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Verra Mobility Q2 2025 Earnings Presentation For the Quarter Ended June 30, 2025 Earnings Overview
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2 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements which address our expected future business and financial performance, and may contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” “will” or similar expressions. Forward-looking statements include statements regarding changes and trends in the market for our products and services, including expected resilience of travel demand and impact on our Commercial Services segment, expected strong sales bookings in our Government Solutions segment and a strong run-rate in our Parking Solutions segment, expected operating results and metrics, such as revenue growth, expansion plans and o pportunities, 2025 full-year guidance, including expected total revenue, Adjusted EBITDA, Adjusted EPS, Free Cash Flow, the underlying assumptions for the 2025 full-year guidance, including expected weighted average fully diluted share count, effective tax rate and cash taxes, expected depreciation and amortization, expected interest expense, net and total net cash interest, expected change in working capital and expected capital expenditures, and our ability to meet our long- term outlook, expectations concerning our share repurchase program and the timing for our relocation to our new headquarters. Forward-looking statements involve risks and uncertainties and a number of factors could cause actual results to differ materially from those currently anticipated. These factors include, but are not limited to, the impact of negative industry and macroeconomic conditions, including the impact of government actions, such as tariffs and trade protections measures, on our customers or Verra Mobility; customer concentration in our Commercial Services and Government Solutions segments including risks impacting such segments, including travel demand and legislation and the risks of losing a customer; risks related to our contract with the New York City Department of Transportation (“NYCDOT”), which comprises a material portion of our revenue and was extended through December 31, 2025, including risks related to the ongoing contract negotiations as part of the competitive procurement process with the NYCDOT, including if the contract terms and pricing are materially different from our current contract, or if the parties fail to consummate a new agreement; our reliance on specialized third-party providers; risks and uncertainties related to our government contracts, including legislativ e changes, termination rights, delays in payments, audits and investigations; decreases in the prevalence or political acceptance of, or an increase in governmental restrictions regarding, automated and other similar methods of photo enforcement, parking solutions or the use of tolling; our ability to successfully implement our acquisition strategy or integrate acquisitions; failure in or breaches of our networks or systems, including as a result of cyber-attacks or other incidents; risks and uncertainties related to our international operations/our ability to develop and successfully market new products and tec hnologies into new markets; our failure to acquire necessary intellectual property or adequately protect our intellectual property; our ability to manage our substantial level of indebtedness; our ability to maintain an effective system of internal controls; our ability to properly perform under our contracts and otherwise satisfy our customers; decreased interest in outsourcing from our customers; our ability to keep up with technological developments and changing customer preferences; our ability to compete in a highly competitive and rapidly evolving market; risks and uncertainties related to our share repu rchase program; risks and uncertainties related to litigation, disputes and regulatory investigations; our reliance on specialized third-party vendors and service providers; and other risks and uncertainties indicated from time to time in documents we filed or will file with the Securities and Exchange Commission (the “SEC”). In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this presentation can or will be achieved. This presentation should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2024 Annual Report on Form 10-K and first quarter 2025 Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods. Use of Non-GAAP Financial Measures This presentation uses certain non-GAAP financial information, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, Free Cash Flow, Adjusted EPS, Net Debt and Net Leverage. Verra Mobility believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Verra Mobility’s financial condition and results of operations. These financial measures are not recognized measures under GAAP and they are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted EBITDA margin, Segment Adjusted EBITDA, adjusted EPS, Free Cash Flow, Net Debt and Net Leverage are non-GAAP financial measures as defined by SEC rules. This non-GAAP financial information may be determined or calculated differently by other companies. A reconciliation of Verra Mobility’s non-GAAP financial information to GAAP financial information is provided in the Appendix hereto and in Verra Mobility’s Form 8-K, filed with the SEC, with the earnings press release for the period indicated. Verra Mobility is not providing a quantitative reconciliation of Adjusted EBITDA, Adjusted EPS, and Free Cash Flow to the nearest GAAP metric in our 2025 financial guidance, in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense.
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3 E Executive Summary Q2 25’ Strategic Highlights 1 Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Free Cash Flow, Net Debt and Net Leverage are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see the appendix. Page 15 reconciles Adjusted EBITDA; page 17 reconciles Adjusted Net Income and Adjusted EPS; page 18 reconciles Free Cash Flow and page 19 reconciles net leverage. 2 Free Cash Flow represents Net Cash Provided by Operating Activities, less Capex. Total Revenue $236 million; 6% YoY growth Adjusted EBITDA 1 $105 million; 3% YoY growth Adjusted EPS 1 $0.34; 10% YoY growth Free Cash Flow 1, 2 $40 million; 55% YoY growth Q2 2025 Financial Highlights • Solid consolidated second quarter top-line performance - Commercial Services: 5% Y-o-Y revenue growth driven by increased product adoption and tolling activity - Government Solutions: 7% Y-o-Y service revenue growth driven by 11% growth outside of New York City - Parking Solutions: SaaS and Services revenue basically flat Y-o-Y primarily due to a decline in installation and other professional services • Reaffirming 2025 Financial Outlook; Risk to lower-end of guidance ranges due to uncertain outlook for travel demand Colorado and Nevada signed School Bus Stop Arm Enforcement into law, opening a combined $40 million of incremental total addressable market Solid Q2 bookings in Government Solutions – up to $21 million of incremental full run-rate ARR potential bringing trailing twelve months total to about $60 million TSA Passenger Volume about 99 percent of the volume in 2Q 2024; YTD TSA volume is about the same as last year The Board authorized a new $100 million stock repurchase program; available through November 2026
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4 Adjusted EPS* Free Cash Flow ($M)*,1 Total Revenue ($M) $212 $223 $10 $13 $222 $236 Q2 2024 Q2 2025 $0.31 $0.34 Q2 2024 Q2 2025 Strong top-line growth driven by tolling & speed enforcement trends Consolidated – Q2 Results 10% $26 $40 Q2 2024 Q2 2025 55% Service Product Adjusted EBITDA ($M)* $102 $105 Q2 2024 Q2 2025 Total +3% Total +6% Service +5% * Reconciliations of non-GAAP financial measures (Adjusted EBITDA, Adjusted EPS and Free Cash Flow) to the most directly comparable GAAP financial measures are contained in the Appendix. 1 Free Cash Flow represents Net Cash Provided by Operating Activities, less Capex.
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5 Core Businesses Drive Strong Growth and FCF Conversion $271 $339 $372 $402 $407 2021 2022 2023 2024 2Q 2025 TTM 49% 46% 45% Adj EBITDA CAGR 12% 45% Total Revenue Breakdown ($M) Adjusted EBITDA & Margins* ($M) Service Revenue (primarily recurring revenue)95% Free Cash Flow % Adj. EBITDA* 62% 50% 38% * Reconciliations of non-GAAP financial measures (Adjusted EBITDA, Adjusted EPS and Free Cash Flow) to the most directly comparable GAAP financial measures are contained in the Appendix. * Free Cash Flow represents Net Cash Provided by Operating Activities, less Capex. Strong and consistent Free Cash Flow conversion over this period 40% 46% $493 $695 $784 $842 $862 $58 $46 $34 $38 $44 $551 $742 $817 $879 $906 2021 2022 2023 2024 2Q 2025 TTM Total Revenue CAGR 15% Service Revenue CAGR 17% Product Service 46%
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6 Stabilizing travel volume and secular trends driving strong performance Commercial Services – Q2 Results Total Revenue & YoY Growth Segment Profit & YoY Growth $104 $109 Q2 2024 Q2 2025 Srvc Rev +5% $69 $72 Q2 2024 Q2 2025 Segment Profit +4% Q2 – Key Highlights • Second quarter Revenue up 5% over Q2 2024 due to strength in RAC tolling and our European operations; offset by a decline in Fleet Management • RAC tolling revenue up 4% over Q2 2024 due to increased product adoption and tolling activity • Fleet management (FMC) revenue down 2% ($300,000) versus Q2 2024 due to churn and macroeconomic factors • Q2 Segment Profit margins declined 80 bps compared to Q2 2024 due primarily to ERP implementation costs
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7 Revenue fueled by core market acceleration Government Services – Q2 Results Total Revenue & YoY Growth Segment Profit & YoY Growth Q2 – Key Highlights • Service Revenue growth of 7% driven by 11% growth outside of New York City (new awards & expansion of existing programs) • Q2 Segment Profit was essentially flat over the prior year period due to revenue/product mix, ERP conversion costs and project implementation costs for newly awarded programs $91 $98 $6 $9 $98 $107 Q2 2024 Q2 2025 Product RevenueService Srvc Rev +7% Total Rev +10% $30 $30 Q2 2024 Q2 2025 Segment Profit 1%
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8 Recurring SaaS Revenue offset by declining product sales and professional services T2 Systems – Q2 Results Total Revenue & YoY Change Segment Profit & YoY Change Q2 – Key Highlights • SaaS and Services revenue was basically flat compared to last year; Subscription and Professional Services declined 3% compared to the prior year and Product sales declined 18% ($700K). Recurring SaaS revenue up low-single digits year-to- date • Q2 Segment Profit margin improvement driven by lower operating expenses as a percentage of revenue $17 $16 $4 $3 $21 $20 Q2 2024 Q2 2025 Product RevenueSaaS & Service Revenue $3 $3 Q2 2024 Q2 2025 Srvc Rev -1% Total Rev -4% Segment Profit 14%
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9 Strong, Flexible Balance Sheet + Robust Cash Flow 2 0 2 1 I N V E S T O R D A Y – © B U I L D E R S F I R S T S O U R C E9 Capital Summary & Financial Highlights ($M) Net Leverage* Improvement ($M) * A reconciliation for Net Leverage to the most directly comparable GAAP financial measure is included in the Appendix. 1 Term Loan Debt has a 2028 Maturity; priced at Term SOFR + 225 bps. Fixed Rate debt securities priced at 5.500% and due 2029. Consistent cash generation enabled rapid de-levering through Q2 2025 No Debt Maturities until 20281 ($M) June 30, 2025 Cash & Cash Equivalents $148 Debt $1,041 Shareholder’s Equity $352 $182 $9 $9 $9 $9 $669 $350 2023 2024 2025 2026 2027 2028 2029 Available Credit (Revolving Credit Facility) $125 Cash & Cash Equivalents $148 Total Available Liquidity $273 $928 $844 $968 $935 $893 2.4x 2.2x 2.4x 2.2x Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2.3x
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10 Reaffirming 2025 Financial Outlook Well positioned to deliver attractive returns for investors 1 Expect Total Revenue growth of 6% at the mid-point of guidance CS driven by expected increased adoption and tolling activity; monitoring travel demand GS driven by expected low double- digit growth outside of NYC T2 driven by expected growth in SaaS offset by slowing product and professional services revenue 2025 Guidance In millions, except per share data Commentary Total Revenue $925 - $935 CS … High-end of MSD growth GS … HSD growth T2 … Flat with 2025 Adjusted EBITDA $410 - $420 ~3% YoY expected growth at the mid-point Adjusted EPS $1.30 - $1.35 ~8% YoY expected growth at the mid-point Free Cash Flow $175 - $185 FCF conversion of ~43% expected; including expected growth in Capex investments in 25’ 1 2 2 1 2 Adjusted EPS and Free Cash Flow exclude all capital allocation investments
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11 2025 fully diluted share count expected to be approximately ~163 million shares (weighted average for the year) Effective tax rate expected to be 28.5% to 29.5% including State taxes; approximately $45 million expected in 2025 total cash taxes paid 2025 depreciation and amortization expected to be approximately $110 million 2025 total interest expense expected to be about $70 million; ~$65 million in net cash interest paid 2025 change in working capital expected to result in a use of cash of approximately $15 million 2025 capital expenditures expected to be approximately $110 million – incremental investments for revenue generating cameras in GS and ERP implementation Additional 2025 Guidance Assumptions
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12 Appendix
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13 KEY DEFINITIONS EBITDA and Adjusted EBITDA We define "EBITDA" as net income adjusted to exclude interest expense, net, income taxes, depreciation and amortization. "Adj usted EBITDA" further excludes certain non-cash expenses and non-recurring items. Adjusted EBITDA Margin We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue. Adjusted EPS We define “Adjusted EPS” as Adjusted Net Income divided by the diluted weighted average shares for the period. Adjusted Net Income We define “Adjusted Net Income” as net income adjusted to exclude amortization of intangibles and certain non -cash or non-recurring expenses such as change in fair value of private placement warrants, change in fair value of interest rate swap, loss on extinguishment of debt, among o ther items. Annual recurring revenue (ARR) Annual recurring revenue (ARR) is a key metric that enables measurement of progress in growing our recurring revenue business . ARR represents the annual contract value of all new customer contracts and expansion of programs for existing clients. “Full run -rate ARR” refers to twelve months of recurring service revenue generated upon a contract or program being implemented and operational. Change in working capital We define change in working capital as the change in operating assets and liabilities. Capital expenditures We define capital expenditures as the purchases of installation and service parts and property and equipment. Free Cash Flow We define "Free Cash Flow" as net cash flow provided by operating activities less capital expenditures (purchases of installa tion and service parts and property and equipment). Free Cash Flow Conversion We define “Free Cash Flow Conversion” as Free Cash Flow divided by Adjusted EBITDA.
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14 KEY DEFINITIONS, Continued Net Debt We define “Net Debt” as total long-term debt (including current portion of long -term debt) excluding original issue discounts an d unamortized deferred financing costs, less cash and cash equivalents. Net Leverage We define “Net Leverage” as Net Debt divided by the trailing twelve months Adjusted EBITDA as of the current quarter -end. The trailing twelve months Adjusted EBITDA is the sum of the year-to-date Adjusted EBITDA reported in the current year and the applicable quarter -to-date Adjusted EBITDA amounts reported in the prior year period (for example, the trailing twelve months Adjusted EBITDA as of June 30, 2025 is the sum of the six months e nded June 30, 2025 and the quarters ending December 31, 2024 and September 30, 2024). Trailing Twelve Months Trailing Twelve Months or “TTM” refers to the trailing four quarters and is calculated by adding the sum of the current quart er’s and the prior three quarters’ financial metric being measured. TSA Volume TSA passenger volume represents the number of airline passengers passing through Transportation Security Administration check points.
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15 Verra Mobility Quarterly Results 2023 – Q2 2025 ($ in millions) Full Year 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Service revenue $783.6 $202.7 $212.0 $217.3 $209.7 $841.7 $211.9 $223.5 Product sales 33.7 7.0 10.4 8.3 11.8 37.5 11.4 $12.5 Total revenue $817.3 $209.7 $222.4 $225.6 $221.5 $879.2 $223.3 $236.0 Cost of service revenue, excluding depreciation and amortization 18.2 4.3 4.6 $5.4 $4.7 $19.0 $4.8 $4.6 Cost of product sales 25.2 5.3 7.8 $5.6 $8.3 $27.1 $8.0 $8.9 Operating expenses 273.3 70.6 74.9 76.0 $74.4 $295.9 $73.7 $81.3 Selling, general and administrative expenses 198.6 48.2 46.3 47.9 $52.6 $195.1 $51.5 $48.5 Depreciation, amort, impairment and (gain) loss on disposal of assets, net 113.2 27.0 27.5 26.7 $124.9 $206.1 $27.8 $29.5 Total costs and expenses $628.5 $155.4 $161.3 $161.7 $264.9 $743.2 $165.9 $172.8 Income (loss) from operations 188.8 54.4 $61.2 $63.9 ($43.4) $136.0 $57.4 $63.2 Interest expense, net 86.7 19.6 18.8 18.7 16.7 73.9 16.6 $16.6 Gain on interest rate swap - - .02 - - - - - Change in fair value of private placement warrants 25.0 - - - - - - - Tax receivable agreement liability adjustment (3.1) - - - (0.3) (0.3) - - Loss on interest rate swap 0.8 (0.4) - 0.9 - 0.5 - - Loss on extinguishment of debt 3.5 0.6 - 0.0 1.1 1.7 .03 .02 Other income, net (11.1) (4.5) (5.2) (4.3) (5.0) (19.0) (4.1) (6.0) Total other expenses $101.8 $15.4 $13.6 $15.4 12.6 56.9 12.6 10.6 Income (loss) before income taxes 87.0 39.0 47.6 48.5 (55.9) 79.1 44.8 52.6 Income tax provision 30.0 9.8 13.4 13.8 10.7 47.7 12.5 14.0 Net (loss) income $57.0 $29.1 $34.2 $34.7 ($66.7) 31.4 32.3 38.6 Bridge to adj. EBITDA Net (loss) income $57.0 $29.1 $34.2 $34.7 ($66.7) 31.4 32.3 38.6 Interest expense, net 86.7 19.6 18.8 18.7 16.7 73.9 16.6 16.6 Income tax provision (benefit) 30.0 9.8 13.4 13.8 10.7 47.7 12.5 14.0 Depreciation and amortization 113.1 26.9 27.5 26.6 27.5 108.5 27.5 29.2 EBITDA $286.8 $85.5 $93.9 $93.8 ($11.7) $261.5 $89.0 $98.3 Transaction and other related 0.6 1.5 0.1 2.5 1.2 5.4 - 1.1 Transformation expense 3.2 (0.0) 1.6 1.0 1.9 4.4 - (1.4) Legal accrual/settlement 31.5 - - - 8.3 8.3 - - Tax settlement payment related to a prior acquisition 5.7 Loss on extinguishment of debt 3.5 0.6 - 0.0 1.1 1.7 .03 .02 Goodwill Impairment - - - - 97.1 97.1 - - Gain or Loss on interest rate swap 0.8 (0.4) (0.0) 0.9 - 0.5 - - Tax receivable agreement liability adjustment (3.1) - - - (0.3) (0.3) - - Change in fair value of private placement warrants 25.0 - - - - - - - Stock-based compensation 17.5 5.6 6.6 6.4 4.4 23.0 6.5 7.3 Adjusted EBITDA $371.5 $92.8 $102.2 $104.7 $102.0 $401.6 $95.4 $105.3 Adjusted EBITDA Margin % 45% 44% 46% 46% 46% 46% 43% 45%
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16 Verra Mobility Quarterly Results Segment Results of Operations Commercial Services Government Solutions Parking Solutions Unaudited ($ in millions) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Full Year 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Total Revenue Commercial Services $85.6 $94.5 $98.1 $94.5 $372.8 $95.9 $104.0 $109.1 $98.7 $407.7 $101.4 $109.0 Segment Profit Commercial Services $53.6 $61.1 $65.3 $62.2 $242.2 $60.8 $69.5 $72.9 $64.6 $267.8 $63.1 $72.0 Unaudited ($ in millions) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Full Year 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Total Revenue Government Solutions $85.9 $88.3 $90.3 $94.0 $358.4 $94.2 $97.7 $95.9 $103.2 $390.9 $101.8 $107.1 Segment Profit Government Solutions $31.5 $30.4 $28.6 $24.1 $114.5 $29.2 $29.9 $28.1 $34.6 $121.7 $29.4 $30.1 Unaudited ($ in millions) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Full Year 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Total Revenue Parking Solutions $20.3 $21.8 $21.5 $22.5 $86.1 $19.7 $20.7 $20.6 $19.7 $80.6 $20.0 $19.9 Segment Profit Parking Solutions $2.9 $3.5 $3.5 $5.0 $14.9 $2.8 $2.8 $3.7 $2.8 $12.2 $2.9 $3.2
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17 Verra Mobility Adj. Net Income and Adjusted EPS Reconciliations (in $MM, except per share data) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Income $34.2 $34.7 ($66.7) $32.3 $38.6 Amortization of intangibles 16.7 16.8 16.7 16.7 16.4 Transaction and other related expenses 0.1 2.5 1.2 - 1.1 Transformation expenses 1.6 1.0 1.9 - (1.4) Legal accrual/settlement - - 8.3 - - Goodwill impairment - - 97.1 - - Tax settlement payment related to a prior acquisition - - - - - Tax receivable agreement liability adjustment - - (0.3) - - Tax receivable agreement imputed interest - - - - - Loss on extinguishment of debt - 0.03 1.1 0.0 - Change in fair value of interest rate swap 0.2 1.2 - - - Stock-based compensation 6.6 6.4 4.4 6.5 7.3 Total adjustments before income tax effect $25.3 27.8 130.4 23.2 23.4 Income tax effects on adjustments 1 (7.6) (8.4) (9.8) (6.7) (6.8) Total adjustments after income tax effect 17.7 19.5 120.7 16.5 16.6 Adjusted Net Income $51.9 54.3 54.0 48.8 55.2 Adjusted EPS $0.31 $0.32 $0.33 $0.30 $0.34 Diluted weighted average shares outstanding 168,615 167,624 165,927 162,066 161,543 Annual estimated effective income tax rate 30% 30% 30% 29% 29%
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18 Verra Mobility Free Cash Flow Reconciliation, incl. % of Adj. EBITDA ($MM) 2021 2022 2023 2024 Q2 2025 Q2 2025 TTM Net cash provided by operating activities $ 193 $ 218 $206 $224 $75 $287 Purchases of installation and service parts and property and equipment (25) (48) (57) (71) (35) (99) Free Cash Flow $ 168 $ 170 $149 153 40 189 Adjusted EBITDA1 $ 271 $ 339 $372 $402 $105 $407 Free Cash Flow Conversion %2 62% 50% 40% 38% 38% 46% 1 See slide 15 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure. 2 Free Cash Flow Conversion is calculated as Free Cash Flow divided by Adjusted EBITDA
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19 Verra Mobility Net Debt and Net Leverage Reconciliation ($MM) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2021 Term Loan, due 2028 $ 700 $700 $696 $693 $691 Plus: Senior Notes, due 2029 $ 350 $350 $350 $350 $350 Long-term Debt, excluding original issue discounts and unamortized deferred financing costs $1,050 $1050 $1,046 $1,043 $1,041 Less: Cash and Cash Equivalents $ 122 $206 $78 $108 $148 Net Debt $ 928 $844 $968 $935 $893 Divided by: Trailing Twelve Months Adjusted EBITDA* $ 384 $391 $402 $404 $407 Net Leverage 2.4x 2.2x 2.4x 2.3x 2.2x * A reconciliation for the four quarters comprising Trailing Twelve Months Adjusted EBITDA is contained on slide 15 in the Appendix. Trailing Twelve Months or “TTM” refers to the trailing four quarters and is calculated by adding the sum of the current quarter’s and the prior three quarters’ financial metric being measured.
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