Business
Verra Mobility Announces First Quarter 2023 Financial Results
Total revenue of $191.9 millionNet income of $4.6 millionGenerated cash flows from operations of $45.2 millionReaffirming 2023 guidanceMESA, Ariz., May 4,
About this update from Verra Mobility Corporation
[{"type":"text","content":"Total revenue of $191.9 millionNet income of $4.6 millionGenerated cash flows from operations of $45.2 millionReaffirming 2023 guidanceMESA, Ariz., May 4, 2023 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the financial results for the first quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \n\"We delivered another strong quarter financially and continued the operating momentum we demonstrated throughout 2022,\" said David Roberts, President and CEO, Verra Mobility. \"We are benefitting from robust travel demand that has returned to pre-pandemic volume as well as nationwide efforts to improve road safety through investments in automated safety enforcement technology. I am incredibly excited about our future – we are well-positioned in large, growing and attractive markets and we have established a proven operating model to drive consistent execution.\"\nFirst Quarter 2023 Financial Highlights\nRevenue: Total revenue for the first quarter of 2023 was $191.9 million, an increase of 13% compared to $170.4 million for the first quarter of 2022. Service revenue growth was 15% due to increases in travel volume and related tolling activity in the Commercial Services segment which grew 17%, and the growth in service revenue from our Government Solutions segment, which increased 14% and was driven by the expansion of speed programs. Parking Solutions service revenue increased 10% due to increases in our software as a service (SaaS) product offerings and various services related to parking management solutions.Net income: Net income for the first quarter of 2023 was $4.6 million, or $0.03 per share based on 153.1 million diluted weighted average shares outstanding. Net income for the comparable 2022 period was $10.0 million, or $0.06 per share, based on 160.7 million diluted weighted average shares outstanding.Adjusted Earnings Per Share (EPS): Adjusted EPS for the first quarter of 2023 was $0.26 per share compared to $0.22 per share for the first quarter of 2022.Adjusted EBITDA: Adjusted EBITDA was $87.9 million for the first quarter of 2023 compared to $75.3 million for the same period last year. Adjusted EBITDA margin was 46% of total revenue for 2023 and 44% for 2022. The expansion in Adjusted EBITDA margins was driven primarily by revenue cont...