Business
VERRA MOBILITY PROVIDES UPDATE ON YEAR END FINANCIAL STATEMENTS AND PROVIDES 2022 FINANCIAL GUIDANCE
MESA, Ariz., March 31, 2022 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM) (the "Company"), a leading provider of smart mobility solutions,
About this update from Verra Mobility Corporation
[{"type":"text","content":"MESA, Ariz., March 31, 2022 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM) (the \"Company\"), a leading provider of smart mobility solutions, announced today that it is continuing to finalize its financial statements for the fiscal year ended December 31, 2021, and complete the related Audit Committee investigation described in the Company's Form 12b-25 filing issued on February 28, 2022. The Company expects the audit of its financial statements to be completed in the near term and confirms its estimated results for 2021 as set forth in its press release dated February 28, 2022.\n\n \n \n \n \n \n \n\n \nBecause the Company did not file its Form 10-K by March 31, 2022, a technical default will occur under the Company's first lien term loan credit agreement, revolving credit agreement and senior note indenture, pursuant to which approximately $1,243 million is outstanding. The technical default will not cause an acceleration of any Company indebtedness. The Company expects its year-end 2021 financial statements to be completed, and Form 10-K filed, in advance of the date that any of its debt would be capable of becoming accelerated (May 1, 2022). As of today, the Company has approximately $97 million in cash to fund operations for the foreseeable future.\n\"As we finalize the audit, we are confident in our business performance,\" said David Roberts, president and CEO, Verra Mobility. \"Our 2022 outlook remains strong, and we have therefore decided to provide our financial guidance for 2022 at this time.\"\n2022 Full Year GuidanceAny guidance that the Company provides is subject to change as a variety of factors can affect actual operating results. Certain of the factors that may impact the Company's actual operating results are identified below in the safe harbor language included within Forward-Looking Statements of this press release. In addition, the recent acquisitions of Redflex and T2 Systems include preliminary allocations of the fair values of assets acquired and liabilities assumed as of the acquisition date. Purchase price allocations are subject to change within the measurement period (up to one year from the acquisition date). The Company is providing the following forward-looking guidance, which includes Adjusted EBITDA, a non-GAAP financial measure (defined below):\n2022 Financial Guidance \nService Reven...