Business
Verra Mobility Announces Fourth Quarter and Full Year 2022 Financial Results
Full year 2022 revenue of $741.6 millionFull year 2022 net income of $92.5 millionFull year 2022 cash flows from operations of $218.3 millionMESA, Ariz.,
About this update from Verra Mobility Corporation
[{"type":"text","content":"Full year 2022 revenue of $741.6 millionFull year 2022 net income of $92.5 millionFull year 2022 cash flows from operations of $218.3 millionMESA, Ariz., March 1, 2023 /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, 2022.\n\n \n \n \n \n \n \n\n \n\"We had a great finish to the year, exceeding the high end of our guidance and surpassing all other measures we were tracking,\" said David Roberts, President and CEO, Verra Mobility. \"Our strategy is aligned with the key macro trends across our portfolio. Travel demand by both consumers and businesses remains strong and cashless tolling continues to become more prevalent across the U.S. to help increase traffic efficiencies and reduce congestion. Furthermore, nationwide efforts to improve road safety are driving the need for investments in automated safety enforcement technology. We have tremendous momentum to start the year – our business fundamentals are strong, and we have a proven operating model to create significant value.\"\nFourth Quarter 2022 Financial HighlightsRevenue: Total revenue for the fourth quarter of 2022 was $186.1 million, an increase of 9% compared to $170.0 million for the fourth quarter of 2021. Service revenue growth was 24% when compared to fourth quarter of 2021 due to increases in travel volume and related tolling activity in the Commercial Services segment, which grew 14%, and the growth in the Government Solutions segment, which increased 19% and was primarily driven by school zone speed expansion. T2 Systems contributed $15.1 million in service revenue, with no directly comparable amounts in the prior year as T2 Systems was acquired in December 2021.Net income: Net income for the fourth quarter of 2022 was $28.2 million, or $0.13 per share based on 154.8 million diluted weighted average shares outstanding. Net income for the comparable 2021 period was $19.1 million, or $0.12 per share, based on 160.0 million diluted weighted average shares outstanding.Adjusted Earnings Per Share (EPS): Adjusted EPS for the fourth quarter of 2022 was $0.25 per share compared to $0.24 per share for the fourth quarter of 2021.Adjusted EBITDA: Adjusted EBITDA was $83.6 million for the fourth quarter of 2022 comp...