Welcome to our dedicated page for Verra Mobility Corporation news (Ticker: VRRM), a resource for investors and traders seeking the latest updates and insights on Verra Mobility Corporation stock.
Verra Mobility Corporation (NASDAQ: VRRM) is a prominent provider of smart mobility technology solutions aimed at making transportation safer, smarter, and more connected. Headquartered in Mesa, Arizona, the company operates across North America, Europe, Asia, and Australia, offering innovative products and services that enhance urban and motorway mobility and contribute to healthier communities.
The company’s business is segmented into three key areas: Commercial Services, Government Solutions, and Parking Solutions. The Commercial Services segment, which generates the majority of Verra Mobility's revenue, provides tolling and violation management services for rental car companies, commercial fleet vehicle owners, and violation issuing authorities.
Verra Mobility's Government Solutions segment focuses on providing automated safety and enforcement solutions to government entities. These include red-light and speed enforcement systems that help enhance road safety and compliance. Meanwhile, the Parking Solutions segment offers comprehensive parking management services, addressing complex payment, utilization, and compliance challenges for both municipal and university parking systems.
Recent achievements highlight Verra Mobility's strong performance and optimistic future. In their latest financial results for Q2 2023, the company reported strong recurring revenue growth and significant free cash flow generation. They have also renewed key customer contracts and continue to execute a balanced capital allocation strategy, including share repurchase programs and acquisitions to expand their technological capabilities.
Verra Mobility’s commitment to safety and innovation is evident in their continual development and implementation of advanced technologies. Their transportation safety systems and parking management solutions are designed to protect lives and improve traffic flow and urban planning.
With a focus on forging strategic partnerships and leveraging data intelligence, Verra Mobility is well-positioned to address the evolving needs of the global smart mobility marketplace. For more information, investors can visit their official website at www.verramobility.com and their investor relations site at ir.verramobility.com.
Verra Mobility (NASDAQ: VRRM) has released new proprietary data highlighting a surge in traffic infractions during the Thanksgiving weekend. Over the past five years (2019-2023), the Wednesday before Thanksgiving recorded the highest number of red-light violations, with more than 50,000 incidents in 2023. Thanksgiving Day saw the most speeding violations for the past two years (2022 and 2023), totaling over 150,000 in 2023. The data, collected from hundreds of communities in 21 states, shows a consistent increase in red-light violations per site since 2020, while speeding violations per site have shown a slow downward trend since 2021. AAA estimates that 49.1 million Americans will drive to their Thanksgiving destinations this year, and the National Safety Council projects 507 road fatalities during the holiday period. Verra Mobility aims to raise awareness of the dangers of distracted and reckless driving and encourages drivers to prioritize road safety.
Verra Mobility (NASDAQ: VRRM) has been named to the Fortune 100 Fastest-Growing Companies list for the second consecutive year, ranking 56th in 2024. The recognition is based on three-year performance metrics including revenue growth, profits, and stock returns. The company, which provides smart mobility technology solutions, joins a prestigious group of global companies with a combined market capitalization of $6.7 trillion.
The company delivers technology solutions for transportation safety and efficiency, serving commercial fleets, rental car companies, cities, school districts, universities, and parking operators. CEO David Roberts highlighted this achievement as evidence of their strong market position and team performance worldwide.
Verra Mobility (NASDAQ: VRRM) reported strong Q3 2024 results with total revenue of $225.6 million, up 7% year-over-year, and net income of $34.7 million. The company's Commercial Services segment grew 11%, while Government Solutions increased by 7%. Net cash from operations reached $108.8 million, and Adjusted EBITDA was $104.7 million with a 46% margin. The company reaffirmed its full-year guidance for Total Revenue, Adjusted EBITDA, and Adjusted EPS while increasing Adjusted Free Cash Flow guidance to the upper end of the range. The company also continued its share repurchase program, with $48.5 million remaining available.
Verra Mobility (NASDAQ: VRRM) has launched the 'Zero in on School Bus Safety Toolkit' for National School Bus Safety Week (October 21-25). This initiative aims to raise awareness about school bus safety and combat the alarming increase in drivers illegally passing stopped school buses. The National Association of State Directors of Pupil Transportation Services reported 45.2 million violations last school year, up from 43.5 million the previous year.
The toolkit includes free resources such as social media posts, statistics, and digital collateral to promote safer school transportation. Verra Mobility's school bus stop arm program uses cameras to detect and record vehicles illegally passing stopped buses. The company reports that 98% of drivers issued a violation do not repeat the behavior, with some programs seeing up to a 70% reduction in citations throughout the school year.
Verra Mobility (NASDAQ: VRRM) has been approved by the San Francisco Municipal Transportation Agency (SFMTA) Board of Directors to implement California's first automated speed safety program in San Francisco. The program involves 33 speed camera locations and is expected to be fully operational by early 2025.
This initiative is part of Assembly Bill 645, which authorizes six California cities to pilot camera systems for speed enforcement. San Francisco is the first to complete its procurement process and select a vendor. The program aims to reduce speeding, the leading cause of serious injuries in the city.
Verra Mobility will partner with Marinship Development, a Bay Area minority business enterprise, for on-the-ground construction and installation of cameras. The project has received support from local safety advocates, including Walk San Francisco and the San Francisco Bicycle Coalition.
Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, has announced its schedule for the third quarter 2024 earnings call. The company will report its financial results for the quarter ended September 30, 2024, after market close on October 31, 2024.
CEO David Roberts and CFO Craig Conti will host a conference call and live webcast for investors and analysts at 5:00 p.m. ET on October 31, 2024. To join the call, participants can dial 1-800-717-1738 (U.S. toll-free) or 1-646-307-1865 (International). A live webcast will be available on the company's Investor Relations website. An audio replay will be accessible until November 14, 2024, and an archived webcast will be available in the 'News & Events' section of Verra Mobility's Investor Relations website.
Verra Mobility (NASDAQ: VRRM) conducted a survey of 2,000 Americans who own or lease vehicles from 2019 or newer, exploring attitudes towards connected vehicle features. Key findings include:
- 51% find the idea of a vehicle as a 'digital wallet' appealing
- 54% would enable this feature if available
- 59% are familiar with the term 'connected vehicle'
- 62% are aware of connected vehicle services available in their vehicle
- 49% currently use at least one connected vehicle service
- 40% have paid for or renewed a subscription for such services
The survey also revealed that 57% of Americans consider connected vehicle services a reason to spend more on a vehicle, and 70% prefer not to connect their smartphone to enable digital services. The U.S. is projected to have over 400 million connected cars in operation by 2025.
Verra Mobility (NASDAQ: VRRM) has appointed Harshad Kharche as Senior Vice President of Business Transformation. Kharche brings over 15 years of experience from Fortive and Danaher , where he most recently served as Vice President of Integrations for the Facilities and Asset Lifecycle group at Fortive. His role at Verra Mobility will focus on implementing the company's business operating system (vmOS) and fostering a culture of continuous improvement.
Kharche's experience includes leading business transformation efforts, enhancing capabilities across SaaS operating companies, and driving organic growth through lean tools and methodologies. He has held various positions in sales, marketing, product management, and customer operations, successfully leading teams across global regions to achieve profitable growth.
Verra Mobility (NASDAQ: VRRM) has appointed Lin Bo as senior vice president of T2 Systems, its parking management technology subsidiary. Bo replaces Adam Blake, who is stepping down after nearly 10 years. Bo, previously General Manager at Filtration Group, brings experience from Danaher and ZS Associates. She will report to CEO David Roberts and focus on strengthening T2's market position.
T2 Systems provides SaaS and services for parking management to universities, municipalities, and private operators in North America. Its offerings include permitting, enforcement, pay stations, mobile payments, and parking access and revenue control systems. Bo's appointment aims to drive growth and enhance T2's product portfolio.
Verra Mobility (NASDAQ: VRRM) has announced a partnership with Xtract to offer incident management solutions to vehicle fleet customers. This collaboration will enable Verra Mobility's customers to leverage Xtract's platform and connected vehicle data for near-real-time collision detection and analysis.
The partnership aims to improve claims processing speed and accuracy by automatically aggregating connected vehicle data. Xtract's digital reporting process replaces paper accident forms, utilizing vehicle telematics and AI to reduce the time and exposure of claims handling. Fleet managers will receive instant notifications of collisions involving their vehicles, allowing for proactive incident management and risk reduction.
Verra Mobility's existing fleet management services include toll payments, violations, and title and registration services for over seven million vehicles globally, processing more than 300 million annual toll transactions.
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