Business
Verra Mobility Announces First Quarter 2020 Financial Results
Total revenue of $116.7 million Net income of $6.7 million, Adjusted EBITDA of $54.9 million Generated cash flows from operations of $14.8 million MESA,
About this update from Verra Mobility Corporation
[{"type":"text","content":"Total revenue of $116.7 million\n Net income of $6.7 million, Adjusted EBITDA of $54.9 million\n Generated cash flows from operations of $14.8 million\n\n\nMESA, Ariz., May 11, 2020 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today financial results for the quarter ended March 31, 2020. \n\n \n \n \n \n \n \n\n \n\"While the economic headwinds and disruptions are having an undeniable effect on our results, we executed well in the first quarter and implemented strong countermeasures to ensure Verra Mobility's long-term strength in these challenging times and beyond,\" said David Roberts, Chief Executive Officer, Verra Mobility. \"While it remains uncertain how long COVID-19 or its impact on our customers and our business will persist, we are confident in the resilience of our employees and our ability to manage through these turbulent times.\"\nFirst Quarter 2020 Financial Highlights\nRevenue: Total revenue for the first quarter of 2020 was $116.7 million, up 18.5% compared to $98.5 million for the first quarter of 2019. Within total revenue, service revenue was $99.5 million and product revenue contributed $17.2 million. Net income: Net income for the first quarter of 2020 was $6.7 million, or $0.04 per share, based on 164.4 million diluted weighted average shares outstanding. Net income for the comparable 2019 period was $2.8 million, or $0.02 per share, based on 156.5 million diluted weighted average shares outstanding. Adjusted EBITDA: Adjusted EBITDA was $54.9 million for the first quarter of 2020, up 7% compared to $51.3 million in the 2019 period. Liquidity: As of March 31, 2020, cash and cash equivalents was $113.6 million. We generated $14.8 million in net cash from operations for the first quarter of 2020. As of March 31, 2020, we had total debt of $872.5 million, net of cash on hand our net debt was $758.9 million, and a $75 million revolver that is undrawn. The operating results for the first quarter of 2020 were impacted by the novel coronavirus (\"COVID-19\") that emerged in late 2019 in China and has since spread throughout the world. COVID-19 has and continues to have a significant negative impact on the global economy, including the rental car industry due to reduced airline travel and widespread travel restrictions across the world. Refer to...