Slide 1: Investor Day 2022
Investor Day 2022 July 19, 2022
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks Mark Zindler Vice President, Investor Relations 2
Slide 3: Forward-looking Statements
Forward-looking Statements This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by the use of words such as “forecast,” “intend,”
Slide 4: Today's Agenda
Today’s Agenda Mark Zindler 1. Welcome and Introductions VP, Investor Relations 1:00PM David Roberts 2. Introduction to Verra Mobility President & CEO Steve Lalla EVP, Commercial Services Jon Baldwin 3. Business Segment Overviews EVP, Government Solutions Adam Blake President, T2 Systems Break 2:30P
Slide 5: Introduction to Verra Mobility
Introduction to Verra Mobility David Roberts President and CEO 5
Slide 6: Today's Key Themes
Today’s Key Themes 1 Global leader of smart mobility solutions that address mission-critical transportation needs for cities, fleets and universities 2 Well-positioned in large, growing and attractive markets with strong secular tailwinds 3 Robust free cash flow combined with disciplined capital man
Slide 7: Verra Mobility At-a-Glance
Verra Mobility At-a-Glance 1 2 3 4 TTM 1Q22 Key Metrics Commercial Services #1 Provider of toll management to rental car companies Total Revenue1 Recurring Revenue2 (“RAC”) and fleet management companies (“FMC”) in North America $631M 89% Government Solutions #1 Provider Adj EBITDA1 Adj. EBITDA Marg
Slide 8: Positioned for Continued Growth & Profitability
Positioned for Continued Growth & Profitability 1 2 3 4 Commercial Services Government Solutions Parking Solutions (~42%1) (~46%1) (~12%1) Business Segment Leading technology provider of end-to-end Market leader in toll and violation Industry leader in automated traffic parking management solutions
Slide 9: Core Businesses Drive Strong Free Cash Flow Conversion and Consistent Organic Growth
Core Businesses Drive Strong Free Cash Flow Conversion 1 2 3 4 and Consistent Organic Growth Total Revenue ($M) Adjusted EBITDA & Margins ($M) Core Redflex & T2 Systems Adj EBITDA Total Revenue CAGR 14%2 49% 700 CAGR 18% $631 49% 600 13% Organic $551 $82 54% $45 500 53% 46% 400 $306 300 $549 $241 $2
Slide 10: Large, Growing and Attractive Markets
Large, Growing and Attractive Markets 1 2 3 4 Connected Fleet Solutions Urban Mobility Key End Markets Fleet Telematics Vehicle Traffic Parking & Curbside Road Usage Administration Payments Management Management Charging Tech-enabled solutions for fleets (e.g., rental), Solutions that enable governm
Slide 11: Market Opportunity Fueled by Long-Term Macro Trends
Market Opportunity Fueled by Long-Term Macro Trends 1 2 3 4 Connected Fleet & Urban Mobility Total Global Addressable Market 2,3 $63B Urban Mobility CAGRs ▪ Road safety concerns driving Vision Zero1 commitments +10% 2020-2025 2025-2030 CAGR ▪ Growing city populations necessitating congestion solutio
Slide 12: A Customer-Centric Growth Playbook
A Customer-Centric Growth Playbook 1 2 3 4 1. Deep Customer Relationships 2. Differentiated Solutions BUILD deep meaningful relationships with CREATE new opportunities to serve based on customers based on trust service excellence and understanding of customer needs 95%+ Customer Renewal Rate1 4. Man
Slide 13: A Growth Playbook to Deliver Strong Organic Growth
A Growth Playbook to Deliver Strong Organic Growth 1 2 3 4 Commercial Government Parking Services Solutions Solutions 1. Grow the Core Grow managed vehicle fleets Open new cities Add new universities & municipalities 2. Expand into Adjacent markets and offerings Scale and accelerate Bus Lane Open ne
Slide 14: Successful Track Record of Growth through M&A and Organic Expansion
Successful Track Record of Growth through M&A and 1 2 3 4 Organic Expansion 2017 – 2021 Building Scale and IPO Investing in Growth PF Capital Deployment 1 Revenue ($M) 2021 2017 $100M share Platinum Equity acquires Share Buybacks 1 repurchase Capex ATS; David Roberts $600 promoted to CEO 2018 15% AT
Slide 15: Long-Term Outlook Yields Significant Deployable Capital
Long-Term Outlook Yields Significant Deployable Capital 1 2 3 4 6-8% L/T Organic Revenue Growth Capital Allocation Priorities Deployable Capital Capacity 1. Growth opportunities within the 8-10% core business L/T Organic Adj. EBITDA Growth ~$1.7B 2. Accretive and disciplined M&A 3. Opportunistic sha
Slide 16: Experienced and Proven Management Team
Experienced and Proven Management Team 1 2 3 4 David Roberts Craig Conti Steve Lalla Jon Baldwin Adam Blake President & CEO Chief Financial Officer EVP, Commercial Services EVP, Government Solutions President, T2 Systems Jason Rivera Anat Gan Eden Rebecca Collins Mike McMillin Chief Technology Offic
Slide 17: Our People Make the Difference
Our People Make the Difference 1 2 3 4 73 PURPOSE 2022 Engagement Score Enriching lives by making mobility safer & easier VISION To be the global leader in smart mobility by serving our customers at their ~90% highest point of need, with the best people doing their best work Retention1 Strategic Pil
Slide 18: Committed to Responsible Growth
Committed to Responsible Growth 1 2 3 4 Health & Safety Environmental Sustainability Corporate Social Responsibility ▪ Committed to recruiting and nurturing a ▪ Our products and services are at the global, diverse and skilled workforce ESG ▪ Our products and services save lives epicenter of a sustai
Slide 19: Today's Key Themes
Today’s Key Themes 1 Global leader of smart mobility solutions that address mission-critical transportation needs for cities, fleets and universities 2 Well-positioned in large, growing and attractive markets with strong secular tailwinds 3 Robust free cash flow combined with disciplined capital man
Slide 20: Commercial Services
Commercial Services Steve Lalla EVP, Commercial Services 20
Slide 21: Leading Fleet Mobility Solutions Provider
Leading Fleet Mobility Solutions Provider Strategic Advantages TAM Organic Growth $7B HSD L/T ▪ Strategic moat based on large scale and deep integrations with our customers and key partners Commercial Sales Sales ▪ Proprietary cloud applications Services Segment by Solution by Geography and processe
Slide 22: Commercial Services At-a-Glance
Commercial Services At-a-Glance Total Revenue Adj. EBITDA Q1 2022 TTM Financial Results $289M $185M FY 2021 Snapshot 13 Global Offices Violation Services Tolling Services Title & Registration 300+ Transactions Coverage Transactions Coverage Transactions Coverage Employees North 1.4M+ 8,000+ 600K+ US
Slide 23: Who We Serve
Who We Serve Rental Car Fleet Management Direct Fleet/ Brands Companies Financial Institutions Top 12 Brands 10 Industry Leaders OEMs, Lessors, Asset Managers 2.6M Enrolled Vehicles 2.1M Enrolled Vehicles 1.1M Enrolled Vehicles ▪ Avis ▪ Hertz ▪ Donlen ▪ LeasePlan ▪ BMW ▪ Honda ▪ Budget ▪ Dollar ▪ El
Slide 24: Fleets are Facing Increased Complexity in their Operations
Fleets are Facing Increased Complexity in their Operations Vehicle Transactions Fleet Challenges Toll Operators (129+) ▪ Establish/maintain per vehicle toll accounts ▪ Process paper toll violations Toll Payments ▪ Payment processing at vehicle level Fleet Complexity ▪ Manually matching tolls to driv
Slide 25: Fleets are Facing Increased Complexity in their Operations
Fleets are Facing Increased Complexity in their Operations Vehicle Transactions Fleet Challenges Toll Operators (129+) ▪ Establish/maintain per vehicle toll accounts ▪ Process paper toll violations Toll Payments ▪ Payment processing at vehicle level Fleet Complexity ▪ Manually matching tolls to driv
Slide 26: Breadth of Solutions to Address Growing Fleet Segments
Breadth of Solutions to Address Growing Fleet Segments Toll Services Violation Processing Title & Registration North America & Europe U.S. & Europe U.S. Capabilities ▪ National Toll Coverage ▪ Toll, Parking, Photo, Emission & Congestion ▪ Nationwide Processing ▪ Payment Processing, Billing & Call Ce
Slide 27: Delivering Real Customer Value – Customer Story
Delivering Real Customer Value – Customer Story Fleet Size 2,300+ Annual Fleet Toll Management Cost Comparison 21% Annual Savings Annual Toll Volume $94K 134k+ $443K Fleet Benefits ▪ Reduction in admin time $349K and costs ▪ Toll violation elimination ▪ Personal toll costs reduced by 85% Driver Bene
Slide 28: Growth Areas Allow for HSD Revenue Growth
Growth Areas Allow for HSD Revenue Growth Grow Core Global Emerging Connected Fleet Solutions1 Business Expansion Opportunities TAM* North America, Europe & Australia Revenue U.S. Europe Connected Fleet +14% $600M TAM $200M TAM $6B TAM CAGR ~$27B ▪ New fleet ▪ Drive RAC adoption ▪ Vehicle payments t
Slide 29: Core Business Positioned for Expansion
Core Business Positioned for Expansion U.S. All-Electronic Tolling Transition ▪ All-electronic tolling continues to expand % Cashless Tolls ▪ New “tolled” solutions including emission, congestion zones and RUC ▪ Expansion of toll roads in North America 100 64% Tolling 75 50% 50 25 ▪ Increasing penet
Slide 30: Europe Represents Growth Opportunity Across Multiple Solutions
Europe Represents Growth Opportunity Across Multiple Solutions Pre- and Post- COVID ▪ All-electronic tolling emerging slower than expected Europe Revenue Opportunity ▪ Transponder distribution requires unique country agreements ▪ COVID slowed travel – travel growth on an upswing Revenue Rental Car ▪
Slide 31: Connected Fleet Macro Trends
Connected Fleet Macro Trends Vehicle Payments Growing Vehicle Fleets Charging Parking Increasing Complexity of Services Violations Title & Registration Vehicle Connectivity Driving New Use Cases Tolls Technology trends & new user behaviors enable new growth 31
Slide 32: Commercial Services
Commercial Services 1 Core business has upside growth in the US that we must capture 2 Europe is in the early stages of our business thesis and remains attractive 3 Connected fleet represents new growth opportunities and we are investing now Strong core business positioned for HSD growth 32
Slide 33: Government Solutions
Government Solutions Jon Baldwin EVP, Government Solutions 33
Slide 34: Leading Global Provider Poised for Long-Term Growth
Leading Global Provider Poised for Long-Term Growth Strategic Advantages TAM Organic Growth Long-term relationships with state and $11B MSD L/T ▪ local governments ▪ Complete solutions reduce risk and Government Sales Sales by time to deploy Solutions Segment 1 Breakdown Geography ▪ Capacity to scal
Slide 35: Government Solutions At-a-Glance
Government Solutions At-a-Glance Total Revenue Adj. EBITDA Q1 2022 TTM Financial Results $318M $116M Product Revenue ~$60M TTM, Technology Enabled Service Revenue Non-Recurring Revenue (NRR) ~$258M TTM, Annual Recurring Revenue (ARR) Project Ownership Software Service Maintenance Government Contract
Slide 36: Our Purpose is to Improve the Safety of Our Roadways
Our Purpose is to Improve the Safety of Our Roadways Increasing Safety in Changing Driver Serving as a Trusted Bringing Unique Value Urban Environments Behavior Safety Partner to our Customers Traffic Fatalities are Positive Changes, Customers want to Investment Back to the Still on the Rise Meaning
Slide 37: Leading Technology Positively Changes Driver Behavior
Leading Technology Positively Changes Driver Behavior… Speed Red-Light School Bus Transit Bus Safety Safety Stop-Arm Safety Lane Enforcement Capture and process Capture and process Capture and process Capture and process images and video of images and video of images and video of images and video of
Slide 38: Supported by World-Class Tech-Enabled Services
…Supported by World-Class Tech-Enabled Services Recurring Revenue Driven by Installed Camera Base Core Business Stability* 81% 1. Enabling Legislation 4. Back-office Review ARR of Rev 99% 5. Citation Issuance, ARR from long-term contracts 2. Site Selection, Payment and Design and Install Court Suppo
Slide 39: Safety Program Reference – Ottawa Use Case
Safety Program Reference – Ottawa Use Case Fixed School Zone Speed Turn School Zones into Safe Zones Roadways adjacent to Ontario, Canada 8 schools in the City • Reduce the speed of vehicles to prevent or eliminate road deaths and Challenge serious injuries for all people in the City of Ottawa • Det
Slide 40: Clear Competitive Advantages in the Marketplace
Clear Competitive Advantages in the Marketplace Long-Term Reduced Risk & Capacity Market-Leading Legislative Relationships Time to Deploy to Scale Technology Capabilities 98% contract 300+ customer Processing more Automated citation Experience with renewal rate install base than 40 million processin
Slide 41: Well-Positioned for Growth
Well-Positioned for Growth Urban Mobility1 Total Addressable Market NA, Europe & Australia, $ Bn Core Business Growth Adjacent Opportunities Emerging Opportunities +5% CAGR $1.6B TAM $4.4B TAM $5B TAM ▪ Expansion of ▪ Global market ▪ Smart city platform and ~$18B existing programs expansion platform
Slide 42: Growing our Core Business
Growing our Core Business Automated Traffic Enforcement by Law Near-term Opportunities Expand School Bus Expand Speed Safety Stop-arm Safety Opening new cities and states Target States Schools with legislation recently introduced: Florida, California, Connecticut 14 250+ One Application of Automated
Slide 43: Adjacent Opportunities
Adjacent Opportunities Leverage New Technologies to Deliver Work Zone Speed Safety Solutions at Scale Export Our Proven Business Model ▪ 2x recent notable wins with ▪ Opportunities for speed and large expansion opportunities bus lane ▪ Redflex* market position ▪ Automated processing paired with exis
Slide 44: Government Solutions
Government Solutions 1 Core business poised to deliver MSD growth over the next five years 2 New solutions and international expansion provide adjacent near-term opportunities to accelerate growth 3 Strong secular drivers for safety programs lead to long-term growth potential Strong core business po
Slide 45: Parking Solutions
Parking Solutions Adam Blake President, T2 Systems 45
Slide 46: Leading Parking Solutions Partner
Leading Parking Solutions Partner Total Revenue Adj. EBITDA NA TAM1 Strategic Advantages Q1 2022 TTM Financial Results $73M $19M $4B ▪ #1 market position in large universities Sales SaaS Revenue ▪ Diversified product portfolio that scales Years of Renewal Breakdown Growth ($M) and provides end-to-en
Slide 47: Unifying the Disparity of Parking
Unifying the Disparity of Parking Universities | Municipalities | Healthcare | Commercial Access & Revenue Permit Control Mgmt (PARCS) Pay DATA Stations Rate Mgmt License Plate Enforcement Recognition REPORTING Mobile Collections Solutions Payments ▪ Disparate systems; no integration Customer ▪ Lack
Slide 48: Comprehensive Portfolio of Integrated Solutions
Comprehensive Portfolio of Integrated Solutions Software-as-a-Service Services Hardware ▪ Customer relationship management ▪ Implementation services ▪ Parking payment kiosks ▪ Permit sales and parking permissions ▪ Managed services ▪ Parking garage systems ▪ Enforcement and collections ▪ Citation co
Slide 49: Who We Serve
Who We Serve Universities Municipalities Other Over 400 Universities 600 Municipalities Over 1,000 Adjacent Customer Advisory Board Members: Customer Advisory Board Members: Segment Customers ▪ Michigan State ▪ Oregon Health & ▪ Lexington Fayette County Parking ▪ Airports University Science Universi
Slide 50: Tier 1 University Customer Story
Tier 1 University Customer Story Challenges Solution Outcome ▪ Balancing university ▪ Started with a ▪ “T2’s unified platform is our enterprise growth with physical centralized platform management system. It gives us the TEXAS A&M UNIVERSITY constraints on campus to manage all ability to scale our s
Slide 51: Growth Opportunities
Growth Opportunities Parking Solutions Total Addressable Market NA $Bn Grow the Core Adjacent Opportunities Emerging +9% $2.3B TAM >$1.5B TAM Opportunities CAGR ▪ Add New Customers: ▪ Enter New ▪ Curb Monetization University & Municipality Market Segments: ▪ Parking Intelligence ~$10B ▪ Land & Expan
Slide 52: Grow the Core: Universities and Municipalities
Grow the Core: Universities and Municipalities T2 Market Share by Segment Core Growth Strategy TAM: $2.3B 1▪ Grow core university Market Share market share Tier 1 (>15k Students) 44% 2▪ Accelerate growth Universities Tier 2 (7.5-15k Students) 19% in municipalities $0.9B Tier 3 (<7.5k Students) 6% ▪
Slide 53: Emerging Opportunity: Managing and Monetizing the Curb
Emerging Opportunity: Managing and Monetizing the Curb Manage Curb Automate Aggregate and Curbside Access Enforcement Analyze Data Solution The Future of the Curb is a $4B1 Opportunity by 2030 1. Estimated US TAM for Curbside management market in 2030, 3rd party study 53
Slide 54: T2 Systems
T2 Systems 1 Strong long-term relationships with our customers to support HSD growth. 2 Significant whitespace to grow market share in cities and universities. 3 Track record of innovation to capitalize on emerging opportunities. Strong core business positioned for sustainable growth 54
Slide 55: Break
Break We’ll be back in 15 minutes Investor Day 2022 July 19, 2022 55
Slide 56: Mergers & Acquisitions
Mergers & Acquisitions Mike McMillin Senior Vice President of Corporate Development & Strategy 56
Slide 57: M&A Supports Verra Mobility's Growth Strategy
M&A Supports Verra Mobility’s Growth Strategy ▪ Similar market, similar products 1 Strengthen Core Market Positions ▪ Leverage “best of both” to optimize the combined business ▪ Key Value Driver: Cost synergies ▪ Enter new customer segment or geography 2 Accelerate Growth in Adjacent Markets ▪ Add t
Slide 58: M&A Framework – A Repeatable Formula for Returns on M&A
M&A Framework – A Repeatable Formula for Returns on M&A Strategic Fit Price Discipline Integration Focus Market Returns Integration Strategy ▪ Strong growth potential • Returns > cost of capital1 ▪ Full integration for ▪ High barriers to entry ▪ ROIC focus cost synergies ▪ Selective integration for
Slide 59: Price Discipline Supported by a Cash-Flow Focus
Price Discipline Supported by a Cash-Flow Focus Valuation Principles Illustrative Valuation Value to VRRM Strategic Option Value Returns Revenue Synergies Cost Synergies • New market opportunities Stand-alone generated by the • New products for combination Value existing customers Cash-flow • New cu
Slide 60: Strategic Fit for Redflex and T2 Systems
Strategic Fit for Redflex and T2 Systems Market Criteria Company Criteria Value-Add Criteria Deal Deal Strategy Strong High History of Execution Market Revenue Cost Revenue Growth Barriers Growth / Leadership Durability Synergies Synergies Potential to Entry Cash Flow ✓ ✓ ✓ 50% of total Strengthen W
Slide 61: Aligning M&A with Growth Strategy
Aligning M&A with Growth Strategy Accelerate growth in Expand into emerging Markets Strengthen the Core adjacent markets opportunities ▪ Tolling ▪ New segments and fleets ▪ Integrated vehicle payments ▪ Title and Registration ▪ Geographic expansion ▪ Electric vehicle charging Connected ▪ Connected f
Slide 62: M&A at Verra Mobility
M&A at Verra Mobility 1 We use a disciplined, consistent and strategic M&A framework to support our growth ambitions 2 Core, adjacent, and emerging opportunities in Connected Fleets and Urban Mobility drive future M&A 3 Price discipline, coupled with a relentless focus on cash-flow and returns, driv
Slide 63: Financial Overview & Capital Allocation
Financial Overview & Capital Allocation Craig Conti Executive Vice President and Chief Financial Officer 63
Slide 64: Key Takeaways
Key Takeaways 1 Proven business model poised to generate mid-to-high single digit long- term organic revenue growth 2 Strong, flexible balance sheet and robust cash flow generation to support growth investments 3 Clear and disciplined capital allocation priorities 4 Multiple paths to double free cas
Slide 65: Core Businesses Drive Strong Free Cash Flow Conversion and Consistent Organic Growth
Core Businesses Drive Strong Free Cash Flow Conversion and Consistent Organic Growth Total Revenue ($M) Adjusted EBITDA & Margins ($M) Core Redflex & T2 Systems Adj EBITDA Total Revenue CAGR 14%2 49% 700 CAGR 18% $631 49% 600 13% Organic $551 $82 54% $45 500 53% 46% 400 $306 300 $549 $241 $271 $449
Slide 66: Strong, Flexible Balance Sheet + Robust Cash Flow
2 0 2 1 I N V E S T O R D A Y – © B U I L D E R66S F I R S T S O U R C E Strong, Flexible Balance Sheet + Robust Cash Flow Capital Summary & Financial Highlights ($M) Pro Forma Net Leverage Improvement ($M) $1,172 $1,152 $1,124 March 31, 2022 $854 $871 Cash & Cash Equivalents $93 4.3x 4.1x 3.7x 3.8x
Slide 67: 2022 Updated Financial Outlook
2022 Updated Financial Outlook Total Revenue ($M) Adjusted EBITDA ($M) $720 - $740 $325 - $335 $715 $322 +2.1% +2.5% Prior Current Prior Current Strong secular trends driving service Product revenue expected roughly in Adjusted EBITDA margins reflect full revenue growth…travel demand remained line w
Slide 68: Favorable Secular Trends Driving Strong Organic Growth
Favorable Secular Trends Driving Strong Organic Growth Total Revenue ($M) Total Revenue Highlights ($M) 6-8% ▪ Commercial Services expected to grow HSD% CAGR • Continued U.S. conversion to cashless (64% at present) • Further market share penetration in fleet management $950- ▪ Govt Solutions expecte
Slide 69: Demonstrated History of Disciplined Capital Allocation
Demonstrated History of Disciplined Capital Allocation 2017 – 2021 PF Capital Deployment1 ($M) Capital Allocation Snapshot ($M) 1 ▪ Organic Investment Share Buybacks 1 Capex ▪ Revenue generating capital expenditures (e.g., cameras) 15% 8% ▪ Proprietary software development ▪ Minimal maintenance capi
Slide 70: Cash Generation To Remain Strong Over Outlook Period
2 0 2 1 I N V E S T O R D A Y – © B U I L D E R70S F I R S T S O U R C E Cash Generation To Remain Strong Over Outlook Period Illustrative 2026E Illustrative Cumulative Organic Free Cash Flow ($M) Capital Available ($B) 145 475 Free Cash Flow Incremental Cash from $0.5B 55 Re-levering to 3.5X EBITDA
Slide 71: Strong FCF Generation & Disciplined Capital Allocation Enables Superior Returns
Strong FCF Generation & Disciplined Capital Allocation Enables Superior Returns For Shareholders 2022 – 2026 Capital Allocation Scenarios ($M) Scenario 1: 25% M&A, 75% Buyback Scenario 2: 75% M&A, 25% Buyback ▪ Organic FCF growth is our Share strongest value creation lever Share Repurchases Repurcha
Slide 72: Consistent Strategic Priorities Enabling Shareholder Value Creation
Consistent Strategic Priorities Enabling Shareholder Value Creation 2022 E Future State (2026) Proven business model poised 1 to generate mid-to-high single digit long-term revenue growth Organic Revenue1 $730 6-8% CAGR to ~$1B Strong, flexible balance sheet & 2 robust cash flow generation supportin
Slide 73: Thank You
Thank You Investor Day 2022 July 19, 2022
Slide 74: Today's Key Themes
Today’s Key Themes 1 Global leader of smart mobility solutions that address mission-critical transportation needs for cities, fleets and universities 2 Well-positioned in large, growing and attractive markets with strong secular tailwinds 3 Robust free cash flow combined with disciplined capital man
Slide 75: Q&A
Q&A David Roberts Craig Conti President and CEO EVP and CFO Investor Day 2022 July 19, 2022
Slide 76: Appendix
Appendix 76
Slide 77: Verra Mobility Adjusted EBITDA and Margin Reconciliation
Verra Mobility Adjusted EBITDA and Margin Reconciliation ($MM) 2018 2019 2020 2021 TTM 1Q22 Total Revenue $ 370 $ 449 $ 394 $ 551 $ 631 Net (Loss) Income $ (58) $ 33 $ (5) $ 41 $ 61 Interest expense, net 70 61 41 45 50 Income tax (benefit) provision (16) 14 5 26 36 Depreciation and amortization 103
Slide 78: Adj. Net Income, Adj. Diluted EPS and Free Cash Flow per Share Reconciliations
Verra Mobility Adj. Net Income, Adj. Diluted EPS and Free Cash Flow per Share Reconciliations ($MM, except per share data) 2021 Net Income $ 41 Amortization of intangibles 90 Transaction and other related expenses 14 Transformation expenses 2 Change in fair value of private placement warrants 8 Tax
Slide 79: Free Cash Flow Reconciliation, incl. % of Adj. EBITDA
Verra Mobility Free Cash Flow Reconciliation, incl. % of Adj. EBITDA ($MM) 2018 2019 2020 2021 TTM 1Q22 Adjusted EBITDA $ 198 $ 241 $ 182 $ 271 $ 306 1 Net cash provided by operating activities $ 112 $ 134 $ 47 $ 193 $ 215 Purchases of installation and service parts and property and equipment (27) (