Verra Mobility (VRRM) 10-Q31 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	VERRA MOBILITY CORPORATION
Entity Central Index Key	0001682745
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	VRRM
Security Exchange Name	NASDAQ
Entity File Number	001-37979
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3563824
Entity Address, Address Line One	1150 North Alma School Road
Entity Address, City or Town	Mesa
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85201
City Area Code	480
Local Phone Number	443-7000
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		164,804,157

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 206,088	$ 136,309
Restricted cash	7,125	3,413
Accounts receivable (net of allowance for credit losses of $19.6 million and $18.5 million at September 30, 2024 and December 31, 2023, respectively)	194,587	197,824
Unbilled receivables	51,100	37,065
Inventory	18,708	17,966
Prepaid expenses and other current assets	51,407	46,961
Total current assets	529,015	439,538
Installation and service parts, net	30,134	22,895
Property and equipment, net	136,815	123,248
Operating lease assets	30,710	33,523
Intangible assets, net	251,327	301,025
Goodwill	838,151	835,835
Other non-current assets	34,429	33,919
Total assets	1,850,581	1,789,983
Current liabilities:
Accounts payable	100,225	78,749
Deferred revenue	30,204	28,788
Accrued liabilities	66,966	93,119
Tax receivable agreement liability, current portion	5,098	5,098
Current portion of long-term debt	0	9,019
Total current liabilities	202,493	214,773
Long-term debt, net of current portion	1,037,174	1,029,113
Operating lease liabilities, net of current portion	26,873	29,124
Tax receivable agreement liability, net of current portion	48,369	48,369
Asset retirement obligation	15,208	14,580
Deferred tax liabilities, net	16,886	18,360
Other long-term liabilities	17,032	14,197
Total liabilities	1,364,035	1,368,516
Commitments and contingencies (Note 13)
Stockholders' equity
Preferred stock, $0.0001 par value, 1,000 shares authorized with no shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 260,000 shares authorized with 164,804 and 166,555 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	16	17
Additional paid-in capital	564,491	557,513
Accumulated deficit	(71,149)	(125,887)
Accumulated other comprehensive loss	(6,812)	(10,176)
Total stockholders' equity	486,546	421,467
Total liabilities and stockholders' equity	$ 1,850,581	$ 1,789,983

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 19,575	$ 18,513
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	1,000	1,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	260,000	260,000
Common Stock, Shares, Outstanding	164,804	166,555
Common Stock, Shares, Issued	164,804	166,555

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 225,551	$ 209,933	$ 657,707	$ 606,297
Operating expenses	76,026	68,873	221,569	196,373
Selling, general and administrative expenses	47,918	42,276	142,432	125,494
Depreciation, amortization and (gain) loss on disposal of assets, net	26,718	27,597	81,215	87,018
Total costs and expenses	161,661	150,760	478,295	440,812
Income from operations	63,890	59,173	179,412	165,485
Interest expense, net	18,723	20,384	57,203	65,842
Change in fair value of private placement warrants	0	(553)	0	24,966
Loss (gain) on interest rate swap	913	60	494	(1,947)
Loss on extinguishment of debt	33	1,975	628	3,533
Other income, net	(4,272)	(4,498)	(13,970)	(12,766)
Total other expenses	15,397	17,368	44,355	79,628
Income before income taxes	48,493	41,805	135,057	85,857
Income tax provision	13,761	11,497	36,953	31,864
Net income	34,732	30,308	98,104	53,993
Other comprehensive income (loss):
Change in foreign currency translation adjustment	5,190	(4,189)	3,364	(3,561)
Total comprehensive income	$ 39,922	$ 26,119	$ 101,468	$ 50,432
Net income per share:
Basic	$ 0.21	$ 0.18	$ 0.59	$ 0.35
Diluted	$ 0.21	$ 0.18	$ 0.58	$ 0.34
Weighted average shares outstanding:
Basic	164,735	168,089	165,676	156,196
Diluted	167,624	169,497	168,318	157,133
Service Revenue
Total revenue	$ 217,267	$ 201,029	$ 632,005	$ 581,777
Cost of revenue	5,378	5,150	14,324	13,718
Product Sales
Total revenue	8,284	8,904	25,702	24,520
Cost of revenue	$ 5,621	$ 6,864	$ 18,755	$ 18,209

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Common Stock PE Greenlight Holdings, LLC	Common Stock Contingent Consideration	Common Stock Contingent Consideration PE Greenlight Holdings, LLC	Additional Paid-in Capital	Additional Paid-in Capital PE Greenlight Holdings, LLC	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2022	$ 231,070	$ 15		$ 36,575		$ 305,423		$ (98,078)	$ (12,865)
Beginning Balance (in shares) at Dec. 31, 2022		148,962
Net income	4,577							4,577
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		313
Exercise of stock options	699					699
Exercise of stock options (in shares)		53
Payment of employee tax withholding related to RSUs and PSUs vesting	(2,526)					(2,526)
Stock-based compensation	3,378					3,378
Other comprehensive income (loss),net of tax	(90)								(90)
Exercise of warrants ( in Shares)		633
Ending Balance at Mar. 31, 2023	237,108	$ 15		36,575		306,974		(93,501)	(12,955)
Ending Balance (in shares) at Mar. 31, 2023		149,961
Beginning Balance at Dec. 31, 2022	231,070	$ 15		36,575		305,423		(98,078)	(12,865)
Beginning Balance (in shares) at Dec. 31, 2022		148,962
Net income	53,993
Ending Balance at Sep. 30, 2023	404,056	$ 17				549,374		(128,909)	(16,426)
Ending Balance (in shares) at Sep. 30, 2023		166,310
Beginning Balance at Mar. 31, 2023	237,108	$ 15		36,575		306,974		(93,501)	(12,955)
Beginning Balance (in shares) at Mar. 31, 2023		149,961
Net income	19,108							19,108
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		121
Exercise of stock options	1,689					1,689
Exercise of stock options (in shares)		127
Payment of employee tax withholding related to RSUs and PSUs vesting	(502)					(502)
Stock-based compensation	4,525					4,525
Other comprehensive income (loss),net of tax	718								718
Earn-out shares issued to Platinum Stockholder					$ (18,288)		$ 18,288
Earn-out shares issued to Platinum Stockholder (in shares)			2,500
Exercise of warrants ( in Shares)		14,208
Exercise o warrants	202,654	$ 2				202,652
Ending Balance at Jun. 30, 2023	465,300	$ 17		$ 18,287		533,626		(74,393)	(12,237)
Ending Balance (in shares) at Jun. 30, 2023		166,917
Net income	30,308							30,308
Share repurchase and retirement	(100,000)					(15,176)		(84,824)
Share repurchase and retirement (in shares)		(4,581)
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		7
Exercise of stock options	457					457
Exercise of stock options (in shares)		34
Payment of employee tax withholding related to RSUs and PSUs vesting	(49)					(49)
Stock-based compensation	4,443					4,443
Other comprehensive income (loss),net of tax	(4,189)								(4,189)
Earn-out shares issued to Platinum Stockholder					$ (18,287)		$ 18,287
Earn-out shares issued to Platinum Stockholder (in shares)			2,500
Exercise of warrants ( in Shares)		1,433
Exercise o warrants	7,786					7,786
Ending Balance at Sep. 30, 2023	404,056	$ 17				549,374		(128,909)	(16,426)
Ending Balance (in shares) at Sep. 30, 2023		166,310
Beginning Balance at Dec. 31, 2023	421,467	$ 17				557,513		(125,887)	(10,176)
Beginning Balance (in shares) at Dec. 31, 2023		166,555
Net income	29,149							29,149
Share repurchase and retirement						(1,789)		1,789
Share repurchase and retirement (in shares)		(534)
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		445
Exercise of stock options	689					689
Exercise of stock options (in shares)		50
Payment of employee tax withholding related to RSUs and PSUs vesting	(4,608)					(4,608)
Stock-based compensation	5,558					5,558
Other comprehensive income (loss),net of tax	(3,260)								(3,260)
Ending Balance at Mar. 31, 2024	448,995	$ 17				557,363		(94,949)	(13,436)
Ending Balance (in shares) at Mar. 31, 2024		166,516
Beginning Balance at Dec. 31, 2023	421,467	$ 17				557,513		(125,887)	(10,176)
Beginning Balance (in shares) at Dec. 31, 2023		166,555
Net income	98,104
Ending Balance at Sep. 30, 2024	486,546	$ 16				564,491		(71,149)	(6,812)
Ending Balance (in shares) at Sep. 30, 2024		164,804
Beginning Balance at Mar. 31, 2024	448,995	$ 17				557,363		(94,949)	(13,436)
Beginning Balance (in shares) at Mar. 31, 2024		166,516
Net income	34,223							34,223
Share repurchase and retirement	(51,850)	$ (1)				(6,694)		(45,155)
Share repurchase and retirement (in shares)		(2,000)
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		120
Exercise of stock options	285					285
Exercise of stock options (in shares)		22
Payment of employee tax withholding related to RSUs and PSUs vesting	(1,050)					(1,050)
Stock-based compensation	6,590					6,590
Other comprehensive income (loss),net of tax	1,434								1,434
Ending Balance at Jun. 30, 2024	438,627	$ 16				556,494		(105,881)	(12,002)
Ending Balance (in shares) at Jun. 30, 2024		164,658
Net income	34,732							34,732
Vesting of restricted stock units ("RSUs") and performance share units ("PSUs'') (in shares)		16
Exercise of stock options	1,727					1,727
Exercise of stock options (in shares)		130
Payment of employee tax withholding related to RSUs and PSUs vesting	(168)					(168)
Stock-based compensation	6,438					6,438
Other comprehensive income (loss),net of tax	5,190								5,190
Ending Balance at Sep. 30, 2024	$ 486,546	$ 16				$ 564,491		$ (71,149)	$ (6,812)
Ending Balance (in shares) at Sep. 30, 2024		164,804

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 98,104	$ 53,993
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80,982	86,835
Amortization of deferred financing costs and discounts	3,437	3,600
Change in fair value of private placement warrants	0	24,966
Change in fair value of interest rate swap	1,316	(3,361)
Loss on extinguishment of debt	628	3,533
Credit loss expense	11,425	7,553
Deferred income taxes	(1,684)	(7,236)
Stock-based compensation	18,586	12,346
Other	749	306
Changes in operating assets and liabilities:
Accounts receivable	(7,891)	(35,854)
Unbilled receivables	(13,912)	(9,529)
Inventory	511	(1,061)
Prepaid expenses and other assets	(3,423)	2,948
Deferred revenue	1,401	3,475
Accounts payable and other current liabilities	(6,600)	27,059
Other liabilities	(474)	798
Net cash provided by operating activities	183,155	170,371
Cash Flows from Investing Activities:
Cash receipts (payments) for interest rate swap	822	(1,414)
Purchases of installation and service parts and property and equipment	(52,009)	(40,501)
Cash proceeds from the sale of assets	156	222
Net cash used in investing activities	(51,031)	(41,693)
Cash Flows from Financing Activities:
Repayment of long-term debt	(4,509)	(179,264)
Payment of debt issuance costs	(440)	(362)
Proceeds from the exercise of warrants	0	161,408
Share repurchase and retirement	(51,500)	(100,000)
Proceeds from exercise of stock options	2,701	2,845
Payment of employee tax withholding related to RSUs and PSUs vesting	(5,826)	(3,077)
Net cash used in financing activities	(59,574)	(118,450)
Effect of exchange rate changes on cash and cash equivalents	941	(1,013)
Net increase in cash, cash equivalents and restricted cash	73,491	9,215
Cash, cash equivalents and restricted cash - beginning of period	139,722	109,115
Cash, cash equivalents and restricted cash - end of period	213,213	118,330
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	206,088	114,379
Restricted cash	7,125	3,951
Total cash, cash equivalents, and restricted cash	213,213	118,330
Supplemental cash flow information:
Interest paid	53,821	60,370
Income taxes paid, net of refunds	38,018	37,627
Supplemental non-cash investing and financing activities:
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end	3,998	6,927
Accrued excise tax payable on net share repurchases	350	0
Earn-out shares issued to PE Greenlight Holdings, LLC	0	36,575
Increase in additional paid-in capital due to exercise of private placement warrants	$ 0	$ 49,032

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 34,732	$ 34,223	$ 29,149	$ 30,308	$ 19,108	$ 4,577	$ 98,104	$ 53,993

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Verra Mobility Corporation (collectively with its subsidiaries, the “ Company ” or “ Verra Mobility ”) offers integrated technology solutions and services to its customers who are located throughout the world, primarily within the United States, Australia, Canada and Europe. T he Company is organized into three operating segments: Commercial Services, Government Solutions and Parking Solutions (see Note 14, Segment Reporting ). The Commercial Services segment offers automated toll and violations management and title and registration solutions to rental car companies (“ RACs ”), direct commercial fleet owner-operators (“ Direct Fleets ”) and fleet management companies (“ FMCs ”) and other large fleet owners in North America. Through its established relationships with individual tolling authorities throughout the United States, the segment provides an automated and outsourced administrative solution for its customers while also providing a value-added convenience for vehicle drivers and benefits to tolling and issuing authorities. The toll and violations management solutions help ensure timely payment of tolls and violations incurred by the customers’ vehicles and perform timely transfers of liability on the customers’ behalf, and driver billing and collections, as applicable. It also manages regional toll transponder installation and vehicle association—a critical and highly complex process for RAC, Direct Fleet and FMC customers—to ensure that the transponders (and corresponding toll transactions) are associated with the correct vehicle. In Europe, the Commercial Services segment provides violations processing through Euro Parking Collection plc and consumer tolling services through Pagatelia S.L.U. The Government Solutions segment offers photo enforcement solutions and services to its customers which include complete, end-to-end speed, red-light, school bus stop arm and bus lane enforcement solutions. These programs are designed to reduce traffic violations and resulting collisions, injuries and fatalities. The Company implements and administers traffic safety programs for municipalities, counties, school districts and law enforcement agencies of all sizes. The international operations for this segment primarily involve the sale of traffic enforcement products and recurring maintenance services related to the equipment and software. The Parking Solutions segment offers an integrated suite of parking software, transaction processing and hardware solutions to its customers, which include universities, municipalities, healthcare facilities and commercial parking operators. This segment develops specialized hardware and parking management software that provides a platform for the issuance of parking permits, enforcement, gateless vehicle counting, event parking and citation services. It also produces and markets its proprietary software as a service to its customers throughout the United States and Canada.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company prepared in accordance with generally accepted accounting principles in the United States of America (“ GAAP ”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the unaudited condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. There have been no material changes in the Company's significant accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023. Management believes that its estimates and assumptions are reasonable in the circumstances; however, actual results could differ materially from those estimates. Concentration of Credit Risk Significant customers are those which represent more than 10 % of the Company’s total revenue or accounts receivable, net. Revenue from the single Government Solutions customer exceeding 10 % of total revenue is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 City of New York Department of Transportation 15.5 % 16.5 % 15.9 % 17.1 % The City of New York Department of Transportation (“ NYCDOT ”) represented 13 % and 18 % of total accounts receivable, net as of September 30, 2024 and December 31, 2023, respectively. There is no material reserve related to NYCDOT open receivables as amounts are deemed collectible based on current conditions and expectations. No other Government Solutions customer exceeded 10% of total accounts receivable, net as of any period presented. Significant customer revenues generated through the Company’s Commercial Services partners as a percent of total revenue are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Hertz Corporation 10.5 % 11.8 % 10.9 % 11.8 % Avis Budget Group, Inc. 14.2 % 15.1 % 13.7 % 13.8 % Enterprise Mobility 12.2 % 11.6 % 11.6 % 10.5 % No Commercial Services customer exceeded 10% of total accounts receivable, net as of any of the periods presented. There were no significant customer concentrations that exceeded 10% of total revenue or accounts receivable, net for the Parking Solutions segment as of or for any of the periods presented. Allowance for Credit Losses The Company reviews historical credit losses and customer payment trends on receivables and develops loss rate estimates as of the balance sheet date, which includes adjustments for current and future expectations using probability-weighted assumptions about potential outcomes. Receivables are written off against the allowance for credit losses when it is probable that amounts will not be collected based on the terms of the customer contracts, and subsequent recoveries reverse the previous write-off and apply to the receivable in the period recovered. No interest or late fees are charged on delinquent accounts. The Company evaluates the adequacy of its allowance for expected credit losses by comparing its actual write-offs to its previously recorded estimates and adjusts appropriately. The Company identified pools of receivables based on the type of business, industry in which the customer operates and historical credit loss patterns. The following presents the activity in the allowance for credit losses by reportable segment for the nine months ended September 30, 2024 and 2023, respectively: Commercial Government Parking ($ in thousands) Services (1) Solutions Solutions Total Balance at January 1, 2024 $ 15,661 $ 2,426 $ 426 $ 18,513 Credit loss expense (income) 11,599 ( 226 ) 52 11,425 Write-offs, net of recoveries ( 10,240 ) ( 107 ) ( 16 ) ( 10,363 ) Balance at September 30, 2024 $ 17,020 $ 2,093 $ 462 $ 19,575 Commercial Government Parking ($ in thousands) Services (1) Solutions Solutions Total Balance at January 1, 2023 $ 11,177 $ 4,573 $ 157 $ 15,907 Credit loss expense (income) 9,378 ( 1,964 ) 139 7,553 Write-offs, net of recoveries ( 5,135 ) ( 185 ) ( 562 ) ( 5,882 ) Balance at September 30, 2023 $ 15,420 $ 2,424 $ ( 266 ) $ 17,578 (1) This primarily consists of receivables from drivers of rental cars for which the Company bills on behalf of its customers. Receivables not collected from drivers within a defined number of days are transferred to customers subject to applicable bad debt sharing agreements. The allowance for credit losses for driver-billed receivables was 82 % and 86 % of the total Commercial Services allowance for credit losses as of September 30, 2024 and 2023, respectively. Remaining Performance Obligations Deferred revenue represents amounts that have been invoiced in advance and are expected to be recognized as revenue in future periods, and it primarily relates to Government Solutions and Parking Solutions customers. The Company had approximately $ 11.2 million and $ 13.1 million of deferred revenue in the Government Solutions segment as of September 30, 2024 and December 31, 2023, respectively. The Company recognized $ 1.1 million and $ 1.7 million of revenue excluding exchange rate impact during the three months ended September 30, 2024 and 2023, respectively, and $ 7.0 million and $ 5.8 million, of revenue excluding exchange rate impact during the nine months ended September 30, 2024 and 2023, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022. The Company had approximately $ 24.5 million and $ 19.7 million of deferred revenue in the Parking Solutions segment as of September 30, 2024 and December 31, 2023, respectively. The Company recognized $ 2.6 million and $ 3.9 million of revenue during the three months ended September 30, 2024 and 2023, respectively, and $ 18.0 million and $ 18.7 million of revenue during the nine months ended September 30, 2024 and 2023, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022. Transaction price allocated to the remaining performance obligations includes deferred revenue above and unbilled amounts that are expected to be recognized as revenue in future periods. As of September 30, 2024, total transaction price allocated to performance obligations in the Government Solutions segment that were unsatisfied or partially unsatisfied was $ 254.8 million, of which $ 127.8 million is expected to be recognized as revenue in the next twelve months and the rest over the remaining performance obligation period. The Company elected the practical expedients to omit disclosure for the amount of the transaction price allocated to remaining performance obligations with original expected contract length of one year or less and the amount that relates to variable consideration allocated to a wholly unsatisfied performance obligation to transfer a distinct good or service within a series of distinct goods or services that form a single performance obligation. Interest Rate Swap In December 2022, the Company entered into a cancellable interest rate swap agreement to hedge its exposure to interest rate fluctuations associated with the LIBOR (now transitioned to Term Secured Overnight Financing Rate, “ SOFR ”) portion of the variable interest rate on its 2021 Term Loan. Under the interest rate swap agreement, the Company paid a fixed rate of 5.17% and the counterparty paid a variable interest rate. The Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement with the counterparty which provided for the net settlement of all, or a specified group, of derivative transactions through a single payment. The notional amount on the interest rate swap was $ 675.0 million. The Company had the option to effectively terminate the interest rate swap agreement starting in December 2023, and monthly thereafter until December 2025. The Company treated the interest rate swap as an economic hedge for accounting purposes and any changes in the fair value of the derivative instrument (including accrued interest) and related cash receipts or payments were recorded in the condensed consolidated statements of operations within the loss (gain) on interest rate swap line item. The Company exercised its option to cancel the interest rate swap agreement as of September 30, 2024. The following details the components of the loss (gain) on interest rate swap for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Change in fair value $ 1,169 $ 202 $ 1,316 $ ( 3,361 ) Cash (receipts) payments ( 256 ) ( 142 ) ( 822 ) 1,414 Total loss (gain) on interest rate swap $ 913 $ 60 $ 494 $ ( 1,947 ) The effect of remeasurement to fair value was recorded within the operating activities section and the monthly cash proceeds received or payments made were recorded within the investing activities section in the condensed consolidated statements of cash flows. See Note 7, Fair Value of Financial Instruments , for further discussion on the fair value measurement of the interest rate swap. Recent Accounting Pronouncements Accounting Standard Adopted On June 30, 2022, the Financial Accounting Standards Board (the “ FASB ”) issued Accounting Standards Update (“ ASU ”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted this standard as of January 1, 2024. The adoption of this standard did not have an impact on the Company's financial statements or disclosures. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU intends to enhance disclosure related to significant segment expenses regularly provided to the Chief Operating Decision Maker (“ CODM ”), amounts presented as “other” within segment profit (loss), require that all annual disclosures are also reported for interim periods, further define the CODM and how they use segment profit (loss) to allocate resources, and require that entities with only a single reportable segment provide all required segment disclosures. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This change will apply retrospectively to all periods presented. The adoption of this standard will only require changes to the Company's disclosures with no expected impact to its results of operations, financial position or cash flows. The Company is currently evaluating the impact of this standard on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The ASU requires companies to disclose specific categories in the rate reconciliation, provide additional disclosure for reconciling items that exceed proscribed thresholds, and enhance disclosure regarding income taxes paid and sources of income (loss) from continuing operations including the tax expense (or benefit) disaggregated by federal, state and foreign taxes. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
Prepaid Expenses and Other Current Assets	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following at: ($ in thousands) September 30, December 31, Prepaid services $ 12,695 $ 10,496 Income taxes receivable 9,211 9,830 Prepaid tolls 8,594 9,174 Prepaid computer maintenance 6,766 6,775 Costs to fulfill a customer contract 6,650 5,852 Prepaid insurance 3,325 1,755 Deposits 3,195 2,322 Other 971 757 Total prepaid expenses and other current assets $ 51,407 $ 46,961

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	4. Goodwill and Intangible Assets The following table presents the changes in the car rying amount of goodwill by reportable segment: Commercial Government Parking ($ in thousands) Services Solutions Solutions Total Balance at December 31, 2023 $ 422,091 $ 214,602 $ 199,142 $ 835,835 Foreign currency translation adjustment 2,068 248 — 2,316 Balance at September 30, 2024 $ 424,159 $ 214,850 $ 199,142 $ 838,151 Intangible assets consist of the following as of the respective period-ends: September 30, 2024 December 31, 2023 Weighted Weighted Average Gross Average Gross Remaining Carrying Accumulated Remaining Carrying Accumulated ($ in thousands) Useful Life Amount Amortization Useful Life Amount Amortization Trademarks 5.3 years $ 4,812 $ 1,927 0.3 years $ 36,190 $ 32,882 Patent 4.1 years 500 92 4.8 years 500 17 Non-compete agreements — — 0.0 years 62,540 62,540 Customer relationships 3.8 years 560,388 334,420 4.5 years 558,801 288,065 Developed technology 4.0 years 40,807 18,741 0.8 years 201,657 175,159 Gross carrying value of intangible assets 606,507 $ 355,180 859,688 $ 558,663 Less: accumulated amortization ( 355,180 ) ( 558,663 ) Intangible assets, net $ 251,327 $ 301,025 Amortization expen se was $ 16.8 million and $ 18.9 million for the three months ended September 30, 2024 and 2023, respectively, and was $ 50.3 mil lion and $ 60.9 million for the nine months ended September 30, 2024 and 2023, respectively. Estimated amortization expense in future years is expected to be: ($ in thousands) Remainder of 2024 $ 16,842 2025 64,670 2026 57,657 2027 28,624 2028 22,612 Thereafter 60,922 Total $ 251,327

Accrued Liabilities

Accrued Liabilities	9 Months Ended
Accrued Liabilities	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consist of the following at: ($ in thousands) September 30, December 31, Accrued salaries and wages $ 26,272 $ 27,905 Accrued interest payable 9,043 4,594 Current deferred tax liabilities 7,599 7,574 Current portion of operating lease liabilities 6,683 7,133 Restricted cash due to customers 6,208 2,835 Advanced deposits 3,972 2,308 Payroll tax liabilities 3,353 3,214 Accrued legal settlement — 31,500 Other 3,836 6,056 Total accrued liabilities $ 66,966 $ 93,119

Long-term Debt

Long-term Debt	9 Months Ended
Long-term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	6. Long-term Debt The following table provides a summary of the Compan y’s long-term debt at: ($ in thousands) September 30, December 31, 2021 Term Loan, due 2028 $ 700,078 $ 704,587 Senior Notes, due 2029 350,000 350,000 Less: original issue discounts ( 2,745 ) ( 3,646 ) Less: unamortized deferred financing costs ( 10,159 ) ( 12,809 ) Total long-term debt 1,037,174 1,038,132 Less: current portion of long-term debt — ( 9,019 ) Total long-term debt, net of current portion $ 1,037,174 $ 1,029,113 2021 Term Loan In March 2021, VM Consolidated, Inc. (“ VM Consolidated ”), the Company’s wholly owned subsidiary, entered into an Amendment and Restatement Agreement No.1 to the First Lien Term Loan Credit Agreement (the “ 2021 Term Loan ”) with a syndicate of lenders. The 2021 Term Loan has an aggregate borrowing of $ 900.0 million, maturing on March 24, 2028 , which includes the incremental borrowing of $ 250.0 million in December 2021 as a result of exercising the accordion feature available under the agreement. In connection with the 2021 Term Loan borrowings, the Company had $ 4.6 million of offering discount costs and $ 4.5 million in deferred financing costs, both of which were capitalized and are being amortized over the remaining life of the 2021 Term Loan. In February 2024, VM Consolidated entered into a third amendment to the 2021 Term Loan (the “ Third Amendment ”) to refinance the 2021 Term Loan (the “ Refinancing Transaction ”). Pursuant to the Third Amendment, the interest rate was reduced by 0.50 % to SOFR plus 2.75 % from SOFR plus 3.25 % with the SOFR floor unchanged at 0.00 %. The credit spread adjustment, ranging from 0.11448 % to 0.71513 %, was eliminated. In addition, the 2021 Term Loan no longer contains a provision for principal repayments which were previously required to be paid in quarterly installments. The Company evaluated the Refinancing Transaction on a lender-by-lender basis and accounted accordingly for debt extinguishment costs and debt modification costs (for the portion of the transaction that did not meet the accounting criteria for debt extinguishment). During the nine months ended September 30, 2024 and 2023, the Company made early repayments of approximately $ 4.5 million and $ 172.5 million, respectively, on the 2021 Term Loan, and as a result the total principal outstanding on the 2021 Term Loan was $ 700.1 million as of September 30, 2024. The Company recorded less than $ 0.1 million and $ 0.6 million loss on extinguishment of debt during the three and nine months ended September 30, 2024 primarily related to the write-off of pre-existing deferred financing costs and discounts in connection with the Refinancing Transaction. It recognized a loss on extinguishment of debt of $ 2.0 million and $ 3.5 million for the three and nine months ended September 30, 2023, respectively, related to the write-off of pre-existing deferred financing costs and discounts in connection with the early repayments. The 2021 Term Loan bears interest based at the Company’s option, on either (i ) Term SOFR plus an applicable margin of 2.75 % per annum, or (ii) an alternate base rate plus an applicable margin of 1.75 % per annum. As of September 30, 2024, the interest rate on the 2021 Term Loan was 7.6 %. In addition, the 2021 Term Loan requires mandatory prepayments equal to the product of the excess cash flows of the Company (as defined in the 2021 Term Loan agreement) and the applicable prepayment percentages (calculated as of the last day of the fiscal year), as set forth in the following table: Consolidated First Lien Net Leverage Ratio (As Defined by the 2021 Term Loan Agreement) Applicable > 3.70:1.00 50 % < 3.70:1.00 and > 3.20:1.00 25 % < 3.20:1.00 0 % Subsequent to September 30, 2024, the Company amended the 2021 Term Loan agreement to refinance the entire outstanding amount under the 2021 Term Loan and to reduce the interest rate by 50 basis points. See Note 15, Subsequent Event , for additional information. Senior Notes In March 2021, VM Consolidated issued an aggregate principal amount of $ 350.0 million in Senior Unsecured Notes (the “ Senior Notes ”), due on April 15, 2029 . In connection with the issuance of the Senior Notes, the Company incurred $ 5.7 million in lender and third-party costs, which were capitalized as deferred financing costs and are being amortized over the remaining life of the Senior Notes. Interest on the Senior Notes is fixed at 5.50 % per annum and is payable on April 15 and October 15 of each year . The Company may redeem all or a portion of the Senior Notes at the redemption prices set forth below in percentages by year, plus accrued and unpaid interest: Year Percentage 2024 102.750 % 2025 101.375 % 2026 and thereafter 100.000 % The Revolver The Company has a Revolving Credit Agreement (the “ Revolver ”) with a commitment of up to $ 75.0 million available for loans and letters of credit. The Revolver matures on December 18, 2026. Borrowing eligibility under the Revolver is subject to a monthly borrowing base calculation based on (i) certain percentages of eligible accounts receivable and inventory, less (ii) certain reserve items, including outstanding l etters of credit and other reserves. The Revolver bears interest on either (1) Term SOFR plus an applicable margin, or (2) an alternate base rate, plus an applicable margin. The margin percentage applied to (1) Term SOFR is either 1.25 %, 1.50 %, or 1.75 %, or (2) the base rate is either 0.25 %, 0.50 %, or 0.75 %, depending on the Company’s average availability to borrow under the commitment. There is a credit spread adjustment of 0.10 % for a one-month duration, 0.15 % for a three-month duration, and 0.25 % for a six-month duration, in addition to Term SOFR and the applicable margin percentages. There were no outstanding borrowings on the Revolver as of September 30, 2024 or December 31, 2023. The availability to borrow was $ 74.6 million, net of $ 0.4 million of outstanding letters of credit at September 30, 2024. Interest on the unused portion of the Revolver is payable quarterly at 0.375 % and the Company is also required to pay participation and fronting fees at 1.38 % on $ 0.4 million of outstanding letters of credit as of September 30, 2024. All borrowings and other extensions of credits under the 2021 Term Loan, Senior Notes and the Revolver are subject to the satisfaction of customary conditions and restrictive covenants including absence of defaults and accuracy in material respects of representations and warranties. Substantially all of the Company’s assets are pledged as collateral to secure the Company’s indebtedness under the 2021 Term Loan. At September 30, 2024, the Company was compliant with all debt covenants in its debt agreements. Interest Expense, Net The Company recorded intere st expense, including amortization of deferred financing costs and discounts, of $ 18.7 million and $ 20.4 million for the three months ended September 30, 2024 and 2023, respectively, and $ 57.2 million and $ 65.8 million for the nine months ended September 30, 2024 and 2023, respectively. The weighted average effective interest rates on the Company’s outstanding borrowings were 6.9 % and 7.7 % at September 30, 2024 and December 31, 2023, respectively. See Note 2, Significant Accounting Policies , for additional information on the interest rate swap entered into in December 2022 to hedge the Company’s exposure against higher interest rates, which was cancelled by the Company as of September 30, 2024 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement, includes a single definition of fair value to be used for financial reporting purposes, provides a framework for applying this definition and for measuring fair value under GAAP, and establishes a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are summarized as follows: Level 1 – Fair value is based on observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2 – Fair value is determined using quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs other than quoted prices that are directly or indirectly observable. Level 3 – Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique. The carrying amounts reported in the Company’s condensed consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to the immediate to short-term maturity of these financial instruments. The estimated fair value of the Company’s long-term debt was calculated based upon available market information. The carrying value and the estimated fair value of long-term debt are as follows: Level in September 30, 2024 December 31, 2023 Fair Value Carrying Estimated Carrying Estimated ($ in thousands) Hierarchy Amount Fair Value Amount Fair Value 2021 Term Loan 2 $ 690,343 $ 702,703 $ 691,821 $ 709,872 Senior Notes 2 346,831 346,500 346,311 335,125 The Company had issued Private Placement Warrants (as defined below) to acquire shares of the Company's Class A Common Stock in connection with its initial public offering (“ IPO ”), which Private Placement Warrants had a five-year term and expired in October 2023. During fiscal year 2023, all Private Placement Warrants were exercised by the warrant holders. The following summarizes the change in fair value of Private Placement Warrant liabilities included in net income and the impact of exercises during the three and nine months ended September 30, 2023: Three Months Ended Nine Months Ended ($ in thousands) September 30, 2023 September 30, 2023 Beginning balance $ 5,430 $ 24,066 Change in fair value of private placement warrants ( 553 ) 24,966 Exercise of warrants ( 4,877 ) ( 49,032 ) Ending balance $ — $ — The change in fair value of private placement warrants consisted of adjustments related to the unexercised Private Placement Warrants re-measured to fair value as of September 30, 2023 and the final mark-to-market adjustments for the exercised warrants. During the nine months ended September 30, 2023, there were approximately 6.7 million exercises of Private Placement Warrants which reduced our private placement warrant liabilities by $ 49.0 million with an offset to common stock at par value and the remaining to additional paid in capital. The Company has an equity investm ent measured at cost with a carrying value of $ 2.1 million as of September 30, 2024 and as of December 31, 2023, and is only adjusted to fair value if there are identified events that would indicate a need for an upward or downward adjustment or changes in circumstances that may indicate impairment. The estimation of fair value requires the use of significant unobservable inputs, such as voting rights and obligations in the securities held, and is therefore classified within level 3 of the fair value hierarchy. There were no identified events that required a fair value adjustment during the nine months ended September 30, 2024. The recurring fair value measurement of the interest rate swap was valued based on observable inputs for similar assets and liabilities including swaption values and other observable inputs for interest rates and yield curves and was classified within level 2 of the fair value hierarchy. The following presents the changes in the fair value of the interest rate swap in the gross balances within the below line items for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Prepaid expenses and other current assets Beginning balance $ 799 $ 2,263 $ 689 $ — Change in fair value of interest rate swap ( 799 ) 3 ( 689 ) 2,266 Ending balance $ — $ 2,266 $ — $ 2,266 Other non-current assets Beginning balance $ 370 $ 2,296 $ 627 $ 1,973 Change in fair value of interest rate swap ( 370 ) ( 204 ) ( 627 ) 119 Ending balance $ — $ 2,092 $ — $ 2,092 Accrued liabilities Beginning balance $ — $ — $ — $ 977 Change in fair value of interest rate swap — — — ( 977 ) Ending balance $ — $ — $ — $ — The Company separately classified the current and non-current components based on the value of settlements due within 12 months (current) and greater than 12 months (non-current). The Company exercised its option to cancel the interest rate swap as of September 30, 2024. Refer to Note 2, Significant Accounting Policies, for additional information.

Net Income Per Share

Net Income Per Share	9 Months Ended
Net Income Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	8. Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. The components of basic and diluted net income per s hare are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income $ 34,732 $ 30,308 $ 98,104 $ 53,993 Denominator: Weighted average shares - basic 164,735 168,089 165,676 156,196 Common stock equivalents 2,889 1,408 2,642 937 Weighted average shares - diluted 167,624 169,497 168,318 157,133 Net income per share - basic $ 0.21 $ 0.18 $ 0.59 $ 0.35 Net income per share - diluted $ 0.21 $ 0.18 $ 0.58 $ 0.34 Antidilutive shares excluded from diluted net income per share: ASR shares (1) — 985 — 985 Non-qualified stock options — 139 — 761 Performance share units 1 12 12 341 Restricted stock units — 107 32 114 Total antidilutive shares excluded 1 1,243 44 2,201 (1) This represents the number of additional estimated shares the counterparties to the Company’s accelerated share repurchase (“ ASR ”) initiated in the third quarter of 2023 would have been required to deliver had the ASR been settled as of September 30, 2023. The final settlement occurred in the first quarter of 2024, at which time, the Company received 534,499 additional shares calculated using a volume-weighted average price over the term of the ASR agreement .

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company’s interim income tax provision is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that period. The estimated annual effective tax rate requires judgment and is dependent upon several factors. The Company provides for income taxes under the liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the tax basis of assets or liabilities and their carrying amounts in the financial statements. The Company provides a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before the Company is able to realize their benefit. The Company calculates the valuation allowance in accordance with the authoritative guidance relating to income taxes, which requires an assessment of both positive and negative evidence regarding the realizability of these deferred tax assets, when measuring the need for a valuation allowance. Significant judgment is required in determining any valuation allowance against deferred tax assets. The Company’s effective income tax rate was 28.4 % and 27.5 % for the three months ended September 30, 2024 and 2023, respectively, and 27.4 % and 37.1 % for the nine months ended September 30, 2024 and 2023, respectively. The primary driver for the effective tax rate variance is the permanent difference related to the mark-to-market adjustments on the Private Placement Warrants that impacted the rate in the prior year periods without a comparable impact in the current periods.

Stockholders Equity

Stockholders Equity	9 Months Ended
Stockholders Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	1 0. Stockholders’ Equity Warrants As of September 30, 2023, all warrants that were outstanding to acquire shares of the Company’s Class A Common Stock, including warrants originally issued to Gores Sponsor II, LLC in a private placement in connection with the IPO (the “ Private Placement Warrants ”) and the remaining warrants issued in connection with the IPO (the “ Public Warrants ” and, together with the Private Placement Warrants, the “ Warrants ”), were either exercised by the holder or redeemed by the Company. During the nine months ended September 30, 2023, the Company processed the exercise of 20.0 million Warrants in exchange for the issuance of 16,273,406 shares of Class A Common Stock. There were 14,035,449 shares issued in exchange for cash-basis warrant exercises resulting in the receipt of $ 161.4 million in cash proceeds as of September 30, 2023. The remaining Warrant exercises were completed on a cashless basis. In addition, the Company redeemed 634 Public Warrants at a price of $ 0.01 per warrant pursuant to the terms of the warrant agreement governing the Public Warrants. Share Repurchases and Retirement In November 2022, the Company's Board of Directors authorized a share repurchase program for up to an aggregate amount of $ 100.0 million of the Company's outstanding shares of Class A Common Stock over an 18-month period in open market, 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 Exchange Act. The Company paid $ 8.1 million to repurchase 449,432 shares of its Class A Common Stock through open market transactions during the three months ended September 2023, which it subsequently retired. In September 2023, the Company 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 its 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, the Company received 534,499 additional shares calculated using a volume-weighted average price over the term of the ASR agreement. The Company paid a total of $ 100.0 million for share repurchases during the three and nine months ended September 30, 2023, and accounted for the transactions by deducting the par value of the Class A Common Stock from the Company’s common stock, reducing $ 15.2 million from additional paid-in capital calculated using an average share price, and by increasing accumulated deficit for the remaining cost of $ 84.8 million. In connection with the final settlement, the Company reduced the par value of the Class A Common Stock from common stock and $ 1.8 million from additional paid-in capital calculated using an average share price, with an offset of $ 1.8 million to accumulated deficit on the condensed consolidated statements of stockholders' equity during the nine months ended September 30, 2024. In October 2023, the Company’s Board of Directors authorized a new share repurchase program for up to an aggregate amount of $ 100.0 million of its outstanding shares of Class A Common Stock over an 18-month period in open market, ASR or privately negotiated transactions. The level at which the Company repurchases depends on a number of factors, including its financial condition, capital requirements, cash flows, results of operations, future business prospects and other factors its management may deem relevant. The timing, volume and nature of repurchases are subject to market conditions, applicable securities laws and other factors and may be amended, suspended or discontinued at any time. On June 6, 2024, the Company entered into a share repurchase agreement with a stockholder, pursuant to which the Company repurchased, directly from the stockholder, 2.0 million shares of the Company’s Class A Common Stock for an aggregate purchase price of $ 51.5 million. The repurchased shares were subsequently retired. In addition, the Company recorded approximately $ 0.4 million within accrued liabilities for direct costs related to the excise tax payable on net share repurchases on the condensed consolidated balance sheets as of September 30, 2024. In connection with this repurchase, the Company reduced the par value from common stock and $ 6.7 million from additional paid-in capital calculated using an average share price, with an increase of $ 45.2 million to accumulated deficit on the condensed consolidated statements of stockholders' equity. As of September 30, 2024, $ 48.5 million remains available under the Company’s authorized share repurchase program.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation The following details the components of stock-based compensation for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Operating expenses $ 1,047 $ 628 $ 3,186 $ 1,507 Selling, general and administrative expenses 5,391 3,815 15,400 10,839 Total stock-based compensation expense $ 6,438 $ 4,443 $ 18,586 $ 12,346

Other Significant Transactions

Other Significant Transactions	9 Months Ended
Other Significant Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Other Significant Transactions	12. Other Significant Transactions Tax Receivable Agreement In October 2018, the Company entered into a Tax Receivable Agreement (“ TRA ”) with PE Greenlight Holdings, LLC. On August 3, 2022, PE Greenlight Holdings, LLC sold and transferred to Lakeside Smart Holdco L.P (“ Lakeside ”), all of its rights, remaining interests and obligations as of that date under the TRA. The TRA provides for the payment to Lakeside of 50.0 % of the net cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes (or is deemed to realize in certain circumstances) under the TRA. The Company generally retains the benefit of the remaining 50.0 % of these cash savings. The Company estimated the potential maximum benefit to be paid will be approximately $ 70.0 million, and recorded an initial liability and corresponding charge to equity at the inception of the TRA. At September 30 , 2024, the TRA liability was approximately $ 53.5 million of which $ 5.1 million was the current portion and $ 48.4 million was the non-current portion, both of which are included in the respective tax receivable agreement liability line items on the condensed consolidated balance sheets. Earn-Out Agreement Under the Agreement and Plan of Merger (as amended, the “ Merger Agreement ”), pursuant to which the Company became the owner, directly or indirectly, of all of the equity interests of Verra Mobility Holdings, LLC and its subsidiaries, PE Greenlight Holdings, LLC was entitled to receive additional shares of Class A Common Stock (the “ Earn-Out Shares ” ) if the volume weighted average closing sale price of one share of Class A Common Stock on the Nasdaq exceeded certain defined thresholds for a period of at least 10 days out of 20 consecutive trading days at any time during a five-year period. There were four tranches of contingent shares under the agreement, with each tranche resulting in an issuance of 2,500,000 shares of Class A Common Stock (not to exceed a total of 10,000,000 shares). On June 14, 2023 and July 26, 2023, the criteria for the issuance of the remaining tranches of Earn-out Shares was met and the Company issued an aggregate 5,000,000 shares, which resulted in an increase in the Company's common stock and additional paid-in capital accounts of approximately $ 36.6 million with a corresponding decrease to the common stock contingent consideration account. As of September 30, 2023, all contingent shares have been issued under the Merger Agreement.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies The Company had $ 2.5 million of bank guarantees at September 30, 2024 required to support bids and contracts with certain international customers. The Company has non-cancelable purchase commitments to certain vendors. The aggregate non-cancelable purchase commitments outstanding at September 30, 2024 were $ 33.7 million. The majority of these outstanding commitments are expected to be incurred in the next twelve months, and approximately $ 9.6 million is expected to be incurred subsequent to September 30, 2025. The Company is subject to tax audits in the normal course of business and does not have material contingencies recorded related to such audits. The Company accrues for claims and contingencies when losses become probable and reasonably estimable. As of the end of each applicable reporting period, the Company reviews each of its matters and, where it is probable that a liability has been or will be incurred, the Company accrues for all probable and reasonably estimable losses. Where the Company can reasonably estimate a range of loss it may incur regarding such a matter, the Company records an accrual for the amount within the range that constitutes its best estimate. If the Company can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, the Company uses the amount that is the low end of such range. Legal Proceedings The Company is subject to legal and regulatory actions that arise from time to time in the ordinary course of business. The Company records a liability when it believes it is probable a loss will be incurred, and the amount of loss or range of loss can be reasonably estimated. The assessment as to whether a loss is probable, reasonably possible or remote, and as to whether a loss or a range of such loss is estimable, often involves significant judgment about future events. Other than the PlusPass matter discussed below, the Company has determined that resolution of the remaining pending matters is not probable to have a material adverse impact on its consolidated results of operations, cash flows, or financial position. Brantley v. City of Gretna is a class action lawsuit filed in the 24th Judicial District Court of Jefferson Parish, Louisiana against the City of Gretna (the “ City ”) and its safety camera vendor, Redflex Traffic Systems, Inc. in April 2016. The Company acquired Redflex Traffic Systems, Inc. as part of its June 2021 purchase of Redflex Holdings Limited. The plaintiff class, which was certified on March 30, 2021, alleges that the City’s safety camera program was implemented and operated in violation of local ordinances and the state constitution, including that the City’s hearing process violated the plaintiffs’ due process rights for lack of a “neutral” arbiter of liability for traffic infractions. Plaintiffs seek recovery of traffic infraction fines paid. The City and Redflex Traffic Systems, Inc. appealed the trial court’s ruling granting class certification, which was denied and their petition for discretionary review of the certification ruling by the Louisiana Supreme Court was declined. Merits discovery in the trial court is underway. Trial is expected to occur in March 2025. Based on the information available to the Company at present, the Company is unable to estimate a reasonably possible range of loss for this action and, accordingly, it has not accrued any liability associated with this action. PlusPass Inc. (“ PlusPass ”) v. Verra Mobility Corporation, et al. is a lawsuit filed 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., in November 2020. In February 2024, Verra Mobility and PlusPass entered into a confidential business arrangement pursuant to which Verra Mobility (i) acquired certain assets from PlusPass and (ii) fully and finally resolved all litigation and disputes between the parties. Verra Mobility accrued $ 31.5 million for this matter at December 31, 2023 which was presented within selling, general and administrative expenses on the consolidated statements of operations, and payment was made during the first quarter of 2024.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	14. Segment Reporting The Company has three operating and reportable segments: Commercial Services, Government Solutions and Parking Solutions. Commercial Services offers toll and violation management solutions and title and registration services to RACs, Direct Fleets, FMCs and violation-issuing authorities. Government Solutions implements and administers traffic safety programs and products for municipalities and government agen cies of all sizes. Parking Solutions provides an integrated suite of parking software and hardware solutions to its customers. The Company defines the chief operating decision maker (“ CODM ”) as its Chief Executive Officer. The Company’s CODM monitors operating performance, allocates resources and deploys capital based on these three segments. Segment performance is based on revenues and income from operations before depreciation, amortization and stock-based compensation. The measure also excludes interest expense, net, income taxes and certain other transactions and is inclusive of other income, net. The tables below refer to this measure as segment profit. The aforementioned items are not indicative of operating performance, and, as a result are not included in the measures that are reviewed by the CODM for the segments. Other income, net included in segment profit below consists primarily of credit card rebates earned on the prepayment of tolling transactions and gains or losses on foreign currency transactions, and excludes certain non-operating expenses inapplicable to segments. The following tables set forth financial information by segment for the respective periods: For the Three Months Ended September 30, 2024 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 109,139 $ 91,003 $ 17,125 $ — $ 217,267 Product sales — 4,848 3,436 — 8,284 Total revenue 109,139 95,851 20,561 — 225,551 Cost of service revenue, excluding depreciation and amortization 741 482 4,155 — 5,378 Cost of product sales — 2,958 2,663 — 5,621 Operating expenses 24,683 46,168 4,128 — 74,979 Selling, general and administrative expenses 14,825 18,519 5,717 — 39,061 Loss on disposal of assets, net — 84 3 — 87 Other (income) loss, net ( 3,977 ) ( 445 ) 150 — ( 4,272 ) Segment profit $ 72,867 $ 28,085 $ 3,745 $ — $ 104,697 Segment profit $ 72,867 $ 28,085 $ 3,745 $ — $ 104,697 Depreciation and amortization — — — 26,631 26,631 Transaction and other related expenses — — — 2,483 2,483 Transformation expenses — — — 983 983 Loss on interest rate swap — — — 913 913 Loss on extinguishment of debt — — — 33 33 Stock-based compensation — — — 6,438 6,438 Interest expense, net — — — 18,723 18,723 Income before income taxes $ 72,867 $ 28,085 $ 3,745 $ ( 56,204 ) $ 48,493 For the Three Months Ended September 30, 2023 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 98,149 $ 85,092 $ 17,788 $ — $ 201,029 Product sales — 5,193 3,711 — 8,904 Total revenue 98,149 90,285 21,499 — 209,933 Cost of service revenue, excluding depreciation and amortization 567 578 4,005 — 5,150 Cost of product sales — 3,584 3,280 — 6,864 Operating expenses 21,174 42,395 4,676 — 68,245 Selling, general and administrative expenses 15,544 15,181 6,002 — 36,727 Loss on disposal of assets, net — 54 13 — 67 Other income, net ( 4,418 ) ( 75 ) ( 5 ) — ( 4,498 ) Segment profit $ 65,282 $ 28,568 $ 3,528 $ — $ 97,378 Segment profit $ 65,282 $ 28,568 $ 3,528 $ — $ 97,378 Depreciation and amortization — — — 27,530 27,530 Transaction and other related expenses — — — 152 152 Transformation expenses — — — 1,582 1,582 Change in fair value of private placement warrants — — — ( 553 ) ( 553 ) Loss on interest rate swap — — — 60 60 Loss on extinguishment of debt — — — 1,975 1,975 Stock-based compensation — — — 4,443 4,443 Interest expense, net — — — 20,384 20,384 Income before income taxes $ 65,282 $ 28,568 $ 3,528 $ ( 55,573 ) $ 41,805 For the Nine Months Ended September 30, 2024 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 309,013 $ 272,747 $ 50,245 $ — $ 632,005 Product sales — 15,006 10,696 — 25,702 Total revenue 309,013 287,753 60,941 — 657,707 Cost of service revenue, excluding depreciation and amortization 1,891 1,514 10,919 — 14,324 Cost of product sales — 10,010 8,745 — 18,755 Operating expenses 69,351 135,923 13,109 — 218,383 Selling, general and administrative expenses 48,079 53,490 18,787 — 120,356 Loss on disposal of assets, net — 224 9 — 233 Other (income) loss, net ( 13,473 ) ( 532 ) 35 — ( 13,970 ) Segment profit $ 203,165 $ 87,124 $ 9,337 $ — $ 299,626 Segment profit $ 203,165 $ 87,124 $ 9,337 $ — $ 299,626 Depreciation and amortization — — — 80,982 80,982 Transaction and other related expenses — — — 4,124 4,124 Transformation expenses — — — 2,552 2,552 Loss on interest rate swap — — — 494 494 Loss on extinguishment of debt — — — 628 628 Stock-based compensation — — — 18,586 18,586 Interest expense, net — — — 57,203 57,203 Income before income taxes $ 203,165 $ 87,124 $ 9,337 $ ( 164,569 ) $ 135,057 For the Nine Months Ended September 30, 2023 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 278,243 $ 253,319 $ 50,215 $ — $ 581,777 Product sales — 11,143 13,377 — 24,520 Total revenue 278,243 264,462 63,592 — 606,297 Cost of service revenue, excluding depreciation and amortization 1,738 1,770 10,210 — 13,718 Cost of product sales — 7,309 10,900 — 18,209 Operating expenses 61,819 119,398 13,649 — 194,866 Selling, general and administrative expenses 47,127 45,747 18,991 — 111,865 Loss on disposal of assets, net — 170 13 — 183 Other income, net ( 12,372 ) ( 325 ) ( 69 ) — ( 12,766 ) Segment profit $ 179,931 $ 90,393 $ 9,898 $ — $ 280,222 Segment profit $ 179,931 $ 90,393 $ 9,898 $ — $ 280,222 Depreciation and amortization — — — 86,835 86,835 Transaction and other related expenses — — — 484 484 Transformation expenses — — — 2,306 2,306 Change in fair value of private placement warrants — — — 24,966 24,966 Gain on interest rate swap — — — ( 1,947 ) ( 1,947 ) Loss on extinguishment of debt — — — 3,533 3,533 Stock-based compensation — — — 12,346 12,346 Interest expense, net — — — 65,842 65,842 Income before income taxes $ 179,931 $ 90,393 $ 9,898 $ ( 194,365 ) $ 85,857 The table below details the following assets by reportable segment as of the respective period-ends: ($ in thousands) September 30, December 31, Property and equipment, net Commercials Services $ 11,372 $ 9,547 Government Solutions 110,032 98,611 Parking Solutions 13,882 13,281 Corporate and other 1,529 1,809 Total property and equipment, net $ 136,815 $ 123,248 Total assets Commercials Services $ 718,401 $ 721,192 Government Solutions 515,543 523,687 Parking Solutions 395,891 404,267 Corporate and other 220,746 140,837 Total assets $ 1,850,581 $ 1,789,983 In addition, refer to Note 4, Goodwill and Intangible Assets for goodwill balances by segment. Th e Company primarily operates within the United States, Australia, Canada, United Kingdom and in various other countries in Europe and Asia. Revenues earned from goods transferred to customers at a point in time were approximately $ 8.3 million and $ 8.9 million for the three months ended September 30, 2024 and 2023, respectively and were $ 25.7 million and $ 24.5 million for the nine months ended September 30, 2024 and 2023, respectively. The following table details the revenues from international operations for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Australia $ 14,433 $ 13,461 $ 41,866 $ 33,431 Canada 8,063 6,535 24,802 22,336 United Kingdom 4,366 4,923 13,743 17,585 All other 1,493 1,008 3,166 2,430 Total international revenues $ 28,355 $ 25,927 $ 83,577 $ 75,782

Subsequent Event

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	15. Subsequent Event Fourth Amendment to 2021 Term Loan As discussed in the Current Report on 8-K filed with the SEC dated October 3, 2024, the Company amended the 2021 Term Loan agreement to refinance the entire outstanding amount under the 2021 Term Loan (the “ Fourth Amendment ”) in October 2024 and incurred new Term B-3 Loans (the “ New Term Loans ”) in the aggregate principal amount of $ 700.1 million. The proceeds from the New Term Loans were used in their entirety to prepay in full the then outstanding principal amount of the existing term loan under the 2021 Term Loan agreement. In connection with the Fourth Amendment, the interest rate on the approximately $ 700.1 million outstanding balance of the New Term Loans was reduced by 50 basis points to SOFR + 2.25 % from SOFR + 2.75 % with the SOFR floor unchanged at 0.00 %. The New Term Loans will be subject to a prepayment premium of 1.00 % of the principal amount repaid for any voluntary prepayment or mandatory prepayment with proceeds of debt that has a lower effective yield than the New Term Loans or any amendment to the New Term Loans that reduces the interest rate thereon, in each case, to the extent occurring within six months of the effective date of the Fourth Amendment. The maturity date for the 2021 Term Loan agreement remains March 24, 2028 , and no changes were made to the financial covenants or other debt repayment terms.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company prepared in accordance with generally accepted accounting principles in the United States of America (“ GAAP ”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the unaudited condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
Use of Estimates	Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. There have been no material changes in the Company's significant accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023. Management believes that its estimates and assumptions are reasonable in the circumstances; however, actual results could differ materially from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Significant customers are those which represent more than 10 % of the Company’s total revenue or accounts receivable, net. Revenue from the single Government Solutions customer exceeding 10 % of total revenue is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 City of New York Department of Transportation 15.5 % 16.5 % 15.9 % 17.1 % The City of New York Department of Transportation (“ NYCDOT ”) represented 13 % and 18 % of total accounts receivable, net as of September 30, 2024 and December 31, 2023, respectively. There is no material reserve related to NYCDOT open receivables as amounts are deemed collectible based on current conditions and expectations. No other Government Solutions customer exceeded 10% of total accounts receivable, net as of any period presented. Significant customer revenues generated through the Company’s Commercial Services partners as a percent of total revenue are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Hertz Corporation 10.5 % 11.8 % 10.9 % 11.8 % Avis Budget Group, Inc. 14.2 % 15.1 % 13.7 % 13.8 % Enterprise Mobility 12.2 % 11.6 % 11.6 % 10.5 % No Commercial Services customer exceeded 10% of total accounts receivable, net as of any of the periods presented. There were no significant customer concentrations that exceeded 10% of total revenue or accounts receivable, net for the Parking Solutions segment as of or for any of the periods presented.
Allowance for Credit Losses	Allowance for Credit Losses The Company reviews historical credit losses and customer payment trends on receivables and develops loss rate estimates as of the balance sheet date, which includes adjustments for current and future expectations using probability-weighted assumptions about potential outcomes. Receivables are written off against the allowance for credit losses when it is probable that amounts will not be collected based on the terms of the customer contracts, and subsequent recoveries reverse the previous write-off and apply to the receivable in the period recovered. No interest or late fees are charged on delinquent accounts. The Company evaluates the adequacy of its allowance for expected credit losses by comparing its actual write-offs to its previously recorded estimates and adjusts appropriately. The Company identified pools of receivables based on the type of business, industry in which the customer operates and historical credit loss patterns. The following presents the activity in the allowance for credit losses by reportable segment for the nine months ended September 30, 2024 and 2023, respectively: Commercial Government Parking ($ in thousands) Services (1) Solutions Solutions Total Balance at January 1, 2024 $ 15,661 $ 2,426 $ 426 $ 18,513 Credit loss expense (income) 11,599 ( 226 ) 52 11,425 Write-offs, net of recoveries ( 10,240 ) ( 107 ) ( 16 ) ( 10,363 ) Balance at September 30, 2024 $ 17,020 $ 2,093 $ 462 $ 19,575 Commercial Government Parking ($ in thousands) Services (1) Solutions Solutions Total Balance at January 1, 2023 $ 11,177 $ 4,573 $ 157 $ 15,907 Credit loss expense (income) 9,378 ( 1,964 ) 139 7,553 Write-offs, net of recoveries ( 5,135 ) ( 185 ) ( 562 ) ( 5,882 ) Balance at September 30, 2023 $ 15,420 $ 2,424 $ ( 266 ) $ 17,578 (1) This primarily consists of receivables from drivers of rental cars for which the Company bills on behalf of its customers. Receivables not collected from drivers within a defined number of days are transferred to customers subject to applicable bad debt sharing agreements. The allowance for credit losses for driver-billed receivables was 82 % and 86 % of the total Commercial Services allowance for credit losses as of September 30, 2024 and 2023, respectively.
Remaining Performance Obligations	Remaining Performance Obligations Deferred revenue represents amounts that have been invoiced in advance and are expected to be recognized as revenue in future periods, and it primarily relates to Government Solutions and Parking Solutions customers. The Company had approximately $ 11.2 million and $ 13.1 million of deferred revenue in the Government Solutions segment as of September 30, 2024 and December 31, 2023, respectively. The Company recognized $ 1.1 million and $ 1.7 million of revenue excluding exchange rate impact during the three months ended September 30, 2024 and 2023, respectively, and $ 7.0 million and $ 5.8 million, of revenue excluding exchange rate impact during the nine months ended September 30, 2024 and 2023, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022. The Company had approximately $ 24.5 million and $ 19.7 million of deferred revenue in the Parking Solutions segment as of September 30, 2024 and December 31, 2023, respectively. The Company recognized $ 2.6 million and $ 3.9 million of revenue during the three months ended September 30, 2024 and 2023, respectively, and $ 18.0 million and $ 18.7 million of revenue during the nine months ended September 30, 2024 and 2023, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022. Transaction price allocated to the remaining performance obligations includes deferred revenue above and unbilled amounts that are expected to be recognized as revenue in future periods. As of September 30, 2024, total transaction price allocated to performance obligations in the Government Solutions segment that were unsatisfied or partially unsatisfied was $ 254.8 million, of which $ 127.8 million is expected to be recognized as revenue in the next twelve months and the rest over the remaining performance obligation period. The Company elected the practical expedients to omit disclosure for the amount of the transaction price allocated to remaining performance obligations with original expected contract length of one year or less and the amount that relates to variable consideration allocated to a wholly unsatisfied performance obligation to transfer a distinct good or service within a series of distinct goods or services that form a single performance obligation.
Interest Rate Swap	Interest Rate Swap In December 2022, the Company entered into a cancellable interest rate swap agreement to hedge its exposure to interest rate fluctuations associated with the LIBOR (now transitioned to Term Secured Overnight Financing Rate, “ SOFR ”) portion of the variable interest rate on its 2021 Term Loan. Under the interest rate swap agreement, the Company paid a fixed rate of 5.17% and the counterparty paid a variable interest rate. The Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement with the counterparty which provided for the net settlement of all, or a specified group, of derivative transactions through a single payment. The notional amount on the interest rate swap was $ 675.0 million. The Company had the option to effectively terminate the interest rate swap agreement starting in December 2023, and monthly thereafter until December 2025. The Company treated the interest rate swap as an economic hedge for accounting purposes and any changes in the fair value of the derivative instrument (including accrued interest) and related cash receipts or payments were recorded in the condensed consolidated statements of operations within the loss (gain) on interest rate swap line item. The Company exercised its option to cancel the interest rate swap agreement as of September 30, 2024. The following details the components of the loss (gain) on interest rate swap for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Change in fair value $ 1,169 $ 202 $ 1,316 $ ( 3,361 ) Cash (receipts) payments ( 256 ) ( 142 ) ( 822 ) 1,414 Total loss (gain) on interest rate swap $ 913 $ 60 $ 494 $ ( 1,947 ) The effect of remeasurement to fair value was recorded within the operating activities section and the monthly cash proceeds received or payments made were recorded within the investing activities section in the condensed consolidated statements of cash flows. See Note 7, Fair Value of Financial Instruments , for further discussion on the fair value measurement of the interest rate swap.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standard Adopted On June 30, 2022, the Financial Accounting Standards Board (the “ FASB ”) issued Accounting Standards Update (“ ASU ”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted this standard as of January 1, 2024. The adoption of this standard did not have an impact on the Company's financial statements or disclosures. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU intends to enhance disclosure related to significant segment expenses regularly provided to the Chief Operating Decision Maker (“ CODM ”), amounts presented as “other” within segment profit (loss), require that all annual disclosures are also reported for interim periods, further define the CODM and how they use segment profit (loss) to allocate resources, and require that entities with only a single reportable segment provide all required segment disclosures. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This change will apply retrospectively to all periods presented. The adoption of this standard will only require changes to the Company's disclosures with no expected impact to its results of operations, financial position or cash flows. The Company is currently evaluating the impact of this standard on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The ASU requires companies to disclose specific categories in the rate reconciliation, provide additional disclosure for reconciling items that exceed proscribed thresholds, and enhance disclosure regarding income taxes paid and sources of income (loss) from continuing operations including the tax expense (or benefit) disaggregated by federal, state and foreign taxes. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Concentration of Credit Risk	Revenue from the single Government Solutions customer exceeding 10 % of total revenue is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 City of New York Department of Transportation 15.5 % 16.5 % 15.9 % 17.1 % Significant customer revenues generated through the Company’s Commercial Services partners as a percent of total revenue are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Hertz Corporation 10.5 % 11.8 % 10.9 % 11.8 % Avis Budget Group, Inc. 14.2 % 15.1 % 13.7 % 13.8 % Enterprise Mobility 12.2 % 11.6 % 11.6 % 10.5 %
Summary of Activity in Allowance for Credit Loss	The following presents the activity in the allowance for credit losses by reportable segment for the nine months ended September 30, 2024 and 2023, respectively: Commercial Government Parking ($ in thousands) Services (1) Solutions Solutions Total Balance at January 1, 2024 $ 15,661 $ 2,426 $ 426 $ 18,513 Credit loss expense (income) 11,599 ( 226 ) 52 11,425 Write-offs, net of recoveries ( 10,240 ) ( 107 ) ( 16 ) ( 10,363 ) Balance at September 30, 2024 $ 17,020 $ 2,093 $ 462 $ 19,575 Commercial Government Parking ($ in thousands) Services (1) Solutions Solutions Total Balance at January 1, 2023 $ 11,177 $ 4,573 $ 157 $ 15,907 Credit loss expense (income) 9,378 ( 1,964 ) 139 7,553 Write-offs, net of recoveries ( 5,135 ) ( 185 ) ( 562 ) ( 5,882 ) Balance at September 30, 2023 $ 15,420 $ 2,424 $ ( 266 ) $ 17,578 (1) This primarily consists of receivables from drivers of rental cars for which the Company bills on behalf of its customers. Receivables not collected from drivers within a defined number of days are transferred to customers subject to applicable bad debt sharing agreements. The allowance for credit losses for driver-billed receivables was 82 % and 86 % of the total Commercial Services allowance for credit losses as of September 30, 2024 and 2023, respectively.
Summary of Components of Gain on Interest Rate Swap	The following details the components of the loss (gain) on interest rate swap for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Change in fair value $ 1,169 $ 202 $ 1,316 $ ( 3,361 ) Cash (receipts) payments ( 256 ) ( 142 ) ( 822 ) 1,414 Total loss (gain) on interest rate swap $ 913 $ 60 $ 494 $ ( 1,947 )

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following at: ($ in thousands) September 30, December 31, Prepaid services $ 12,695 $ 10,496 Income taxes receivable 9,211 9,830 Prepaid tolls 8,594 9,174 Prepaid computer maintenance 6,766 6,775 Costs to fulfill a customer contract 6,650 5,852 Prepaid insurance 3,325 1,755 Deposits 3,195 2,322 Other 971 757 Total prepaid expenses and other current assets $ 51,407 $ 46,961

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill by Reportable Segment	The following table presents the changes in the car rying amount of goodwill by reportable segment: Commercial Government Parking ($ in thousands) Services Solutions Solutions Total Balance at December 31, 2023 $ 422,091 $ 214,602 $ 199,142 $ 835,835 Foreign currency translation adjustment 2,068 248 — 2,316 Balance at September 30, 2024 $ 424,159 $ 214,850 $ 199,142 $ 838,151
Schedule of Intangible Assets of Respective Period Ends	Intangible assets consist of the following as of the respective period-ends: September 30, 2024 December 31, 2023 Weighted Weighted Average Gross Average Gross Remaining Carrying Accumulated Remaining Carrying Accumulated ($ in thousands) Useful Life Amount Amortization Useful Life Amount Amortization Trademarks 5.3 years $ 4,812 $ 1,927 0.3 years $ 36,190 $ 32,882 Patent 4.1 years 500 92 4.8 years 500 17 Non-compete agreements — — 0.0 years 62,540 62,540 Customer relationships 3.8 years 560,388 334,420 4.5 years 558,801 288,065 Developed technology 4.0 years 40,807 18,741 0.8 years 201,657 175,159 Gross carrying value of intangible assets 606,507 $ 355,180 859,688 $ 558,663 Less: accumulated amortization ( 355,180 ) ( 558,663 ) Intangible assets, net $ 251,327 $ 301,025
Estimated Amortization Expense in Future Years	Estimated amortization expense in future years is expected to be: ($ in thousands) Remainder of 2024 $ 16,842 2025 64,670 2026 57,657 2027 28,624 2028 22,612 Thereafter 60,922 Total $ 251,327

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
Accrued Liabilities (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following at: ($ in thousands) September 30, December 31, Accrued salaries and wages $ 26,272 $ 27,905 Accrued interest payable 9,043 4,594 Current deferred tax liabilities 7,599 7,574 Current portion of operating lease liabilities 6,683 7,133 Restricted cash due to customers 6,208 2,835 Advanced deposits 3,972 2,308 Payroll tax liabilities 3,353 3,214 Accrued legal settlement — 31,500 Other 3,836 6,056 Total accrued liabilities $ 66,966 $ 93,119

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
Long-term Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of the Company's Long-term Debt	The following table provides a summary of the Compan y’s long-term debt at: ($ in thousands) September 30, December 31, 2021 Term Loan, due 2028 $ 700,078 $ 704,587 Senior Notes, due 2029 350,000 350,000 Less: original issue discounts ( 2,745 ) ( 3,646 ) Less: unamortized deferred financing costs ( 10,159 ) ( 12,809 ) Total long-term debt 1,037,174 1,038,132 Less: current portion of long-term debt — ( 9,019 ) Total long-term debt, net of current portion $ 1,037,174 $ 1,029,113
Schedule of Consolidated First Lien Net Leverage Ratio and Applicable Prepayment Percentage	In addition, the 2021 Term Loan requires mandatory prepayments equal to the product of the excess cash flows of the Company (as defined in the 2021 Term Loan agreement) and the applicable prepayment percentages (calculated as of the last day of the fiscal year), as set forth in the following table: Consolidated First Lien Net Leverage Ratio (As Defined by the 2021 Term Loan Agreement) Applicable > 3.70:1.00 50 % < 3.70:1.00 and > 3.20:1.00 25 % < 3.20:1.00 0 %
Summary of Senior Notes Redemption Prices Set Forth in Percentages by Year	The Company may redeem all or a portion of the Senior Notes at the redemption prices set forth below in percentages by year, plus accrued and unpaid interest: Year Percentage 2024 102.750 % 2025 101.375 % 2026 and thereafter 100.000 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Long-term Debt	The carrying value and the estimated fair value of long-term debt are as follows: Level in September 30, 2024 December 31, 2023 Fair Value Carrying Estimated Carrying Estimated ($ in thousands) Hierarchy Amount Fair Value Amount Fair Value 2021 Term Loan 2 $ 690,343 $ 702,703 $ 691,821 $ 709,872 Senior Notes 2 346,831 346,500 346,311 335,125
Summary of Changes in the Private Placement Warrant Liabilities Included in Net Income	summarizes the change in fair value of Private Placement Warrant liabilities included in net income and the impact of exercises during the three and nine months ended September 30, 2023: Three Months Ended Nine Months Ended ($ in thousands) September 30, 2023 September 30, 2023 Beginning balance $ 5,430 $ 24,066 Change in fair value of private placement warrants ( 553 ) 24,966 Exercise of warrants ( 4,877 ) ( 49,032 ) Ending balance $ — $ —
Schedule of Changes in the Fair Value of the Interest Rate Swap	The following presents the changes in the fair value of the interest rate swap in the gross balances within the below line items for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Prepaid expenses and other current assets Beginning balance $ 799 $ 2,263 $ 689 $ — Change in fair value of interest rate swap ( 799 ) 3 ( 689 ) 2,266 Ending balance $ — $ 2,266 $ — $ 2,266 Other non-current assets Beginning balance $ 370 $ 2,296 $ 627 $ 1,973 Change in fair value of interest rate swap ( 370 ) ( 204 ) ( 627 ) 119 Ending balance $ — $ 2,092 $ — $ 2,092 Accrued liabilities Beginning balance $ — $ — $ — $ 977 Change in fair value of interest rate swap — — — ( 977 ) Ending balance $ — $ — $ — $ —

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
Net Income Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Components of Basic and Diluted Net Income Per Share	The components of basic and diluted net income per s hare are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: Net income $ 34,732 $ 30,308 $ 98,104 $ 53,993 Denominator: Weighted average shares - basic 164,735 168,089 165,676 156,196 Common stock equivalents 2,889 1,408 2,642 937 Weighted average shares - diluted 167,624 169,497 168,318 157,133 Net income per share - basic $ 0.21 $ 0.18 $ 0.59 $ 0.35 Net income per share - diluted $ 0.21 $ 0.18 $ 0.58 $ 0.34 Antidilutive shares excluded from diluted net income per share: ASR shares (1) — 985 — 985 Non-qualified stock options — 139 — 761 Performance share units 1 12 12 341 Restricted stock units — 107 32 114 Total antidilutive shares excluded 1 1,243 44 2,201 (1) This represents the number of additional estimated shares the counterparties to the Company’s accelerated share repurchase (“ ASR ”) initiated in the third quarter of 2023 would have been required to deliver had the ASR been settled as of September 30, 2023. The final settlement occurred in the first quarter of 2024, at which time, the Company received 534,499 additional shares calculated using a volume-weighted average price over the term of the ASR agreement .

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Components of Stock Based Compensation Expense	The following details the components of stock-based compensation for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Operating expenses $ 1,047 $ 628 $ 3,186 $ 1,507 Selling, general and administrative expenses 5,391 3,815 15,400 10,839 Total stock-based compensation expense $ 6,438 $ 4,443 $ 18,586 $ 12,346

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Financial Information by Segment	The following tables set forth financial information by segment for the respective periods: For the Three Months Ended September 30, 2024 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 109,139 $ 91,003 $ 17,125 $ — $ 217,267 Product sales — 4,848 3,436 — 8,284 Total revenue 109,139 95,851 20,561 — 225,551 Cost of service revenue, excluding depreciation and amortization 741 482 4,155 — 5,378 Cost of product sales — 2,958 2,663 — 5,621 Operating expenses 24,683 46,168 4,128 — 74,979 Selling, general and administrative expenses 14,825 18,519 5,717 — 39,061 Loss on disposal of assets, net — 84 3 — 87 Other (income) loss, net ( 3,977 ) ( 445 ) 150 — ( 4,272 ) Segment profit $ 72,867 $ 28,085 $ 3,745 $ — $ 104,697 Segment profit $ 72,867 $ 28,085 $ 3,745 $ — $ 104,697 Depreciation and amortization — — — 26,631 26,631 Transaction and other related expenses — — — 2,483 2,483 Transformation expenses — — — 983 983 Loss on interest rate swap — — — 913 913 Loss on extinguishment of debt — — — 33 33 Stock-based compensation — — — 6,438 6,438 Interest expense, net — — — 18,723 18,723 Income before income taxes $ 72,867 $ 28,085 $ 3,745 $ ( 56,204 ) $ 48,493 For the Three Months Ended September 30, 2023 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 98,149 $ 85,092 $ 17,788 $ — $ 201,029 Product sales — 5,193 3,711 — 8,904 Total revenue 98,149 90,285 21,499 — 209,933 Cost of service revenue, excluding depreciation and amortization 567 578 4,005 — 5,150 Cost of product sales — 3,584 3,280 — 6,864 Operating expenses 21,174 42,395 4,676 — 68,245 Selling, general and administrative expenses 15,544 15,181 6,002 — 36,727 Loss on disposal of assets, net — 54 13 — 67 Other income, net ( 4,418 ) ( 75 ) ( 5 ) — ( 4,498 ) Segment profit $ 65,282 $ 28,568 $ 3,528 $ — $ 97,378 Segment profit $ 65,282 $ 28,568 $ 3,528 $ — $ 97,378 Depreciation and amortization — — — 27,530 27,530 Transaction and other related expenses — — — 152 152 Transformation expenses — — — 1,582 1,582 Change in fair value of private placement warrants — — — ( 553 ) ( 553 ) Loss on interest rate swap — — — 60 60 Loss on extinguishment of debt — — — 1,975 1,975 Stock-based compensation — — — 4,443 4,443 Interest expense, net — — — 20,384 20,384 Income before income taxes $ 65,282 $ 28,568 $ 3,528 $ ( 55,573 ) $ 41,805 For the Nine Months Ended September 30, 2024 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 309,013 $ 272,747 $ 50,245 $ — $ 632,005 Product sales — 15,006 10,696 — 25,702 Total revenue 309,013 287,753 60,941 — 657,707 Cost of service revenue, excluding depreciation and amortization 1,891 1,514 10,919 — 14,324 Cost of product sales — 10,010 8,745 — 18,755 Operating expenses 69,351 135,923 13,109 — 218,383 Selling, general and administrative expenses 48,079 53,490 18,787 — 120,356 Loss on disposal of assets, net — 224 9 — 233 Other (income) loss, net ( 13,473 ) ( 532 ) 35 — ( 13,970 ) Segment profit $ 203,165 $ 87,124 $ 9,337 $ — $ 299,626 Segment profit $ 203,165 $ 87,124 $ 9,337 $ — $ 299,626 Depreciation and amortization — — — 80,982 80,982 Transaction and other related expenses — — — 4,124 4,124 Transformation expenses — — — 2,552 2,552 Loss on interest rate swap — — — 494 494 Loss on extinguishment of debt — — — 628 628 Stock-based compensation — — — 18,586 18,586 Interest expense, net — — — 57,203 57,203 Income before income taxes $ 203,165 $ 87,124 $ 9,337 $ ( 164,569 ) $ 135,057 For the Nine Months Ended September 30, 2023 Commercial Government Parking Corporate ($ in thousands) Services Solutions Solutions and Other Total Service revenue $ 278,243 $ 253,319 $ 50,215 $ — $ 581,777 Product sales — 11,143 13,377 — 24,520 Total revenue 278,243 264,462 63,592 — 606,297 Cost of service revenue, excluding depreciation and amortization 1,738 1,770 10,210 — 13,718 Cost of product sales — 7,309 10,900 — 18,209 Operating expenses 61,819 119,398 13,649 — 194,866 Selling, general and administrative expenses 47,127 45,747 18,991 — 111,865 Loss on disposal of assets, net — 170 13 — 183 Other income, net ( 12,372 ) ( 325 ) ( 69 ) — ( 12,766 ) Segment profit $ 179,931 $ 90,393 $ 9,898 $ — $ 280,222 Segment profit $ 179,931 $ 90,393 $ 9,898 $ — $ 280,222 Depreciation and amortization — — — 86,835 86,835 Transaction and other related expenses — — — 484 484 Transformation expenses — — — 2,306 2,306 Change in fair value of private placement warrants — — — 24,966 24,966 Gain on interest rate swap — — — ( 1,947 ) ( 1,947 ) Loss on extinguishment of debt — — — 3,533 3,533 Stock-based compensation — — — 12,346 12,346 Interest expense, net — — — 65,842 65,842 Income before income taxes $ 179,931 $ 90,393 $ 9,898 $ ( 194,365 ) $ 85,857
Assets by Reportable Segment	The table below details the following assets by reportable segment as of the respective period-ends: ($ in thousands) September 30, December 31, Property and equipment, net Commercials Services $ 11,372 $ 9,547 Government Solutions 110,032 98,611 Parking Solutions 13,882 13,281 Corporate and other 1,529 1,809 Total property and equipment, net $ 136,815 $ 123,248 Total assets Commercials Services $ 718,401 $ 721,192 Government Solutions 515,543 523,687 Parking Solutions 395,891 404,267 Corporate and other 220,746 140,837 Total assets $ 1,850,581 $ 1,789,983
Revenue from International Customers	The following table details the revenues from international operations for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Australia $ 14,433 $ 13,461 $ 41,866 $ 33,431 Canada 8,063 6,535 24,802 22,336 United Kingdom 4,366 4,923 13,743 17,585 All other 1,493 1,008 3,166 2,430 Total international revenues $ 28,355 $ 25,927 $ 83,577 $ 75,782

Description of Business - Addit

Description of Business - Additional Information (Details)	9 Months Ended
Description of Business - Additional Information (Details)	Sep. 30, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2023 USD ($) Customer	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2023 USD ($) Customer	Dec. 31, 2023 USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 254.8		$ 254.8
Revenue remaining performance obligation in the next twelve months	127.8		127.8
Interest Rate Swap [Member]
Summary Of Significant Accounting Principles And Policies [Line Items]
Notional amount	675		675
Parking Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Deferred Revenue	24.5		24.5		$ 19.7
Contract with Customer, Revenue Recognized	2.6	$ 3.9	18	$ 18.7
Government Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Deferred Revenue	11.2		11.2		$ 13.1
Contract with Customer, Revenue Recognized	$ 1.1	$ 1.7	$ 7	$ 5.8
Customer Concentration Risk \| Sales Revenue Net \| Parking Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of customers exceeds 10% \| Customer	0	0	0	0
Customer Concentration Risk \| Sales Revenue Net \| City of New York Department of Transportation \| Government Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage	15.50%	16.50%	15.90%	17.10%
Customer Concentration Risk \| Sales Revenue Net \| Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage			10%
Customer Concentration Risk \| Sales Revenue Net \| Minimum \| Government Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage			10%
Customer Concentration Risk \| Accounts Receivable \| Parking Solutions
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of customers exceeds 10% \| Customer	0	0	0	0
Customer Concentration Risk \| Accounts Receivable \| City of New York Department of Transportation
Summary Of Significant Accounting Principles And Policies [Line Items]
Concentration risk percentage			13%		18%
Customer Concentration Risk \| Accounts Receivable \| Commercial Services
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of customers exceeds 10% \| Customer	0	0	0	0

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Concentration of Credit Risk (Details) - Sales Revenue Net - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Government Solutions \| City of New York Department of Transportation
Concentration Risk [Line Items]
Concentration risk percentage	15.50%	16.50%	15.90%	17.10%
Commercial Services \| Hertz Corporation
Concentration Risk [Line Items]
Concentration risk percentage	10.50%	11.80%	10.90%	11.80%
Commercial Services \| Avis Budget Group, Inc.
Concentration Risk [Line Items]
Concentration risk percentage	14.20%	15.10%	13.70%	13.80%
Commercial Services \| Enterprise Mobility
Concentration Risk [Line Items]
Concentration risk percentage	12.20%	11.60%	11.60%	10.50%

Significant Accounting Polici_6

Significant Accounting Policies - Summary of Activity in Allowance for Credit Loss (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Accounts Notes And Loans Receivable [Line Items]
Balance		$ 18,513	$ 15,907
Credit loss expense		11,425	7,553
Write-offs, net of recoveries		(10,363)	(5,882)
Balance		19,575	17,578
Commercial Services
Accounts Notes And Loans Receivable [Line Items]
Balance	[1]	15,661	11,177
Credit loss expense	[1]	11,599	9,378
Write-offs, net of recoveries	[1]	(10,240)	(5,135)
Balance	[1]	17,020	15,420
Government Solutions
Accounts Notes And Loans Receivable [Line Items]
Balance		2,426	4,573
Credit loss expense		(226)	(1,964)
Write-offs, net of recoveries		(107)	(185)
Balance		2,093	2,424
Parking Solutions [Member]
Accounts Notes And Loans Receivable [Line Items]
Balance		426	157
Credit loss expense		52	139
Write-offs, net of recoveries		(16)	(562)
Balance		$ 462	$ 266

[1] This primarily consists of receivables from drivers of rental cars for which the Company bills on behalf of its customers. Receivables not collected from drivers within a defined number of days are transferred to customers subject to applicable bad debt sharing agreements. The allowance for credit losses for driver-billed receivables was 82 % and 86 % of the total Commercial Services allowance for credit losses as of September 30, 2024 and 2023, respectively.

Significant Accounting Polici_7

Significant Accounting Policies - Summary of Components of Gain on Interest Rate Swap (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Rate Derivatives [Abstract]
Change in fair value	$ 1,169	$ 202	$ 1,316	$ (3,361)
Cash (receipts) payments	(256)	(142)	(822)	1,414
Total loss (gain) on interest rate swap	$ 913	$ 60	$ 494	$ (1,947)

Significant Accounting Polici_8

Significant Accounting Policies - Summary of Activity in Allowance for Credit Loss (Parenthetical) (Details)	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Percentage of driver billed allowance for doubtful accounts of CS segment allowance	82%	86%

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid services	$ 12,695	$ 10,496
Income taxes receivable	9,211	9,830
Prepaid tolls	8,594	9,174
Prepaid computer maintenance	6,766	6,775
Costs to fulfill a customer contract	6,650	5,852
Prepaid insurance	3,325	1,755
Deposits	3,195	2,322
Other	971	757
Total prepaid expenses and other current assets	$ 51,407	$ 46,961

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Line Items]
Balance at December 31, 2023	$ 835,835
Foreign currency translation adjustment	2,316
Balance at September 30, 2024	838,151
Commercial Services
Goodwill [Line Items]
Balance at December 31, 2023	422,091
Foreign currency translation adjustment	2,068
Balance at September 30, 2024	424,159
Government Solutions
Goodwill [Line Items]
Balance at December 31, 2023	214,602
Foreign currency translation adjustment	248
Balance at September 30, 2024	214,850
Parking Solutions
Goodwill [Line Items]
Balance at December 31, 2023	199,142
Foreign currency translation adjustment	0
Balance at September 30, 2024	$ 199,142

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Separately Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 606,507	$ 859,688
Accumulated Amortization	355,180	558,663
Less: accumulated amortization	(355,180)	(558,663)
Intangible assets, net	$ 251,327	$ 301,025
Trademarks
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	5 years 3 months 18 days	3 months 18 days
Gross Carrying Amount	$ 4,812	$ 36,190
Accumulated Amortization	$ 1,927	$ 32,882
Patent
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	4 years 1 month 6 days	4 years 9 months 18 days
Gross Carrying Amount	$ 500	$ 500
Accumulated Amortization	$ 92	$ 17
Non-compete Agreements
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life		0 years
Gross Carrying Amount		$ 62,540
Accumulated Amortization		$ 62,540
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	3 years 9 months 18 days	4 years 6 months
Gross Carrying Amount	$ 560,388	$ 558,801
Accumulated Amortization	$ 334,420	$ 288,065
Developed Technology
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	4 years	9 months 18 days
Gross Carrying Amount	$ 40,807	$ 201,657
Accumulated Amortization	$ 18,741	$ 175,159

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Amortization expense	$ 16.8	$ 18.9	$ 50.3	$ 60.9

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Amortization Expense in Future Years (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 16,842
2025	64,670
2026	57,657
2027	28,624
2028	22,612
Thereafter	60,922
Total	$ 251,327

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued salaries and wages	$ 26,272	$ 27,905
Accrued interest payable	9,043	4,594
Current deferred tax liabilities	7,599	7,574
Current portion of operating lease liabilities	6,683	7,133
Restricted cash due to customers	6,208	2,835
Advance deposits	3,972	2,308
Payroll tax liabilities	3,353	3,214
Accrued legal settlement	0	31,500
Other	3,836	6,056
Total accrued liabilities	$ 66,966	$ 93,119

Long-term Debt - Summary of the

Long-term Debt - Summary of the Company's Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less: original issue discounts	$ (2,745)	$ (3,646)
Less: unamortized deferred financing costs	(10,159)	(12,809)
Total long-term debt	1,037,174	1,038,132
Less: current portion of long-term debt	0	(9,019)
Total long-term debt, net of current portion	1,037,174	1,029,113
2021 Term Loan, due 2028
Debt Instrument [Line Items]
Debt instrument carrying amount	700,078	704,587
Senior Notes, due 2029
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 350,000	$ 350,000

Long-term Debt - Summary of t_2

Long-term Debt - Summary of the Company's Long-term Debt (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
2021 Term Loan
Debt Instrument [Line Items]
Debt instrument, maturity year	2028	2028
Senior Notes, due 2029
Debt Instrument [Line Items]
Debt instrument, maturity year	2029	2029

Long-term Debt - Schedule of Co

Long-term Debt - Schedule of Consolidated First Lien Net Leverage Ratio and Applicable Prepayment Percentage (Details) - 2021 Term Loan, due 2028	9 Months Ended
	Sep. 30, 2024
> 3.70:1.00
Debt Instrument [Line Items]
Applicable prepayment percentage	50%
≤ 3.70:1.00 and > 3.20:1.00
Debt Instrument [Line Items]
Applicable prepayment percentage	25%
≤ 3.20:1.00
Debt Instrument [Line Items]
Applicable prepayment percentage	0%

Long-term Debt - Summary of Sen

Long-term Debt - Summary of Senior Notes Redemption Prices Set Forth in Percentages by Year (Details) - Senior Notes, due 2029	9 Months Ended
	Sep. 30, 2024
2024
Debt Instrument Redemption [Line Items]
Redemption percentage	102.75%
2025
Debt Instrument Redemption [Line Items]
Redemption percentage	101.375%
2026 and thereafter
Debt Instrument Redemption [Line Items]
Redemption percentage	100%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2024	Mar. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, maturity date		Mar. 24, 2028
Offering discount cost			$ 2,745		$ 2,745			$ 3,646
Deferred financing costs			$ 10,159		10,159			$ 12,809
Repayment of outstanding debt					$ 4,509	$ 179,264
Debt instrument interest rate			7.60%		7.60%
Loss on extinguishment of debt			$ (33)	$ (1,975)	$ (628)	(3,533)
Interest expense including amortization of deferred financing costs and discounts			$ 18,700	20,400	$ 57,200	65,800
Weighted average effective interest rates			6.90%		6.90%			7.70%
2021 Term Loan, due 2028
Debt Instrument [Line Items]
Current principal outstanding			$ 700,078		$ 700,078			$ 704,587
Senior Notes, due 2029
Debt Instrument [Line Items]
Current principal outstanding			$ 350,000		$ 350,000			$ 350,000
Debt instrument, maturity date		Apr. 15, 2029
Debt instrument, aggregate principal amount		$ 350,000
Fixed interest rate			5.50%		5.50%
Debt instrument, payment terms					payable on April 15 and October 15 of each year
2021 Term Loan [Member]
Debt Instrument [Line Items]
Current principal outstanding		900,000	$ 700,100		$ 700,100
Debt instrument available amount to borrow									$ 250,000
Offering discount cost									4,600
Deferred financing costs									$ 4,500
Early Repayments of Term Loan					4,500	172,500
Loss on extinguishment of debt			100	$ 2,000	$ 600	$ 3,500
2021 Term Loan [Member] \| Minimum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	0.50%
2021 Term Loan [Member] \| Base Rate
Debt Instrument [Line Items]
Debt instrument interest rate per annum					1.75%
2021 Term Loan [Member] \| SOFR 2.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum					2.75%
2021 Term Loan [Member] \| SOFR 2.75% \| Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.75%
2021 Term Loan [Member] \| SOFR 3.25%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								3.25%
2021 Term Loan [Member] \| SOFR 0.00%
Debt Instrument [Line Items]
Debt instrument interest rate per annum	0%
2021 Term Loan and Senior Notes \| One Month Credit Spread \| Maximum
Debt Instrument [Line Items]
Credit spread adjustment Rate								0.71513%
2021 Term Loan and Senior Notes \| One Month Credit Spread \| Minimum
Debt Instrument [Line Items]
Credit spread adjustment Rate								0.11448%
Revolver
Debt Instrument [Line Items]
Debt instrument available amount to borrow			74,600		$ 74,600
Revolving commitment					75,000
Outstanding borrowings			0		0			$ 0
Outstanding letters of credit			$ 400		$ 400		$ 400
Debt instrument, periodic payment, interest rate			0.375%		0.375%
Participation and fronting fees percentage on outstanding letter of credit					1.38%
Revolver \| Base Rate 0.25%
Debt Instrument [Line Items]
Debt instrument interest rate per annum					0.25%
Revolver \| Base Rate 0.50%
Debt Instrument [Line Items]
Debt instrument interest rate per annum					0.50%
Revolver \| Base Rate 0.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum					0.75%
Revolver \| SOFR 1.25%
Debt Instrument [Line Items]
Debt instrument interest rate per annum					1.25%
Revolver \| SOFR 1.50%
Debt Instrument [Line Items]
Debt instrument interest rate per annum					1.50%
Revolver \| SOFR 1.75%
Debt Instrument [Line Items]
Debt instrument interest rate per annum					1.75%
Revolver \| One Month Credit Spread
Debt Instrument [Line Items]
Credit spread adjustment Rate			0.10%		0.10%
Revolver \| Three Month Credit Spread
Debt Instrument [Line Items]
Credit spread adjustment Rate			0.15%		0.15%
Revolver \| Six Month Credit Spread
Debt Instrument [Line Items]
Credit spread adjustment Rate			0.25%		0.25%
Senior Notes, due 2029
Debt Instrument [Line Items]
Deferred financing costs		$ 5,700

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2021 Term Loan
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 700,078	$ 704,587
Senior Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	350,000	350,000
Level 2 \| 2021 Term Loan \| Carrying Amount
Debt Instrument [Line Items]
Debt instrument carrying amount	690,343	691,821
Level 2 \| 2021 Term Loan \| Estimated Fair Value
Debt Instrument [Line Items]
Total long-term debt	702,703	709,872
Level 2 \| Senior Notes \| Carrying Amount
Debt Instrument [Line Items]
Debt instrument carrying amount	346,831	346,311
Level 2 \| Senior Notes \| Estimated Fair Value
Debt Instrument [Line Items]
Total long-term debt	$ 346,500	$ 335,125

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Investment Owned, at Cost	$ 2,100		$ 2,100
Number of warrants exercised		20
Warrant liabilities	$ 0	$ 49,032
Private Placement Warrant Liabilities
Debt Instrument [Line Items]
Number of warrants exercised		6.7
Warrant liabilities		$ 49,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Changes in the Private Placement Warrant Liabilities Included in Net Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Beginning balance	$ 5,430	$ 24,066
Change in fair value of private placement warrants	(553)	24,966
Exercise of warrants	(4,877)	(49,032)
Ending balance	$ 0	$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Changes in the Fair Value of the Interest Rate Swap (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Offsetting Assets [Line Items]
Beginning balance		$ 5,430		$ 24,066
Ending balance		0		0
Interest Rate Swap [Member] \| Prepaid Expenses and Other Current Assets [Member]
Offsetting Assets [Line Items]
Beginning balance	$ 799	2,263	$ 689	0
Change in fair value of interest rate swap	(799)	3	(689)	2,266
Ending balance	0	2,266	0	2,266
Interest Rate Swap [Member] \| Other non-current assets [Member]
Offsetting Assets [Line Items]
Beginning balance	370	2,296	627	1,973
Change in fair value of interest rate swap	(370)	(204)	(627)	119
Ending balance	0	2,092	0	2,092
Interest Rate Swap [Member] \| Accrued liabilities [Member]
Offsetting Assets [Line Items]
Beginning balance	0	0	0	977
Change in fair value of interest rate swap	0	0	0	(977)
Ending balance	$ 0	$ 0	$ 0	$ 0

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Components of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income		$ 34,732	$ 34,223	$ 29,149	$ 30,308	$ 19,108	$ 4,577	$ 98,104	$ 53,993
Weighted average shares outstanding:
Weighted average shares - basic		164,735			168,089			165,676	156,196
Common stock equivalents		2,889			1,408			2,642	937
Weighted average shares - diluted		167,624			169,497			168,318	157,133
Net income per share - basic		$ 0.21			$ 0.18			$ 0.59	$ 0.35
Net income per share - diluted		$ 0.21			$ 0.18			$ 0.58	$ 0.34
Total antidilutive shares excluded		1			1,243			44	2,201
ASR Shares
Weighted average shares outstanding:
Total antidilutive shares excluded	[1]	0			985			0	985
Non-qualified Stock Options
Weighted average shares outstanding:
Total antidilutive shares excluded		0			139			0	761
Performance Share Units
Weighted average shares outstanding:
Total antidilutive shares excluded		1			12			12	341
Restricted Stock Units
Weighted average shares outstanding:
Total antidilutive shares excluded		0			107			32	114

[1] This represents the number of additional estimated shares the counterparties to the Company’s accelerated share repurchase (“ ASR ”) initiated in the third quarter of 2023 would have been required to deliver had the ASR been settled as of September 30, 2023. The final settlement occurred in the first quarter of 2024, at which time, the Company received 534,499 additional shares calculated using a volume-weighted average price over the term of the ASR agreement .

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Components of Basic and Diluted Net Income Per Share (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024 shares
ASR Shares
Earnings Per Share Basic [Line Items]
Additional delivery common shares	534,499

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax [Line Items]
Effective tax rate	28.40%	27.50%	27.40%	37.10%

Stockholders' Equity (Additiona

Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 06, 2024	Jan. 12, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 30, 2023	Nov. 30, 2022
Number of warrants exercised			20,000,000	20,000,000		20,000,000
Share repurchase program, authorized amount					$ 48,500
Payments for repurchase of common stock				$ 100,000	51,500	$ 100,000
Reducing additional paid-in capital account					1,800	15,200
Increase accumulated deficit account			$ 84,800	$ 84,800	1,800	$ 84,800
Accrued liabilities					400
Warrant [Member]
Warrants exercised in exchange for shares of common stock						14,035,449
Redeemed of public warrants						634
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1			$ 0.01	$ 0.01		$ 0.01
Proceeds from issuance of warrants						$ 161,400
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised						14,035,449
Common Stock Including Additional Paid in Capital [Member]
Reducing additional paid-in capital account					6,700
Retained Earnings [Member]
Increase accumulated deficit account					$ 45,200
Class A common stock
Warrants exercised in exchange for shares of common stock						16,273,406
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised						16,273,406
Repurchase shares	2,000,000		449,432	449,432		449,432
Share repurchase program, authorized amount							$ 100,000
Additional delivery common shares		534,499
Payments for repurchase of common stock	$ 51,500			$ 8,100
Class A common stock \| Board of Directors
Initial delivery common shares			4,131,551
Share repurchase program, authorized amount								$ 100,000
Payments for repurchase of common stock			$ 91,900

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Components of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,438	$ 4,443	$ 18,586	$ 12,346
Operating Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,047	628	3,186	1,507
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,391	$ 3,815	$ 15,400	$ 10,839

Other Significant Transactions

Other Significant Transactions - Additional Information (Details) $ in Thousands				1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 14, 2023 USD ($) shares	Jan. 27, 2020	Apr. 26, 2019	Jul. 26, 2023 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) shares	Jun. 30, 2021 yr
Related Party Transaction [Line Items]
Total revenue					$ 225,551	$ 209,933	$ 657,707	$ 606,297
Term of volatility and risk free rates utilizing a peer group \| yr									5
Minimum \| Earn out
Related Party Transaction [Line Items]
Common stock price threshold trading days			10 days
Minimum \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common stock price threshold trading days		10 days
Maximum \| Earn out
Related Party Transaction [Line Items]
Common stock price threshold trading days			20 days
Maximum \| Common Stock Price Greater than $15.50
Related Party Transaction [Line Items]
Common stock price threshold trading days		20 days
Verra Mobility Business Combination
Related Party Transaction [Line Items]
Tax receivable agreement, portion of net cash savings paid out							50%
Tax receivable agreement, portion of net cash savings retained							50%
Estimated maximum benefit to be paid to tax receivable agreement					70,000		$ 70,000
Payable to related party pursuant to tax receivable agreement, current portion					5,100		5,100
Tax receivable agreement, amount payable					53,500		53,500
Tax receivable agreement, amount payable, non-current					$ 48,400		$ 48,400
Contingency period								5 years
Verra Mobility Business Combination \| Earn out
Related Party Transaction [Line Items]
Earn-out shares issuable if condition met \| shares	5,000,000			5,000,000				2,500,000
Earn-out shares issued value	$ 36,600			$ 36,600
Verra Mobility Business Combination \| Minimum
Related Party Transaction [Line Items]
Common stock price threshold trading days								10 days
Verra Mobility Business Combination \| Maximum
Related Party Transaction [Line Items]
Common stock price threshold trading days								20 days
Verra Mobility Business Combination \| Maximum \| Earn out
Related Party Transaction [Line Items]
Earn-out shares issuable if condition met \| shares								10,000,000

Other Significant Transaction_2

Other Significant Transactions - Summary of Earn Out Shares Issued by Company to Platinum Stockholder (Details) - shares		1 Months Ended	9 Months Ended
	Jun. 14, 2023	Jul. 26, 2023	Sep. 30, 2023
Verra Mobility Business Combination \| Earn out
Related Party Transaction [Line Items]
One-time issuance of shares	5,000,000	5,000,000	2,500,000

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Bank guarantees required to support bids and contracts	$ 2,500
Non-cancelable purchase commitments outstanding	33,700
Purchase commitments expected to incurred	9,600
Accrued legal settlement	$ 0	$ 31,500

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment			3
Number of reportable segments \| Segment			3
Revenues \| $	$ 28,355	$ 25,927	$ 83,577	$ 75,782
Non-US
Segment Reporting Information [Line Items]
Revenues \| $	$ 8,300	$ 8,900	$ 25,700	$ 24,500

Segment Reporting - Financial I

Segment Reporting - Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 225,551	$ 209,933	$ 657,707	$ 606,297
Operating expenses	74,979	68,245	218,383	194,866
Selling, general and administrative expenses	39,061	36,727	120,356	111,865
Loss on disposal of assets, net	87	67	233	183
Segment profit	63,890	59,173	179,412	165,485
Depreciation and amortization	26,631	27,530	80,982	86,835
Transaction and other related expenses	2,483	152	4,124	484
Transformation expenses	983	1,582	2,552	2,306
Change in fair value of private placement warrants	0	(553)	0	24,966
Loss (gain) on interest rate swap	913	60	494	(1,947)
Loss on extinguishment of debt	33	1,975	628	3,533
Stock-based compensation	6,438	4,443	18,586	12,346
Interest expense, net	18,723	20,384	57,203	65,842
Income before income taxes	$ 48,493	$ 41,805	$ 135,057	$ 85,857
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Loss (gain) on interest rate swap	Loss (gain) on interest rate swap	Loss (gain) on interest rate swap	Loss (gain) on interest rate swap
Service Revenue
Segment Reporting Information [Line Items]
Total revenue	$ 217,267	$ 201,029	$ 632,005	$ 581,777
Cost of revenue	5,378	5,150	14,324	13,718
Product Sales
Segment Reporting Information [Line Items]
Total revenue	8,284	8,904	25,702	24,520
Cost of revenue	5,621	6,864	18,755	18,209
Operating Segments
Segment Reporting Information [Line Items]
Other income, net	(4,272)	(4,498)	(13,970)	(12,766)
Segment profit	104,697	97,378	299,626	280,222
Operating Segments \| Commercial Services
Segment Reporting Information [Line Items]
Total revenue	109,139	98,149	309,013	278,243
Operating expenses	24,683	21,174	69,351	61,819
Selling, general and administrative expenses	14,825	15,544	48,079	47,127
Other income, net	(3,977)	(4,418)	(13,473)	(12,372)
Segment profit	72,867	65,282	203,165	179,931
Income before income taxes	72,867	65,282	203,165	179,931
Operating Segments \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue	95,851	90,285	287,753	264,462
Operating expenses	46,168	42,395	135,923	119,398
Selling, general and administrative expenses	18,519	15,181	53,490	45,747
Loss on disposal of assets, net	84	54	224	170
Other income, net	(445)	(75)	(532)	(325)
Segment profit	28,085	28,568	87,124	90,393
Income before income taxes	28,085	28,568	87,124	90,393
Operating Segments \| Parking Solutions
Segment Reporting Information [Line Items]
Total revenue	20,561	21,499	60,941	63,592
Operating expenses	4,128	4,676	13,109	13,649
Selling, general and administrative expenses	5,717	6,002	18,787	18,991
Loss on disposal of assets, net	3	13	9	13
Other income, net	150	(5)	35	(69)
Segment profit	3,745	3,528	9,337	9,898
Income before income taxes	3,745	3,528	9,337	9,898
Operating Segments \| Service Revenue \| Commercial Services
Segment Reporting Information [Line Items]
Total revenue	109,139	98,149	309,013	278,243
Cost of revenue	741	567	1,891	1,738
Operating Segments \| Service Revenue \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue	91,003	85,092	272,747	253,319
Cost of revenue	482	578	1,514	1,770
Operating Segments \| Service Revenue \| Parking Solutions
Segment Reporting Information [Line Items]
Total revenue	17,125	17,788	50,245	50,215
Cost of revenue	4,155	4,005	10,919	10,210
Operating Segments \| Product Sales \| Government Solutions
Segment Reporting Information [Line Items]
Total revenue	4,848	5,193	15,006	11,143
Cost of revenue	2,958	3,584	10,010	7,309
Operating Segments \| Product Sales \| Parking Solutions
Segment Reporting Information [Line Items]
Total revenue	3,436	3,711	10,696	13,377
Cost of revenue	2,663	3,280	8,745	10,900
Corporate and Other
Segment Reporting Information [Line Items]
Segment profit	0	0	0	0
Depreciation and amortization	26,631	27,530	80,982	86,835
Transaction and other related expenses	2,483	152	4,124	484
Transformation expenses	983	1,582	2,552	2,306
Change in fair value of private placement warrants		(553)		24,966
Loss (gain) on interest rate swap	913	60	494	(1,947)
Loss on extinguishment of debt	33	1,975	628	3,533
Stock-based compensation	6,438	4,443	18,586	12,346
Interest expense, net	18,723	20,384	57,203	65,842
Income before income taxes	$ (56,204)	$ (55,573)	$ (164,569)	$ (194,365)

Segment Reporting - Schedule of

Segment Reporting - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total property and equipment, net	$ 136,815	$ 123,248
Total assets	1,850,581	1,789,983
Operating Segments \| Commercial Services
Segment Reporting Information [Line Items]
Total property and equipment, net	11,372	9,547
Total assets	718,401	721,192
Operating Segments \| Government Solutions
Segment Reporting Information [Line Items]
Total property and equipment, net	110,032	98,611
Total assets	515,543	523,687
Operating Segments \| Parking Solutions
Segment Reporting Information [Line Items]
Total property and equipment, net	13,882	13,281
Total assets	395,891	404,267
Corporate and Other
Segment Reporting Information [Line Items]
Total property and equipment, net	1,529	1,809
Total assets	$ 220,746	$ 140,837

Segment Reporting - Revenues fr

Segment Reporting - Revenues from International Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 28,355	$ 25,927	$ 83,577	$ 75,782
Australia
Segment Reporting Information [Line Items]
Revenues	14,433	13,461	41,866	33,431
Canada
Segment Reporting Information [Line Items]
Revenues	8,063	6,535	24,802	22,336
United Kingdom
Segment Reporting Information [Line Items]
Revenues	4,366	4,923	13,743	17,585
All other
Segment Reporting Information [Line Items]
Revenues	$ 1,493	$ 1,008	$ 3,166	$ 2,430

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended
	Oct. 03, 2024	Mar. 31, 2021	Oct. 30, 2023
Subsequent Event [Line Items]
Debt instrument, maturity date		Mar. 24, 2028
Subsequent Event
Subsequent Event [Line Items]
Description of interest rate related to third amendment of 2021 term loan	In connection with the Fourth Amendment, the interest rate on the approximately $700.1 million outstanding balance of the New Term Loans was reduced by 50 basis points to SOFR + 2.25% from SOFR + 2.75% with the SOFR floor unchanged at 0.00%.
Subsequent Event \| 2021 Term Loan
Subsequent Event [Line Items]
Aggregate principal loan amount	$ 700.1
SOFR floor unchanged	0%
Prepayment premium rate	1%
Debt instrument, maturity date	Mar. 24, 2028
Maximum \| Subsequent Event \| 2021 Term Loan
Subsequent Event [Line Items]
Debt instrument interest rate per annum	2.75%
Minimum \| Subsequent Event \| 2021 Term Loan
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	0.50%
Debt instrument interest rate per annum	2.25%
Class A common stock
Subsequent Event [Line Items]
Share repurchase program, authorized amount			$ 100