Business
Verra Mobility Announces Third Quarter 2020 Financial Results
Total year-to-date revenue of $293.4 million Generated cash flows from operations of $44.4 million MESA, Ariz., Nov. 5, 2020 /PRNewswire/ -- Verra Mobility
About this update from Verra Mobility Corporation
[{"type":"text","content":"Total year-to-date revenue of $293.4 million\n Generated cash flows from operations of $44.4 million\n\n\nMESA, Ariz., Nov. 5, 2020 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today financial results for the three and nine months ended September 30, 2020. \n\"We are very pleased with the Company's performance in the third quarter, including modest signs of improvement in Commercial Services, continued strength in Government Solutions and a return to profitability with very strong cash flow generation,\" said David Roberts, Chief Executive Officer, Verra Mobility. \"Despite the ongoing challenges presented to our business, we continue to see strong margins and incremental contract wins that further demonstrate the strength of our model and importance of our mission.\"\nThird Quarter 2020 Financial Highlights\nRevenue: Total revenue for the third quarter of 2020 was $96.9 million, down 24.4% compared to $128.2 million for the third quarter of 2019. Within total revenue, service revenue was $83.0 million and product sales contributed $13.9 million. The decline was mainly in our Commercial Services 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 Government Solutions service revenue. Net income: Net income for the third quarter of 2020 was $6.7 million, or $0.04 per share, based on 162.6 million diluted weighted average shares outstanding. Net income for the comparable 2019 period was $17.8 million, or $0.11 per share, based on 163.7 million diluted weighted average shares outstanding. Adjusted EBITDA: Adjusted EBITDA was $53.5 million for the third quarter of 2020, compared to $70.8 million in the same period last year.Year-To-Date 2020 Financial Highlights\nRevenue: Total revenue for year-to-date 2020 was $293.4 million, down 12.7% compared to $336.3 million for the year-to-date 2019 period. Within total revenue, service revenue was $245.3 million and product sales contributed $48.1 million. The decline was in our Commercial Services service revenue, due to COVID-19's significant negative impact on the rental car industry, which was offset by growth in product sales and service revenue in our Government Solutions segment. Net (loss) income: Net loss for ye...