2018 Q3 Form 10-Q Financial Statement
#000156459018028662 Filed on November 08, 2018
Income Statement
| Concept | 2018 Q3 | 2017 Q4 | 2017 Q3 |
|---|---|---|---|
| Revenue | $107.6M | $63.16M | $56.09M |
| YoY Change | 91.84% | ||
| Cost Of Revenue | $3.100M | ||
| YoY Change | |||
| Gross Profit | $104.5M | ||
| YoY Change | |||
| Gross Profit Margin | 97.12% | ||
| Selling, General & Admin | $21.69M | $200.0K | $200.0K |
| YoY Change | 10743.5% | ||
| % of Gross Profit | 20.75% | ||
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $28.79M | ||
| YoY Change | |||
| % of Gross Profit | 27.55% | ||
| Operating Expenses | $21.69M | $200.0K | $200.0K |
| YoY Change | 10743.5% | ||
| Operating Profit | $26.20M | $10.83M | $3.212M |
| YoY Change | 715.66% | ||
| Interest Expense | $20.31M | ||
| YoY Change | |||
| % of Operating Profit | 77.54% | ||
| Other Income/Expense, Net | -$17.37M | $1.000M | $1.000M |
| YoY Change | -1837.0% | ||
| Pretax Income | $8.825M | $700.0K | $802.3K |
| YoY Change | 1000.01% | ||
| Income Tax | $2.312M | $300.0K | $547.6K |
| % Of Pretax Income | 26.2% | 42.86% | 68.25% |
| Net Earnings | $6.513M | $29.18M | -$3.347M |
| YoY Change | -294.58% | ||
| Net Earnings / Revenue | 6.05% | 46.2% | -5.97% |
| Basic Earnings Per Share | $0.09 | ||
| Diluted Earnings Per Share | $0.09 | $9.980K | $6.000K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 72.90M | ||
| Diluted Shares Outstanding | 72.90M |
Balance Sheet
| Concept | 2018 Q3 | 2017 Q4 | 2017 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $0.00 | $800.0K | $600.0K |
| YoY Change | -100.0% | 500.0% | |
| Cash & Equivalents | $51.95M | $8.725M | $626.2K |
| Short-Term Investments | |||
| Other Short-Term Assets | $200.0K | $48.69K | $200.0K |
| YoY Change | 0.0% | -87.83% | 0.0% |
| Inventory | |||
| Prepaid Expenses | $196.2K | $135.6K | |
| Receivables | $60.18M | $0.00 | |
| Other Receivables | $0.00 | $0.00 | |
| Total Short-Term Assets | $203.7K | $91.28M | $800.0K |
| YoY Change | -74.53% | 22720.28% | 166.67% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $65.37M | ||
| YoY Change | |||
| Goodwill | $294.4M | ||
| YoY Change | 3801.67% | ||
| Intangibles | $203.7M | ||
| YoY Change | |||
| Long-Term Investments | $406.0M | $402.7M | $402.0M |
| YoY Change | 1.0% | ||
| Other Assets | $982.7K | ||
| YoY Change | |||
| Total Long-Term Assets | $406.0M | $573.6M | $402.1M |
| YoY Change | 0.97% | ||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $203.7K | $91.28M | $800.0K |
| Total Long-Term Assets | $406.0M | $573.6M | $402.1M |
| Total Assets | $406.2M | $664.9M | $402.9M |
| YoY Change | 0.82% | 166116.3% | 134200.0% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $20.16M | ||
| YoY Change | |||
| Accrued Expenses | $4.913M | $10.09M | $0.00 |
| YoY Change | 3262.21% | -100.0% | |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Long-Term Debt Due | $3.250M | ||
| YoY Change | |||
| Total Short-Term Liabilities | $4.943M | $33.50M | $100.0K |
| YoY Change | 4842.96% | 8273.9% | -66.67% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $425.4M | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $14.00M | $14.80M | $14.20M |
| YoY Change | -1.41% | ||
| Total Long-Term Liabilities | $14.00M | $425.4M | $14.20M |
| YoY Change | -1.41% | ||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $4.943M | $33.50M | $100.0K |
| Total Long-Term Liabilities | $14.00M | $425.4M | $14.20M |
| Total Liabilities | $18.95M | $517.6M | $14.70M |
| YoY Change | 28.89% | 129300.15% | 4800.0% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$55.33K | $18.24M | |
| YoY Change | |||
| Common Stock | $5.054M | $3.621M | |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $239.9M | $147.3M | $388.2M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $406.2M | $664.9M | $402.9M |
| YoY Change | 0.82% | 166116.3% | 134200.0% |
Cashflow Statement
| Concept | 2018 Q3 | 2017 Q4 | 2017 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $6.513M | $29.18M | -$3.347M |
| YoY Change | -294.58% | ||
| Depreciation, Depletion And Amortization | $28.79M | ||
| YoY Change | |||
| Cash From Operating Activities | $33.60M | $900.0K | $500.0K |
| YoY Change | 6620.0% | -1000.0% | -600.0% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$8.500M | ||
| YoY Change | |||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | -$700.0K | -$900.0K |
| YoY Change | -100.0% | ||
| Cash From Investing Activities | -$8.500M | -$700.0K | -$900.0K |
| YoY Change | 844.44% | ||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -2.900M | 0.000 | 0.000 |
| YoY Change | -100.0% | ||
| NET CHANGE | |||
| Cash From Operating Activities | 33.60M | 900.0K | 500.0K |
| Cash From Investing Activities | -8.500M | -700.0K | -900.0K |
| Cash From Financing Activities | -2.900M | 0.000 | 0.000 |
| Net Change In Cash | 22.20M | 200.0K | -400.0K |
| YoY Change | -5650.0% | -300.0% | -500.0% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $33.60M | $900.0K | $500.0K |
| Capital Expenditures | -$8.500M | ||
| Free Cash Flow | $42.10M | ||
| YoY Change |
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.57%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:10pt;font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:10pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Organization and Business Operations</p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Organization and General</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Verra Mobility Corporation, formerly known as Gores Holdings II, Inc. (the “<font style="font-weight:bold;font-style:italic;">Company</font>”) was incorporated in Delaware on August 15, 2016. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses. The Company has neither engaged in any operations nor generated any operating revenue to date. The Company’s Sponsor is Gores Sponsor II, LLC, a Delaware limited liability company (the “<font style="font-weight:bold;font-style:italic;">Sponsor</font>”). The Company has selected December 31st as its fiscal year-end.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At September 30, 2018, the Company had not commenced any operations. All activity for the period from August 15, 2016 (inception) through September 30, 2018 relates to the Company’s formation and initial public offering (“<font style="font-weight:bold;font-style:italic;">Public Offering</font>”) described below. The Company completed the Public Offering on January 19, 2017 (the “<font style="font-weight:bold;font-style:italic;">IPO Closing Date</font>”). The Company will not generate any operating revenues until after the completion of the Business Combination (as defined below), at the earliest. Subsequent to the Public Offering, the Company has generated non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the sale of the Private Placement Warrants (as defined below) held in the Trust Account (as defined below).</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Verra Mobility Business Combination</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 21, 2018, the Company, AM Merger Sub I, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company (“<font style="font-weight:bold;font-style:italic;">First Merger Sub</font>”), AM Merger Sub II, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of the Company (“<font style="font-weight:bold;font-style:italic;">Second Merger Sub</font>”), Greenlight Holding II Corporation (“<font style="font-weight:bold;font-style:italic;">Greenlight</font>”) and PE Greenlight Holdings, LLC (the “<font style="font-weight:bold;font-style:italic;">Platinum Stockholder</font>” or, in its capacity as the Stockholder Representative, the “<font style="font-weight:bold;font-style:italic;">Stockholder Representative</font>”) entered into an Agreement and Plan of Merger Agreement (as it may be amended from time to time, the “<font style="font-weight:bold;font-style:italic;">Merger Agreement</font>”), which provides for, among other things, (i) the merger of First Merger Sub with and into Greenlight, with Greenlight continuing as the surviving corporation (the “<font style="font-weight:bold;font-style:italic;">First Merger</font>”) and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, the merger of Greenlight with and into Second Merger Sub with Second Merger Sub continuing as the surviving entity (the “<font style="font-weight:bold;font-style:italic;">Second Merger</font>” and, together with the First Merger, the “<font style="font-weight:bold;font-style:italic;">Mergers</font>” and, together with the other transactions contemplated by the Merger Agreement, the “<font style="font-weight:bold;font-style:italic;">Business Combination</font>”). As a result of the First Merger, the Company will own 100% of the outstanding common stock of Greenlight and each share of common stock of Greenlight will be cancelled and converted into the right to receive a portion of the consideration. As a result of the Second Merger, the Company will own 100% of the outstanding interests in the Second Merger Sub. Following the closing of the Business Combination, the Company will own, directly or indirectly, all the stock of Greenlight and its subsidiaries and the stockholders of Greenlight as of immediately prior to the effective time of the First Merger (the “<font style="font-weight:bold;font-style:italic;">Greenlight Stockholders</font>”) will hold a portion of the Company's Class A common stock. The Business Combination closed on October 17, 2018 (the “<font style="font-weight:bold;font-style:italic;">Closing</font>”), at which time the Company changed its name from Gores Holdings II, Inc. to Verra Mobility Corporation. Second Merger Sub changed its name from AM Merger Sub II, LLC to Verra Mobility Holdings, LLC. Verra Mobility Corporation owns, directly or indirectly, all of the equity interests of Verra Mobility Holdings, LLC and its subsidiaries.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">The Merger Agreement</font></p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consideration payable to the Greenlight Stockholders is a combination of cash and stock, as calculated pursuant to the terms of the Merger Agreement and certain other transaction documents contemplated thereby. Pursuant to the Merger Agreement, the aggregate consideration payable to the Greenlight Stockholders will consist of (i) an amount in cash equal to the Closing Cash Payment Amount (as defined in the Merger Agreement), and (ii) shares of newly-issued Class A common stock equal to the Closing Number of Securities (as defined in the Merger Agreement). The merger consideration payable to the Greenlight Stockholders is also subject to adjustment based on Greenlight’s working capital, cash and indebtedness as of the closing date, among other adjustments contemplated by the Merger Agreement. Based upon assumed net indebtedness of approximately $852 million (after giving effect to the partial repayment of existing indebtedness), the aggregate merger consideration to be paid by the Company is approximately $2.3 billion.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition to the consideration to be paid at the closing of Business Combination, certain of the Greenlight Stockholders are entitled to receive additional earn-out payments from the Company of up to an aggregate of 10 million shares of Class A common stock, if the price of Class A common stock trading on the Nasdaq exceeds certain thresholds during the five-year period following the closing of the Mergers. The fair market value of the contingently issuable shares is estimated to be approximately $71.4 million.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In order to facilitate the Business Combination, the Sponsor agreed to the cancellation of 3,478,261 of its Founder Shares and the Company agreed to the purchase of shares of Class A common stock by the participants in the Private Placement (as defined below) (pursuant to the subscription agreements entered into in connection therewith) at a discounted price of $9.20.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Private Placement Subscription Agreements</font></p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 21, 2018, the Company entered into subscription agreements with certain investors, including the Sponsor, pursuant to which the investors have agreed to purchase in the aggregate 43,478,261 shares of Class A common stock in a private placement for $9.20 per share (the “<font style="font-weight:bold;font-style:italic;">Private Placement</font>”). The gross proceeds from the Private Placement of approximately $400,000,000 were used to partially fund the cash consideration paid to the Greenlight Stockholders at Closing. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Tax Receivable Agreement</font></p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At the Closing of the Business Combination, the Company entered into a Tax Receivable Agreement (the “<font style="font-weight:bold;font-style:italic;">TRA</font>”) with the Platinum Stockholder and the Stockholder Representative. The TRA generally provides for the payment by the Company to the Platinum Stockholder of 50% 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) in periods after the Closing of the Business Combination, as a result of the increase in tax basis of the intangible assets of Highway Toll Administration LLC (“<font style="font-weight:bold;font-style:italic;">HTA</font>”) resulting from the acquisition of HTA by Verra Mobility Corporation prior to the Business Combination. The Company generally will retain benefit of the remaining 50% of these cash savings. The estimated obligation to Platinum for the TRA is approximately $73 million.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Financing</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the IPO Closing Date and the sale of the Private Placement Warrants, an aggregate of $400,000,000 was placed in a Trust Account with Continental Stock Transfer & Trust Company acting as trustee (the “<font style="font-weight:bold;font-style:italic;">Trust Account</font>”).</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Trust Account</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Funds held in the Trust Account can be invested only in U.S. government treasury bills with a maturity of one hundred and eighty (180) days or less or in money market funds meeting certain conditions under Rule 2a‑7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government obligations. As of September 30, 2018, the Trust Account consisted solely of money market funds compliant with Rule 2a‑7.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay income taxes, if any, none of the funds held in trust will be released until the earliest of: (i) the completion of the Business Combination; or (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company had not completed the Business Combination within 24 months from the IPO Closing Date; or (iii) the redemption of 100% of the public shares of common stock if the Company was unable to complete a Business Combination within 24 months from the IPO Closing Date, subject to the requirements of law and stock exchange rules. In connection with the Closing, the Company withdrew $406,591,570 of funds from the Trust Account to partially fund the Business Combination, pay transaction costs associated therewith and fund participant share redemptions.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Business Combination</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsequent to the Closing, the Business Combination was accounted for as a reverse acquisition, under which Greenlight is considered the accounting acquirer and the Company is considered the accounting acquiree. Aggregate consideration of $2.3 billion included approximately $803 million of combined proceeds from the Company’s Trust Account and proceeds from the Private Placement as well as rollover indebtedness of $852 million and stock consideration of $664 million.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Emerging Growth Company</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “<font style="font-weight:bold;font-style:italic;">Exchange Act</font>”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</p></div> | ||
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution and the Trust Account, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p></div> | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;;font-family:Times New Roman;font-style:italic;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p></div> | ||
| vrrm |
Period Of Maturity Of Trust Account Investments Maximum
PeriodOfMaturityOfTrustAccountInvestmentsMaximum
|
P180D | ||
| vrrm |
Redemption Percentage To Allow Release Of Funds Held In Trust
RedemptionPercentageToAllowReleaseOfFundsHeldInTrust
|
1.00 | ||
| CY2018Q3 | vrrm |
Percentage Of Redemption If Business Combination Not Completed
PercentageOfRedemptionIfBusinessCombinationNotCompleted
|
1.00 | |
| vrrm |
Proceeds From Trust Account To Partially Fund Business Combination
ProceedsFromTrustAccountToPartiallyFundBusinessCombination
|
406591570 | ||
| us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
18494 | ||
| vrrm |
Tax Benefits Recognized Percentage
TaxBenefitsRecognizedPercentage
|
0.50 | ||
| CY2018Q3 | vrrm |
Working Capital
WorkingCapital
|
4739108 | |
| CY2017Q4 | vrrm |
Working Capital
WorkingCapital
|
763663 | |
| vrrm |
Regulatory Withdrawals Maximum Amount That Can Be Financed Via Trust Account Interest Earned
RegulatoryWithdrawalsMaximumAmountThatCanBeFinancedViaTrustAccountInterestEarned
|
750000 | ||
| vrrm |
Regulatory Withdrawals Period Of Financing Via Trust Account Releases
RegulatoryWithdrawalsPeriodOfFinancingViaTrustAccountReleases
|
P24M | ||
| CY2017Q1 | vrrm |
Sale Of Stock Initial Public Offering Units Sold
SaleOfStockInitialPublicOfferingUnitsSold
|
40000000 | |
| CY2017Q1 | us-gaap |
Share Price
SharePrice
|
10.00 | |
| vrrm |
Percentage Of Deferred Underwriting Discount
PercentageOfDeferredUnderwritingDiscount
|
0.0350 | ||
| CY2018Q3 | vrrm |
Deferred Underwriting Discount If Business Combination Not Completed
DeferredUnderwritingDiscountIfBusinessCombinationNotCompleted
|
0 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.2466 | ||
| us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | ||
| CY2018Q3 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
| vrrm |
Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
|
-0.06 | ||
| CY2017Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
400000000 | |
| CY2018Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
220000000 | |
| CY2018Q3 | vrrm |
Number Of Votes Per Share
NumberOfVotesPerShare
|
1 | |
| vrrm |
Business Combination Completion Date
BusinessCombinationCompletionDate
|
2018-10-17 | ||
| us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
275040308 | ||
| us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
168945781 | ||
| us-gaap |
Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
|
31809670 | ||
| us-gaap |
Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
|
-3059183 | ||
| vrrm |
Business Acquisition Pro Forma Net Income Loss Before Income Tax Benefit
BusinessAcquisitionProFormaNetIncomeLossBeforeIncomeTaxBenefit
|
-14716829 | ||
| vrrm |
Business Acquisition Pro Forma Net Income Loss Before Income Tax Benefit
BusinessAcquisitionProFormaNetIncomeLossBeforeIncomeTaxBenefit
|
-13140139 | ||
| us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
-13238819 | ||
| us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
-9983982 | ||
| vrrm |
Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
|
-0.08 |
