Business
Verra Mobility Announces Fourth Quarter and Full Year 2021 Financial Results
Full year 2021 revenue of $550.6 millionFull year 2021 cash flows from operations of $193.2 millionCompleted the installation of 695 cameras for the New York
About this update from Verra Mobility Corporation
[{"type":"text","content":"Full year 2021 revenue of $550.6 millionFull year 2021 cash flows from operations of $193.2 millionCompleted the installation of 695 cameras for the New York City Department of Transportation with the remainder completed in the first quarter of 2022Executed five-year contract extension with Fox Rent A Car for tolling servicesReiterating 2022 financial guidanceMESA, Ariz., April 21, 2022 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the financial results for the fourth quarter and full year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \n\"Our 2021 results represent a year of strong execution and exemplary performance. We delivered across all aspects of our business plan – solid operating results as well as the execution of key strategic initiatives that diversify our business and position us in attractive market areas,\" said David Roberts, Chief Executive Officer, Verra Mobility. \"We have favorable tailwinds entering 2022 with recent flagship contract wins, including the school zone speed expansion in New York City, along with the anticipated continued recovery in travel in the United States and the rest of the world.\"\nFourth Quarter 2021 Financial Highlights\nRevenue: Total revenue for the fourth quarter of 2021 was $169.9 million, an increase of 70% compared to $100.2 million for the fourth quarter of 2020. The increase was attributable to growth in both service revenue and product sales in our Government Solutions segment due in part from the inclusion of Redflex operations, increase in service revenue in our Commercial Services segment resulting from improved travel demand and the inclusion of T2 Systems revenue since December 7, 2021.Net income (loss): Net income for the fourth quarter of 2021 was $19.1 million, or $0.12 per share based on 159.9 million diluted weighted average shares outstanding. Net loss for the comparable 2020 period was $(14.1) million, or $(0.09) per share, based on 162.1 million diluted weighted average shares outstanding.Adjusted Earnings Per Share (EPS): Adjusted EPS for the fourth quarter of 2021 was $0.25 per share compared to $0.13 per share for the fourth quarter of 2020.Adjusted EBITDA: Adjusted EBITDA was $79.9 million for the fourth quarter of 2021 compared to $45.8 million for the same period last ...