Verra Mobility Corporation

Latest Results (07.08.2024):

Revenue Growth

Verra Mobility Corporation reported total revenue of $209.7 million for the first quarter of 2024, marking a 9% increase compared to $191.9 million in the first quarter of 2023. This growth was driven by increased travel volume and related tolling activity in the Commercial Services segment, as well as the expansion of speed and red-light programs in the Government Solutions segment.

Net Income and EPS

For the first quarter of 2024, Verra Mobility Corporation achieved a net income of $29.1 million, or $0.17 per share, based on 168.7 million diluted weighted average shares outstanding. This is a significant improvement from the net income of $4.6 million, or $0.03 per share, reported in the first quarter of 2023.

Adjusted EBITDA

Verra Mobility Corporation's adjusted EBITDA for the first quarter of 2024 was $92.8 million, compared to $87.9 million in the same period last year. The adjusted EBITDA margin was 44% of total revenue for 2024, slightly down from 46% in 2023.

Segment Performance

The Commercial Services segment generated $95.9 million in revenue, a 12% increase from the previous year, while the Government Solutions segment saw a 10% increase in revenue to $94.2 million. However, the Parking Solutions segment experienced a 3% decrease in revenue, totaling $19.7 million for the first quarter of 2024.

Updated Financial Guidance

Based on the strong performance in the first quarter of 2024, Verra Mobility Corporation has updated its full-year financial guidance. The company now expects total revenue to be at the upper end of the previously guided range of $865 million to $880 million, with adjusted EBITDA and adjusted EPS also anticipated to be at the upper end of their respective ranges.