Business
Verra Mobility Announces Second Quarter 2020 Financial Results
Total year-to-date revenue of $196.5 million Generated cash flows from operations of $22.5 million MESA, Ariz., Aug. 6, 2020 /PRNewswire/ -- Verra Mobility
About this update from Verra Mobility Corporation
[{"type":"text","content":"Total year-to-date revenue of $196.5 million\n Generated cash flows from operations of $22.5 million\n\n\nMESA, Ariz., Aug. 6, 2020 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today financial results for the three and six months ended June 30, 2020. \n\"Verra Mobility reported a solid quarter and we are pleased with our execution given the challenging environment. During one of the most difficult quarters in our history, we still provided robust adjusted EBITDA and positive free cash flow,\" said David Roberts, Chief Executive Officer, Verra Mobility. \"Although the near-term business environment is uncertain, we believe our balanced product portfolio provides stability in these uncertain times, and our longer-term growth initiatives give us confidence in our future as a global leader in smart transportation.\"\nSecond Quarter 2020 Financial Highlights\nRevenue: Total revenue for the second quarter of 2020 was $79.8 million, down 27.2% compared to $109.6 million for the second quarter of 2019. Within total revenue, service revenue was $62.8 million and product sales contributed $17.0 million. The decline was in our service revenue, due to the significant impact of the novel coronavirus (\"COVID-19\") on the rental car industry, which was partially offset by growth in product sales. Net (loss) income: Net loss for the second quarter of 2020 was $(15.4) million, or $(0.10) per share, based on 161.7 million diluted weighted average shares outstanding. Net income for the comparable 2019 period was $3.6 million, or $0.02 per share, based on 162.0 million diluted weighted average shares outstanding. Adjusted EBITDA: Adjusted EBITDA was $27.6 million for the second quarter of 2020, compared to $59.7 million in the same period last year.First Half of 2020 Financial Highlights\nRevenue: Total revenue for the first half of 2020 was $196.5 million, down 5.5% compared to $208.0 million for the first half of 2019. Within total revenue, service revenue was $162.3 million and product sales contributed $34.2 million. The decline was in our service revenue, due to COVID-19's significant negative impact on the rental car industry, which was partially offset by growth in product sales. Net (loss) income: Net loss for the first half of 2020 was $(8.7) million, or $(0.05) per sh...