Verra Mobility(US:VRRM)2023-11-10 02:54Financial Performance - Total revenue for Q3 2023 was $210 million, a 6% year-over-year (YoY) increase[7, 11] - Adjusted EBITDA for Q3 2023 was $97 million, a 7% YoY increase[7] - Adjusted EPS for Q3 2023 was $0.29, a 7% YoY increase[8] - Free Cash Flow for Q3 2023 was $52 million, representing a 53% Free Cash Flow conversion[8] Segment Performance - Commercial Services revenue increased by 14% YoY, driven by strong travel demand[7, 19] - Government Solutions service revenue increased by 10% YoY due to a transition from product sales to ARR (Annual Recurring Revenue)[7, 21] - Parking Solutions SaaS & Services revenue increased by 4% YoY[7, 24] Capital Allocation and Guidance - The company executed an accelerated share repurchase for an existing $100 million buyback program[8] - The board authorized a new 18-month, $100 million buyback program[8] - The company increased its 2023 financial guidance, expecting revenue at the upper end of the prior range[27] - Adjusted EPS guidance was revised to $1.05 to $1.10, from the previous $1.00 to $1.10[27]