Verra Mobility Corp Stock Price, News & Analysis

Verra Mobility announced a secondary offering of 8,207,821 shares of its Class A common stock by a principal shareholder, an affiliate of Platinum Equity. Importantly, Verra Mobility is not offering any shares nor will it receive proceeds from this offering. The offering will be managed solely by BofA Securities, which is acting as the sole underwriter. This offering was registered under an automatic shelf registration statement with the SEC. These developments indicate ongoing market activities surrounding the company's stock.

Verra Mobility (NASDAQ: VRRM) has completed its acquisition of T2 Systems for $347 million in a cash-free and debt-free transaction, with an additional up to $9 million related to an asset acquisition. T2 Systems specializes in parking management solutions and serves over 1,900 clients, generating nearly $80 million in revenue and approximately $21 million in adjusted EBITDA expected for 2021. This acquisition aims to enhance Verra Mobility's urban mobility solutions, as T2 will operate as a distinct business unit.

Verra Mobility (NASDAQ: VRRM) announced that its President and CEO, David Roberts, along with CFO Patricia Chiodo, will present at the Bank of America Securities 2021 Leveraged Finance Conference on November 30, 2021, at 3:00 p.m. EST. A live webcast will be available. Additionally, they will present at the Credit Suisse 25th Annual Technology Conference on December 1, 2021, at 12:30 p.m. EST. The webcasts and replays can be accessed on Verra Mobility's investor website.

Verra Mobility (NASDAQ: VRRM) reported strong financial results for Q3 2021, with total revenue reaching $162.1 million, up 67% from $96.9 million in Q3 2020. Net income also increased to $27.3 million, or $0.14 per share, compared to $11.1 million or $0.07 per share the previous year. The Commercial Services segment saw a 75% revenue boost, while Government Solutions grew by 61%. Adjusted EBITDA for the quarter was $82.1 million, reflecting a solid 51% margin. The company continues to integrate Redflex, enhancing its product offerings and market reach.

Verra Mobility (NASDAQ: VRRM) announced an agreement to acquire T2 Systems for $347 million in an all-cash transaction, plus an additional $9 million for an upcoming asset acquisition. T2 Systems, a parking solutions provider in North America, is expected to generate $80 million in revenue and $21 million in adjusted EBITDA in 2021. The acquisition is set to enhance Verra Mobility's portfolio and revenue growth while diversifying its customer base, with a completion anticipated by the end of Q4 2021.

Verra Mobility (VRRM) will announce its third-quarter financial results on November 4, 2021, after market close. The CEO, David Roberts, and CFO, Tricia Chiodo, will hold a conference call at 2:00 PM PT to discuss the results. The call can be accessed via phone or through a live webcast available on the company’s Investor Relations website. An audio replay will be available until November 18, 2021. Verra Mobility provides smart mobility solutions globally, processing millions of transactions for fleets and managing safety cameras across North America and beyond.

Verra Mobility (NASDAQ: VRRM) announced its participation in the Deutsche Bank Technology Conference 2021. CEO David Roberts and CFO Patricia Chiodo will represent the company on September 9, 2021, at 3:10 p.m. ET. The event will feature a fireside chat format, and a live webcast will be available for investors on the company's website. Verra Mobility specializes in smart mobility technology, supporting commercial fleets with tolling and safety solutions across North America, Europe, Asia, and Australia.

Verra Mobility (NASDAQ: VRRM) announced the closing of an underwritten secondary offering of 8 million shares at $14.75 per share, sold by a principal stockholder. The company did not sell shares or receive proceeds from the offering. Concurrently, Verra Mobility repurchased 6,849,315 shares under its $100 million share repurchase program, funded through existing cash. Goldman Sachs acted as the sole underwriter. The offering reflects ongoing financial strategies to enhance shareholder value.

Verra Mobility (NASDAQ: VRRM) announced a secondary offering of 8,000,000 shares of Class A common stock by its principal shareholder, an affiliate of Platinum Equity. The underwriter will have a 30-day option to buy an additional 1,200,000 shares. Concurrently, Verra Mobility plans to repurchase up to $100 million of its shares directly from the Selling Stockholder, at the same price per share as the offering. This transaction is anticipated to enhance shareholder value despite the company not receiving any proceeds from the offering.