Verra Mobility Corp Stock Price, News & Analysis

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.

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.