Welcome to our dedicated page for Verra Mobility news (Ticker: VRRM), a resource for investors and traders seeking the latest updates and insights on Verra Mobility stock.
Verra Mobility Corporation (NASDAQ: VRRM) regularly issues news and updates that reflect its role in smart mobility technology, transportation safety and parking management. Company announcements often describe how Verra Mobility brings together vehicles, hardware, software, data and people to support safer, more efficient transportation for customers in North America, Europe, Asia and Australia.
News items for Verra Mobility commonly include quarterly and annual financial results, earnings guidance and conference call details, providing insight into the performance of its Commercial Services, Government Solutions and Parking Solutions segments. These releases outline trends in automated toll and violations management, government traffic enforcement programs and parking software and hardware offerings.
Verra Mobility’s news flow also highlights product and program developments. Examples include the launch of AutoKinex™, an in-vehicle commerce platform for payments related to tolling, road usage charging, parking, fueling and EV charging, and partnerships with automakers to enable automated tolling services. Other announcements describe school bus safety initiatives, such as toolkits for National School Bus Safety Week and the deployment of AI-enabled school bus stop arm enforcement technology.
Regulatory and contract-related updates are another recurring theme, including changes in legislation affecting automated enforcement programs and major contracts with municipalities and transportation agencies. Readers of this page can follow how these developments influence Verra Mobility’s operations and segment activity. For investors, analysts and industry observers, the VRRM news feed provides a single location to review corporate communications, product launches, safety campaigns and financial disclosures over time.
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.
Verra Mobility (NASDAQ: VRRM) has approved a $100 million share repurchase program for its Class A common stock over the next twelve months. CEO David Roberts highlighted the expected significant free cash flow from their recurring revenue model and the collection of receivables. The company aims to enhance long-term shareholder value by repurchasing shares at current valuations. These repurchases may occur in open market transactions or privately negotiated ones, subject to market conditions and the company's capital position.
Verra Mobility reported a strong Q2 2021, with net income of $4.0 million, or $0.02 per share, on revenues of $128.7 million, marking a 61% increase from Q2 2020. The growth was driven by a surge in leisure travel and strong performance in both its Commercial Services and Government Solutions segments. Adjusted EBITDA reached $68.6 million, with a margin of 53%. The company also restated financials for prior periods due to SEC guidance on SPAC warrants. Overall, Verra expects stronger growth in the second half of 2021.
Verra Mobility (NASDAQ: VRRM) will announce its second-quarter financial results on August 9, 2021, after the market closes. The earnings call will be hosted by CEO David Roberts and CFO Tricia Chiodo at 2:00 PM PT (5:00 PM ET) on the same day. Investors can access the call at ir.verramobility.com or by dialing (800) 263-0877. An audio replay will be available until August 23, 2021. Verra Mobility specializes in smart mobility technology solutions, managing tolling transactions and violations for commercial fleets.
Verra Mobility (NASDAQ: VRRM) announces CEO David Roberts and CFO Tricia Chiodo will present at the CJS Securities 21st Annual 'New Ideas' Summer Conference on July 13, 2021, at 2:20 PM ET. The presentation will be accessible via audio webcast on Verra Mobility's investor relations website. Attendees are encouraged to log in 15 minutes prior to the presentation. Presentation materials will be available from 8 AM ET on the same day. Verra Mobility specializes in smart mobility solutions, serving commercial fleets and aiding in safety initiatives across North America.
Verra Mobility Corporation (NASDAQ: VRRM) has partnered with Eurowag to provide toll payment processing services for Heavy Goods Vehicles (HGVs) in Spain and Portugal. The agreement, effective until 2026, will allow Eurowag customers to access expedited electronic toll lanes, streamlining toll payments and enhancing efficiency for commercial fleets. Verra Mobility, a certified European Electronic Toll Service (EETS) provider, aims to simplify the complex tolling network in Europe. This partnership marks a significant milestone in improving the mobility experience for drivers in both countries.
Verra Mobility (NASDAQ: VRRM) announced the successful acquisition of 100% of Redflex Holdings Limited (ASX: RDF) for A$152.5 million, equating to A$0.96 per share. This strategic move, initially announced in January 2021, aims to enhance Verra's Government Solutions segment by integrating Redflex's technology and capabilities. CEO David Roberts highlighted expected cost synergies of A$8 million to A$10 million over the next two years. Post-acquisition, Redflex will become a wholly-owned subsidiary, and its shares will cease trading on the Australian Securities Exchange by June 21, 2021.
Verra Mobility Corporation (NASDAQ: VRRM) announced its subsidiary has achieved certification as a European Electronic Toll Service (EETS) provider, making it the first EETS-accredited company in Spain. This certification aims to streamline toll payment processes across the EU, enhancing convenience for users and improving traffic flow. With 15 years of experience, Verra Mobility plans to extend its toll management services across Europe, allowing vehicles to use a single account for toll payments. The company emphasizes its commitment to developing innovative solutions for the mobility ecosystem.
Verra Mobility (NASDAQ: VRRM) announced its participation in several upcoming investor conferences in June 2021, aimed at discussing smart mobility technology solutions. Key presentations will be delivered by CEO David Roberts and CFO Tricia Chiodo. Highlights include:
- Deutsche Bank FinTech/Info Services Conference on June 1, 2021, at 2:10 PM EST.
- William Blair 41st Annual Growth Stock Conference on June 2, 2021, at 9:00 AM EST.
- Morgan Stanley US Financial Conference on June 15, 2021, at 4:15 PM EST.
Additional insights will be shared at the Baird 2021 Global Consumer, Technology & Services Conference on June 8, 2021.
Verra Mobility (NASDAQ: VRRM) reported Q1 2021 results, revealing a 23% decline in revenue to $89.9 million compared to $116.7 million in Q1 2020, primarily due to COVID-19's impact on the rental car sector. The company faced a net loss of $8.9 million or $(0.05) per share, contrasting with a net income of $22.1 million in the same period last year. Adjusted EPS also fell to $0.12 from $0.19. Despite challenges, Verra Mobility maintains a strong liquidity position with $249.6 million in cash and emphasizes a focus on growth and strategic objectives amid infrastructure initiatives.