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Verra Mobility Announces Second Quarter 2024 Financial Results
Total revenue of $222.4 millionNet income of $34.2 millionNet cash provided from operations of $40.0 millionReaffirming 2024 financial guidanceMESA, Ariz.,
About this update from Verra Mobility Corporation
[{"type":"text","content":"Total revenue of $222.4 millionNet income of $34.2 millionNet cash provided from operations of $40.0 millionReaffirming 2024 financial guidanceMESA, Ariz., Aug. 8, 2024 /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, 2024.\n\n \n \n \n \n \n \n\n \n\"We delivered an outstanding second quarter, highlighted by strong revenue and earnings growth,\" said David Roberts, President and CEO, Verra Mobility. \"Travel demand remains robust driving continued strength in Commercial Services and increasing demand for automated traffic enforcement is driving strong performance in Government Solutions. Moreover, we are seeing a strong and growing bid pipeline for automated enforcement programs in our Government Solutions business. Based on our first half financial performance and anticipated outlook for the remainder of the year, we are reaffirming our full year guidance.\"\nSecond Quarter 2024 Financial Highlights\nRevenue: Total revenue for the second quarter of 2024 was $222.4 million, an increase of 9% compared to $204.5 million for the second quarter of 2023. Service revenue growth was 8%, driven by 10% growth in Commercial Services and 8% growth from our Government Solutions segment. Commercial Services revenue growth was due to increases in travel volume and related tolling activity, and the growth in Government Solutions service revenue was driven by the expansion of speed programs and maintenance programs for international customers. Parking Solutions service revenue was relatively consistent at $16.6 million for both 2024 and 2023. Increased revenue from software as a service product offerings was partially offset by reduction in professional services related to parking management solutions.Net income and Earnings Per Share (EPS): Net income for the second quarter of 2024 was $34.2 million, or $0.20 per share, based on 168.6 million diluted weighted average shares outstanding. Net income for the comparable 2023 period was $19.1 million, or $0.13 per share, based on 152.6 million diluted weighted average shares outstanding.Adjusted EPS: Adjusted EPS for the second quarter of 2024 was $0.31 per share compared to $0.29 per share for the second quarter of 2023.Adjusted EBITDA: Adjusted EBITDA w...