Verra Mobility Announces Third Quarter 2018 Financial Results
MESA, Arizona, Nov. 8, 2018 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM) (the "Company" or "Verra Mobility") a leading provider of smart mobility technology solutions, today announced financial results for the quarter ended September 30, 2018.
Total revenue for the third quarter increased to $107.6 million compared to $56.1 million for third quarter of 2017. During 2018, the Company completed two acquisitions that together contributed $40.2 million to the year-over-year revenue growth. Excluding the impact of the acquisitions, total revenue grew by $11.3 million, an increase of 20% over the same quarter in the prior year.
"During the third quarter we executed on our strategy of growing the core business, while integrating two strategic acquisitions and investing in new product offerings," said David Roberts, Chief Executive Officer of Verra Mobility. "We are committed to serving our customers and communities by making transportation safer, easier and more connected."
The Company reports its results of operations based on two operating segments: Commercial Services and Government Solutions. Commercial Services delivers market leading 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 market leading automated safety solutions to municipalities and school districts, including services and technology that enable photo enforcement via road safety camera programs related to red light, speed, school bus, and city bus lanes.
Third Quarter 2018 Financial Highlights
-- Generated Net Income of $6.5 million
-- Adjusted EBITDA of $61.9 million is 57.6% of total revenue
-- Commercial Services segment generated revenue of $72.0 million and
segment profit of $49.4 million
-- Government Solutions segment generated revenue of $35.6 million and
segment profit of $12.5 million
-- Operating expenses as a percentage of total revenue were 25.9% compared
to 38.6% in the prior year
-- Cash flow from operations was $46.1 million
David Roberts, Verra Mobility's CEO, remarked, "Our recent acquisitions are performing well and we are achieving our synergy targets. Segment profit margins for Commercial Services were nearly 69% for the quarter. We expect to end the year strong and ahead of revenue and profit estimates."
Quarterly Conference Call
Verra Mobility will host a conference call today at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time) to review the Company's financial results for the quarter ended September 30, 2018. To access this call, dial (800) 289-0438 for the U.S. or Canada, or (323) 794-2423 for international callers. A live webcast of the conference call will be accessible from the Investors section of Verra Mobility's website at http://ir.verramobility.com, and a recording will be archived and accessible at http://ir.verramobility.com. An audio replay of this conference call will also be available through November 22, 2018, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 7026761.
Forward-Looking Statements
This press release contains forward-looking statements which address The Company's expected future business and financial performance, and often contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," or "will" and similar expressions. Examples of forward-looking statements include, among others, statements regarding the benefits of the Company's strategic acquisitions; changes in the market for our products and services; expected operating results, such as revenue growth; expansion plans and opportunities; and earnings guidance related to 2018 financial and operational metrics. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Risks and uncertainties that may affect future results include those that are described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the Company's Investor Relations website, http://ir.verramobility.com, and on the SEC website, www.sec.gov. These forward-looking statements represent the judgment of the Company, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company's other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company's reported financial results and our business outlook for future periods.
Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses certain non-GAAP financial information in this press release. These financial measures are not recognized measures under GAAP and they 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 and adjusted EBITDA margin are non-GAAP financial measures as defined by SEC rules. This non-GAAP financial information may be determined or calculated differently 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 reconciliation.
About Verra Mobility
Verra Mobility is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company, Verra Mobility sits at the center of the mobility ecosystem - one that brings together vehicles, devices, information, and people to solve the most complex challenges faced by our customers and the constituencies they serve.
Verra Mobility serves the world's largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. A leading provider of connected systems, Verra Mobility processes millions of transactions each year through connectivity with more than 50 individual tolling authorities and more than 400 issuing authorities. Verra Mobility also fosters the development of safe cities, partnering with law enforcement agencies, transportation departments and school districts across North America operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras. For more information, visit www.verramobility.com.
Investor Contact
Marc P. Griffin
ICR, Inc., for Verra Mobility
646-277-1290
IR@verramobility.com
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
2018 2017
Assets
Current assets:
Cash and cash equivalents $51,948,613 $8,724,945
Restricted cash 1,727,645 1,784,665
Accounts receivable, net 76,215,796 60,180,536
Unbilled receivables 12,546,409 4,802,074
Prepaid expenses and other
current assets 17,750,138 15,788,912
Total current assets 160,188,601 91,281,132
Installation and service parts,
net 11,368,887 9,066,913
Property and equipment, net 67,196,125 65,370,696
Intangible assets, net 538,103,690 203,749,221
Goodwill 564,394,454 294,414,522
Other non-current assets 2,305,216 982,731
Total assets $1,343,556,973 $664,865,215
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $47,697,160 $20,158,977
Accrued liabilities 15,763,074 10,086,622
Current portion of long-term
debt 8,400,000 3,250,000
Total current liabilities 71,860,234 33,495,599
Long term debt, net of current
portion and deferred financing
costs 980,058,924 425,439,034
Other long-term liabilities 3,176,764 2,689,145
Asset retirement obligations 6,730,721 6,373,125
Deferred income taxes, net 41,790,046 49,603,691
Total Liabilities 1,103,616,689 517,600,594
Stockholders' equity:
Common stock, $.01 par value,
1,000 shares authorized with
100 shares issued and
outstanding at September 30,
2018 and December 31, 2017 1 1
Additional paid-in capital 246,582,030 129,026,398
Retained earnings (accumulated
deficit) (2,201,891) 18,238,222
Accumulated other comprehensive
loss (4,439,856)
Total stockholders' equity 239,940,284 147,264,621
Total liabilities and
stockholders' equity $1,343,556,973 $664,865,215
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Successor
Three months
Three months
ended
ended
September 30, 2018
September 30, 2017
---
Service revenue $105,203,673 $55,608,693
Product sales 2,398,807 480,699
Total revenue 107,602,480 56,089,392
Cost of service
revenue 1,735,420 838,211
Cost of product sales 1,375,105 284,258
Operating expenses 27,819,681 21,703,331
Selling, general and
administrative
expenses 21,687,265 15,830,550
Depreciation,
amortization and
(gain) loss on
disposal of assets,
net 28,789,672 14,221,542
Total costs and
expenses 81,407,143 52,877,892
Income from operations 26,195,337 3,211,500
Interest expense 20,312,956 8,947,089
Other income, net (2,942,255) (1,073,966)
Total other expense 17,370,701 7,873,123
Net income (loss)
before income tax
provision (benefit) 8,824,636 (4,661,623)
Income tax provision
(benefit) 2,311,923 (1,314,474)
Net income (loss) 6,512,713 (3,347,149)
Other comprehensive loss:
Foreign currency
translation
adjustment (727,998) -
Total comprehensive
income (loss) $5,784,715 $(3,347,149)
===
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Successor
Predecessor
Nine months
Four months
Five months
ended
ended
ended
September 30, 2018
September 30, 2017
May 31, 2017
---
Service revenue $271,253,648 $74,386,326 $92,530,939
Product sales 3,786,660 688,325 1,340,191
Total revenue 275,040,308 75,074,651 93,871,130
Cost of service
revenue 4,217,444 1,123,209 1,369,445
Cost of product sales 2,425,132 471,197 963,504
Operating expenses 80,300,635 28,767,893 35,967,664
Selling, general and
administrative
expenses 82,550,861 30,049,143 40,884,179
Depreciation,
amortization and
(gain) loss on
disposal of assets,
net 74,829,641 19,243,972 12,613,143
Total costs and
expenses 244,323,713 79,655,414 91,797,935
Income (loss) from
operations 30,716,595 (4,580,763) 2,073,195
Interest expense 52,538,757 11,835,402 875,102
Loss on extinguishment
of debt 10,151,074 -
Other income, net (7,000,884) (1,335,249) (1,294,299)
Total other expense
(income) 55,688,947 10,500,153 (419,197)
Net (loss) income
before income tax
(benefit) provision (24,972,352) (15,080,916) 2,492,392
Income tax (benefit)
provision (4,532,239) (4,137,563) 1,252,793
Net (loss) income (20,440,113) (10,943,353) 1,239,599
Other comprehensive loss:
Foreign currency
translation
adjustment (4,439,856) -
Total comprehensive
(loss) income $(24,879,969) $(10,943,353) $1,239,599
===
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED STATEMENTS OF SEGMENT PROFITABILITY
Successor
Government
Commercial
Corporate and
For the three months ended
September 30, 2018
Solutions
Services
Other
Total
---
Service revenue $33,231,500 $71,972,173
$ - $105,203,673
Product sales 2,398,807 2,398,807
Total revenue 35,630,307 71,972,173 107,602,480
Cost of service revenue 648,277 1,087,143 1,735,420
Cost of product sales 1,375,105 1,375,105
Operating expenses 13,850,461 13,969,220 27,819,681
Selling, general and
administrative expenses 7,240,689 10,439,986 4,006,590 21,687,265
Other (income) expense, net (26,123) (2,943,006) 26,874 (2,942,255)
Segment Profit (Loss) $12,541,898 $49,418,830 $(4,033,464) $57,927,264
Segment profit (loss) $12,541,898 $49,418,830 $(4,033,464) $57,927,264
Depreciation, amortization,
impairment, and
(gain) loss on disposal of
assets, net 28,789,672 28,789,672
Interest expense 20,312,956 20,312,956
Loss on extinguishment of debt
Income (loss) before income
taxes $12,541,898 $49,418,830 $(53,136,092) $8,824,636
Successor
Government
Commercial
Corporate and
For the three months ended
September 30, 2017
Solutions
Services
Other
Total
---
Service revenue $32,373,306 $23,235,387
$ - $55,608,693
Product sales 480,699 480,699
Total revenue $32,854,005 $23,235,387
$ - $56,089,392
Cost of service revenue 641,407 196,804 838,211
Cost of product sales 284,258 284,258
Operating expenses 14,828,550 6,874,781 21,703,331
Selling, general and
administrative expenses 5,522,603 5,994,795 4,313,152 15,830,550
Other (income) expense, net (26,925) (1,049,475) 2,434 (1,073,966)
Segment Profit (Loss) $11,604,112 $11,218,482 $(4,315,586) $18,507,008
Segment profit (loss) $11,604,112 $11,218,482 $(4,315,586) $18,507,008
Depreciation, amortization,
impairment, and
(gain) loss on disposal of
assets, net 14,221,542 14,221,542
Interest 8,947,089 8,947,089
Income (loss) before income
taxes $11,604,112 $11,218,482 $(27,484,217) $(4,661,623)
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED STATEMENTS OF SEGMENT PROFITABILITY
Successor
Government
Commercial
Corporate and
For the nine months ended
September 30, 2018
Solutions
Services
Other
Total
---
Service revenue $107,063,888 $164,189,760
$ - $271,253,648
Product sales 3,786,660 3,786,660
Total revenue 110,850,548 164,189,760 275,040,308
Cost of service revenue 2,163,458 2,053,986 4,217,444
Cost of product sales 2,425,132 2,425,132
Operating expenses 42,701,929 37,598,706 80,300,635
Selling, general and
administrative expenses 20,585,732 42,992,315 18,972,814 82,550,861
Other (income) expense, net (88,853) (6,911,623) (408) (7,000,884)
Segment Profit (Loss) $43,063,150 $88,456,376 $(18,972,406) $112,547,120
Segment profit (loss) $43,063,150 $88,456,376 $(18,972,406) $112,547,120
Depreciation, amortization,
impairment, and
(gain) loss on disposal of
assets, net 74,829,641 74,829,641
Interest expense 52,538,757 52,538,757
Loss on extinguishment of debt 10,151,074 10,151,074
Income (loss) before income
taxes $43,063,150 $88,456,376 $(156,491,878) $(24,972,352)
Successor
Government
Commercial
Corporate and
For the four months ended
September 30, 2017
Solutions
Services
Other
Total
---
Service revenue $43,746,847 $30,639,479
$ - $74,386,326
Product sales 688,325 688,325
Total revenue $44,435,172 $30,639,479
$ - $75,074,651
Cost of service revenue 876,729 246,480 1,123,209
Cost of product sales 471,197 471,197
Operating expenses 19,702,233 9,065,660 28,767,893
Selling, general and
administrative expenses 7,244,266 7,863,415 14,941,462 30,049,143
Other (income) expense, net (33,346) (1,304,337) 2,434 (1,335,249)
Segment Profit (Loss) $16,174,093 $14,768,261 $(14,943,896) $15,998,458
Segment profit (loss) $16,174,093 $14,768,261 $(14,943,896) $15,998,458
Depreciation, amortization,
impairment, and
(gain) loss on disposal of
assets, net 19,243,972 19,243,972
Interest 11,835,402 11,835,402
Income (loss) before income
taxes $16,174,093 $14,768,261 $(46,023,270) $(15,080,916)
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED STATEMENTS OF SEGMENT PROFITABILITY
Predecessor
Government
Commercial
Corporate and
For the five months ended
May 31, 2017
Solutions
Services
Other
Total
---
Service revenue $57,021,850 $35,509,089
$ - $92,530,939
Product sales 1,340,191 1,340,191
Total revenue 58,362,041 35,509,089 93,871,130
Cost of service revenue 1,174,923 194,522 1,369,445
Cost of product sales 963,504 963,504
Operating expenses 24,702,104 11,265,560 35,967,664
Selling, general and
administrative expenses 9,230,714 9,881,849 21,771,616 40,884,179
Other (income) expense, net (48,416) (1,243,281) (2,602) (1,294,299)
Segment Profit (Loss) $22,339,212 $15,410,439 $(21,769,014) $15,980,637
Segment profit (loss) $22,339,212 $15,410,439 $(21,769,014) $15,980,637
Depreciation, amortization,
impairment, and
(gain) loss on disposal of
assets, net 12,613,143 12,613,143
Interest 875,102 875,102
Income (loss) before income
taxes $22,339,212 $15,410,439 $(35,257,259) $2,492,392
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Successor
Predecessor
Nine months
Four months
Five months
ended
ended
ended
September 30, 2018
September 30, 2017
May 31, 2017
---
Cash flows from operating activities:
Net (loss) income $(20,440,113) $(10,943,353) $1,239,599
Adjustments to reconcile net (loss) income to net cash provided by (used in)
operating activities:
Depreciation and
amortization 74,838,445 19,256,429 12,574,006
Amortization of
deferred financing
costs and discount 6,932,724 948,846 143,241
Loss on extinguishment
of debt 10,151,074 -
Accretion expense 292,580 87,193 106,404
(Gain) loss on
disposal of assets (8,804) (12,457) 39,137
Installation and
service parts
obsolescence and
maintenance expense 431,834 165,096 177,124
Bad debt expense 4,355,700 2,185,435 2,181,957
Deferred income taxes (16,514,331) (4,482,852) (3,326,978)
Changes in operating assets and liabilities: 0
Accounts receivable,
net (10,703,263) (13,467,878) 6,107,664
Unbilled receivables (7,744,334) (1,974,786) 1,945,493
Prepaid expense and
other current assets 3,750,798 (8,632,290) (1,581,750)
Deposits and other
non-current assets (1,304,686) 421,916 322,260
Restricted cash 57,019 (619,742) 215,478
Accounts payable and
accrued liabilities 1,651,391 2,429,653 22,413,747
Other liabilities 364,926 (78,008) (508,181)
Net cash provided by
(used in) operating
activities 46,110,960 (14,716,798) 42,049,201
Cash flows from investing activities
Purchases of
installation and
service parts and
property and
equipment (19,919,129) (10,872,392) (8,952,667)
Proceeds from damaged
property and
equipment 296,264 66,750 41,909
Cash proceeds from the
sale of assets 5,154 9,975 124,694
Acquisition of
business, net of cash
acquired (525,361,663) (539,082,979) -
Net cash used in
investing activities (544,979,374) (549,878,646) (8,786,064)
Cash flows from financing activities:
Borrowings on revolver 468,306 13,000,000 40,752,179
Repayments on revolver (468,306) (68,213,359)
Predecessor payment of
debt issuance costs - (30,000)
Borrowings of long-
term debt - 444,250,000
Payment of debt
issuance costs (30,351,948) (15,783,188) -
Repayments of long-
term debt (452,575,000) (812,500) -
Borrowings of long-
term debt 1,033,800,000 -
Payment of debt
extinguishment costs (8,186,961) -
Cash received pursuant
to the Merger - 129,026,399
Net cash provided by
(used in) financing
activities 542,686,091 569,680,711 (27,491,180)
Effect of exchange
rate changes on cash
and cash equivalents (594,009) -
Net increase in cash
and cash equivalents 43,223,668 5,085,267 5,771,957
Cash and cash
equivalents-
Beginning of period 8,724,945 2,900,970
Cash and cash
equivalents-End of
period $51,948,613 $5,085,267 $8,672,927
===
Supplemental disclosure of cash flow information:
Cash paid (refunded)
for income taxes, net $856,815 $9,162,890 $(211,030)
Cash paid for interest 45,238,245 10,529,236 836,236
Supplemental non-cash investing and financing activities:
Capital contribution
received in Parent
common stock and
subsequently
exchanged in
acquisition of
business $117,555,632
$ -
$ -
Payable to seller in
connection with
business acquisition 11,337,113 -
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Accumulated
Retained
Other
Total
Common Stock
Additional
Earnings
Comprehensive
Stockholders'
Shares Amount
Paid-in-Capital
(accumulated deficit)
Loss
Equity
Balance as of
December 31,
2017 100 $1 $129,026,398 $18,238,222
$ - $147,264,621
Net loss - (20,440,113) (20,440,113)
Foreign currency
translation
adjustment - (4,439,856) (4,439,856)
Capital
contributions
received in
Parent common
stock - 117,555,632 117,555,632
Balance as of
September 30,
2018 100 $1 $246,582,030 $(2,201,891) $(4,439,856) $239,940,284
VERRA MOBILITY CORPORATION AND SUBSIDIARIES
ADJUSTED EBITDA RECEONCILIATION
Successor
Successor
Successor
Successor
Predecessor
For the Three
For the Three
For the Nine
For the Four
For the Five
Months Ended Months Ended Months Ended Months Ended Months Ended
September 30, September 30, September 30, September 30, May 31,
2017 2018 2017 2017
2018
($ in thousands)
Net income (loss) $6,513 $(3,347) $(20,440) $(10,943) $1,240
Interest expense 20,313 8,947 52,539 11,835 875
Income tax provision expense
(benefit) 2,312 (1,314) (4,532) (4,138) 1,253
Depreciation and amortization 28,792 14,234 74,838 19,256 12,574
EBITDA 57,930 18,520 102,405 16,011 15,942
Transaction and other related
expenses(i) 1,669 21 25,589 10,055 21,772
Transformation expenses(ii) 905 2,462 8,039 2,462
Loss on extinguishment of debt(iii) 10,151
Sponsor Fees and expenses(iv) 1,433 1,829 4,133 2,424
Non-cash amortization of contract
inducement (v) 277
Adjusted EBITDA $61,936 $22,833 $150,316 $30,953 $37,991
Adjusted EBITDA Margin % 57.6% 40.7% 54.7% 41.2% 40.5%
(i) Adjustments to add back deal fees incurred in
relation to the Platinum's acquisition of ATS
in May 2017 and Verra's acquisitions of HTA
and EPC in March and April 2018,
respectively. Consists primarily of
acquisition services to advisors,
professional fees and other expenses
(ii) One-time costs including costs for strategy
consultants, procurement optimization and IT
optimization
(iii) Costs incurred to refinance the Company's
credit facility and term loans. Includes
prepayment penalties, the write-off of
deferred financing costs and lender and
third-party
costs to issue the
new debt
(iv) Sponsor management fees paid to Platinum
(v) Adjustment for amortization of a tolling
contract with a major RAC
BASIS of Presentation
On May 31, 2017, the Company was acquired by Greenlight Acquisition Corporation ("Acquirer") pursuant to the Agreement and Plan of Merger, dated April 15, 2017 by and among the Company, Greenlight Merger Corporation, a wholly-owned subsidiary of Acquirer, ("Merger Sub") and Acquirer whereby the Company merged with and into Merger Sub with the former surviving (the "Merger"). Acquirer is ultimately owned by certain private equity investment vehicles sponsored by Platinum Equity, LLC.
Pursuant to the Merger, a new basis of accounting at fair value was established in accordance with U.S. GAAP under Accounting Standards Codification ("ASC") Topic 805, Business Combinations. The new stepped-up basis was pushed down by Acquirer to the Company. The consolidated financial statements and footnotes contained herein are presented in distinct periods to indicate the application of two different bases of accounting between the periods presented. The period from January 1, 2017 to May 31, 2017 has been labeled "Predecessor" and has been prepared using the historical basis of accounting of the Predecessor. The periods from June 1, 2017 to September 30, 2017 and from January 1, 2018 to September 30, 2018 have been labeled Successor. The accompanying condensed consolidated statements of operations, cash flows and certain footnotes include a black line division separating the Predecessor Period from the Successor Period. As a result of purchase accounting, the pre-Merger and post-Merger condensed consolidated statements of operations and cash flows are not comparable.
Segment profit (loss) is based on revenues and income (loss) from operations before depreciation, amortization, impairment and gain (loss) on disposal of assets and after other income, net. Depreciation, amortization, impairment and gain (loss) on disposal of assets, interest expense, loss on extinguishment of debt and income taxes are not indicative of operating performance, and, as a result are not included in the operating and reportable segments. Other income, net consists primarily of credit card rebates earned on the prepayment of tolls and therefore included in Segment profit (loss). There are no significant non-cash items reported in Segment profit (loss).
EBITDA and adjusted EBITDA.
EBITDA is defined as net income, net of tax (if applicable), interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further excludes certain non-cash expenses, loss on extinguishment of debt and other transactions that management believes are not indicative of our business. Because EBITDA and adjusted EBITDA, as defined, exclude some but not all items that affect our cash flow from operating activities, they may not be comparable to similarly titled performance measures presented by other companies. EBITDA and adjusted EBITDA margins are calculated as EBITDA and adjusted EBITDA, respectively, divided by total revenues expressed as a percentage.
We present EBITDA and adjusted EBITDA because we believe they provide useful information regarding our ability to meet our future debt payment requirements, capital expenditures and working capital requirements and an overall evaluation of our financial condition. EBITDA and adjusted EBITDA have certain limitations as analytical tools and should not be used as substitutes for net income, cash flows from operations, or other consolidated income or cash flow data prepared in accordance with GAAP.
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SOURCE Verra Mobility
