Business
Verra Mobility Reports Third Quarter 2021 Financial Results
- Net income for the third quarter of 2021 was $27.3 million, or $0.14 per diluted share - Reports third quarter revenue of $162.1 million; total year-to-date
About this update from Verra Mobility Corporation
[{"type":"text","content":"- Net income for the third quarter of 2021 was $27.3 million, or $0.14 per diluted share\n - Reports third quarter revenue of $162.1 million; total year-to-date revenue of $380.6 million\n - Generated cash flows from operations of $129.3 million\n\n\nMESA, Ariz., Nov. 4, 2021 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the financial results for the three and nine months ended September 30, 2021. \n\n \n \n \n \n \n \n\n \n\"Our team delivered strong results for the third quarter with a total revenue of $162.1 million and significant profit growth in both of our business segments,\" said David Roberts, Chief Executive Officer of Verra Mobility. \"With rental car travel and the use of cashless tolling growing steadily, our Commercial Services segment achieved a 75% increase in revenue year-over-year. Our Government Solutions segment saw 61% revenue growth from increases in both service revenue and product sales year-over-year. Additionally, we made great progress this quarter with the integration of Redflex, and expect to continue achieving synergies. Redflex's automated safety technology and intelligent transportation solutions have strengthened our Government Solutions portfolio and expanded our customer base globally.\"\nThird Quarter 2021 Financial Highlights\nRevenue: Total revenue for the third quarter of 2021 was $162.1 million, an increase of 67% compared to $96.9 million for the third quarter of 2020. The increase was attributable to service revenue resulting from improved travel demand that positively impacted the rental car industry in our Commercial Services segment, and growth in both speed and red-light programs from the inclusion of Redflex operations in our Government Solutions segment. Net income: Net income for the third quarter of 2021 was $27.3 million, or $0.14 per share based on 165.4 million diluted weighted average shares outstanding. Net income for the comparable 2020 period was $11.1 million, or $0.07 per share, based on 162.6 million diluted weighted average shares outstanding. Adjusted Earnings Per Share (EPS): Adjusted EPS for the third quarter of 2021 was $0.27 per share compared to $0.17 per share for the third quarter of 2020. Adjusted EBITDA: Adjusted EBITDA was $82.1 million for the third quarter of 2021, compared to $53...