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 (NASDAQ: VRRM) has appointed Craig Conti as the new Executive Vice President and Chief Financial Officer, effective April 11, 2022. Conti, with over 23 years of financial management experience, previously served as CFO of Century Aluminum (NASDAQ: CENX). He replaces Patricia Chiodo, who is retiring after seven years, but will assist in the transition for 90 days. Conti will manage Financial Planning, Treasury, Accounting, and Investor Relations, aiming to enhance shareholder returns and drive growth.
Verra Mobility Corporation (NASDAQ: VRRM) has filed a Form 12b-25 with the SEC, indicating it cannot file its Form 10-K by the March 1, 2022 deadline due to accounting irregularities related to its Australian subsidiary, Redflex Holdings Limited. An investigation by the Audit Committee is underway regarding potential adjustments to previous financial statements. Despite this, the company expects 2021 revenues to exceed $540 million and adjusted EBITDA to exceed $260 million. The earnings release and investor call scheduled for February 28, 2022, are also delayed.
Verra Mobility (NASDAQ: VRRM) announced it will report its fourth quarter financial results for the year ended December 31, 2021, after market close on February 28, 2022. CEO David Roberts and CFO Tricia Chiodo will host a conference call to discuss these results at 5:00 p.m. ET on the same day. Interested investors can access the call by dialing the provided numbers or via a live webcast on the company's Investor Relations page. An audio replay will be available until March 14, 2022.
Verra Mobility (NASDAQ: VRRM) announced a three-year renewal of its photo enforcement contract with the New York City Department of Transportation. This renewal, effective February 7, 2022, expands the existing contract to include 100 additional red-light and 150 bus lane cameras, aimed at enhancing road safety. The deal also guarantees maintenance for cameras installed under a previous contract initiated in 2019, with negotiated price reductions. Verra Mobility's solutions support NYC's Vision Zero mission, promoting safer driving behaviors.
Verra Mobility (NASDAQ: VRRM) announced the appointment of Sarah Farrell to its Board of Directors, effective January 3, 2022. This decision comes after the resignation of Jacob Kotzubei on December 17, 2021. Farrell, a Partner at Inclusive Capital Partners, holds over 5% of the company's outstanding stock. Her experience in environmental, social, and governance initiatives, combined with her finance background, is seen as beneficial for the company. Verra Mobility focuses on smart mobility solutions globally, serving large commercial fleets and enhancing transportation safety.
Verra Mobility (NASDAQ: VRRM) has appointed Patrick Byrne as the new Chairman of the Board, succeeding Jacob Kotzubei, who resigned after PE Greenlight Holdings sold its remaining shares on December 10, 2021. Byrne has been with the Board since November 2020 and has previously held key roles at GE Digital and Fortive. His appointment is seen as a move to bolster the company's leadership as it aims to enhance urban mobility solutions globally. The company is focused on transforming transportation through advanced technology and is involved in toll management and safety initiatives across multiple regions.
Verra Mobility (NASDAQ: VRRM) has published its annual video showcasing the most egregious red-light runners of 2021, emphasizing the dangers of red-light running as a major traffic issue in America. The video includes incidents from Arizona, Florida, Louisiana, and North Carolina, highlighting reckless driving and distractions. In 2019, over 846 deaths were linked to red-light running crashes, with significant injury statistics reported. Verra Mobility advocates for using technology and safety camera systems to improve driver behavior and reduce traffic accidents.
On December 7, 2021, Verra Mobility (NASDAQ: VRRM) announced the pricing of a public offering of 8,207,821 shares of Class A Common Stock by a selling stockholder. The company will not receive proceeds from this sale, which is set for settlement on December 10, 2021. BofA Securities is the sole underwriter for this offering, which follows an automatic shelf registration statement filed with the SEC. The release emphasizes that this does not constitute an offer to sell securities unlawfully.
Verra Mobility announced a secondary offering of 8,207,821 shares of its Class A common stock by a principal shareholder, an affiliate of Platinum Equity. Importantly, Verra Mobility is not offering any shares nor will it receive proceeds from this offering. The offering will be managed solely by BofA Securities, which is acting as the sole underwriter. This offering was registered under an automatic shelf registration statement with the SEC. These developments indicate ongoing market activities surrounding the company's stock.
Verra Mobility (NASDAQ: VRRM) has completed its acquisition of T2 Systems for $347 million in a cash-free and debt-free transaction, with an additional up to $9 million related to an asset acquisition. T2 Systems specializes in parking management solutions and serves over 1,900 clients, generating nearly $80 million in revenue and approximately $21 million in adjusted EBITDA expected for 2021. This acquisition aims to enhance Verra Mobility's urban mobility solutions, as T2 will operate as a distinct business unit.
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