Business
Verra Mobility Announces Fourth Quarter and Full Year 2019 Financial Results
Full year 2019 revenue of $448.7 million Net income of $33.3 million, Adjusted EBITDA of $241.4 million Generated cash flows from operations of $133.8 million
About this update from Verra Mobility Corporation
[{"type":"text","content":"Full year 2019 revenue of $448.7 million\n Net income of $33.3 million, Adjusted EBITDA of $241.4 million\n Generated cash flows from operations of $133.8 million\n\n\nMESA, Ariz., March 2, 2020 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today financial results for the quarter and full year ended December 31, 2019. \n\n \n \n \n \n \n \n\n \n\"We are pleased with our execution throughout the year and ended 2019 on a strong note with a solid quarter. We were able to exceed expectations across our key metrics and showed investors that our diversified product portfolio can support an attractive combination of growth and profitability at scale,\" said David Roberts, Chief Executive Officer, Verra Mobility. \"The strength of our core business and our longer-term smart city initiatives give us confidence in our ability to maintain momentum throughout 2020 and support our vision to be the global leader in smart transportation.\"\nFourth Quarter 2019 Financial Highlights\nRevenue: Total revenue for the fourth quarter of 2019 was $112.5 million, up 18.2% compared to $95.1 million for the fourth quarter of 2018. Within total revenue, service revenue was $104.8 million and product revenue contributed $7.6 million. Net income (loss): Net income for the fourth quarter of 2019 was $9.2 million, or $0.06 per share, based on 163.9 million diluted weighted average shares outstanding. Net loss for the comparable 2018 period was $38.0 million, or $0.27 loss per share, based on 140.7 million diluted weighted average shares outstanding. Adjusted EBITDA: Adjusted EBITDA was $59.6 million for the fourth quarter of 2019, up 26.0% compared to $47.3 million in the fourth quarter of 2018.Full Year 2019 Financial Highlights\nRevenue: Total revenue for the 2019 year was $448.7 million, up 21.2% compared to $370.1 million for 2018. The pro forma revenue growth year over year was 15.4% for the HTA and EPC acquisitions in early 2018. Within total revenue, service revenue was $416.7 million and product revenue was $32.0 million. Net income (loss): Net income for 2019 was $33.3 million, or $0.21 per share, based on 161.5 million diluted weighted average shares outstanding. For the 2018 year, we had a net loss of $58.4 million, or $0.67 per share, based on 87.3 million weighted average share...