Verra Mobility Announces First Quarter 2025 Financial Results
- Revenue growth across all segments with total revenue up 6% YoY to $223.3M
- Net income increased to $32.3M from $29.1M in prior year
- Strong cash flow with $63.0M from operations, up from $34.3M YoY
- Selected as vendor for NYCDOT's automated enforcement camera safety programs
- Completed share repurchase program, demonstrating commitment to shareholder returns
- Adjusted EBITDA margin declined to 43% from 44% YoY
- Management warns of potential trending towards lower end of guidance ranges
- Economic uncertainty and impact on future travel demand pose risks
- Government Solutions segment profit margin decreased to 29% from 31% YoY
Insights
Verra Mobility posted solid Q1 results with 6% revenue growth, though management cautioned about potential economic headwinds affecting 2025 guidance.
Verra Mobility delivered $223.3 million in Q1 revenue, representing a healthy
The most impressive aspect of these results is the dramatic improvement in cash generation. Operating cash flow jumped
The company's segment performance reveals important dynamics. Commercial Services maintains robust profitability with a
Balance sheet health continues to improve with net leverage decreasing to 2.3x from 2.4x at year-end 2024. The company's capital allocation strategy prioritizes shareholder returns, evidenced by the completion of an accelerated share repurchase program that retired 4.5 million shares.
The identification of Verra Mobility as the vendor for New York City's automated enforcement camera programs represents a significant win, securing an important revenue stream for five years beyond the current contract's December 2025 expiration.
Management's decision to maintain full-year guidance while signaling potential pressure toward the lower end indicates measured confidence amid economic uncertainty. This suggests the company is performing well but remains cognizant of potential headwinds, particularly regarding travel demand that could impact its Commercial Services segment.
- Total revenue of
$223.3 million - Net income of
$32.3 million - Net cash provided from operations of
$63.0 million - Reaffirming 2025 full year guidance
"We delivered a strong first quarter with all key financial measures ahead of our internal expectations," said David Roberts, President and CEO, Verra Mobility. "We are maintaining our Full-Year 2025 financial guidance; however, recognizing the uncertainty of the economic environment and the impact on future travel demand, there is risk of trending towards the lower-end of the ranges previously provided. Separately, we are honored by the opportunity to continue serving as
First Quarter 2025 Financial Highlights
- Revenue: Total revenue for the first quarter of 2025 was
$223.3 million 6% compared to$209.7 million 5% , which was driven by6% growth in our Commercial Services segment and4% growth from our Government Solutions segment. Commercial Services revenue growth was due to increases in travel volume, product adoption and tolling activity, and the growth in Government Solutions service revenue was driven by the expansion of bus lane enforcement programs, back-office software as a service ("SaaS") programs and school bus stop arm enforcement programs. Parking Solutions service revenue declined by less than$0.1 million - Net income and Earnings Per Share (EPS): Net income for the first quarter of 2025 was
$32.3 million $0.20 $29.1 million $0.17 - Adjusted EPS*: Adjusted EPS for the first quarter of 2025 was
$0.30 $0.27 - Adjusted EBITDA*: Adjusted EBITDA was
$95.4 million $92.8 million 43% and44% of total revenue for the 2025 and 2024 periods, respectively. - Net Cash Provided from Operations: Cash provided by operating activities increased by approximately
$28.7 million $34.3 million $63.0 million - Free Cash Flow*: Free Cash Flow was
$41.7 million $20.1 million
*Non-GAAP measure; refer to "Non-GAAP Financial Measures" further below for explanatory notes and a reconciliation to the most directly comparable GAAP measure.
We report our results of operations based on three operating segments:
- Commercial Services offers automated toll and violations management and title and registration solutions to rental car companies, fleet management companies and other large fleet owners.
- Government Solutions delivers automated safety solutions to municipalities, school districts and government agencies, including services and technology that enable photo enforcement cameras to detect and process traffic violations related to speed, red-light, school bus and city bus lane management.
- Parking Solutions provides an integrated suite of parking software, transaction processing and hardware solutions to universities, municipalities, parking operators, healthcare facilities and transportation hubs in
the United States andCanada .
First Quarter 2025 Segment Detail
- The Commercial Services segment generated total revenue of
$101.4 million 6% increase compared to$95.9 million $63.1 million 4% increase from$60.8 million 62% for the first quarter of 2025 and63% for the first quarter of 2024. - The Government Solutions segment generated total revenue of
$101.8 million 8% increase compared to$94.2 million 4% increase in recurring service revenue over the prior year quarter, primarily driven by the expansion of bus lane enforcement programs, back-office SaaS programs and school bus stop arm enforcement programs. In addition, product revenue increased approximately$3.9 million $29.4 million $29.2 million 29% for 2025 and31% for 2024. - The Parking Solutions segment generated total revenue of
$20.0 million 2% increase compared to$19.7 million $2.9 million $2.8 million 15% for 2025 and14% for 2024.
Liquidity: As of March 31, 2025, cash and cash equivalents were
Net Debt and Net Leverage*: As of March 31, 2025, Net Debt was
*Non-GAAP measure; refer to "Non-GAAP Financial Measures" further below for explanatory notes and a reconciliation to the most directly comparable GAAP measure.
NYCDOT Contract
On March 31, 2025, the New York City Department of Transportation ("NYCDOT") announced that it identified the Company as the vendor to manage
Share Repurchases and Retirement
In October 2023, our Board of Directors authorized a share repurchase program for up to an aggregate amount of
2025 Full Year Guidance
Any guidance that we provide is subject to change as a variety of factors can affect actual operating results. Certain of the factors that may impact our actual operating results are identified below in the safe harbor language included within Forward-Looking Statements of this press release.
We are providing the following forward-looking guidance, which includes Adjusted EBITDA, Adjusted EPS, and Free Cash Flow, all of which are non-GAAP financial measures (defined below).
Based on our first quarter 2025 results and our outlook for the remainder of the year, we are reaffirming 2025 full year guidance for all financial measures.
- Total Revenue of
$925 million $935 million - Adjusted EBITDA of
$410 million $420 million - Adjusted EPS of
$1.30 $1.35 - Free Cash Flow of
$175 million $185 million
Underlying Assumptions for 2025 Full Year Guidance
- Weighted average fully diluted share count expected to be approximately 163 million shares for the full year 2025
- Effective tax rate (including state taxes) is expected to be
28.5% to29.5% , with approximately$65 million - Depreciation and amortization expense expected to be approximately
$110 million - Total interest expense, net expected to be approximately
$70 million $65 million - Change in working capital (change in operating assets and liabilities) is expected to result in a use of cash of approximately
$15 million - Capital expenditures (purchases of installation and service parts and property and equipment) are expected to be approximately
$90 million
Conference Call Details
Date: May 7, 2025
Time: 5:00 p.m. Eastern Time
To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.
Webcast Information: Available live in the "Investor Relations" section of our website at http://ir.verramobility.com.
A replay of the call will also be made available on the Investor Relations website. A copy of the earnings call presentation and investor presentation will be posted to our website.
About Verra Mobility
Verra Mobility is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. We sit at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Our transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. We also solve complex payment, utilization and compliance challenges for fleet owners and rental car companies. We are headquartered in
Forward-Looking Statements
This press release contains forward-looking statements which address our expected future business and financial performance, and may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will" or similar expressions. Forward-looking statements include statements regarding changes and trends in the market for our products and services, including uncertainty of the economic environment and the impact on future travel demand and impact on our Commercial Services segment, expected strong sales bookings in our Government Solutions segment and a strong run-rate in our Parking Solutions segment, expected operating results and metrics, such as revenue growth, expansion plans and opportunities, 2025 full year guidance, including expected total revenue, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow, the underlying assumptions for the 2025 full year guidance, including expected weighted average fully-diluted share count, effective tax rate and cash taxes, expected depreciation and amortization, expected interest expense, net and total net cash interest, expected change in working capital and expected capital expenditures, and our ability to meet our long-term outlook, including 2026 revenue and Adjusted EBITDA targets. Forward-looking statements involve risks and uncertainties and a number of factors could cause actual results to differ materially from those currently anticipated. These factors include, but are not limited to, the impact of negative industry and macroeconomic conditions on our customers or the Company; customer concentration in our Commercial Services and Government Solutions segments including risks impacting such segments, including travel demand and legislation, and the risks of losing a customer; risks related to our contract with NYCDOT, which comprises a material portion of our revenue and was extended through December 31, 2025, including risks related to the competitive procurement process for a new contract at materially different terms and pricing than our current contract and the risk that a new contract will not be consummated by the parties; our reliance on specialized third-party providers; risks and uncertainties related to our government contracts, including legislative changes, termination rights, delays in payments, audits and investigations; decreases in the prevalence or political acceptance of, or an increase in governmental restrictions regarding, automated and other similar methods of photo enforcement, parking solutions or the use of tolling; our ability to successfully implement our acquisition strategy or integrate acquisitions; failure in or breaches of our networks or systems, including as a result of cyber-attacks or other incidents; risks and uncertainties related to our international operations/our ability to develop and successfully market new products and technologies into new markets; our failure to acquire necessary intellectual property or adequately protect our intellectual property; our ability to manage our substantial level of indebtedness; our ability to maintain an effective system of internal controls; our ability to properly perform under our contracts and otherwise satisfy our customers; decreased interest in outsourcing from our customers; our ability to keep up with technological developments and changing customer preferences; our ability to compete in a highly competitive and rapidly evolving market; risks and uncertainties related to our share repurchase program; risks and uncertainties related to litigation, disputes and regulatory investigations; our reliance on specialized third-party vendors and service providers; and other risks and uncertainties indicated from time to time in documents we filed or will file with the Securities and Exchange Commission (the "SEC"). In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2024 Annual Report on Form 10-K and first quarter 2025 Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release, and except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.
We intend to use our website including our quarterly earnings presentation as a means of disclosing material non-public information, additional financial and operating metrics and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.
Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with
We are not providing a quantitative reconciliation of Adjusted EBITDA, Adjusted EPS, or Free Cash Flow which are included in our 2025 financial guidance above, in reliance on the "unreasonable efforts" exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, we are unable to provide a reconciliation of forward-looking Adjusted EBITDA to GAAP net income, Adjusted EPS to net income per share, Free Cash Flow to net cash provided by operating activities and Net Leverage, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Due to the uncertainty of estimates and assumptions used in preparing forward-looking non-GAAP measures, we caution investors that actual results could differ materially from these non-GAAP financial projections.
We use the non-GAAP metrics EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, Adjusted EPS, Adjusted EBITDA Margin to measure our performance from period to period, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. We use the non-GAAP metrics Free Cash Flow in connection with managing the business and we use the non-GAAP metrics Net Debt and Net Leverage to understand our overall leverage position and to evaluate capital allocation decisions. In addition, we also believe that these non-GAAP measures provide useful information to investors regarding financial and business trends related to our results of operations and that when non-GAAP financial information is viewed with GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance, liquidity and leverage relative to other periods. These non-GAAP measures have certain limitations as analytical tools and should not be used as substitutes for net income, cash flows from operations, earnings per share, other consolidated income, cash flow or debt data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA
We define "EBITDA" as net income adjusted to exclude interest expense, net, income taxes, depreciation and amortization. "Adjusted EBITDA" further excludes certain non-cash expenses and non-recurring items.
Free Cash Flow
We define "Free Cash Flow" as net cash flow provided by operating activities less purchases of installation and service parts and property and equipment.
Adjusted Net Income
We define "Adjusted Net Income" as net income adjusted to exclude amortization of intangibles and certain non-cash or non-recurring expenses such as change in fair value of interest rate swap, loss on extinguishment of debt, among other items.
Adjusted EPS
We define "Adjusted EPS" as Adjusted Net Income divided by the diluted weighted average shares for the period.
Adjusted EBITDA Margin
We define "Adjusted EBITDA Margin" as Adjusted EBITDA as a percentage of total revenue.
Net Debt
We define "Net Debt" as total long-term debt, net excluding original issue discounts and unamortized deferred financing costs, less cash and cash equivalents.
Net Leverage
We define "Net Leverage" as Net Debt divided by the trailing twelve months Adjusted EBITDA as of the current quarter-end.
Additional Metrics
Recurring Revenue or Recurring Service Revenue
We define "Recurring Revenue" or "Recurring Service Revenue" as all revenue other than product sales for each of our segments, as we typically generate revenue on a recurring monthly basis under long-term contracts with our customers. This includes our Commercial Services segment where we generate service revenue through processing of tolls, violations, and titles and registrations.
VERRA MOBILITY CORPORATION | ||||||||
(In thousands, except per share data) | March 31, | December 31, | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 108,453 | $ | 77,560 | ||||
Restricted cash | 6,078 | 3,594 | ||||||
Accounts receivable (net of allowance for credit losses of | 212,109 | 206,503 | ||||||
Unbilled receivables | 46,776 | 48,193 | ||||||
Inventory | 15,950 | 15,502 | ||||||
Prepaid expenses and other current assets | 36,685 | 42,647 | ||||||
Total current assets | 426,051 | 393,999 | ||||||
Installation and service parts, net | 32,993 | 36,631 | ||||||
Property and equipment, net | 154,108 | 141,601 | ||||||
Operating lease assets | 30,013 | 29,895 | ||||||
Intangible assets, net | 216,013 | 232,297 | ||||||
Goodwill | 737,572 | 735,615 | ||||||
Other non-current assets | 46,350 | 44,451 | ||||||
Total assets | $ | 1,643,100 | $ | 1,614,489 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 89,835 | $ | 91,224 | ||||
Deferred revenue | 26,290 | 29,374 | ||||||
Accrued liabilities | 73,538 | 73,980 | ||||||
Tax receivable agreement liability, current portion | 5,163 | 5,163 | ||||||
Total current liabilities | 194,826 | 199,741 | ||||||
Long-term debt, net | 1,032,844 | 1,034,211 | ||||||
Operating lease liabilities, net of current portion | 25,820 | 25,757 | ||||||
Tax receivable agreement liability, net of current portion | 42,977 | 42,977 | ||||||
Asset retirement obligations | 15,838 | 15,493 | ||||||
Deferred tax liabilities, net | 14,486 | 14,699 | ||||||
Other long-term liabilities | 16,734 | 16,486 | ||||||
Total liabilities | 1,343,525 | 1,349,364 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 16 | 16 | ||||||
Additional paid-in capital | 549,603 | 551,955 | ||||||
Accumulated deficit | (234,612) | (269,287) | ||||||
Accumulated other comprehensive loss | (15,432) | (17,559) | ||||||
Total stockholders' equity | 299,575 | 265,125 | ||||||
Total liabilities and stockholders' equity | $ | 1,643,100 | $ | 1,614,489 | ||||
VERRA MOBILITY CORPORATION | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands, except per share data) | 2025 | 2024 | ||||||
Service revenue | $ | 211,902 | $ | 202,721 | ||||
Product sales | 11,352 | 7,009 | ||||||
Total revenue | 223,254 | 209,730 | ||||||
Cost of service revenue, excluding depreciation and amortization | 4,783 | 4,305 | ||||||
Cost of product sales | 8,032 | 5,286 | ||||||
Operating expenses | 73,739 | 70,640 | ||||||
Selling, general and administrative expenses | 51,501 | 48,171 | ||||||
Depreciation, amortization and (gain) loss on disposal of assets, net | 27,814 | 26,975 | ||||||
Total costs and expenses | 165,869 | 155,377 | ||||||
Income from operations | 57,385 | 54,353 | ||||||
Interest expense, net | 16,636 | 19,635 | ||||||
Gain on interest rate swap | — | (396) | ||||||
Loss on extinguishment of debt | 25 | 595 | ||||||
Other income, net | (4,109) | (4,453) | ||||||
Total other expenses | 12,552 | 15,381 | ||||||
Income before income taxes | 44,833 | 38,972 | ||||||
Income tax provision | 12,494 | 9,823 | ||||||
Net income | $ | 32,339 | $ | 29,149 | ||||
Other comprehensive income (loss): | ||||||||
Change in foreign currency translation adjustment | 2,127 | (3,260) | ||||||
Total comprehensive income | $ | 34,466 | $ | 25,889 | ||||
Net income per share: | ||||||||
Basic | $ | 0.20 | $ | 0.18 | ||||
Diluted | $ | 0.20 | $ | 0.17 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 159,544 | 166,241 | ||||||
Diluted | 162,066 | 168,726 | ||||||
VERRA MOBILITY CORPORATION | ||||||||
Three Months Ended March 31, | ||||||||
($ in thousands) | 2025 | 2024 | ||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 32,339 | $ | 29,149 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 27,490 | 26,886 | ||||||
Amortization of deferred financing costs and discounts | 932 | 1,361 | ||||||
Change in fair value of interest rate swap | — | (102) | ||||||
Loss on extinguishment of debt | 25 | 595 | ||||||
Credit loss expense | 8,115 | 5,247 | ||||||
Deferred income taxes | (1,480) | 696 | ||||||
Stock-based compensation | 6,456 | 5,558 | ||||||
Other | 1,227 | 319 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (13,541) | 10,223 | ||||||
Unbilled receivables | 1,508 | (6,501) | ||||||
Inventory | 237 | 479 | ||||||
Prepaid expenses and other assets | 4,777 | 5,565 | ||||||
Deferred revenue | (3,161) | (3,831) | ||||||
Accounts payable and other current liabilities | (2,085) | (40,783) | ||||||
Other liabilities | 126 | (529) | ||||||
Net cash provided by operating activities | 62,965 | 34,332 | ||||||
Cash Flows from Investing Activities: | ||||||||
Cash receipts for interest rate swap | — | 294 | ||||||
Purchases of installation and service parts and property and equipment | (21,243) | (14,279) | ||||||
Cash proceeds from the sale of assets | 24 | 48 | ||||||
Net cash used in investing activities | (21,219) | (13,937) | ||||||
Cash Flows from Financing Activities: | ||||||||
Repayment of long-term debt | (2,255) | (2,255) | ||||||
Payment of debt issuance costs | (43) | (107) | ||||||
Proceeds from the exercise of stock options | 170 | 689 | ||||||
Payment of employee tax withholding related to RSUs and PSUs vesting | (6,606) | (4,608) | ||||||
Net cash used in financing activities | (8,734) | (6,281) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 365 | (608) | ||||||
Net increase in cash, cash equivalents and restricted cash | 33,377 | 13,506 | ||||||
Cash, cash equivalents and restricted cash - beginning of period | 81,154 | 139,722 | ||||||
Cash, cash equivalents and restricted cash - end of period | $ | 114,531 | $ | 153,228 | ||||
VERRA MOBILITY CORPORATION | ||||||||
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
($ in thousands) | 2025 | 2024 | ||||||
Net income | $ | 32,339 | $ | 29,149 | ||||
Interest expense, net | 16,636 | 19,635 | ||||||
Income tax provision | 12,494 | 9,823 | ||||||
Depreciation and amortization | 27,490 | 26,886 | ||||||
EBITDA | 88,959 | 85,493 | ||||||
Transaction and other related expenses (i) | — | 1,528 | ||||||
Gain on interest rate swap (ii) | — | (396) | ||||||
Loss on extinguishment of debt (iii) | 25 | 595 | ||||||
Stock-based compensation (iv) | 6,456 | 5,558 | ||||||
Adjusted EBITDA | $ | 95,440 | $ | 92,778 | ||||
Adjusted EBITDA Margin | 43 | % | 44 | % | ||||
Revenue | 223,254 | 209,730 | ||||||
(i) | Transaction and other related expenses for the three months ended March 31, 2024 primarily consist of debt modification costs related to the February 2024 refinancing on our First Lien term loan. |
(ii) | Gain on interest rate swap was associated with the derivative instrument re-measured to fair value at the end of the reporting period offset by the related monthly cash receipts. |
(iii) | Loss on extinguishment of debt consists of the write-off of pre-existing original issue discounts and deferred financing costs associated with the refinancing of our debt for the three months ended March 31, 2024. |
(iv) | Stock-based compensation represents the non-cash charge related to the issuance of awards under the Verra Mobility Corporation Amended and Restated 2018 Equity Incentive Plan. |
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
($ in thousands) | 2025 | 2024 | ||||||
Net cash provided by operating activities | $ | 62,965 | $ | 34,332 | ||||
Purchases of installation and service parts and property and equipment | (21,243) | (14,279) | ||||||
Free Cash Flow | $ | 41,722 | $ | 20,053 | ||||
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND CALCULATION OF ADJUSTED EPS (Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands, except per share data) | 2025 | 2024 | ||||||
Net income | $ | 32,339 | $ | 29,149 | ||||
Amortization of intangibles | 16,697 | 16,745 | ||||||
Transaction and other related expenses | — | 1,528 | ||||||
Change in fair value of interest rate swap | — | (102) | ||||||
Loss on extinguishment of debt | 25 | 595 | ||||||
Stock-based compensation | 6,456 | 5,558 | ||||||
Total adjustments before income tax effect | 23,178 | 24,324 | ||||||
Income tax effect on adjustments | (6,714) | (7,119) | ||||||
Total adjustments after income tax effect | 16,464 | 17,205 | ||||||
Adjusted Net Income | $ | 48,803 | $ | 46,354 | ||||
Adjusted EPS | $ | 0.30 | $ | 0.27 | ||||
Diluted weighted average shares outstanding | 162,066 | 168,726 | ||||||
Annual estimated effective income tax rate (1) | 29 | % | 30 | % | ||||
(1) | The annual estimated effective tax rate used above excludes discrete items as they do not impact taxable income. This rate differs from the period-to-date effective tax rate used on our condensed consolidated statements of operations which includes the discrete items. |
RECONCILIATION OF TOTAL LONG-TERM DEBT, NET TO NET DEBT AND NET LEVERAGE (Unaudited) | ||||||||
($ in thousands) | March 31, | December 31, | ||||||
Total long-term debt, net | $ | 1,032,844 | $ | 1,034,211 | ||||
Original issue discounts | 2,138 | 2,322 | ||||||
Unamortized deferred financing costs | 8,332 | 9,035 | ||||||
Total long-term debt, excluding original issue discounts and unamortized deferred financing costs | 1,043,314 | 1,045,568 | ||||||
Cash and cash equivalents | (108,453) | (77,560) | ||||||
Net Debt | $ | 934,861 | $ | 968,008 | ||||
Net Leverage | 2.3x | 2.4x | ||||||
Trailing twelve months adjusted EBITDA | 404,276 | 401,614 | ||||||
Adjusted EBITDA | ||||||||
Three months ended March 31, 2025 | $ | 95,440 | $ | — | ||||
Three months ended March 31, 2024 | — | 92,778 | ||||||
Three months ended December 31, 2024 | 101,988 | 101,988 | ||||||
Three months ended September 30, 2024 | 104,697 | 104,697 | ||||||
Three months ended June 30, 2024 | 102,151 | 102,151 | ||||||
Trailing twelve months adjusted EBITDA | $ | 404,276 | $ | 401,614 | ||||
Investor Relations Contact
Mark Zindler
mark.zindler@verramobility.com
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SOURCE Verra Mobility
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