Revenue Growth - Total revenue increased by $51.4 million, or 8.5%, from $606.3 million in the nine months ended September 30, 2023, to $657.7 million in the same period in 2024[90] - Service revenue for the three months ended September 30, 2024, increased by $16.2 million, or 8.1%, to $217.3 million, representing 96.3% of total revenue[109] - Service revenue increased by $50.2 million, or 8.6%, to $632.0 million for the nine months ended September 30, 2024, compared to $581.8 million for the same period in 2023[128] - Commercial Services service revenue increased by $11.0 million, or 11.2%, from approximately $98.1 million for the three months ended September 30, 2023, to $109.1 million for the same period in 2024[110] - Government Solutions service revenue increased by $5.9 million, or 6.9%, from approximately $85.1 million for the three months ended September 30, 2023, to $91.0 million for the same period in 2024[111] - Parking Solutions service revenue declined by $0.7 million, or 3.7%, from approximately $17.8 million for the three months ended September 30, 2023, to $17.1 million for the same period in 2024[112] - Commercial Services revenue rose by $30.8 million, or 11.1%, to $309.0 million, driven by increased travel volume and tolling activity[131] - Government Solutions revenue increased by $19.4 million, or 7.7%, to $272.7 million, primarily due to the expansion of speed and red light programs[132] Operating Expenses - Operating expenses increased by $7.2 million, or 10.4%, to $76.0 million for the three months ended September 30, 2024[109] - Total operating expenses increased by approximately $7.2 million, or 10.4%, from $68.9 million for the three months ended September 30, 2023, to $76.0 million for the same period in 2024[116] - Total operating expenses increased by $25.2 million, or 12.8%, to $221.6 million, with wages expense rising by $16.2 million[137] - Selling, general and administrative expenses increased to $47.9 million for the three months ended September 30, 2024, compared to $42.3 million for the same period in 2023[119] - Selling, general and administrative expenses increased to $142.4 million, up from $125.5 million, primarily due to higher wages and stock-based compensation[140] - Operating expenses as a percentage of total revenue increased from 32.8% to 33.7% for the three months ended September 30, 2023, and 2024, respectively[116] - Operating expenses as a percentage of total revenue increased from 32.4% to 33.7% for the nine months ended September 30, 2023, and 2024, respectively[137] Net Income - Net income for the three months ended September 30, 2024, was $34.7 million, an increase of $4.4 million, or 14.6%, compared to $30.3 million for the same period in 2023[109] - Net income for the nine months ended September 30, 2024, was $98.1 million, an increase of $44.1 million or 81.7% compared to $54.0 million in 2023[128] - Total net income for the nine months ended September 30, 2024, was $98.1 million, an increase of $44.1 million compared to $54.0 million for the same period in 2023[148] Cash Flow - Cash flows from operating activities were $183.2 million for the nine months ended September 30, 2024, compared to $170.4 million for the same period in 2023[90] - Cash provided by operating activities increased by approximately $12.8 million from $170.4 million in 2023 to $183.2 million in 2024[157] - Cash used in investing activities increased to $51.0 million in 2024 from $41.7 million in 2023, driven by higher purchases of installation and service parts[158] Debt and Interest - The company refinanced its debt, reducing the interest rate by 50 basis points and making early repayments of approximately $4.5 million on its 2021 Term Loan during the nine months ended September 30, 2024[90] - Interest expense, net decreased by $1.7 million, or 8.1%, to $18.7 million for the three months ended September 30, 2024[109] - Interest expense, net decreased by approximately $1.7 million from $20.4 million for the three months ended September 30, 2023, to $18.7 million for the same period in 2024[121] - Interest expense, net decreased by $8.6 million from $65.8 million in 2023 to $57.2 million in 2024, primarily due to voluntary principal prepayments and a reduction in interest rates[142] - The outstanding balance of the 2021 Term Loan was $700.1 million as of September 30, 2024, with an interest rate of 7.6%[176] - Each 1% movement in interest rates will result in an approximately $7.0 million change in annual interest expense based on the September 30, 2024 balance[176] Taxation - The effective tax rate for the three months ended September 30, 2024, was 28.4%, compared to 27.5% for the same period in 2023[125] - The effective tax rate for the nine months ended September 30, 2024, was 27.4%, down from 37.1% in 2023, primarily due to differences related to Private Placement Warrants[147] Share Repurchase and Capital - The company has $48.5 million remaining under the share repurchase program as of September 30, 2024[92] - A new share repurchase program was authorized for up to $100.0 million over an 18-month period, with $48.5 million remaining available as of September 30, 2024[154] Other Financial Information - The New York City Department of Transportation (NYCDOT) represented approximately 16% of total revenue for the nine months ended September 30, 2024[95] - The company performed a quantitative impairment test for the Parking Solutions reporting unit, which showed an estimated fair value exceeding the carrying value by approximately 7%[172] - There were no material off-balance sheet financing arrangements as of September 30, 2024[173] - The company is compliant with all debt covenants as of September 30, 2024[170] - The company amended the 2021 Term Loan agreement to refinance the entire outstanding amount and reduced the interest rate by 50 basis points[165] - VM Consolidated issued $350.0 million in Senior Unsecured Notes with a fixed interest rate of 5.50% per annum, maturing on April 15, 2029[166] - The Revolving Credit Agreement has a commitment of up to $75.0 million, with no outstanding borrowings as of September 30, 2024, and an availability to borrow of $74.6 million[168]

Financial Performance - Total revenue for Q3 2024 was $225.6 million, a 7% increase from $209.9 million in Q3 2023[4] - Net income for Q3 2024 was $34.7 million, or $0.21 per share, compared to $30.3 million, or $0.18 per share in Q3 2023[4] - Adjusted Free Cash Flow increased to $85.1 million in Q3 2024 from $52.0 million in the same period last year[5] - Adjusted EBITDA for Q3 2024 was $104.7 million, up from $97.4 million in Q3 2023, with an EBITDA margin of 46%[4] - Total revenue for the three months ended September 30, 2024, was $225.6 million, an increase of 7.7% compared to $209.9 million for the same period in 2023[27] - Service revenue for the three months ended September 30, 2024, was $217.3 million, up from $201.0 million in the same period last year, reflecting a growth of 8.2%[27] - Net income for the three months ended September 30, 2024, was $34.7 million, compared to $30.3 million for the same period in 2023, representing an increase of 14.8%[27] - Adjusted EBITDA for the three months ended September 30, 2024, was $104,697,000, up from $97,378,000 in the same period of 2023, representing a 7.5% increase[30] - The company reported net income of $54,258,000 for the three months ended September 30, 2024, compared to $49,187,000 for the same period in 2023[33] - Adjusted EPS for the three months ended September 30, 2024, is $0.32, up from $0.29 in the prior year[33] Segment Performance - Commercial Services segment revenue grew by 11% to $109.1 million, while Government Solutions segment revenue increased by 6% to $95.9 million[7] - The Parking Solutions segment experienced a 4% revenue decline to $20.6 million, attributed to reduced service revenue[7] Guidance and Projections - The company reaffirmed its full-year guidance for Total Revenue at the upper-end of $865 million to $880 million[9] - Adjusted EPS is expected to be at the upper-end of the range of $1.15 to $1.20 for 2024[9] - The company anticipates 2025 revenue growth at the low end of its long-term guidance of 6% to 8%[10] Cash and Debt Management - As of September 30, 2024, cash and cash equivalents were $206.1 million, with net debt reduced to $844.0 million[8] - Cash and cash equivalents increased to $206.1 million as of September 30, 2024, from $136.3 million at the end of December 2023, showing a significant liquidity improvement[26] - Long-term debt as of September 30, 2024, was $1.04 billion, slightly increased from $1.03 billion at the end of December 2023, reflecting stable leverage levels[26] - The company reported a decrease in accrued liabilities from $93.1 million in December 2023 to $67.0 million in September 2024, indicating improved cash management[26] - Net debt decreased to $843,990,000 from $918,278,000 year-over-year[35] - Total long-term debt as of September 30, 2024, is $1,037,174,000, slightly down from $1,038,132,000 on December 31, 2023[35] - The company reported a net increase in cash, cash equivalents, and restricted cash of $87,815,000 for the three months ended September 30, 2024, compared to a decrease of $95,169,000 in the same period of 2023[28] Shareholder Information - The weighted average diluted shares outstanding decreased to 167.6 million for the three months ended September 30, 2024, from 169.5 million in the same period last year, suggesting a potential share buyback or reduced issuance[27] - The average shares outstanding for the three months ended September 30, 2024, is 167,624,000, compared to 169,497,000 in the same period last year[33] Tax and Other Financial Metrics - The effective income tax rate for the three months ended September 30, 2024, is 30%, consistent with the previous year[33] - The company’s net leverage ratio improved to 2.2x from 2.5x year-over-year[35] - The company is unable to provide a quantitative reconciliation of certain non-GAAP measures due to the inherent difficulty in forecasting, which may affect future financial projections[25] Other Financial Highlights - Net cash provided by operating activities for the nine months ended September 30, 2024, was $183,155,000, compared to $170,371,000 for the same period in 2023, reflecting a growth of 7.3%[29] - Free Cash Flow for the three months ended September 30, 2024, was $85,111,000, compared to $52,041,000 for the same period in 2023, indicating a significant increase of 63.6%[32] - Stock-based compensation for the nine months ended September 30, 2024, was $18,586,000, compared to $12,346,000 for the same period in 2023, reflecting a 50.5% increase[30] - The company incurred transaction and other related expenses of $2,483,000 for the three months ended September 30, 2024, primarily related to potential acquisitions[30] - The company’s cash receipts for interest rate swaps increased to $822,000 for the nine months ended September 30, 2024, compared to a payment of $1,414,000 in the same period of 2023[29] - The company’s total liabilities decreased significantly, with a repayment of long-term debt of $4,509,000 for the nine months ended September 30, 2024, compared to $179,264,000 in the same period of 2023[29] - The adjusted free cash flow for the nine months ended September 30, 2024, was $153,196,000, compared to $129,870,000 for the same period in 2023, marking an increase of 18.0%[32] - Total assets as of September 30, 2024, were $1.85 billion, up from $1.79 billion at the end of December 2023, indicating growth in the company's asset base[26]

Core Insights - Verra Mobility Corporation reported strong financial results for Q3 2024, with total revenue of $225.6 million, a 7% increase from $209.9 million in Q3 2023 [3][5] - The company reaffirmed its full-year guidance for total revenue, adjusted EBITDA, and adjusted EPS while increasing adjusted free cash flow guidance to the upper end of the range [2][9] Financial Performance - Total revenue for Q3 2024 was $225.6 million, up 7% from $209.9 million in Q3 2023 [3] - Service revenue grew by 8%, driven by an 11% increase in the Commercial Services segment and a 7% increase in the Government Solutions segment [3] - Net income for Q3 2024 was $34.7 million, or $0.21 per share, compared to $30.3 million, or $0.18 per share, in Q3 2023 [3][5] - Adjusted EPS for Q3 2024 was $0.32, up from $0.29 in Q3 2023 [3][36] - Adjusted EBITDA for Q3 2024 was $104.7 million, compared to $97.4 million in the same period last year, maintaining an adjusted EBITDA margin of 46% [3][34] Segment Performance - The Commercial Services segment generated $109.1 million in revenue, an 11% increase from $98.1 million in Q3 2023, with a segment profit margin of 67% [5] - The Government Solutions segment reported $95.9 million in revenue, a 6% increase from $90.3 million in Q3 2023, with a segment profit margin of 29% [5] - The Parking Solutions segment saw a revenue decline of 4% to $20.6 million, but segment profit increased to $3.7 million [5] Cash Flow and Liquidity - Net cash provided from operations was $108.8 million for Q3 2024, up from $62.4 million in Q3 2023 [3][31] - Adjusted free cash flow for Q3 2024 was $85.1 million, compared to $52.0 million in the same period last year [3][35] - As of September 30, 2024, cash and cash equivalents were $206.1 million, with net debt at $844.0 million and net leverage at 2.2x [6][37] Share Repurchase Program - The Board of Directors authorized a share repurchase program for up to $100 million of Class A Common Stock over an 18-month period [7] - In June 2024, the company repurchased 2.0 million shares for $51.5 million, with approximately $48.5 million remaining under the repurchase program as of September 30, 2024 [7]

Core Points - Verra Mobility Corporation has launched the 'Zero in on School Bus Safety Toolkit' to promote National School Bus Safety Week and advocate for safe driving behavior around school buses [1][2] - The toolkit includes resources such as social media posts and statistics to raise awareness about the dangers of illegally passing stopped school buses [2][3] - The illegal passing of stopped school buses is a significant issue, with 45.2 million violations reported last school year, an increase from 43.5 million the previous year [2] - On average, 108 fatalities occur each year due to school transportation-related crashes from 2013-2022 [2] - Verra Mobility's school bus stop arm program has shown that 98% of drivers who receive a violation do not repeat the offense, with some programs achieving up to a 70% reduction in citations [4] - The company has equipped thousands of school buses with safety camera technology to enhance student safety during commutes [4][5] Company Overview - Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions, focusing on making transportation safer and more connected [5] - The company operates globally, providing transportation safety systems and parking management solutions that protect lives and improve mobility [5] - Verra Mobility addresses complex challenges for fleet owners and rental car companies, enhancing overall transportation efficiency [5]

Core Points - Verra Mobility Corporation has been selected to design, build, operate, and manage San Francisco's automated speed safety program, which will include 33 speed camera locations and is expected to be fully operational by early 2025 [1][2][3] - The program is part of California's first speed safety initiative utilizing advanced automated technology, aimed at reducing speeding and enhancing public safety [1][3][4] - The initiative aligns with the Vision Zero goal to eliminate traffic fatalities and serious injuries, with support from local safety advocates and organizations [5][6] Company Overview - Verra Mobility is a leading provider of smart mobility technology solutions, focusing on making transportation safer, smarter, and more connected [9] - The company operates globally, providing transportation safety systems and parking management solutions, and is headquartered in Arizona [9] - Verra Mobility collaborates with local businesses, such as Marinship Development, to enhance community safety and support economic well-being [7]

Core Viewpoint - Verra Mobility Corporation will report its financial results for the third quarter ended September 30, 2024, after market close on October 31, 2024 [1]. Group 1: Financial Reporting - The financial results will be discussed in a conference call and live webcast hosted by CEO David Roberts and CFO Craig Conti at 5:00 p.m. ET on October 31, 2024 [2]. - Access to the conference call can be made via a toll-free number for U.S. participants and an international number, with a live webcast available on the company's Investor Relations website [3]. - An audio replay of the call will be accessible until 11:59 p.m. ET on November 14, 2024, through specified toll-free and international numbers [3]. Group 2: Company Overview - Verra Mobility Corporation is a leading provider of smart mobility technology solutions, focusing on making transportation safer, smarter, and more connected [5]. - The company integrates vehicles, hardware, software, data, and people to provide efficient solutions for customers globally, addressing transportation safety and parking management [5]. - Headquartered in Arizona, Verra Mobility operates across North America, Europe, Asia, and Australia [5].

Verra Mobility conducted a connected vehicle survey of Americans who own or lease a vehicle 2019 or newer explores attitudes and awareness about current and future technology MESA, Ariz., Sept. 24, 2024 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the results of a new survey of 2,000 Americans who own or lease a vehicle 2019 or newer. The survey, which was conducted by Verra Mobility's Commercial Services business, expl ...

Core Insights - Verra Mobility Corporation has appointed Harshad Kharche as Senior Vice President of Business Transformation, bringing over 15 years of experience from Fortive and Danaher [1][2] - Kharche's role will focus on enhancing Verra Mobility's business operating system, known as vmOS, which is based on lean business principles to drive performance and continuous improvement [3][4] Company Overview - Verra Mobility is a leading provider of smart mobility technology solutions, aiming to make transportation safer, smarter, and more connected [7] - The company operates globally, providing transportation safety systems and parking management solutions, and addressing complex challenges for fleet owners and rental car companies [7] Leadership Background - Kharche previously served as Vice President of Integrations at Fortive, where he led business transformation efforts and promoted organic growth through lean methodologies [2][4] - His career includes roles in sales, marketing, product management, and customer operations, contributing to business enhancement and innovation [5]

Core Insights - Verra Mobility Corporation has appointed Lin Bo as the new senior vice president of T2 Systems, a subsidiary specializing in parking management technology and services [1][2] - Lin Bo succeeds Adam Blake, who led T2 Systems for nearly a decade and stepped down after the company's acquisition by Verra Mobility in 2021 [2] - Lin Bo has extensive experience, having previously served as General Manager at Filtration Group and spent nine years at Danaher Corporation, where she held various leadership roles [3][5] Company Overview - Verra Mobility is a leading provider of smart mobility technology solutions, focusing on enhancing transportation safety, efficiency, and connectivity [7] - The company operates within the mobility ecosystem, integrating vehicles, hardware, software, data, and people to deliver comprehensive solutions globally [7] - Verra Mobility's offerings include transportation safety systems and parking management solutions, aimed at improving urban mobility and supporting healthier communities [7] T2 Systems Specifics - T2 Systems is recognized as a leading SaaS and services provider for parking management solutions, catering to universities, municipalities, and private parking operators in North America [4] - The company's product portfolio encompasses permitting and enforcement, pay stations, mobile payment solutions, and parking access and revenue control systems [4] - Lin Bo's leadership is expected to strengthen T2 Systems' position in the parking industry and enhance its SaaS and service offerings [4]

Core Insights - Verra Mobility has partnered with Xtract to enhance incident management for fleet customers by utilizing connected vehicle data for real-time collision detection and analysis [1][2][3] Company Overview - Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions, focusing on making transportation safer and more connected [5] - The company operates globally, providing services for toll payments, violations, and title and registration for over seven million vehicles, processing more than 300 million toll transactions annually [3][5] Partnership Details - The collaboration with Xtract aims to automate and simplify the incident management process, reducing the time and effort required for fleet owners [2][3] - Xtract's platform replaces traditional paper forms with digital reporting, leveraging telematics and AI to standardize incident data and improve claims processing speed and accuracy [2][6] Benefits for Fleet Operators - The partnership is expected to provide fleet managers with instant notifications of collisions, allowing for proactive incident management and risk reduction [2][3] - By utilizing connected vehicle data, the partnership aims to enhance operational efficiency and reduce costs for fleet operators [2][3]