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 Corporation (NASDAQ: VRRM) will host an investor day on July 19, 2022, at 1:00 p.m. ET, at the Nasdaq MarketSite in New York and virtually. Key executives, including CEO David Roberts, CFO Craig Conti, and others will discuss the company's long-term growth strategy, financial outlook, and capital allocation priorities. The event aims to explore growth opportunities and enhance shareholder value. Investors can register and find the agenda at irday.verramobility.com.
Verra Mobility (NASDAQ: VRRM) announced its participation in two investor conferences in June 2022. CEO David Roberts and CFO Craig Conti will present at the Baird 2022 Global Consumer, Technology & Services Conference on June 8 at 9:40 AM EDT. A live presentation will be available on the company's website. They will also attend the William Blair 42nd Annual Growth Stock Conference on June 9 at 3:40 PM EDT, with a webcast link accessible on their Investor Relations page. Verra Mobility is a leader in smart mobility technology solutions.
On May 9, 2022, Verra Mobility announced a share repurchase program, allowing up to $125 million of its Class A common stock to be repurchased over the next twelve months. This decision reflects the Board's confidence in Verra's strong fundamentals and cash flow generation. The program aims to enhance long-term shareholder value by reallocating excess capital. Repurchases will vary based on market conditions and the company's capital position, executed under applicable regulations.
Verra Mobility Corporation (NASDAQ: VRRM) reported strong first-quarter 2022 results, with total revenue reaching $170.4 million, up 89.6% year-over-year. Net income stood at $10.0 million, compared to a net loss of $8.9 million in Q1 2021. The company experienced robust growth across all business segments, with notable contributions from recent acquisitions. Additionally, the board approved a $125 million share repurchase program. Verra Mobility is expected to perform at the high end of its financial guidance for the year, bolstered by increased travel demand.
Verra Mobility (NASDAQ: VRRM) will report its financial results for Q1 2022, ending March 31, 2022, after market close on May 9, 2022. The conference call, hosted by CEO David Roberts and CFO Craig Conti, is scheduled for 5:00 p.m. ET on the same day, accessible via U.S. and international phone numbers. An audio replay will be available until May 23, 2022. Verra Mobility focuses on smart mobility solutions, partnering with law enforcement and commercial fleets across North America and globally. The company emphasizes safety and efficiency in transportation through advanced technology.
Verra Mobility Corporation (NASDAQ: VRRM) announced strong financial results for 2021, with total revenue of $550.6 million, a 40% increase from 2020. The fourth quarter revenue rose to $169.9 million, up 70% year-over-year. Net income for the year reached $41.4 million, or $0.25 per share, compared to a net loss in 2020. The company highlighted successful acquisitions, including Redflex and T2 Systems, and secured a five-year contract extension with Fox Rent A Car. Positive guidance anticipates a recovery in travel demand.
Verra Mobility (NASDAQ: VRRM) will report its fourth quarter financial results on April 21, 2022, after market close. The earnings call will take place at 5:00 PM ET, hosted by CEO David Roberts and CFO Tricia Chiodo. Investors can join the call through designated phone lines and access a live webcast on the company's Investor Relations page. An audio replay will be available until May 5, 2022. The company specializes in smart mobility technologies and services for the transportation sector, operating globally and focusing on safe city initiatives.
Verra Mobility Corporation (NASDAQ: VRRM) provided an update on its financial statements for the year ending December 31, 2021, confirming it is finalizing these and an associated Audit Committee investigation. The company faces a technical default due to not filing Form 10-K by March 31, 2022, impacting approximately $1,243 million in debt; however, it does not expect acceleration of this debt. Verra Mobility anticipates $694-$715 million in total revenue for 2022, with Adjusted EBITDA of $312-$322 million. The company is also set to appoint a new CFO effective April 11, 2022.
Verra Mobility (NASDAQ: VRRM) appointed Jon Baldwin as Executive Vice President of Government Solutions, effective April 4, 2022. Baldwin has 26 years of experience in global business operations, particularly in business-to-government software and services. Previously, he was President of Fortive's Gems, Sensors and Controls business. His leadership is expected to enhance Verra Mobility's Government Solutions, which provides advanced technology for urban mobility, safety, and compliance.
On March 3, 2022, Verra Mobility (NASDAQ: VRRM) received a notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Form 10-K for the year ended December 31, 2021. While this notification does not immediately affect the listing of its shares, failure to regain compliance could lead to delisting. Verra Mobility has 60 days to submit a compliance plan and may receive an extension of up to 180 days if accepted. The company is actively working to file its Form 10-K promptly.
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