2024 Q1 Form 10-K Financial Statement

#000095017024023271 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $26.37M $211.0M $103.6M
YoY Change 8.3% 13.41% 9.81%
Cost Of Revenue $9.591M $11.54M $43.46M
YoY Change -0.23% 15.5% -8.04%
Gross Profit $200.1M $199.5M $773.8M
YoY Change 9.79% 13.29% 11.45%
Gross Profit Margin 759.05% 94.53% 747.17%
Selling, General & Admin $48.17M $73.06M $198.6M
YoY Change 20.39% 81.64% 21.71%
% of Gross Profit 24.07% 36.62% 25.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.89M $26.23M $113.1M
YoY Change -11.29% -21.44% -18.47%
% of Gross Profit 13.43% 13.15% 14.61%
Operating Expenses $48.17M $176.1M $198.6M
YoY Change 20.39% 31.41% 21.71%
Operating Profit $54.35M $23.33M $188.8M
YoY Change 8.49% -44.51% 14.64%
Interest Expense $19.64M -$23.62M $86.70M
YoY Change -13.45% 22.07% 24.98%
% of Operating Profit 36.12% -101.26% 45.92%
Other Income/Expense, Net -$15.38M $1.434M -$101.8M
YoY Change -59.18% -88.35% 170.81%
Pretax Income $38.97M $1.140M $87.00M
YoY Change 213.73% -96.74% -31.56%
Income Tax $9.823M -$1.882M $29.98M
% Of Pretax Income 25.21% -165.09% 34.46%
Net Earnings $29.15M $3.022M $57.02M
YoY Change 536.86% -89.29% -38.35%
Net Earnings / Revenue 110.55% 1.43% 55.05%
Basic Earnings Per Share $0.18 $0.36
Diluted Earnings Per Share $0.17 $0.02 $0.36
COMMON SHARES
Basic Shares Outstanding 166.0M 166.3M 158.8M
Diluted Shares Outstanding 168.7M 160.0M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.5M $136.3M $136.3M
YoY Change 132.65% 29.57% 29.57%
Cash & Equivalents $149.5M $136.3M $136.3M
Short-Term Investments
Other Short-Term Assets $1.317M $757.0K $40.54M
YoY Change 305.23% -61.61% 4.26%
Inventory $17.30M $17.97M $17.97M
Prepaid Expenses
Receivables $182.0M $197.8M $197.8M
Other Receivables $48.17M $46.89M $46.89M
Total Short-Term Assets $438.6M $439.5M $439.5M
YoY Change 31.93% 21.22% 21.22%
LONG-TERM ASSETS
Property, Plant & Equipment $127.0M $123.2M $156.8M
YoY Change 14.01% 12.27% 6.38%
Goodwill $834.6M $835.8M
YoY Change 0.03% 0.28%
Intangibles $283.4M $301.0M
YoY Change -20.32% -20.24%
Long-Term Investments
YoY Change
Other Assets $32.86M $33.92M $56.81M
YoY Change 160.51% 171.7% 60.46%
Total Long-Term Assets $1.331B $1.350B $1.350B
YoY Change -3.42% -3.1% -3.1%
TOTAL ASSETS
Total Short-Term Assets $438.6M $439.5M $439.5M
Total Long-Term Assets $1.331B $1.350B $1.350B
Total Assets $1.770B $1.790B $1.790B
YoY Change 3.45% 1.92% 1.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.57M $78.75M $78.75M
YoY Change 5.73% -1.4% -1.4%
Accrued Expenses $54.07M $93.12M $112.5M
YoY Change 3.89% 90.63% 57.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $9.019M $9.019M
YoY Change -100.0% -58.88% -58.88%
Total Short-Term Liabilities $159.4M $214.8M $214.8M
YoY Change -5.45% 14.97% 14.97%
LONG-TERM LIABILITIES
Long-Term Debt $1.038B $1.029B $1.029B
YoY Change -9.03% -13.52% -13.52%
Other Long-Term Liabilities $15.13M $14.20M $106.3M
YoY Change 110.21% 141.65% -16.45%
Total Long-Term Liabilities $1.053B $1.043B $1.135B
YoY Change -8.28% -12.76% -13.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $159.4M $214.8M $214.8M
Total Long-Term Liabilities $1.053B $1.043B $1.135B
Total Liabilities $1.321B $1.369B $1.369B
YoY Change -10.38% -10.27% -10.27%
SHAREHOLDERS EQUITY
Retained Earnings -$94.95M -$125.9M
YoY Change 1.55% 28.35%
Common Stock $17.00K $17.00K
YoY Change 13.33% 13.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $449.0M $421.5M $421.5M
YoY Change
Total Liabilities & Shareholders Equity $1.770B $1.790B $1.790B
YoY Change 3.45% 1.92% 1.92%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $29.15M $3.022M $57.02M
YoY Change 536.86% -89.29% -38.35%
Depreciation, Depletion And Amortization $26.89M $26.23M $113.1M
YoY Change -11.29% -21.44% -18.47%
Cash From Operating Activities $34.33M $35.73M $206.1M
YoY Change -24.07% -48.64% -5.6%
INVESTING ACTIVITIES
Capital Expenditures $14.28M $16.98M $56.99M
YoY Change -22.28% 38.54% 18.26%
Acquisitions $0.00
YoY Change
Other Investing Activities $342.0K $387.0K -$805.0K
YoY Change -128.22% 283.17% 98.28%
Cash From Investing Activities -$13.94M -$16.60M -$58.29M
YoY Change -28.83% 36.51% 19.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0M
YoY Change -20.05%
Debt Paid & Issued, Net $2.255M $181.5M
YoY Change -96.52% 1912.63%
Cash From Financing Activities -6.281M 657.0K -117.8M
YoY Change -90.57% -112.15% -28.58%
NET CHANGE
Cash From Operating Activities 34.33M 35.73M 206.1M
Cash From Investing Activities -13.94M -16.60M -58.29M
Cash From Financing Activities -6.281M 657.0K -117.8M
Net Change In Cash 13.51M 19.79M 30.61M
YoY Change -132.7% -61.94% 553.58%
FREE CASH FLOW
Cash From Operating Activities $34.33M $35.73M $206.1M
Capital Expenditures $14.28M $16.98M $56.99M
Free Cash Flow $20.05M $18.75M $149.1M
YoY Change -25.3% -67.29% -12.36%

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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions include those related to the fair values assigned to net assets acquired (including identifiable intangibles) in business combinations, allocating the transaction price for revenue recognition, inventory valuation, allowance for credit losses, fair value of the private placement warrant liabilities, fair value of the interest rate swap, self-insurance liability, valuation allowance on deferred tax assets, uncertain tax positions, apportionment for state income taxes, the tax receivable agreement liability, fair value of privately-held securities, impairment assessments of goodwill, intangible assets and other long-lived assets, asset retirement obligations, contingent consideration and the recognition and measurement of loss contingencies.</span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management believes that its estimates and assumptions are reasonable in the circumstances; however, actual results could differ materially from those estimates.</span></p>
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
24066000
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, accounts receivable and unbilled receivables. The Company limits cash and cash equivalents to highly rated financial institutions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant customers are those which represent more than </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the Company’s total revenue or ac</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">counts receivable, net. </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">R</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">evenue from the single Government Solutions customer exceeding </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total revenue is presented below:</span></span></p><div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:54.303%;"></td> <td style="width:1.761%;"></td> <td style="width:1%;"></td> <td style="width:11.471%;"></td> <td style="width:1%;"></td> <td style="width:1.761%;"></td> <td style="width:1%;"></td> <td style="width:11.471%;"></td> <td style="width:1%;"></td> <td style="width:1.761%;"></td> <td style="width:1%;"></td> <td style="width:11.471%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">For the Year Ended December 31,</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2023</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2022</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2021</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">City of New York Department of Transportation</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">16.9</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">19.5</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">26.6</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> </table></div><p style="text-indent:24.5pt;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The City of New York Department of Transportation (“</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">NYCDOT</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">”) represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">18</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">22</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total accounts receivable, net as of December 31, 2023 and 2022, 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.</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:24.5pt;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant customer revenue concentrations generated through the Company’s Commercial Services partners </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">as a percent of total revenue are presented below:</span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:54.303%;"></td> <td style="width:1.761%;"></td> <td style="width:1%;"></td> <td style="width:11.471%;"></td> <td style="width:1%;"></td> <td style="width:1.761%;"></td> <td style="width:1%;"></td> <td style="width:11.471%;"></td> <td style="width:1%;"></td> <td style="width:1.761%;"></td> <td style="width:1%;"></td> <td style="width:11.471%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">For the Year Ended December 31,</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2023</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2022</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2021</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Hertz Corporation</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">11.8</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">11.1</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">12.6</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Avis Budget Group, Inc.</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">13.6</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">13.0</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">12.3</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Enterprise Mobility</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">10.4</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">9.3</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">11.4</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> </table></div><p style="text-indent:24.5pt;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Avis Budget Group, Inc. was </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total accounts receivable, net as of December 31, 2022. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">No</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> Commercial Services customer exceeded </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total accounts receivable, net as of December 31, 2023.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">There were </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> significant customer concentrations that exceeded 10% of total revenue or accounts receivables, net for the Parking Solutions segment </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">as of or for any period presented</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
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CY2022Q4 us-gaap Unbilled Receivables Current
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24066000
CY2023Q4 us-gaap Investment Owned At Cost
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CY2022Q4 us-gaap Investment Owned At Cost
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2100000
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0
CY2022 vrrm Impairment On Privately Held Equity Investment
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1300000
CY2023 us-gaap Amortization Of Financing Costs
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CY2022 us-gaap Amortization Of Financing Costs
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5500000
CY2021 us-gaap Amortization Of Financing Costs
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5200000
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CY2023Q4 vrrm Revenue Remaining Performance Obligation In The Next Twelve Months
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204300000
CY2023 vrrm Benefit On Credit Card Rebates
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CY2022 vrrm Benefit On Credit Card Rebates
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14500000
CY2021 vrrm Benefit On Credit Card Rebates
BenefitOnCreditCardRebates
11300000
CY2023Q4 vrrm Prepaid Services
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CY2022Q4 vrrm Prepaid Services
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CY2023Q4 vrrm Prepaid Tolls
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CY2022Q4 vrrm Prepaid Tolls
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CY2023Q4 us-gaap Prepaid Taxes
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CY2022Q4 us-gaap Prepaid Taxes
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4629000
CY2023Q4 vrrm Prepaid Computer Maintenance
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CY2022Q4 vrrm Prepaid Computer Maintenance
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CY2023Q4 us-gaap Capitalized Contract Cost Gross
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CY2022Q4 us-gaap Capitalized Contract Cost Gross
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CY2022Q4 us-gaap Deposit Assets
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CY2022Q4 us-gaap Prepaid Insurance
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CY2022Q4 us-gaap Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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32200000
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CY2021Q4 us-gaap Goodwill
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756000
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CY2022Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2023Q4 us-gaap Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
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558663000
CY2023Q4 vrrm Finitelivedintangibleassetaccumulatedamortization
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558663000
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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480378000
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-480378000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Amortization Of Intangible Assets
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106200000
CY2021 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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57431000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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28523000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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22580000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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60927000
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301025000
CY2023Q4 vrrm Accrued Legal Settlement
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CY2022Q4 vrrm Accrued Legal Settlement
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0
CY2023Q4 us-gaap Accrued Salaries Current
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27905000
CY2022Q4 us-gaap Accrued Salaries Current
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19109000
CY2023Q4 vrrm Current Deferred Tax Liabilities
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CY2022Q4 vrrm Current Deferred Tax Liabilities
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7559000
CY2023Q4 us-gaap Operating Lease Liability Current
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7133000
CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Interest Payable Current
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CY2022Q4 us-gaap Interest Payable Current
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CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2023Q4 vrrm Restricted Cash Due To Customers Current
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2835000
CY2022Q4 vrrm Restricted Cash Due To Customers Current
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3541000
CY2023Q4 vrrm Advanced Deposits Payable Current
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2308000
CY2022Q4 vrrm Advanced Deposits Payable Current
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1029000
CY2023Q4 us-gaap Accrued Insurance Current
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1802000
CY2022Q4 us-gaap Accrued Insurance Current
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858000
CY2023Q4 vrrm Interest Rate Swap Liability
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CY2022Q4 vrrm Interest Rate Swap Liability
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977000
CY2023Q4 us-gaap Other Accrued Liabilities Current
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4254000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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2824000
CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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48847000
CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
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CY2022 us-gaap Asset Retirement Obligation Liabilities Incurred
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944000
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
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760000
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
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445000
CY2023 us-gaap Asset Retirement Obligation Liabilities Settled
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CY2022 us-gaap Asset Retirement Obligation Liabilities Settled
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220000
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
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CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
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12993000
CY2022 us-gaap Asset Retirement Obligation Period Increase Decrease
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400000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
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3646000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
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5637000
CY2023Q4 us-gaap Deferred Finance Costs Net
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12809000
CY2022Q4 us-gaap Deferred Finance Costs Net
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18489000
CY2023Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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9019000
CY2022Q4 us-gaap Long Term Debt Current
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21935000
CY2023Q4 us-gaap Long Term Debt Noncurrent
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1029113000
CY2022Q4 us-gaap Long Term Debt Noncurrent
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1190045000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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9019000
CY2023 vrrm Long Term Debt Maturities Repayments Of Interest In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfInterestInNextTwelveMonths
81757000
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9019000
CY2023 vrrm Long Term Debt Maturities Repayments Of Interest In Year Two
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80448000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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In addition, the Company may redeem up to 40% of the Senior Notes before April 15, 2024, with the net cash proceeds from certain equity offerings at a redemption price of 105.50%.
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3039000
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CY2023 vrrm Income Tax Reconciliation Change In Fair Value Of Warrants
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CY2022 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022Q4 vrrm Deferred Tax Assets Operating Lease Liabilities
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2022 us-gaap Cost Direct Material
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