Business
Verra Mobility Announces Second Quarter 2023 Financial Results
Total revenue of $204.5 millionNet income of $19.1 millionGenerated cash flows from operations of $62.7 millionIncreasing 2023 financial guidanceMESA, Ariz.,
About this update from Verra Mobility Corporation
[{"type":"text","content":"Total revenue of $204.5 millionNet income of $19.1 millionGenerated cash flows from operations of $62.7 millionIncreasing 2023 financial guidanceMESA, Ariz., Aug. 9, 2023 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the financial results for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"We delivered an outstanding second quarter, highlighted by strong recurring revenue growth and free cash flow generation,\" said David Roberts, President and CEO, Verra Mobility. \"I am incredibly pleased with our operating performance and am optimistic about our future. The underlying key trends driving our Commercial Services business are strong and durable. We have a very favorable environment driving the future of our Government Solutions business, and we have prime opportunities for future growth and profitability for our Parking Solutions business to address university and municipality parking trends.\"\nSecond Quarter 2023 Financial Highlights\nRevenue: Total revenue for the second quarter of 2023 was $204.5 million, an increase of 9% compared to $187.5 million for the second quarter of 2022. Service revenue growth was 12% due to increases in travel volume and related tolling activity in the Commercial Services segment which grew 11%, and the growth in service revenue from our Government Solutions segment, which increased 14% and was driven by the expansion of speed programs. Parking Solutions service revenue increased 11% due to increases in our software as a service (SaaS) product offerings and various services related to parking management solutions.Net income: Net income for the second quarter of 2023 was $19.1 million, or $0.13 per share based on 152.6 million diluted weighted average shares outstanding. Net income for the comparable 2022 period was $29.6 million, or $0.15 per share, based on 160.3 million diluted weighted average shares outstanding.Adjusted Earnings Per Share (EPS): Adjusted EPS for the second quarter of 2023 was $0.29 per share compared to $0.27 per share for the second quarter of 2022.Adjusted EBITDA: Adjusted EBITDA was $95.0 million for the second quarter of 2023 compared to $88.8 million for the same period last year. Adjusted EBITDA margin was 46% of total revenue for 2023 and 47% for 2022. The growth ...