cash provided by operating activities

35,730

69,561

Cash Flows from Investing Activities:

Payments for interest rate swap

277

—

Purchase of intellectual property

(500)

—

Purchases of installation and service parts and property and equipment

(16,484)

(12,259)

Cash proceeds from the sale of assets

110

101

Net cash used in investing activities

(16,597)

(12,158)

Cash Flows from Financing Activities:

Repayment of long-term debt

(2,255)

Payment of debt issuance costs

(97)

(37)

Proceeds from exercise of stock options

3,074

337

Payment of employee tax withholding related to RSUs and PSUs vesting

(65)

(3,452)

Net cash provided by (used in) financing activities

657

(5,407)

Effect of exchange rate changes on cash and cash equivalents

1,602

1,490

Net increase in cash, cash equivalents and restricted cash

21,392

53,486

Cash, cash equivalents and restricted cash – beginning of period

118,330

55,629

Cash, cash equivalents and restricted cash – end of period

139,722

109,115

VERRA MOBILITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

For the Year Ended December 31,

($ in thousands)

2023

2022

Cash Flows from Operating Activities:

Net income

57,015

92,475

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

Depreciation and amortization

113,067

138,684

Amortization of deferred financing costs and discounts

4,679

5,472

Change in fair value of private placement warrants

24,966

(14,400)

Tax receivable agreement liability adjustment

(3,077)

(720)

Gain on interest rate swap

(320)

(996)

Loss (gain) on extinguishment of debt

3,533

(3,005)

Credit loss expense

9,054

14,481

Deferred income taxes

(27,037)

(17,355)

Stock-based compensation

17,476

16,663

Impairment of long-lived assets and ROU assets

4,280

—

Impairment on a privately-held equity investment

—

1,340

Other

359

1,654

Changes in operating assets and liabilities:

Accounts receivable

(42,459)

(17,685)

Unbilled receivables

(6,252)

(1,936)

Inventory

1,148

(10,310)

Prepaid expenses and other assets

(2,161)

4,306

Deferred revenue

(2,400)

4,591

Accounts payable and other current liabilities

50,512

6,513

Other liabilities

3,718

(1,435)

Net cash provided by operating activities

206,101

218,337

Cash Flows from Investing Activities:

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)

Cash proceeds from the sale of assets

332

241

Net cash used in investing activities

(58,290)

(48,592)

Cash Flows from Financing Activities:

Repayment on revolver

—

(25,000)

Repayment of long-term debt

(181,519)

(9,019)

Payment of debt issuance costs

(459)

(447)

Proceeds from the exercise of warrants

161,408

—

Share repurchases and retirement

(100,000)

(125,071)

Proceeds from exercise of stock options

5,919

1,334

Payment of employee tax withholding related to RSUs and PSUs vesting

(3,142)

(6,524)

Payment of contingent consideration

—

(205)

Net cash used in financing activities

(117,793)

(164,932)

Effect of exchange rate changes on cash and cash equivalents

589

(130)

Net increase in cash, cash equivalents and restricted cash

30,607

4,683

Cash, cash equivalents and restricted cash – beginning of period

109,115

104,432

Cash, cash equivalents and restricted cash – end of period

139,722

109,115

VERRA MOBILITY CORPORATION

ADJUSTED EBITDA RECONCILIATION (Unaudited)

Three Months Ended December 31,

For the Year Ended December 31,

($ in thousands)

2023

2022

2023

2022

Net income

3,022

28,218

57,015

92,475

Interest expense, net

20,859

20,348

86,701

69,372

Income tax (benefit) provision

(1,882)

6,779

29,982

34,633

Depreciation and amortization

26,232

33,390

113,067

138,684

EBITDA

48,231

88,735

286,765

335,164

Transaction and other related expenses

145

(76)

629

3,381

Transformation expenses

935

604

3,241

1,113

Change in fair value of private placement warrants (i)

—

(9,267)

24,966

(14,400)

Legal settlement (ii)

31,500

—

31,500

—

Tax settlement payment related to a prior acquisition (iii)

5,652

—

5,652

—

Tax receivable agreement liability adjustment (iv)

(3,077)

245

(3,077)

(720)

Loss (gain) on interest rate swap (v)

2,764

(996)

817

(996)

Loss (gain) on extinguishment of debt (vi)

—

3,533

(3,005)

Stock-based compensation (vii)

5,130

3,007

17,476

16,663

Impairment on privately-held equity investment

—

1,340

—

1,340

Adjusted EBITDA

91,280

83,592

371,502

338,540

(i)

This consists of adjustments to the private placement warrants liability from the re-measurement to fair value at the end of each reporting period, or a final re-measurement upon their exercise.

(ii)

This relates to the PlusPass legal settlement further discussed above.

(iii)

This consists of a tax settlement adjustment related to an acquisition that was completed in 2018.

(iv)

This consists of adjustments made to our Tax Receivable Agreement liability due to changes in estimates.

(v)

Loss (gain) on interest rate swap is associated with the derivative instrument re-measured to fair value at the end of the reporting period offset by the related monthly cash payments.

(vi)

Loss (gain) on extinguishment of debt consists of the write-off of pre-existing original issue discounts and deferred financing costs associated with the early repayment of debt and the gain on extinguishment of debt in 2022 related to the forgiveness of the PPP loan.

(vii)

Stock-based compensation represents the non-cash charge related to the issuance of awards under the Verra Mobility Corporation 2018 Equity Incentive Plan.

FREE CASH FLOW (Unaudited)

Three Months Ended December 31,

For the Year Ended December 31,

($ in thousands)

2023

2022

2023

2022

Net cash provided by operating activities

35,730

69,561

206,101

218,337

Purchases of installation and service parts and property and equipment

(16,484)

(12,259)

(56,985)

(48,186)

Free Cash Flow

19,246

57,302

149,116

170,151

ADJUSTED EPS (Unaudited)

Three Months Ended December 31,

For the Year Ended December 31,

(In thousands, except per share data)

2023

2022

2023

2022

Net income

3,022

28,218

57,015

92,475

Amortization of intangibles

16,721

25,132

77,644

106,161

Transaction and other related expenses

145

(76)

629

3,381

Transformation expenses

935

604

3,241

1,113

Change in fair value of private placement warrants

—

(9,267)

24,966

(14,400)

Legal settlement

31,500

—

31,500

—

Tax settlement payment related to a prior acquisition

5,652

—

5,652

—

Tax receivable agreement liability adjustment

(3,077)

245

(3,077)

(720)

Tax receivable agreement imputed interest

(3,641)

—

(3,641)

—

Loss (gain) on extinguishment of debt

—

3,533

(3,005)

Change in fair value of interest rate swap

3,041

(996)

(320)

(996)

Stock-based compensation

5,130

3,007

17,476

16,663

Impairment on privately-held equity investment

—

1,340

—

1,340

Total adjustments before income tax effect

56,406

19,989

157,603

109,537

Income tax effect on adjustments

(19,568)

(8,855)

(42,105)

(40,423)

Total adjustments after income tax effect

36,838

11,134

115,498

69,114

Adjusted Net Income

39,860

39,352

172,513

161,589

Adjusted EPS

0.24

0.25

1.08

1.02

Diluted weighted average shares outstanding

168,585

154,825

160,017

159,026

Investor Relations Contact
Mark Zindler
mark.zindler@verramobility.com

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SOURCE Verra Mobility

Technology

InnoEX Opens Today, ASTRI’s Latest Low-altitude Economy Innovations on Display

Published

38 minutes ago

April 13, 2025

HONG KONG, April 13, 2025 /PRNewswire/ — The Hong Kong Applied Science and Technology Research Institute (ASTRI) showcase a diverse range of emerging solutions for smart city innovation at the third edition of InnoEX, running from 13-16 April at the Hong Kong Convention and Exhibition Centre. ASTRI’s technologies on display include advancements in the low-altitude economy (LAE), smart manufacturing, smart mobility, and smart pharmacy, underscoring Hong Kong’s growing influence in the global innovation and technology (I&T) arena.

Driving I&T Collaboration

As Hong Kong’s leading R&D centre, ASTRI remains steadfast in its mission to accelerate I&T commercialisation, supporting industry transformation and enhancing operational efficiency, said Ir Sunny Lee, Board Chairman of ASTRI. “At InnoEx, we engage with high-quality potential partners from home and abroad, exploring future partnerships through our cutting-edge, market-ready solutions,” he said. “ASTRI celebrates its silver jubilee in 2025. To mark this milestone, we have set up a ‘time-tunnel’ at our booth to reflect on ASTRI’s achievements over the past 25 years. As we enter a golden era for I&T development, we remain committed to leveraging technology for societal advancement, enabling smarter living and driving the development of new quality productive forces in Hong Kong.”

Ir Chris Chong, Acting CEO and Chief Operating Officer of ASTRI said ASTRI’s award-wining technologies have been well-received by the industry. To date, ASTRI has been granted 1,100 patents and has completed 1,500 technology transfers. “We are excited to exhibit at InnoEX once again to showcase our R&D outcomes. We look forward to fostering deeper collaborations among the government, industry, academia, researchers and investors. By working together, we can expedite the journey of I&T breakthroughs from laboratory to the market, further solidifying Hong Kong’s position as a global I&T hub.”

Showcasing Cutting-Edge Technologies

InnoEX is jointly organised by the Innovation, Technology and Industry Bureau of the HKSAR Government and the Hong Kong Trade Development Council (HKTDC). As Asia’s flagship I&T event, it has attracted distinguished visitors, including government officials and industry leaders keen to explore Hong Kong’s thriving I&T ecosystem.

Visitors to ASTRI’s booth (3C-E03) in Hall 3C are introduced to an impressive array of pioneering technologies that promise to transform industries and enhance quality of life. These include:

Smart LAE Delivery: This UAV-based solution delivers lightweight packages across urban areas with exceptional precision. Utilising ASTRI’s RSU-Assisted GNSS-RTK Visual/INS Tightly-Coupled Positioning Algorithm, the system maintains accurate positioning even amid NLOS disturbances. This enables the UAV to deliver critical medicine efficiently and reliably to patients during emergencies. By circumventing urban traffic congestion, ASTRI’s aerial delivery system significantly outpaces traditional vehicle-based delivery methods.

Smart Pharmacy: The Smart Pharmacy initiative was first outlined in the Hospital Authority’s Strategic Plan 2022-2027. In line with this visionary development, ASTRI has developed an innovative and effective Sensing Fusion Platform for Accurate and Smart Dispensing. The platform is designed to improve both the accuracy and efficiency of pharmacy operation in public hospitals, while alleviating the workload of frontline staff. To minimise the risk of human error, it introduces a range of unique features, including instant access to drug information, real-time monitoring of medication types and quantities, analysis of staff workloads and activities, and early warning alerts.

Smart Mobility with C-V2X: ASTRI’s Cellular Vehicle-to-Everything (C-V2X) technology facilitates seamless communications between vehicles, pedestrians, roadside infrastructure, and networks. This ensures that road users receive timely reports and warnings, enhancing road safety effectively.C-V2X technology can be applied to real-time traffic monitoring, incident management, and route planning, significantly improving traffic efficiency. In the long run, C-V2X technology will play a crucial role in advancing autonomous driving by helping vehicles detect hidden dangers, further enhancing road safety and supporting the development of autonomous transportation systems.

Smart Mobility with Risk Map: The Risk Map System, co-developed by ASTRI and MTRC, provides an automated and efficient way for managing, monitoring and alerting the condition and position of trackside equipment, and ultimately to enhance maintenance efficiency and railway safety. The innovation won the bronze medal at the 49th International Exhibition of Inventions Geneva.

Smart Manufacturing with IndustriNET 5G: ASTRI’s invention, IndustriNet, facilitates time-sensitive communications over 5G network through novel time synchronisation methods. It enhances the capabilities of 5G networks, making them suitable for applications in smart manufacturing and smart transportation. The solution fulfils smart factories’ demanding requirements for high mobility and dependable wireless networking, expediting the advancement of new industrialisation. It garnered the gold medal at the 49th International Exhibition of Inventions Geneva.

Smart Manufacturing with TrainLite: As manufacturers increasingly seek to upgrade and transform their operations with technologies like artificial intelligence (AI), many face the challenge of lacking access to mature big data systems. To address this general industry pain point, the TrainLite platform empowers manufacturers to develop AI learning prototypes using limited datasets. This enables automated quality inspection on production lines at a lower cost while simultaneously enhancing production efficiency and quality. TrainLite’s technology is versatile and applicable across a wide range of products, including fabrics, printed circuit boards, chips, automobiles, and displays. It received the Special Award for Innovation – King Abdulaziz University at the 48th International Exhibition of Inventions Geneva.

Championing Innovation at the Forum

As a panellist at the “Tech-Driven Industry and Economy Conference Powered by HKSARG OASES” this morning, Ir Chris Chong shared insights into ASTRI’s successful R&D projects and demonstrate how technology transfer and commercialisation are turning innovative ideas into market-ready solutions. Tomorrow (14 April), he will take the stage as the moderator for the Innovation Forum: France-Hong Kong Shaping Green Efficiency, Smart Mobility & Digital Transformation, organised by Consulate General of France in Hong Kong & Macau and Business France, to explore the role of technology in shaping future smart city.

Promoting Cross-Sectors I&T Partnership

InnoEX is running concurrently with the HKTDC Electronics Fair (Spring Edition). The two fairs bring together 2,800 exhibitors from 29 countries and regions, attracting global visitors to facilitate collaboration and knowledge exchange across industries.

ASTRI Corporate Website – https://www.astri.org
InnoEX – https://www.hktdc.com/event/innoex/en

Photos Download: https://bit.ly/3FT2kGA

About ASTRI

Hong Kong Applied Science and Technology Research Institute (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness through applied research. ASTRI’s core R&D competence in various areas is grouped under five Technology Divisions: Advanced Electronic Components and Systems; Artificial Intelligence and Trust Technologies; Communications Technologies; Intelligent Perception and Control Technologies, and IoT Sensing and AI Technologies. It is applied across six core areas which are Smart City, Financial Technologies, New Industrialisation and Intelligent Manufacturing, Digital Health, Application Specific Integrated Circuits and Metaverse.

Over the years, ASTRI has nurtured a pool of research, I&T talents and received numerous international awards for its pioneering innovations as well as outstanding business and community contributions. ASTRI has transferred more than 1,500 technologies to the industry and has been granted over 1,100 patents in the Mainland, the United States, and other countries. For further information, please visit www.astri.org.

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SOURCE Hong Kong Applied Science and Technology Research Institute (ASTRI)

Technology

ASTRI Triumphs at International Exhibition of Inventions Geneva, Clinching 16 Awards

Published

2 hours ago

April 13, 2025

HONG KONG, April 13, 2025 /PRNewswire/ — The Hong Kong Applied Science and Technology Research Institute (ASTRI) has made a stellar showcasing at the 50th International Exhibition of Inventions Geneva, securing 16 awards. These include 1 Gold Medal with Jury Congratulations, 4 Gold Medals, along with 7 Silver Medals and 4 Bronze Medals. The award-winning projects feature cutting-edge technologies such as artificial intelligence (AI), 3D integrated circuits, 5G communications, blockchain and visual sensing, with wide-ranging applications in various sectors, promising to benefit both industry and the public.

Ir Sunny Lee, Board Chairman of ASTRI, expressed his delight of the institute’s achievements. “This success not only reflects the global recognition of Hong Kong’s innovation and technology (I&T) research excellence but also underscores our commitment to accelerating commercialisation of research outcomes.”

He said that the strong backing from both the central and HKSAR governments have created unprecedented opportunities for the I&T sector. ASTRI, he added, remains dedicated to aligning with government policies and strategic development blueprints, while fostering collaboration across government, industry, academia, research and investment sector aiming to support Hong Kong-developed technologies to go global.

Dr Ying Huang, Acting CEO and Chief Technology Officer of ASTRI, highlighted the dedication of the ASTRIANs. “Each award-winning invention reflects the relentless efforts of our teams and validates their excellence in high-quality research.”

He was pleased to learn that ASTRI’s technologies, recognised as practical solutions to industry pain points, were well-received by the judges. “With the tremendous support from the HKSAR government and the industry, we are committed to enhancing Hong Kong’s competitiveness through technology, ensuring that more people benefit from our research outcomes,” he added.

Two winning innovations were co-developed by ASTRI and the MTR Corporation. The “Automatic Tunnel Inspections System” won the Gold Medal with Jury Congratulations, while the “Power Demand Optimisation AI Cohort” won the Gold Medal.

The International Exhibition of Inventions Geneva, held from 9 to 13 April, is one of the world’s premier events celebrating innovation. This year’s exhibition brings together over 1,000 inventions from 45 countries and regions, with awards selected by an international panel of expert judges.

Awards

Inventors

Invention Name and Description

Gold Medal

Chi Wai
Neville NG,

Suk Ling
Elaine LEE

Tiny Machine Learning Platform for Computation
Optimisation
A standalone tiny machine learning device utilising optimised
Convolutional Neural Network (CNN) architecture and
algorithms designed for environments with limited resources,
power, and latency requirements. CNNs, widely deployed in
artificial intelligence applications including voice command
recognition on edge devices, are reimagined through this
hardware platform specifically engineered to reduce
computational complexity via block float point calculations.

Gold Medal

Yuelin WANG,

Ziqi WANG,
Chun ZHANG

Continuous Line for Automatic Diamond Colour Grading
This is a sophisticated automated diamond colour-grading
machine capable of continuous assessment with ±0.5 grade
accuracy. This revolutionary technology uses standard
unbiased internal references to evaluate loose ‘diamonds’
colour grade, eliminating subjective human assessment and
standardising the valuation process throughout the gemstone
industry.

Gold Medal

Meijing TIAN,

Ting Hei WAN,

Caiyun MIAO,

Nan LUO,

Xueyan TANG,

Jinbo JIANG

Dynamic Hybrid-frequency Spatial-carrier Deflectometry-
based 3D Inspection System
This invention introduces a high-resolution dynamic 3D defect
inspection system tailored for thin films in new energy
applications. Unlike traditional 2D inspection methods, it
excels in identifying 3D defects that can cause short circuits
or overheating in batteries. It is also adaptable for inspecting
a wide range of specular surfaces on motion production lines,
ensuring versality and reliability in industrial settings.

Silver Medal

Huimin GUO,

Wenchao WU,

Chun Kit LAU

A Portable Automatic Control System for Capsule
Endoscopy in Stomach
This revolutionary capsule endoscopy system offering
automated and precise stomach examination solution.
Employing cutting-edge control algorithms and 3D
reconstruction technology, this system delivers enhanced
diagnostic accuracy whilst significantly reducing costs,
making gastrointestinal evaluations more accessible to
patients.

Silver Medal

Yan WANG,

Tao LI,

Wing Ki YEUNG

Efficient Data Storage Methods for AI Computing
Revolutionise AI capabilities with this groundbreaking solution
addressing surging storage demands and energy
consumption. By harnessing unique AI data characteristics,
this innovation delivers efficient compression and resource
allocation, substantially reducing storage requirements and
power usage, realising a more intelligent and sustainable
data management for tomorrow’s technological landscape.

Silver Medal

Ying DONG,

Xiaodong WANG,

Yau Yau Yolanda TSANG,

Simon Yee WONG

Autonomous Connectivity Suite for Critical 5G
Applications
In mission-critical 5G applications such as autonomous
vehicles and smart cities, stability is paramount to prevent
costly downtime. This innovation, featuring Stream Control
Transmission Protocol (SCTP) with automatic reconnection,
enhances logistics communication, ensuring timely inventory
updates and highly-efficient operations. The technology
reduces expenses and operational inefficiencies through
superior connectivity and resilience.

Silver Medal

Xun CHEN,

Liqiong LIU,

Zizhou WANG,

Eddy CHIU

5G-Enabled Remote Crane Control and Site Coverage for
Safer Construction Sites
The construction sector is increasingly adopting advanced
technologies, including crane control systems and IoT
sensors, to bolster safety and efficiency whilst relying on
stable uplink transmission. This breakthrough proposes
dynamic uplink resource allocation technology, incorporating
5G uplink efficiency with bandwidth part switching and
DMRS-based multi-user scheduling to enhance
communication quality and spectrum efficiency, addressing
industry challenges while improving workplace safety.

Silver Medal

Tacitus HUI,

George CHEN,

Stella ZHU,

Dongzhe SU

Generative Pretrained Large Traffic
Model for Multi-Modal Traffic Data Understanding
This pioneering invention presents a traffic data
understanding method utilising a generative pretrained
model. The process encompasses multi-modality data
collection, feature extraction via tokenisation, and
comprehensive model training. By analysing this novel data
language, researchers can understand and forecast how
various traffic factors influence one another, revolutionising
urban planning.

Silver Medal

Ming Wai Alwin TAM,
Malik Saad SULTAN,

Xiuling ZHU,

Kin Lung Kenny CHAN

Dynamic Vision Sensing System with A Static Capturing
Mode
This state-of-the-art invention redefines vision sensing
system by overcoming the limitations of traditional Dynamic
Vision Sensors (DVS). It seamlessly detects both dynamic
and static objects through a combination of advanced optics,
artificial intelligence, and innovative modular components.
The result is precise action recognition delivered in a
compact, energy-efficient design, making it a breakthrough in
modern sensing technology.

Silver Medal

Ming Wai Alwin TAM,

Samuel POON,

Zhiqi YAO,

Tony CHOW,

Peisong HUA,

Kwok Sing CHENG,

Kin Lung Kenny CHAN

Optical Digital Encoding-Decoding System
This invention integrates optical methods with digital
encoding techniques to revolutionise secure anti-
counterfeiting measures in printed materials. By utilising
Resonant Waveguide Gratings (RWG) for image encoding, it
employs angular multiplexing and aperiodic diffraction
gratings to enhance image visibility. This sophisticated
system strengthens verification processes in security
applications while ensuring confidentiality across diverse data
sets, offering a robust solution to counterfeiting challenges.

Bronze Medal

Eric TSANG,

Jingwei XIE,

Vincent LOI

Implementation Method of Ultrasonic Echo Envelope
Detection
A breakthrough method for ultrasonic echo envelope
detection has emerged, markedly improving signal-to-noise
ratio and sensor SoC performance. IC design firms can now
leverage these bespoke solutions for precision detection,
creating immense industrial opportunities, especially this
technology strengthens safety features in automotive
ultrasonic sensors, contributing to safer roadways.

Bronze Medal

Chan Fai LAM,

Man Yuen CHENG,

Tsz Yu CHEUNG,

Wei Lun Alan CHEUNG

Identity Non-Fungible Token for Identity Verification in
Metaverse & Online Services
A blockchain-based identity authentication system leveraging
identity NFTs to bridge Web3, blockchain and real-world
identification through verifiable credentials. Users
demonstrate ownership of accounts and wallets, with records
maintained on an immutable blockchain. The system employs
sophisticated cryptography and zero-knowledge proofs for
secure verification, strengthening privacy and security for
third-party identity confirmation in digital environments.

Bronze Medal

Alan HON,

Qijun ZHU,

Li XU,

Yacheng Peter LI,

Likai PENG,

Tao YU

System and Method for PDF Document Semantic Parsing
Combining Visual and Textual Features
This innovative solution transforms PDF document parsing by
introducing a Document Layout Classification Model that
categorises elements using statistical rules based on images,
layouts and text. It employs a Semantic Recovery Technique
for complex components and Text Structure Rules to
maintain hierarchical organisation, enhancing accuracy and
usability for subsequent natural language processing tasks
across multiple sectors.

Bronze Medal

Pui Ho LAM,

Tze Yui HO,

Man Tik LI,

Jingyi XU,

Wai Cheong KU

An Algorithm and Edge Computing Method for Urban
Noise Pollution Monitoring
This cutting-edge solution addresses real-time noise
monitoring, establishing a robust communication platform
linking edge computing devices with distributed sensors. It
features automated, decentralised intelligence for noise
detection and classification, employing a CNN+Shift+Pitch
engine for precise identification. The dual communication
network, combining LoRa and 4G technologies, optimises
data transmission and bandwidth efficiency in urban
environments.

Photos Download: https://bit.ly/3XZj9FZ

-END-

About ASTRI

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SOURCE Hong Kong Applied Science and Technology Research Institute (ASTRI)

Technology

Elm AI Secures $2 Million to Revolutionize Supply Chain Sustainability and Performance in Oversubscribed Round

Published

4 hours ago

April 13, 2025

Elm AI, a Cornell University spinout and an AI-driven platform helping enterprises improve sustainability and operational performance across their supply chains, has successfully raised $2 million in an oversubscribed funding round. The round was led by Beta Boom Fund and Working Capital Fund, with participation from Boro Capital Partners, Very Serious Ventures, Gorges Ventures, The Bond Collective, and Textbook Ventures.

NEW YORK, April 12, 2025 /PRNewswire-PRWeb/ — Elm AI, a Cornell University spinout and an AI-driven platform helping enterprises improve sustainability and operational performance across their supply chains, has successfully raised $2 million in an oversubscribed funding round. The round was led by Beta Boom Fund and Working Capital Fund, with participation from Boro Capital Partners, Very Serious Ventures, Gorges Ventures, The Bond Collective, and Textbook Ventures.

Elm AI’s software is already trusted by a diverse range of customers, from mid-sized apparel brands to publicly listed multinational corporations generating billions in revenue.

Global enterprises continue to face escalating costs and complexity in supplier due diligence and compliance management, driven by rapidly evolving regulatory standards. Elm AI’s advanced AI-driven technology streamlines this process by automating analysis of supplier documentation (questionnaires, audit reports, etc), and instantly providing actionable insights and recommendations—dramatically faster and more cost-effectively than traditional methods.

Elm AI’s software is already trusted by a diverse range of customers, from mid-sized apparel brands to publicly listed multinational corporations generating billions in revenue. The platform currently manages data from several thousand factories globally. Amongst the company’s first few customers is Reformation, a leading sustainability clothing brand.

“Elm AI has been instrumental in transforming our responsible sourcing process, streamlining cumbersome administrative tasks and giving brands more time to focus on what matters most — building programs and management systems that benefit workers by ensuring safe, healthy, and equitable working conditions.”

– Carrie Freiman Parry, Senior Director Of Sustainability at Reformation

The company was founded in 2023 at Cornell University by Advait Raykar, Aparajita Thakker, Ken He, and Eesha Khanna. Elm AI was built on cutting-edge research of AI applications in the sustainability space, and initially secured funding from Cornell University and Entrepreneurs Roundtable Accelerator. Since then, the company has grown exponentially.

“The Elm AI team’s maturity and focus on solving customer problems continue to impress me. As someone with a long history in supply chain labor and sustainability, it’s refreshing to see such enthusiasm for making a real difference. They’ve made me a firm believer in AI’s ability to accelerate our efforts to support workers in global supply chains.”

– James McMichael, Founder of ELEVATE Global and Mosaic RSR

The newly raised capital will accelerate Elm AI’s growth, allowing the company to quickly onboard customers from its extensive waitlist and continue expanding its technological capabilities. Elm AI aims to become the definitive platform for managing comprehensive supplier performance and risk data at global scale.

About Elm AI

Elm AI provides an AI-driven system of record for supplier sustainability, performance, and risk data. The platform automates complex workflows, empowering companies to achieve unprecedented efficiency and sustainability in their supply chain operations.

For more information, visit www.elm-ai.com or contact info@elm-ai.com.

Media Contact

Aparajita Thakker, Elm AI, 1 4085680807, aparajita@elm-ai.com, www.elm-ai.com

Advait Raykar, Elm AI, 1 9783629319, advait@elm-ai.com, www.elm-ai.com

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SOURCE Elm AI