Verra Mobility Corp - VRRM STOCK NEWS

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.

Verra Mobility (NASDAQ: VRRM) announced its Q2 2024 financial results, showing strong growth. Total revenue was $222.4 million, a 9% increase from Q2 2023. Net income rose to $34.2 million ($0.20 per share), up from $19.1 million ($0.13 per share) in Q2 2023. Adjusted EPS improved to $0.31 compared to $0.29 last year. Adjusted EBITDA was $102.2 million, maintaining a 46% margin.

The Commercial Services segment saw a 10% revenue increase to $104.0 million, with a 14% profit increase. Government Solutions revenue grew 11% to $97.7 million, while profit decreased due to higher operating expenses. Parking Solutions revenue declined 5% to $20.7 million with reduced profit.

Net cash from operations was $40.0 million, down from $62.7 million, primarily due to timing of tax payments. Adjusted Free Cash Flow decreased to $26.0 million from $51.0 million. As of June 30, 2024, cash and equivalents stood at $122.0 million.

The company reaffirmed its 2024 full-year guidance and noted a $100 million share repurchase program, with $48.5 million remaining.

Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, has announced its schedule for the second quarter 2024 earnings call. The company will report its financial results for the quarter ended June 30, 2024, after market close on August 8, 2024. CEO David Roberts and CFO Craig Conti will host a conference call and live webcast at 5:00 p.m. ET on the same day to discuss the results with investors and analysts.

Interested parties can access the call via phone or webcast. An audio replay will be available until August 22, 2024, and an archived webcast will be accessible on Verra Mobility's Investor Relations website.

Verra Mobility, a leader in smart mobility technology, released a report revealing that 93% of U.S. cities expect to accommodate driverless vehicles within five years. The survey, conducted with technology leaders, highlighted challenges and trends in urban mobility, including AI, EVs, and connected vehicles.

Key findings include that 52% of leaders want to use AI for road safety, 55% prioritize reducing safety incidents, and 43% have deprioritized EV infrastructure due to low consumer demand. Additionally, 81% foresee necessary updates for connected vehicle systems, and 73% face data analysis barriers impacting mobility and safety improvements.

Verra Mobility's CEO, David Roberts, emphasized the importance of technology in addressing these challenges amid rising roadway fatalities. The survey, conducted by Wakefield Research, included 100 municipal CIOs and Deputy CIOs from cities of varying sizes.

Verra Mobility (NASDAQ: VRRM) and Hayden AI have announced a partnership to deliver automated bus lane and bus stop enforcement solutions across the U.S. The collaboration aims to enhance road safety, sustainability, and public transit reliability using Hayden AI's mobile perception technology and Verra Mobility's customer integration experience. This partnership will offer cities a comprehensive mobility solution to reduce commute times, congestion, and pollution, while increasing accessibility and safety. Verra Mobility processes over 50 million safety events worldwide, while Hayden AI leads the U.S. market in mobile automated bus lane enforcement. The partnership has already shown success in New York City, where a 20% reduction in collisions was achieved using the integrated technology.

Verra Mobility (NASDAQ: VRRM) has partnered with Bluedot to offer comprehensive electric vehicle (EV) charging capabilities for fleet customers. This collaboration enables fleet operators to locate, charge, and automatically pay for charging at over 80% of public charging stations in the U.S. The partnership addresses critical challenges such as range anxiety, battery limitations, and streamlined payment solutions. With new legislative requirements and major corporations like Walmart and Amazon transitioning to electric fleets, this solution is timely and essential.

Bluedot's platform automates payments and consolidates billing, reducing administrative burdens while also providing home charging solutions. Verra Mobility's established services include toll payment management and violation processing, benefiting over seven million vehicles globally. This partnership aims to facilitate smoother transitions to electric fleets, enhancing operational efficiency and sustainability.