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 Corporation (NASDAQ: VRRM) reported a strong finish for 2022, achieving total revenue of $741.6 million, a 35% increase year-over-year. The company's net income reached $92.5 million, or $0.50 per share, reflecting substantial growth compared to $41.4 million in 2021. For Q4 2022, revenue was $186.1 million, up 9% from the previous year, with service revenue up 24%. The company generated $218.3 million in cash flows from operations. Despite some segment profit declines in Government Solutions, overall business fundamentals remain strong, with robust cash and liquidity positions and a commitment to share repurchases.
Verra Mobility Corporation (NASDAQ: VRRM) announced it will report its financial results for Q4 2022 on March 1, 2023, after market close. A conference call hosted by CEO David Roberts and CFO Craig Conti is scheduled for the same day at 5:00 PM ET. Investors can access the call via a toll-free number or through a live webcast on the company's Investor Relations website. The earnings report will provide key insights into Verra Mobility's financial performance and business outlook, essential for shareholders. An audio replay of the call will be available until March 15, 2023.
Verra Mobility Corporation (NASDAQ: VRRM) announced its 'Zero In on Safety' initiative, aimed at reducing dangerous driving behaviors and addressing rising traffic fatalities. This pledge aligns with the company's commitment to roadway safety and urban mobility, launching over 300 safety programs worldwide. Verra Mobility will allocate more than $250,000 to enhance partnerships with safety advocacy organizations. Despite a slight decline in traffic fatalities by 0.2% in Q3 2022, cyclist and pedestrian deaths continue to rise. The initiative draws from successful 'Vision Zero' strategies in Europe, highlighting a collaborative effort to improve community safety.
Verra Mobility Corporation (NASDAQ: VRRM) has appointed Jon Keyser as Executive Vice President and Chief Legal Officer, effective December 19, 2022. Keyser joins from Honeywell (NASDAQ: HON), where he was Vice President and General Counsel in a $10 billion revenue division. His experience includes managing legal operations and corporate governance, crucial for Verra Mobility's growth. CEO David Roberts expressed confidence that Keyser's skills align with the company’s mission of enhancing transportation safety and efficiency.
Car IQ Inc. has partnered with Verra Mobility (NASDAQ: VRRM) to enhance fleet payment solutions by integrating toll payment services. This collaboration allows fleets to connect seamlessly with tolling solutions, eliminating the need for credit or debit cards. Car IQ Pay will provide a unified billing platform for various services, improving the tolling experience. The service offers toll violation protection, allowing vehicles to register their license plates nationally, ensuring timely toll payments and reducing penalties.
Verra Mobility Corporation (NASDAQ: VRRM) will participate in two major investor conferences. CFO Craig Conti will present at the BofA Securities 2022 Leveraged Finance Conference on November 29, 2022, at 8:10 AM ET. CEO David Roberts and CFO Conti will also present at the Credit Suisse 26th Annual Technology Conference on November 30, 2022, at 10:55 AM MT (12:55 PM ET). Investors can access live webcasts and replays of both events via the company’s investor relations site.
On November 8, 2022, Verra Mobility Corporation (NASDAQ: VRRM) announced its participation in the Furey Research Partners 2022 Hidden Gems Conference. Key executives, including David Roberts and Craig Conti, will present, with the presentation available on the company's website under the Investor Relations section. Verra Mobility is recognized for its innovative smart mobility technology solutions that enhance transportation safety and efficiency worldwide.
Verra Mobility Corporation (NASDAQ: VRRM) reported strong financial results for Q3 2022, with total revenue reaching $197.7 million, up 22% from Q3 2021. Net income was $24.6 million or $0.15 per share. The company experienced significant growth in its Commercial Services and Government Solutions segments, driven by increased travel and tolling activity. Adjusted EBITDA was $90.9 million, reflecting a 46% margin. For the year-to-date, revenue increased 46% to $555.5 million, with net income of $64.3 million.
Verra Mobility Corporation (NASDAQ: VRRM) will report its third-quarter financial results for the period ending September 30, 2022, on November 2, 2022, after market close. The announcement includes a conference call hosted by CEO David Roberts and CFO Craig Conti at 5:00 p.m. ET the same day. Investors can access the call via phone or through a live webcast. Verra Mobility continues to focus on providing smart mobility technology solutions globally, aiming to enhance transportation safety and efficiency for its customers.
Verra Mobility (NASDAQ: VRRM), a leader in smart mobility technology, announced that its CFO Craig Conti will present at the Deutsche Bank Leveraged Finance Conference on September 20, 2022, at 11:00 a.m. EDT. Investors can access the live webcast and replay from the Investor Calendar on Verra Mobility's website. The company focuses on enhancing transportation safety and efficiency through innovative solutions that include hardware, software, data, and services.
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