Business
Verra Mobility Announces Fourth Quarter and Full Year 2024 Financial Results
Full year 2024 revenue of $879.2 millionFull year 2024 net income of $31.4 millionFull year 2024 net cash provided from operations of $223.6
About this update from Verra Mobility Corporation
[{"type":"text","content":"Full year 2024 revenue of $879.2 millionFull year 2024 net income of $31.4 millionFull year 2024 net cash provided from operations of $223.6 millionEstablishing fiscal year 2025 guidanceMESA, Ariz., Feb. 27, 2025 /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, 2024.\n\n \n \n \n \n \n \n\n \n\"We delivered a solid fourth quarter, highlighted by strong earnings and cash flow generation,\" said David Roberts, President and CEO, Verra Mobility. \"Resilient fourth quarter travel demand drove continued strength in Commercial Services and increased demand for automated traffic enforcement drove solid performance in Government Solutions. Our business fundamentals are strong and intact. Travel demand appears resilient and is expected to be a source of ongoing strength for Commercial Services. We expect that our strong sales bookings in Government Solutions will drive solid revenue growth over the foreseeable future and, we expect our Parking Solutions business to exit 2025 on a strong run-rate. Based on these factors, we anticipate that our long-term outlook remains intact relative to the 2026 Revenue and Adjusted EBITDA targets that we provided at our July 2022 Investor Day.\"\nFourth Quarter 2024 Financial Highlights\nRevenue: Total revenue for the fourth quarter of 2024 was $221.5 million, an increase of 5% compared to $211.0 million for the fourth quarter of 2023. Service revenue growth was 4%, driven by 4% growth in our Commercial Services segment and 5% growth from our Government Solutions segment. Commercial Services revenue growth was due to increases in travel volume, product adoption and tolling activity, and the growth in Government Solutions service revenue was driven by the expansion of school bus stop arm, bus lane and maintenance programs. Parking Solutions service revenue declined by $0.7 million, or 4% compared to the fourth quarter of 2023, as increased revenue from software as a service product offerings was offset by reduction in professional services revenue related to parking management solutions.Net (loss) income and Earnings Per Share (EPS): Net loss for the fourth quarter of 2024 was $(66.7) million, or $(0.41) per share, based on 163.3 million dilute...