Welcome to our dedicated page for Verra Mobility news (Ticker: VRRM), a resource for investors and traders seeking the latest updates and insights on Verra Mobility 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) announced the closing of an underwritten secondary offering of 8 million shares at $14.75 per share, sold by a principal stockholder. The company did not sell shares or receive proceeds from the offering. Concurrently, Verra Mobility repurchased 6,849,315 shares under its $100 million share repurchase program, funded through existing cash. Goldman Sachs acted as the sole underwriter. The offering reflects ongoing financial strategies to enhance shareholder value.
Verra Mobility (NASDAQ: VRRM) announced a secondary offering of 8,000,000 shares of Class A common stock by its principal shareholder, an affiliate of Platinum Equity. The underwriter will have a 30-day option to buy an additional 1,200,000 shares. Concurrently, Verra Mobility plans to repurchase up to $100 million of its shares directly from the Selling Stockholder, at the same price per share as the offering. This transaction is anticipated to enhance shareholder value despite the company not receiving any proceeds from the offering.
Verra Mobility (NASDAQ: VRRM) has approved a $100 million share repurchase program for its Class A common stock over the next twelve months. CEO David Roberts highlighted the expected significant free cash flow from their recurring revenue model and the collection of receivables. The company aims to enhance long-term shareholder value by repurchasing shares at current valuations. These repurchases may occur in open market transactions or privately negotiated ones, subject to market conditions and the company's capital position.
Verra Mobility reported a strong Q2 2021, with net income of $4.0 million, or $0.02 per share, on revenues of $128.7 million, marking a 61% increase from Q2 2020. The growth was driven by a surge in leisure travel and strong performance in both its Commercial Services and Government Solutions segments. Adjusted EBITDA reached $68.6 million, with a margin of 53%. The company also restated financials for prior periods due to SEC guidance on SPAC warrants. Overall, Verra expects stronger growth in the second half of 2021.
Verra Mobility (NASDAQ: VRRM) will announce its second-quarter financial results on August 9, 2021, after the market closes. The earnings call will be hosted by CEO David Roberts and CFO Tricia Chiodo at 2:00 PM PT (5:00 PM ET) on the same day. Investors can access the call at ir.verramobility.com or by dialing (800) 263-0877. An audio replay will be available until August 23, 2021. Verra Mobility specializes in smart mobility technology solutions, managing tolling transactions and violations for commercial fleets.
Verra Mobility (NASDAQ: VRRM) announces CEO David Roberts and CFO Tricia Chiodo will present at the CJS Securities 21st Annual 'New Ideas' Summer Conference on July 13, 2021, at 2:20 PM ET. The presentation will be accessible via audio webcast on Verra Mobility's investor relations website. Attendees are encouraged to log in 15 minutes prior to the presentation. Presentation materials will be available from 8 AM ET on the same day. Verra Mobility specializes in smart mobility solutions, serving commercial fleets and aiding in safety initiatives across North America.
Verra Mobility Corporation (NASDAQ: VRRM) has partnered with Eurowag to provide toll payment processing services for Heavy Goods Vehicles (HGVs) in Spain and Portugal. The agreement, effective until 2026, will allow Eurowag customers to access expedited electronic toll lanes, streamlining toll payments and enhancing efficiency for commercial fleets. Verra Mobility, a certified European Electronic Toll Service (EETS) provider, aims to simplify the complex tolling network in Europe. This partnership marks a significant milestone in improving the mobility experience for drivers in both countries.
Verra Mobility (NASDAQ: VRRM) announced the successful acquisition of 100% of Redflex Holdings Limited (ASX: RDF) for A$152.5 million, equating to A$0.96 per share. This strategic move, initially announced in January 2021, aims to enhance Verra's Government Solutions segment by integrating Redflex's technology and capabilities. CEO David Roberts highlighted expected cost synergies of A$8 million to A$10 million over the next two years. Post-acquisition, Redflex will become a wholly-owned subsidiary, and its shares will cease trading on the Australian Securities Exchange by June 21, 2021.
Verra Mobility Corporation (NASDAQ: VRRM) announced its subsidiary has achieved certification as a European Electronic Toll Service (EETS) provider, making it the first EETS-accredited company in Spain. This certification aims to streamline toll payment processes across the EU, enhancing convenience for users and improving traffic flow. With 15 years of experience, Verra Mobility plans to extend its toll management services across Europe, allowing vehicles to use a single account for toll payments. The company emphasizes its commitment to developing innovative solutions for the mobility ecosystem.
Verra Mobility (NASDAQ: VRRM) announced its participation in several upcoming investor conferences in June 2021, aimed at discussing smart mobility technology solutions. Key presentations will be delivered by CEO David Roberts and CFO Tricia Chiodo. Highlights include:
- Deutsche Bank FinTech/Info Services Conference on June 1, 2021, at 2:10 PM EST.
- William Blair 41st Annual Growth Stock Conference on June 2, 2021, at 9:00 AM EST.
- Morgan Stanley US Financial Conference on June 15, 2021, at 4:15 PM EST.
Additional insights will be shared at the Baird 2021 Global Consumer, Technology & Services Conference on June 8, 2021.
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