Business
Verra Mobility Announces First Quarter Financial Results
Total revenue of $170.4 million Net income of $10.0 million Generated cash flows from operations of $31.2 million Strong bookings across all three business
About this update from Verra Mobility Corporation
[{"type":"text","content":"Total revenue of $170.4 million\nNet income of $10.0 million\nGenerated cash flows from operations of $31.2 million\nStrong bookings across all three business segments\nRenewed the Hertz tolls and violations contract for a 5-year term\nExpected financial performance at the high-end of guidance ranges\nBoard of Directors authorizes $125 million share repurchase program\nMESA, Ariz., May 9, 2022 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the financial results for the quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \n\"We are off to a great start for the year, delivering strong growth and profitability. All areas of our business are benefitting from strong macro trends, including a significant increase in travel that is driving our Commercial Services performance,\" said David Roberts, Chief Executive Officer, Verra Mobility. \"I am very pleased with our financial results across all our segments, and we are experiencing solid increases to bookings and our sales pipelines, both of which are leading indicators for future growth. I am also pleased to report our board of directors has approved a $125 million share repurchase program based on our conviction that the repurchase of our shares represents an attractive investment opportunity to redeploy excess capital and enhance long-term shareholder value creation.\"\nFirst Quarter 2022 Financial Highlights\nRevenue: Total revenue for the first quarter of 2022 was $170.4 million, an increase of 89.6% compared to $89.9 million for the first quarter of 2021. Organic service revenue growth was approximately 45% which was mainly due to improved travel demand that positively impacted our RAC customers in the Commercial Services segment and the New York City school zone speed expansion which drove about 28% of organic growth in our Government Solutions segment. The recently acquired Redflex and T2 Systems contributed approximately $31 million to service revenue growth. The remaining increase in total revenue was attributable to approximately $9.2 million in product revenue; of which, $3.2 million was organic and $6.0 million was from the aforementioned acquisitions.Net income (loss): Net income for the first quarter of 2022 was $10.0 million, or $0.06 per share based on 160.7 million diluted weighte...