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 reports developments in smart mobility technology for commercial fleets, government agencies and parking customers. Its Commercial Services segment provides automated toll and violation management, title and registration services, and connected vehicle payment tools for rental car companies, fleet management companies and large fleet owners.
Recurring news for VRRM includes quarterly financial results, guidance, share repurchases, investor conference participation, product launches such as AutoKinex, and public-sector contracts for red-light, speed, school bus and bus-lane safety programs. Company updates also cover Parking Solutions software, transaction processing and hardware used by universities, municipalities, parking operators, healthcare facilities and transportation hubs in the United States and Canada.
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.
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.