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Verra Mobility Q4 and Full Year 2025 Earnings Presentation For the Quarter and Year Ended December 31, 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 operating results and metrics, such as revenue growth and expected margins; expansion plans and opportunities; expectations relating to the new contract with NYCDOT; full-year guidance for 2026, including expected total revenue, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow, and the underlying assumptions for the 2026 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, expected capital expenditures, and expected operating expenditures; our ability to execute against a focused value-creation strategy designed to strengthen our core, enhance profitability, and position us for durable long-term growth for 2026 and beyond; our ability to meet our long-term outlook; the expected benefits of our smart mobility platform, including margin expansion impact; and expectations concerning our share repurchase program. 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 and regulations, such as tariffs, trade protection measures, or a government shutdown, on our customers or Verra Mobility; customer concentration in our Commercial Services and Government Solutions segments, including risks impacting such segments such as travel demand and legislation, and the risk of losing a customer; risks related to our contract with NYCDOT, which comprises a material portion of our revenue; risks and uncertainties related to our government contracts, including legislative 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; failures 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 and our ability to develop and successfully market new products and technologies 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 effective internal controls over financial reporting; our ability to properly perform under our contracts and otherwise satisfy our customers; risks associated with the use of artificial intelligence and related tools; 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 repurchase program; risks and uncertainties related to litigation and other disputes and regulatory investigations; our reliance on specialized third-party 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 2025 Annual Report on Form 10-K. 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, adjusted EBITDA margin, Free Cash Flow, Free Cash Flow Conversion, 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, 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 2026 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 Executive Summary Q4 25’ Strategic Highlights 1 Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Free Cash Flow, Free Cash Flow Conversion, 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 Free Cash Flow Conversion and page 19 reconciles net leverage. 2 Free Cash Flow represents Net Cash Provided by Operating Activities, less Capex. Free Cash Flow Conversion represents Free Cash Flow divided by Adjusted EBITDA Total Revenue $258 million; 16% YoY growth Adjusted EBITDA 1 $102 million; Flat YoY growth Adjusted EPS 1 $0.30; 9% YoY decline Free Cash Flow 1, 2 $6 million in 4Q25; 33% Free Cash Flow Conversion for full year 2025 Q4 2025 Financial Highlights • New York City Red-Light camera installations drive revenue growth - Government Solutions: 21% Y-o-Y service revenue growth driven by red-light camera installations and 11% growth outside of New York City - Commercial Services: 10% Y-o-Y revenue growth driven by increased travel volume, product adoption and tolling activity - Parking Solutions: 2% Y-o-Y SaaS and Services revenue growth driven by increased subscription and professional Services revenue • 26’ Financial Guidance anticipates MSD revenue growth and LSD Adj. EPS growth • Finalized New York City Department of Transportation automated enforcement contract - $998 million total contract value; 5-year contract with a 5-year renewal option • Repurchased $133 million of stock under the existing $250 million stock repurchase program in Q4 2025 • Solid Q4 bookings in Government Solutions – up to $23 million of incremental full run-rate ARR potential bringing trailing twelve months total to about $64 million • TSA Passenger Volume increased about 1 percent compared to 4Q 2024; Full Year 2025 TSA volume was about the same as 2024
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4 Adjusted EPS* Free Cash Flow ($M)*,1 Total Revenue ($M) $210 $240 $12 $18$222 $258 Q4 2024 Q4 2025 $0.33 $0.30 Q4 2024 Q4 2025 Strong top-line growth driven by NYC expansion & core market trends Consolidated – Q4 Results -9% $22 $6 Q4 2024 Q4 2025 -73% Service Product Adjusted EBITDA ($M)* $102 $102 Q4 2024 Q4 2025 Total --% Total +16% Service +14% * 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. Q4 2025 Free Cash Flow adversely impacted by cash collection timing.
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5 Core Businesses Drive Strong Growth and Margins $271 $339 $372 $402 $416 2021 2022 2023 2024 2025 49% 46% 42% Adj EBITDA 4-Yr CAGR 11% 45% Total Revenue Breakdown ($M) Adjusted EBITDA & Margins* ($M) 94% FY 2025 Service Revenue to Total Revenue (primarily recurring revenue) Free Cash Flow % of 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. Free Cash Flow conversion impacted in the short-term due to Capex investment in long-term growth in Government Solutions 40% 46% $493 $695 $784 $842 $918$58 $46 $34 $38 $61 $551 $742 $817 $879 $979 2021 2022 2023 2024 2025 Total Revenue 4-Yr CAGR 15% Service Revenue 4-Yr CAGR 17% Product Service 33%
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6 Increased travel volume and product adoption driving strong performance Commercial Services – Q4 Results Total Revenue & YoY Growth Segment Profit & YoY Growth $99 $108 Q4 2024 Q4 2025 Srvc Rev +10% $65 $69 Q4 2024 Q4 2025 Segment Profit +7% Q4 – Key Highlights • Fourth quarter Revenue up 10% over Q4 2024 due to strength in RAC tolling and our European operations; offset by a decline in Fleet Management • RAC tolling revenue up 16% over Q4 2024 due to increased travel volume, product adoption and tolling activity • Fleet management revenue down 8% ($1.6 million) versus Q4 2024 due to prior period churn • Q4 Segment Profit increased 7 percent compared to Q4 2024 due primarily to volume leverage offset by credit loss expenses and one-time selling, general and administrative costs
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7 Revenue fueled by NYC expansion and core market acceleration Government Services – Q4 Results Total Revenue & YoY Growth Segment Profit & YoY Growth Q4 – Key Highlights • Service Revenue growth of 21% driven by installation services on new red-light cameras and 11% growth outside of New York City (new awards & expansion of existing programs) • Q4 Segment Profit margins declined due primarily to New York City readiness investments $95 $115 $8 $14$103 $129 Q4 2024 Q4 2025 Product RevenueService Srvc Rev +21% Total Rev +25% $35 $31 Q4 2024 Q4 2025 Segment Profit -10%
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8 Solid Subscription and Services Revenue along with an increase in Product Revenue drive 4Q revenue growth T2 Systems – Q4 Results Total Revenue & YoY Change Segment Profit & YoY Change Q4 – Key Highlights • SaaS and Services revenue increased 2% compared to last year; Subscription and Professional Services increased 8% compared to the prior year and Product sales increased 17% ($0.6 million). • Q4 Segment Profit declined $1.2 million, as increased selling, general and administrative costs and the ERP implementation, offset revenue growth $16 $16 $4 $4 $20 $21 Q4 2024 Q4 2025 Product RevenueSaaS & Service Revenue $3 $2 Q4 2024 Q4 2025 Srvc Rev +2% Total Rev +5% Segment Profit -43%
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9 Strong, Flexible Balance Sheet + Robust Cash Flow 2 0 2 1 I N V E S T O R D A Y – © B U I L D E R S F I R S T S O U R C E9 Capital Summary & Financial Highlights ($M) Net Leverage* Improvement ($M) * A reconciliation for Net Leverage to the most directly comparable GAAP financial measure is included in the Appendix. 1 Term Loan Debt and ABL Revolver were refinanced in October 2025; new Term Loan maturity is 2032; new Term Loan pricing is Term SOFR + 200 bps. Fixed Rate debt securities priced at 5.500% and due 2029. Consistent cash generation maintained consistent leverage levels through Q4 2025 No Debt Maturities until 20291 ($M) December 31, 2025 Cash & Cash Equivalents $65 Debt $1,037 Stockholders’ Equity $293 $182 $9 $8 $7 $7 $7 $357 $7 $7 $649 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Available Credit (Revolving Credit Facility & accordion feature) $225 Cash & Cash Equivalents $65 Total Available Liquidity $290 $968 $935 $893 $843 $972 2.4x 2.3x 2.2x 2.3x Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2.0x
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10 2026 Financial Outlook is expected to deliver solid revenue growth and Free Cash Flow conversion Well positioned to deliver attractive returns for investors Expect Total Revenue growth of 5% at the mid-point of guidance CS driven by expected increased adoption and tolling activity; monitoring travel demand GS driven by NYC expansion and expected high single-digit growth outside of NYC T2 driven by expected growth in subscription and professional services 2026 Guidance In millions, except per share data Commentary Total Revenue $1,020 - $1,030 CS … MSD expected growth GS … High-end of MSD growth expected (GS Service Rev expected to grow HSD) T2 … MSD expected growth Adjusted EBITDA $405 - $415 Adjusted EBITDA margin expected to decline about 250 bps due primarily to NYC M/WBE subcontractor costs Adjusted EPS $1.32 - $1.38 LSD expected growth at the mid-point Free Cash Flow $150 - $160 FCF conversion of ~38% expected Terms that are used on this page are defined on pages 13-14 of this presentation
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11 2026 fully diluted share count expected to be approximately ~155 million shares (weighted average for the year) Effective tax rate expected to be 28.0% to 29.0% including State taxes; approximately $50 million expected in 2026 total cash taxes paid 2026 depreciation and amortization expected to be approximately $125 million 2026 total interest expense expected to be about $62 million; ~$60 million in net cash interest paid 2026 change in working capital is expected to result in a use of cash of approximately $20 million 2026 capital expenditures expected to be approximately $125 million – primarily focused on investments for cameras installations and MOSAIC implementation in Government Solutions Additional 2026 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 othe r 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. Use of Abbreviations Throughout this presentation, we use abbreviations including “LSD”, “MSD”, “HSD”, “LDD” and “M/WBE”. These abbreviations repr esent Low-Single digit revenue growth, Mid-Single digit revenue growth, High-Single digit revenue growth, Low-Double digit revenue growth and Minority and Women-Owned Business Enterprise.
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15 Verra Mobility Quarterly Results 2024 – 2025 ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Service revenue $202.7 $212.0 $217.3 $209.7 $841.7 $211.9 $223.5 $243.2 $239.8 $918.1 Product sales 7.0 10.4 8.3 11.8 37.5 11.4 12.5 18.7 18.3 $60.9 Total revenue $209.7 $222.4 $225.6 $221.5 $879.2 $223.3 $236.0 $261.9 $257.9 $979.1 Cost of service revenue, excluding depreciation and amortization 4.3 4.6 5.4 4.7 19.0 4.8 4.6 9.2 11.7 30.3 Cost of product sales 5.3 7.8 5.6 8.3 27.1 8.0 8.9 12.8 15.7 45.5 Operating expenses 70.6 74.9 76.0 74.4 295.9 73.7 81.3 88.1 90.1 333.3 Selling, general and administrative expenses 48.2 46.3 47.9 52.6 195.1 51.5 48.5 47.6 67.6 215.2 Depreciation, amort, impairment and (gain) loss on disposal of assets, net 27.0 27.5 26.7 124.9 206.1 27.8 29.5 29.3 29.8 116.3 Total costs and expenses $155.4 $161.3 $161.7 $264.9 $743.2 $165.9 $172.8 $187.1 $214.8 740.7 Income (loss) from operations 54.4 $61.2 $63.9 ($43.4) $136.0 $57.4 $63.2 $74.8 $43.0 238.4 Interest expense, net 19.6 18.8 18.7 16.7 73.9 16.6 16.6 16.4 15.0 64.6 Gain on interest rate swap - .02 - - - - - - - - Change in fair value of private placement warrants - - - - - - - - - - Tax receivable agreement liability adjustment - - - (0.3) (0.3) - - - 0.7 0.7 Loss on interest rate swap (0.4) - 0.9 - 0.5 - - - - - Loss on extinguishment of debt 0.6 - 0.0 1.1 1.7 .03 .02 .02 1.3 1.3 Other income, net (4.5) (5.2) (4.3) (5.0) (19.0) (4.1) (6.0) (6.3) (6.8) (23.2) Total other expenses $15.4 $13.6 $15.4 12.6 56.9 12.6 10.6 10.1 10.1 43.4 Income (loss) before income taxes 39.0 47.6 48.5 (55.9) 79.1 44.8 52.6 64.7 32.9 195.0 Income tax provision 9.8 13.4 13.8 10.7 47.7 12.5 14.0 17.8 14.0 58.3 Net (loss) income $29.1 $34.2 $34.7 ($66.7) 31.4 32.3 38.6 46.8 18.9 136.6 Bridge to adj. EBITDA Net (loss) income $29.1 $34.2 $34.7 ($66.7) 31.4 32.3 38.6 46.8 18.9 136.6 Interest expense, net 19.6 18.8 18.7 16.7 73.9 16.6 16.6 16.4 15.0 64.6 Income tax provision (benefit) 9.8 13.4 13.8 10.7 47.7 12.5 14.0 17.8 14.0 58.3 Depreciation and amortization 26.9 27.5 26.6 27.5 108.5 27.5 29.2 28.5 28.9 114.1 EBITDA $85.5 $93.9 $93.8 ($11.7) $261.5 $89.0 $98.3 $109.6 $76.8 $373.7 Transaction and other related 1.5 0.1 2.5 1.2 5.4 - 1.1 - 6.3 7.4 Transformation expense (0.0) 1.6 1.0 1.9 4.4 - (1.4) 0.3 10.3 9.1 Legal accrual/settlement - - - 8.3 8.3 - - (1.5) - (1.5) Tax settlement payment related to a prior acquisition - - - Loss on extinguishment of debt 0.6 - 0.0 1.1 1.7 .03 .02 .02 1.3 1.3 Goodwill Impairment - - - 97.1 97.1 - - - - - Gain or Loss on interest rate swap (0.4) (0.0) 0.9 - 0.5 - - - - - Tax receivable agreement liability adjustment - - - (0.3) (0.3) - - - 0.7 0.7 Change in fair value of private placement warrants - - - - - - - - - - Stock-based compensation 5.6 6.6 6.4 4.4 23.0 6.5 7.3 5.0 6.5 25.2 Adjusted EBITDA $92.8 $102.2 $104.7 $102.0 $401.6 $95.4 $105.3 $113.3 $101.8 $415.9 Adjusted EBITDA Margin % 44% 46% 46% 46% 46% 43% 45% 43% 39% 42%
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16 Verra Mobility Quarterly Results Segment Results of Operations Commercial Services Government Solutions Parking Solutions Unaudited ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Total Revenue Commercial Services $95.9 $104.0 $109.1 $98.7 $407.7 $101.4 $109.0 $117.3 $108.1 $435.8 Segment Profit Commercial Services $60.8 $69.5 $72.9 $64.6 $267.8 $63.1 $72.0 $78.3 $69.1 $282.5 Unaudited ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Total Revenue Government Solutions $94.2 $97.7 $95.9 $103.2 $390.9 $101.8 $107.1 $122.6 $129.2 $460.7 Segment Profit Government Solutions $29.2 $29.9 $28.1 $34.6 $121.7 $29.4 $30.1 $31.3 $31.1 $121.9 Unaudited ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Total Revenue Parking Solutions $19.7 $20.7 $20.6 $19.7 $80.6 $20.0 $19.9 $22.1 $20.6 $82.6 Segment Profit Parking Solutions $2.8 $2.8 $3.7 $2.8 $12.2 $2.9 $3.2 $3.7 $1.6 $11.5
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17 Verra Mobility Adj. Net Income and Adjusted EPS Reconciliations (in $MM, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Income ($66.7) $32.3 $38.6 $46.8 $18.9 Amortization of intangibles 16.7 16.7 16.4 15.6 15.6 Transaction and other related expenses 1.2 - 1.1 - 6.3 Transformation expenses 1.9 - (1.4) 0.3 10.3 Legal accrual/settlement 8.3 - - (1.5) - Goodwill impairment 97.1 - - - - Tax settlement payment related to a prior acquisition - - - - 0.7 Tax receivable agreement liability adjustment (0.3) - - - - Tax receivable agreement imputed interest - - - - - Loss on extinguishment of debt 1.1 0.0 - 0.0 1.3 Change in fair value of interest rate swap - - - - - Stock-based compensation 4.4 6.5 7.3 5.0 6.5 Total adjustments before income tax effect 130.4 23.2 23.4 19.4 40.7 Income tax effects on adjustments 1 (9.8) (6.7) (6.8) (5.6) (11.2) Total adjustments after income tax effect 120.7 16.5 16.6 13.8 29.4 Adjusted Net Income 54.0 48.8 55.2 60.6 48.3 Adjusted EPS $0.33 $0.30 $0.34 $0.37 $0.30 Diluted weighted average shares outstanding 165,927 162,066 161,543 161,861 159,713 Annual estimated effective income tax rate 30% 29% 29% 29% 29%
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18 Verra Mobility Free Cash Flow Reconciliation, incl. % of Adj. EBITDA ($MM) 2021 2022 2023 2024 2025 Net cash provided by operating activities $ 193 $ 218 $206 $224 $256 Purchases of installation and service parts and property and equipment (25) (48) (57) (71) (119) Free Cash Flow $ 168 $ 170 $149 $153 $137 Adjusted EBITDA 1 $ 271 $ 339 $372 $402 $416 Free Cash Flow Conversion %2 62% 50% 40% 38% 33% 1 See slide 15 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure. 2 Free Cash Flow Conversion is calculated as Free Cash Flow divided by Adjusted EBITDA
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19 Verra Mobility Net Debt and Net Leverage Reconciliation ($MM) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2021 Term Loan, due 2028 $696 $693 $691 $689 $687 Plus: Senior Notes, due 2029 $350 $350 $350 $350 $350 Long-term Debt, excluding original issue discounts and unamortized deferred financing costs $1,046 $1,043 $1,041 $1,038 $1,037 Less: Cash and Cash Equivalents $78 $108 $148 $196 $65 Net Debt $968 $935 $893 $843 $972 Divided by: Trailing Twelve Months Adjusted EBITDA* $402 $404 $407 $416 $416 Net Leverage 2.4x 2.3x 2.2x 2.0x 2.3x * 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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