Verra Mobility Q3 revenue $197.7M (+22% YoY); adjusted EBITDA $90.9M; guidance at high end

VERRA MOBILITY Corp

2022-Q3 EPS reported $0.38 revenue$67,406,000

Net income of $24.6M ($0.15 diluted EPS); adjusted EPS of $0.27 vs $0.26 year ago.
Commercial Services revenue $86.1M (+11%); Government Solutions $89.7M (+6%); Parking Solutions $21.9M.
Operating cash flow of $52.4M in Q3; YTD cash from ops $148.8M.
Repurchased $125M of shares in 2022 via ASR and open market transactions.
Company expects full-year 2022 performance at higher end of prior guidance.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VERRA MOBILITY Corp reported the quarter ended September 30, 2022 results: revenue $197.7 million, net income $24.6 million, EPS $0.15 per share. Guidance reaffirmed.

Period: the quarter ended September 30, 2022
Revenue: $197.7 million
Net income: $24.6 million
EPS: $0.15 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenue : Total revenue for the third quarter of 2022 was $197.7 million, an increase of 22% compared to $162.1 million for the third quarter of 2021. Service revenue growth was 27% due to increases in travel volume and related tolling activity in the Commercial Services segment which grew 11%, and the growth in our Government Solutions segment, which increased 20% and was driven by the school zone speed expansion. The remaining increase of $17.1 million in service revenue was contributed by T2 Systems. • Net income : Net income for the third quarter of 2022 was $24.6 million, or $0.15 per share based on 158.3 million diluted weighted average shares outstanding.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VERRA MOBILITY Corp reported the nine months ended September 30, 2022 results: revenue $555.5 million, net income $64.3 million, EPS $0.38 per share. Guidance reaffirmed.

Period: the nine months ended September 30, 2022
Revenue: $555.5 million
Net income: $64.3 million
EPS: $0.38 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenue : Total revenue for year-to-date 2022 was $555.5 million, an increase of 46% compared to $380.6 million for year-to-date 2021. Organic service revenue growth was 29% which was mainly due to increase in travel volume and related tolling activity in the Commercial Services segment, and the organic service revenue growth in our Government Solutions segment, which was 24%, driven by the school zone speed expansion. Redflex and T2 Systems acquisitions contributed approximately $79.7 million to service revenue growth. In addition, product sales increased in 2022 by $6.7 million compared to 2021. • Net income : Net income for year-to-date 2022 was $64.3 million, or $0.38 per share, based on 160.4 million diluted weighted average shares outstanding.

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Source: SEC EDGAR

accession 0000950170-22-021237

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