Financial Data and Key Metrics Changes - Consolidated revenue growth was 9%, adjusted EBITDA increased by 8%, and adjusted EPS rose by 7% compared to the prior year period [6][17] - Year-to-date TSA passenger volumes as of June 30th stood at 106% of 2023 volume, indicating strong consumer and business demand [5] - Adjusted EBITDA for the quarter was $102 million, representing an increase of approximately 8% year-over-year [17] Business Line Data and Key Metrics Changes - Commercial Services revenue grew by 10% year-over-year, with adjusted EBITDA margins expanding by about 210 basis points to nearly 67% [7][19] - Government Solutions recurring service revenue, which constitutes 94% of total revenue for the quarter, grew by 8% over the same period last year [8] - T2 Systems generated total revenue of approximately $21 million for the second quarter, with adjusted EBITDA of about $3 million [12][20] Market Data and Key Metrics Changes - The bid pipeline for automated enforcement in the Government Solutions business is strong, with second quarter contract awards representing approximately $12 million in incremental ARR [6][9] - The total addressable market for automated enforcement in the U.S. has grown by about $125 million over the past 18 months, with potential expansion to over $250 million [11] Company Strategy and Development Direction - The company is focused on expanding its portfolio through M&A opportunities, particularly in smart mobility and adjacent markets [14] - The company anticipates continued strength in travel demand and a robust bid pipeline, indicating a positive outlook for the second half of the year [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of travel demand, citing TSA throughput remaining at 106% year-to-date [30] - The company expects total revenue growth of approximately 8% and adjusted EBITDA margin expansion of about 50 basis points for the full year 2024 [22][24] Other Important Information - The company repurchased two million shares during the second quarter, leaving slightly less than $50 million under its stock buyback authorization [14] - The effective tax rate for the quarter was 28%, with an anticipated rate of approximately 30% for the full year [17] Q&A Session Summary Question: Competitive activity in Government Solutions - Management indicated that the competitive landscape varies by region, with win rates in line with historical levels [26][27] Question: Confidence in Commercial Services growth amid travel demand concerns - Management noted that TSA throughput has remained strong, and business travel is returning, offsetting any potential consumer slowdown [28][30] Question: Sustainability of margins in Commercial Services and Government Solutions - Management expects Commercial Services margins to remain strong but anticipates flat or slightly declining margins in Government Solutions due to investments [32][33] Question: T2 Systems growth and pipeline of opportunities - Management expressed optimism about the growth trajectory in the permits and enforcement side of T2 Systems, expecting a return to higher growth rates by the end of next year [36][37] Question: Balance sheet guidance and capital allocation priorities - Management clarified that the target for net leverage is 3x, and they are actively looking for capital deployment opportunities [38][39] Question: Updates on European tolling efforts - Management reported no significant updates, with ongoing pilots in key countries [46] Question: Revenue expectations from Florida school zone cameras - Management confirmed that revenue is expected to materialize more in the first half of 2025 [47] Question: Insights on New York City RFP - Management described the RFP as comprehensive and noted the deadline for bids has been extended to October [50] Question: Performance of all-inclusive plans in tolling - Management reported that the all-inclusive plans continue to perform well, with stable opt-in rates [51]

VERRA MOBILITY CORP (VRRM) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 6.90%. A quarter ago, it was expected that this company would post earnings of $0.26 per share when it actually produced earnings of $0.27, delivering a surprise of 3.85%. Over the last four quarters, the comp ...

Total revenue of $222.4 million Net income of $34.2 million Net cash provided from operations of $40.0 million Reaffirming 2024 financial guidance MESA, 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. "We delivered an outstanding second quarter, highlighted by strong revenue and earnings growth," said David Roberts, President and CEO, Ver ...

Investing in stocks near their 52-week highs doesn't fit the classic "buy low, sell high" mantra. However, William O'Neil, the author of How to Make Money in Stocks, argues that this is precisely where investors should begin their search for a new top-tier business to buy. Providing an end-to-end suite of solutions ranging from automated toll road transponders and payments to road safety cameras for school buses, bus lanes, and work zones, Verra is early in its growth story but already creating abundant cas ...

In addition, an archived webcast will be available in the "News & Events" section of Verra Mobility's Investor Relations website at ir.verramobility.com. Additional Information To access the conference call, dial 1-800-717-1738 (U.S. toll-free) or 1-646-307-1865 (International) or click on the following link and request a return call: callme.viavid.com. A live webcast will be available on the Company's Investor Relations website at ir.verramobility.com. Forward Looking Statements MESA, Ariz., July 16, 2024 ...

Verra Mobility Corp (NASDAQ:VRRM) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET Company Participants Mark Zindler – Vice President-Investor Relations David Roberts – Chief Executive Officer Craig Conti – Chief Financial Officer Conference Call Participants Faiza Alwy – Deutsche Bank Daniel Moore – CJS Securities Keith Housum – Northcoast Research Louie DiPalma – William Blair Dave Koning – Baird Operator Good afternoon, ladies and gentlemen, and welcome to the Verra Mobility First Quarter 2024 Ear ...

Earnings Overview Verra Mobility Q1 2024 Earnings Presentation For the Quarter Ended March 31, 2024 FORWARD-LOOKING STATEMENTS 2 This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other si ...

Revenue Growth - Total revenue increased by $17.8 million, or 9%, from $191.9 million in Q1 2023 to $209.7 million in Q1 2024, driven by service revenue growth in the Commercial Services and Government Solutions segments [104]. - Service revenue rose by $18.0 million, or 9.8%, to $202.7 million in Q1 2024, representing 96.7% of total revenue, with Commercial Services contributing $95.9 million, an increase of 12.0% [118]. - Government Solutions service revenue increased by $7.1 million to $90.3 million in Q1 2024, primarily due to the expansion of speed and red light programs [119]. Cash Flow and Liquidity - Cash flows from operating activities were $34.3 million in Q1 2024, compared to $45.2 million in Q1 2023, with cash on hand at $149.5 million as of March 31, 2024 [104]. - Cash provided by operating activities decreased by approximately $10.9 million from $45.2 million in Q1 2023 to $34.3 million in Q1 2024 [142]. - Cash used in investing activities was $13.9 million in Q1 2024, down from $19.6 million in Q1 2023, indicating a decrease in capital expenditures [143]. - Cash used in financing activities decreased significantly from $66.6 million in Q1 2023 to $6.3 million in Q1 2024, primarily due to lower early repayments on the 2021 Term Loan [144]. - As of March 31, 2024, the company had $149.5 million in cash on hand and $74.6 million available for borrowing under its Revolver [136]. Share Repurchase and Capital Return - The company repurchased 449,432 shares for $8.1 million and paid approximately $91.9 million for an initial delivery of 4,131,551 shares under an ASR agreement [102]. - The company authorized a new share repurchase program for up to $100.0 million over an 18-month period, indicating confidence in financial health and future prospects [103]. - The company authorized a new share repurchase program for up to $100.0 million of its Class A Common Stock over an 18-month period, reflecting a commitment to return capital to shareholders [140]. Operating Expenses - Operating expenses increased by $8.8 million, or 14.2%, to $70.6 million in Q1 2024, reflecting higher payroll and operational costs [116]. - Operating expenses increased by $8.8 million, or 14.2%, from $61.8 million in Q1 2023 to $70.6 million in Q1 2024, with operating expenses as a percentage of total revenue rising from 32.2% to 33.7% [124]. - Selling, general and administrative expenses rose to $48.2 million in Q1 2024 from $40.0 million in Q1 2023, representing an increase of 20.4% [125]. Net Income and Performance - Net income surged to $29.1 million in Q1 2024, a 536.9% increase from $4.6 million in Q1 2023, driven by improved operational performance [116]. - Net income for Q1 2024 was $29.1 million, a significant increase of $24.5 million compared to $4.6 million in Q1 2023 [132]. Interest Expense and Debt Management - Interest expense decreased by 13.5% to $19.6 million in Q1 2024, reflecting effective debt management strategies [116]. - Interest expense, net decreased by $3.1 million from $22.7 million in Q1 2023 to $19.6 million in Q1 2024, primarily due to voluntary principal prepayments and a reduction in interest rates [126]. - The interest expense for the three months ended March 31, 2024, was $19.6 million, down from $22.7 million in the same period of 2023 [156]. - Each 1% movement in interest rates will result in an approximately $7.0 million change in annual interest expense based on the outstanding balance of the 2021 Term Loan [162]. - The 2021 Term Loan interest rate was reduced to SOFR + 2.75%, resulting in total savings of 61.5 basis points [146]. - The company recorded a $0.6 million loss on extinguishment of debt related to the Refinancing Transaction for the three months ended March 31, 2024 [148]. - The 2021 Term Loan now requires mandatory prepayments based on excess cash flows, with a prepayment percentage of 50% if the leverage ratio exceeds 3.70:1.00 [150]. - The company has a Revolving Credit Agreement with a commitment of up to $75.0 million, with no outstanding borrowings as of March 31, 2024 [153]. - The interest rate on the 2021 Term Loan was 8.1% as of March 31, 2024 [149]. - The company recorded a $0.4 million gain on the interest rate swap for the three months ended March 31, 2024 [163]. - The notional amount on the interest rate swap agreement is $675.0 million, with a fixed rate of 5.17% paid by the company [163].

Exhibit 99.1 Verra Mobility Announces First Quarter 2024 Financial Results MESA, Ariz., May 2, 2024 /PRNewswire/ – Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the financial results for the first quarter ended March 31, 2024. "Our first quarter results provided a very strong start to 2024," said David Roberts, President and CEO, Verra Mobility. "Driven in large part by the successful implementation of the Verra Mobility Operating Syste ...

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $211 million, exceeding expectations and driven by strong U.S. travel and tolling trends in the Commercial Services segment [8][29] - Adjusted EBITDA for the fourth quarter was $91 million, slightly ahead of forecasts despite a $4 million one-time noncash charge [8][30] - Full year 2023 adjusted EBITDA was approximately $372 million on about $817 million of revenue, representing a 45% adjusted EBITDA margin [33][40] Business Line Data and Key Metrics Changes - Commercial Services revenue grew 16% year-over-year to $95 million in Q4, with adjusted EBITDA margins increasing by 570 basis points to 66% [11][33] - Government Solutions service revenue increased by 10% year-over-year to $91 million, while adjusted EBITDA declined 22% due to a noncash charge [16][34] - T2 Systems revenue increased 13% year-over-year to $23 million, with adjusted EBITDA of approximately $5 million [20][36] Market Data and Key Metrics Changes - TSA volume for the full year 2023 was about 101% of 2019 levels, indicating a recovery in travel demand [12][22] - Cashless tolling penetration reached approximately 67% in the U.S., with ongoing expansion opportunities in new toll roads [14][40] Company Strategy and Development Direction - The company is focused on three strategic pillars: driving core business outcomes, building the future of Verra Mobility, and creating an engaging workplace experience [24][25] - Key priorities include expanding fleet management and European tolling enforcement, as well as capitalizing on connected vehicle opportunities [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong demand in the smart mobility market, driven by travel trends and investments in automated safety enforcement [9][10] - The company anticipates total revenue growth of 6% to 8% in 2024, with adjusted EBITDA expected to grow by approximately 8% [40][41] Other Important Information - The company has lowered net leverage to 2.5x adjusted EBITDA by year-end 2023 and plans to reduce it to about 2x by year-end 2024 [21][45] - A new share repurchase program for $100 million was authorized by the Board of Directors [21] Q&A Session Summary Question: Any significant wins in traffic enforcement legislation? - Management highlighted several upcoming RFPs in the next 3 to 6 months, indicating strong positioning for potential contracts [48][49] Question: Insights on recent Board of Directors changes? - The addition of Raj to the Board is seen as beneficial due to his M&A expertise, aligning with the company's growth strategy [50] Question: Updates on European tolling developments? - Management noted that Italy's cashless tolling transition is promising, with ongoing efforts in Spain and Ireland [51][67] Question: Clarification on Government Solutions revenue growth? - Expected growth in Government Solutions is at the high end of mid-single digits, with service revenue anticipated to accelerate [56][59] Question: Breakdown of drivers for Commercial Services growth? - Growth is expected to come from toll roads, TSA growth, and expansion initiatives, with half attributed to secular tailwinds [61][62] Question: Competitive landscape in Government Solutions? - Management expects to maintain approximately 70% market share despite increased competition due to new legislation [72]