VRRM — what changed in the latest 10-Q
A section-by-section comparison of VRRM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-06 vs the prior 10-Q · 2025-10-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −62 | ~28 | 20 |
| Market risk (Item 3) | Text added/removed | +1 | −2 | ~2 | 0 |
| Controls & procedures | Text added/removed | +1 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~2 | 1 |
| Risk factors | Some risk factors updated | +3 | −27 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-06
Increased total revenue by $0.3 million, or 0.1%, from $223.3 million in the three months ended March 31, 2025 to $223.6 million in the same period in 2026. The increase was mainly due to installation revenue from the New York City program, expansion in speed, red light and bus lane programs in the …
During the first quarter of fiscal year 2026, we paid $50.2 million to repurchase 2,215,800 shares of our Class A Common Stock through open market transactions, which shares we subsequently retired. Refer to Note 10, Stockholders’ Equity, in Part 1, Item 1, Financial Statements, for additional infor…
During the first quarter of fiscal year 2026, we completed our relocation to a new corporate headquarters building in Mesa, Arizona. The new headquarters consists of approximately 40,000 square feet of leased office space. We expect this relocation to support our continued growth and enhance operati…
We are currently operating under a short-term contract extension and are engaged in contract negotiations with one of our significant Commercial Services customers which represented over 10% of our total revenue for the three months ended March 31, 2026 and the year ended December 31, 2025. There is…
We believe that our performance and future success depends on a number of factors that present opportunities for us but also pose risks and challenges, including those discussed below and in Part I, Item 1A. “Risk Factors” of our Annual Report and in Part II, Item 1A. “Risk Factors” of this Report.
Text removed vs the prior filing · source: 10-Q · 2025-10-29
Increased total revenue by $63.5 million, or 9.7%, from $657.7 million in the nine months ended September 30, 2024 to $721.2 million in the same period in 2025. The increase was mainly due to service revenue resulting from increased travel volume in the Commercial Services segment and installation r…
Lowered interest expense by $7.6 million for the nine months ended September 30, 2025 compared to the same period in 2024 due to debt refinancing in fiscal year 2024, further discussed below.
New York City Department of Transportation (“NYCDOT”) Red-Light Camera Expansion
NYCDOT instructed us through a change order to our existing contract with NYCDOT to install up to 250 red-light cameras by year-end 2025 as part of a legislatively authorized expansion. We installed 130 red-light cameras during the third quarter of 2025, which contributed approximately $17.0 million…
On March 31, 2025, NYCDOT announced that it identified us as the vendor to manage New York City’s automated enforcement camera safety programs for an expected five-year period after our current contract expires in December 2025, with an option for the parties to extend for an additional five years. …
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-06
Interest rate risk represents our exposure to fluctuations in interest rates associated with the variable rate debt represented by the Amended Term Loan and Amended Revolver, which have outstanding balances of $685.4 million and $26.0 million at March 31, 2026, respectively. As of March 31, 2026, th…
Text removed vs the prior filing · source: 10-Q · 2025-10-29
Interest rate risk represents our exposure to fluctuations in interest rates associated with the variable rate debt represented by the 2021 Term Loan, which has an outstanding balance of $688.8 million at September 30, 2025. The 2021 Term Loan bears interest based, at our option, on either (i) SOFR …
In December 2022, we entered into a cancelable interest rate swap agreement to hedge our exposure to interest rate fluctuations associated with the LIBOR (now transitioned to SOFR) portion of the variable interest rate on our 2021 Term Loan. We exercised our option to cancel the interest rate swap e…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-06
In 2025, we completed the first phase of a multi-phase implementation of a new global enterprise resource planning (“ERP”) system that will replace components of our existing operating and financial systems. The new ERP system is designed to accurately maintain the flow of financial information, enh…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-06
Our Commercial Services and Government Solutions segments have several large customers, including NYCDOT, that account for a significant portion of our revenue, and a reduction in demand, materially different terms or pricing in new or amended agreements, or loss of one or more of such customers cou…
Our business experiences varying levels of customer concentration. For example, in our Government Solutions segment, NYCDOT represented approximately 15.2% and 15.4% of our total revenues for the quarters ended March 31, 2026 and 2025, respectively. Our contract with NYCDOT expired on December 31, 2…
We also experience customer concentration in our Commercial Services segment. Three of our Commercial Services customers collectively accounted for 35.2% and 37.9% of our total revenues for the quarters ended March 31, 2026 and 2025, respectively. We face risks associated with the renewal of Commerc…
Text removed vs the prior filing · source: 10-Q · 2025-10-29
Negative industry and macroeconomic conditions, including the impact of government actions and regulations on our customers or us, may materially and adversely impact our business, results of operations, and financial condition.
We provide smart mobility technology solutions to customers in our Commercial Services, Government Solutions, and Parking Solutions business segments. Accordingly, the demand for our products in the past has been, and in the future may be, impacted by industry and macroeconomic trends and conditions…
Government actions and regulations, such as tariffs and trade protection measures, may negatively impact our business. Political challenges between the United States and countries in which we operate, and changes to trade policies, including tariff rates and customs duties, trade relations between t…
In addition, consumer spending and activities may be materially adversely affected in response to financial market volatility, negative financial news, changes to or disruptions in governmental budgeting processes or amounts, conditions in the real estate and mortgage markets, declines in income or …
Negative conditions in the general economy, both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, inflation, financial and credit market fluctuations, international trade relations, government shutdowns, pandemics, political turmoil, natu…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice