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.
On April 8, 2021, the NTSB included automated speed enforcement in its Most Wanted List of Transportation Safety Improvements, aiming to curb speeding-related fatalities, which accounted for nearly 100,000 deaths from 2009 to 2018. Verra Mobility's CEO, David Roberts, highlighted the effectiveness of speed safety cameras in reducing speeding in communities across the U.S. Reports indicate a 63% reduction in speeding in NYC school zones after camera introduction and a nearly 50% decrease in Seattle, showcasing the technology's potential to enhance traffic safety.
Verra Mobility (NASDAQ: VRRM) announced on March 26, 2021, the completion of a $350 million offering of 5.5 percent Senior Unsecured Notes due 2029 and a refinancing of its existing 2018 credit agreement. This includes a $650 million first lien term loan maturing in 2028 at LIBOR plus 3.25 percent. Proceeds will fund the acquisition of Redflex Holdings Limited and cover refinancing costs. The offering was made to qualified institutional buyers under Rule 144A and certain offshore transactions.
Verra Mobility (NASDAQ: VRRM) announced the pricing of an extension and amendment to its 2018 credit agreement and new senior unsecured notes due 2029. The secured notes will mature in 2029 with a 5.5% interest rate. The Term Loan B will bear a LIBOR plus 3.25% and mature in 2028. The transaction, closing on March 26, 2021, aims to raise $650 million from the Term Loan B and $350 million from the notes to refinance existing debt, fund the acquisition of Redflex Holdings, and cover costs related to the refinancing.
Verra Mobility (NASDAQ: VRRM) has announced plans to extend its 2020 credit agreement and issue new senior unsecured notes due 2029. This move aims to transition to a fixed and variable debt capital structure to address short-term capital needs while strengthening its long-term balance sheet. The company will utilize proceeds from the new $650 million Term Loan B and $350 million in Senior Unsecured Notes to repay an existing $866 million Term Loan B, fund an acquisition of Redflex Holdings Limited, and for other corporate purposes.
Verra Mobility (NASDAQ: VRRM) announced its financial results for Q4 2020 and full year 2020, reporting a total revenue of $100.2 million for Q4, down 11% year-over-year. The net loss for Q4 was $(1.4) million compared to a profit of $9.2 million in Q4 2019. For the full year, total revenue decreased by 12% to $393.6 million, with a net loss of $(3.4) million versus a profit of $33.3 million in 2019. The decline was mainly due to COVID-19's adverse effects on the rental car industry. However, the acquisition of Redflex is expected to enhance their Government Solutions segment.
Verra Mobility (NASDAQ: VRRM) plans to announce its fourth quarter and full year financial results for 2020 on March 1, 2021, after market close. The company will host a conference call at 3:00 p.m. MT to discuss these results. Interested parties can dial (877) 407-0784 for the U.S. or (201) 689-8560 internationally, using conference ID #13715284. An audio replay will be available until March 15, 2021, along with an archived webcast on Verra Mobility's Investor Relations page.
Verra Mobility (NASDAQ: VRRM) announced the appointment of Steven C. Lalla as Executive Vice President of Commercial Services, effective immediately. Lalla brings extensive experience from his previous role as EVP at Vertiv and positions at Dell and Motorola. His leadership is expected to enhance Verra Mobility's capabilities in providing outsourced tolling, violations management, and registration services for commercial fleets. CEO David Roberts expressed confidence in Lalla's ability to drive innovation and strengthen customer solutions.
Verra Mobility (NASDAQ: VRRM) has secured contracts with Nassau, Onondaga, and Niagara Counties to install over 6,500 stop-arm safety cameras on school buses, enhancing safety for more than 315,000 students. This initiative is part of New York's efforts to reduce illegal passing of school buses, backed by legislation imposing fines for violations. Verra Mobility's CrossingGuard™ solution aims to protect nearly half a million students statewide. The company has recently expanded its presence in New York, following contracts in Broome, Oneida, and Orange Counties.
Verra Mobility (NASDAQ: VRRM) has partnered with Rent A Car to expand its Easy Péage electronic toll payment service in France. Following a successful pilot program, the service allows rental customers to use reserved 'Liber-T' lanes, avoiding cash or card toll plazas, thereby saving time and fuel while adhering to social distancing guidelines. This rollout aims to enhance customer experience and increase the number of vehicles equipped with this technology across multiple rental locations.
Verra Mobility (NASDAQ: VRRM) has announced a binding agreement to acquire Redflex Holdings Limited (ASX: RDF) for A$0.92 per share, totaling A$146.1 million. This acquisition aims to enhance Verra's global delivery of road safety products and services, leverage synergies, and expand technological capabilities. The deal is expected to close in May 2021, pending shareholder and regulatory approvals. This merger signifies a strategic consolidation in the smart mobility sector, positioning Verra Mobility as a leader in innovative transportation solutions.
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