Financial Performance - Operating Earnings were $036 per diluted share of common stock[7,8] - Net income available to common stockholders was $460 million, or $031 per diluted share[8] - A common stock dividend of $035 per share was declared for Q3 2020, representing a 97% payout ratio[8] Capitalization and Liquidity - The company repurchased 50 million shares of common stock for $455 million at a weighted average price of $901 per share during Q3 2020[8] - Year-to-date, the company repurchased 138 million shares for $1192 million at a weighted average price of $860 per share[8] - The company ended the quarter with $438 million in cash and $12 million of approved and undrawn credit capacity[8] Loan Portfolio - The total loan portfolio was $64 billion with a weighted average unlevered all-in yield of 62%[7,8] - 84% of the portfolio consists of first mortgage loans[7] - 95% of loans have floating interest rates, and 90% of US floating-rate loans have in-the-money LIBOR floors with a weighted average of 148%[8] Capital Structure - Secured debt obligations totaled $3478 billion, representing 50% of the book value capitalization[16] - Common equity book value was $2192 billion, or 32% of the book value capitalization[17]

Financial Performance - Verra Mobility's total revenue grew by $10.5 million, reaching $98.5 million in Q1 2019, compared to $88.0 million in Q1 2018 [11] - Adjusted EBITDA increased to $51.3 million, up from $45.6 million in the same quarter of 2018 [11] - The company generated $37.4 million in cash flow from operations [11] - Net debt leverage decreased from 5.1x in Q2 2018 to 3.8x in Q1 2019 [8] Segment Performance - Commercial Services - Commercial Services revenue increased by 22%, reaching $62.6 million in Q1 2019 [13, 19] - Commercial Services adjusted EBITDA improved to $38.0 million in Q1 2019, up from $29.8 million in Q1 2018 [19] - Commercial Services adjusted EBITDA margin expanded from 58% in Q1 2018 to 61% in Q1 2019 [19] Segment Performance - Government Solutions - Government Solutions revenue decreased by 3% to $35.9 million in Q1 2019 [17, 19] - Government Solutions adjusted EBITDA declined to $13.2 million from $15.8 million in the prior year [19] - Government Solutions adjusted EBITDA margin was 37% [18] Revenue Composition - Government Solutions accounted for 36% of Q1 revenue, while Commercial Services contributed 64% [10]

Financial Performance - Consolidated - Verra Mobility's total revenue in Q2 2019 increased by $11.4 million to $109.6 million, compared to $98.2 million in Q2 2018[28] - Adjusted EBITDA for Q2 2019 was $59.7 million, up from $54.6 million in the same quarter of 2018[28] - The company's leverage ratio decreased, reflecting increased EBITDA and strong cash flow generation[28] - The company generated cash flow from operations of $8.4 million[28] Financial Performance - Commercial Services - Commercial Services revenue for Q2 2019 was $68.1 million, a 14% increase compared to the same quarter in the prior year[19] - Adjusted EBITDA for Commercial Services in Q2 2019 improved by $4.4 million, or 11%, to $44.1 million[19] Financial Performance - Government Solutions - Government Solutions revenue for Q2 2019 increased by 8% to $41.5 million compared to the same quarter in the prior year[19] - Adjusted EBITDA for Government Solutions in Q2 2019 increased to $15.6 million from $14.7 million in the prior year[19] Guidance - The company updated its full-year 2019 revenue guidance to a range of $433 million to $441 million, representing year-over-year growth of 11% to 13%[29] - Adjusted EBITDA guidance for full-year 2019 was updated to a range of $235 million to $240 million, representing year-over-year growth of 12% to 15%[29] - The adjusted EBITDA margin is expected to be between 54.3% and 54.4%[29]

Financial Performance - Distributable Earnings per Diluted Share of Common Stock was $0.41 in Q2 2021[7] - The dividend coverage ratio for the dividend per share of common stock was 1.2x in Q2 2021[8] - Net interest income was $74 million[11] - Net income available to common stockholders was $64 million, or $0.42 per diluted share of common stock[11] Capitalization and Liquidity - The company issued $500 million of 4.625% eight-year Senior Secured Notes[11] - Total liquidity at the end of the quarter was $227 million, including $205 million in cash and $22 million in approved and undrawn credit capacity[11] - Unencumbered loan assets amounted to $2.0 billion[10, 11, 27] Loan Portfolio - New mortgage commitments closed totaled $825 million during the quarter, and $1.4 billion year-to-date[9, 11] - The total loan portfolio was $7.5 billion with a weighted average unlevered all-in yield of 5.5%[11, 28] - First mortgages comprised 88% of the loan portfolio[11] - Floating-rate loans made up 97% of the loan portfolio[11]

Financial Performance - Q3 2019 - Total revenue grew to $128.2 million in Q3 2019, an increase of $20.6 million or 19% year-over-year from $107.6 million in Q3 2018[37] - Adjusted EBITDA reached $70.8 million, up from $61.9 million in the same quarter of 2018[37] - Commercial Services revenue was $77.6 million in Q3, an 8% increase year-over-year[29] - Government Solutions revenue was $50.6 million in Q3, a 42% increase year-over-year[29] Profitability & Margins - Commercial Services adjusted EBITDA was $51.1 million in Q3, a $1.7 million or 3% improvement year-over-year[29] - Government Solutions adjusted EBITDA was $19.8 million in Q3, a $7.2 million or 58% improvement year-over-year[29] - Pro Forma Adjusted EBITDA margin was 55%[32] Debt & Leverage - Net debt leverage decreased to 3.3x[36] Acquisition - Verra Mobility acquired Pagatelia to accelerate European expansion[13]

Company Overview - Verra Mobility is a global leader in smart transportation, providing technology solutions to solve complex transportation challenges[9] - The company operates in two business segments: Commercial Services and Government Solutions[13] - The Commercial Services segment provides tolling and violations management, and title and registration services[15] - The Government Solutions segment provides hardware, software, installation, maintenance, and support for traffic violation enforcement[19] Financial Performance - In 2019, Verra Mobility's Pro Forma Revenue reached $449 million[31] - The company's Total Adjusted EBITDA in 2019 was $241 million[31, 50] - Verra Mobility has a highly reoccurring revenue stream, accounting for 93% of total revenue[31] - The company's service revenue for Commercial Services was $276 million, and for Government Solutions was $140 million[21, 24] Growth Strategy - Verra Mobility aims for future growth by benefiting from strong industry tailwinds, expanding its mobility platform, pursuing accretive acquisitions, and expanding globally[33]

Financial Performance - Total revenue for Q1 2020 increased by $18.3 million to $116.7 million, a 19% year-over-year growth from $98.5 million in Q1 2019 [25] - Adjusted EBITDA for Q1 2020 was $54.9 million, up from $51.3 million in the same quarter of 2019 [25] - Cash flow from operations in Q1 2020 was $14.8 million, with $113.6 million in cash on hand at the end of the quarter [25] Segment Performance - Commercial Services revenue for Q1 2020 was $61.2 million, a decrease of 2.2% compared to the same quarter in the prior year [17] - Commercial Services adjusted EBITDA for Q1 2020 was $33.6 million, a decrease of $4.4 million or 11.5% from the same period of the prior year [17] - Government Solutions revenue for Q1 2020 was $55.5 million, an increase of 54.6% compared to the same quarter in the prior year [17] - Government Solutions adjusted EBITDA for Q1 2020 was $21.2 million, an improvement of $8.0 million or 60.6% from the same period of the prior year [17] Financial Position - Net debt leverage continues to decline, with increased EBITDA and strong cash flow generation [25] - The company has First Lien debt which matures in 2025 and a $75 million revolver that is undrawn [25] - The company believes that cash from operations and cash on hand will be sufficient to run the company for the next 12 months and beyond [25] Additional Considerations - The Commercial Services segment was impacted in March due to reduced demand resulting from COVID-19, and continued impact is expected in Q2 [17] - Profitability in the Commercial Services segment was impacted by a $3.3 million increase in bad debt due to specific reserves and the implementation of a new CECL accounting standard [17]

Q2 2020 Financial Performance - Total revenue decreased by $29.8 million, reaching $79.8 million in Q2 2020, compared to $109.6 million in Q2 2019[24] - Adjusted EBITDA was $27.6 million, a reduction from $59.7 million in the same quarter of 2019[24] - The company generated $7.7 million in cash flow from operations during Q2 2020 and held $113.2 million in cash at the end of the quarter[24] Segment Performance - Commercial Services revenue was $27.3 million in Q2, a 59.9% decrease year-over-year[11] - Commercial Services adjusted EBITDA was $7.3 million, down $36.9 million or 83.5% year-over-year[11] - Government Solutions revenue was $52.5 million in Q2, a 26.6% increase year-over-year[17] - Government Solutions adjusted EBITDA was $20.3 million, up $4.8 million or 30.6% year-over-year[17] Factors Affecting Performance - The Commercial Services segment was significantly impacted by reduced demand in the rental car industry due to COVID-19[11] - Avis Budget Group reported a 78% year-over-year revenue decline in April and a 59% decline in June, while Verra Mobility's Commercial Services segment outperformed these trends with a 64% decline in April and a 50% decline in June[11] - Credit loss expense increased by $4.3 million in Commercial Services, primarily due to the Hertz bankruptcy[11] - Product revenue in Government Solutions grew by $10.5 million due to camera sales to a large municipality, while service revenue improved by $0.6 million[17]

Q3 2020 Consolidated Results - Total revenue decreased by $313 million, a 24% decrease, to $969 million in Q3 2020 from $1282 million in Q3 2019[23] - Adjusted EBITDA decreased from $708 million to $535 million in the same quarter of 2019[23] - Cash flow from operations was $218 million in Q3 2020 and $443 million year-to-date[23] - Cash on hand improved to $1292 million at the end of Q3, up from $1132 million at the end of Q2[23] Commercial Services Segment - Revenue of $442 million in Q3 decreased 431% from the same quarter in the prior year[11] - Adjusted EBITDA of $310 million in the quarter decreased $200 million, or 393%, from the same period of the prior year[11] - Operating expenses of $118 million in Q3 2020 decreased by $60 million, or 336%, from the same period in the prior year[11] Government Solutions Segment - Revenue of $528 million in Q3 increased 42% from the same quarter in the prior year[17] - Adjusted EBITDA of $225 million in the quarter improved $27 million, or 138%, from the same period of the prior year[17]

Company Profile & Strategy - EastGroup Properties focuses on multi-tenant urban distribution properties in major Sunbelt markets[8, 12] - The company employs a three-pronged growth strategy: targeted development/redevelopment, recycling of capital, and internal growth[8, 24] - The company targets location-sensitive customers, competing on location rather than rent, primarily serving users requiring 15,000 to 50,000 square feet[20] Property Portfolio - As of December 31, 2018, the company owned 42 million square feet of industrial space[16] - Business distribution properties account for 88% of the portfolio, with bulk distribution at 9% and business service at 3%[23] - Development History: Since 1996, the company has developed 199 properties comprising 192 million square feet, representing a $15 billion investment, which accounts for 46% of the portfolio[35] Financial Performance & Capitalization - For the year ended December 31, 2018, same-property net operating income increased by 38%[44] - FFO per share increased by 96% for the year ended December 31, 2018[44] - As of December 31, 2018, shareholders' market equity was $335 billion, representing 75% of the capitalization, with variable-rate debt at $196 million (4%) and fixed-rate debt at $914 million (21%), with an average rate of 37%[46] Dividend & Returns - The company has declared 156 consecutive quarterly cash dividends, currently at $072 per share[47] - The company has increased or maintained its dividend for 26 consecutive years, increasing it in 23 of the past 26 years[47] - The dividend FFO payout ratio for 2018 was 65%[49]