Verra Mobility Q1 2020 Earnings Report
Key Takeaways
Verra Mobility announced its Q1 2020 financial results, reporting a revenue of $116.7 million, a net income of $6.7 million, and an adjusted EBITDA of $54.9 million. The company's performance was impacted by the COVID-19 pandemic, particularly affecting the Commercial Services segment due to reduced travel and rental car activity.
Total revenue increased by 18.5% to $116.7 million compared to Q1 2019.
Net income was $6.7 million, or $0.04 per share, compared to $2.8 million, or $0.02 per share in Q1 2019.
Adjusted EBITDA increased by 7% to $54.9 million compared to $51.3 million in Q1 2019.
Commercial Services segment revenue decreased slightly by 2% to $61.2 million, while Government Solutions segment revenue increased by 55% to $55.5 million.
Verra Mobility
Verra Mobility
Verra Mobility Revenue by Segment
Forward Guidance
The company acknowledged the economic headwinds and disruptions caused by the COVID-19 pandemic, which are having an undeniable effect on their results. They have implemented strong countermeasures to ensure Verra Mobility's long-term strength. While the duration and impact of COVID-19 are uncertain, the company is confident in its employees' resilience and its ability to manage through these turbulent times.
Revenue & Expenses
Visualization of income flow from segment revenue to net income