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Mar 31, 2024
Verra Mobility Q1 2024 Earnings Report
Verra Mobility's first quarter results for 2024 were announced, showcasing revenue growth and increased profitability.
Key Takeaways
Verra Mobility reported a strong start to 2024 with a 9% increase in total revenue to $209.7 million and a significant rise in net income to $29.1 million. The company's performance was driven by the successful implementation of the Verra Mobility Operating System (vmOS) and robust secular growth drivers. As a result, Verra Mobility is increasing its financial guidance for the year.
Total revenue increased by 9% to $209.7 million compared to Q1 2023.
Net income rose to $29.1 million, or $0.17 per share, compared to $4.6 million, or $0.03 per share in Q1 2023.
Adjusted EBITDA was $92.8 million, compared to $87.9 million in the same period last year.
The Commercial Services segment experienced a 12% revenue increase, while the Government Solutions segment grew by 10%.
Revenue by Segment
Forward Guidance
Based on the first quarter results and outlook for the remainder of the year, Verra Mobility is expecting to deliver results at the upper-end of the previous guidance for total revenue, Adjusted EBITDA and Adjusted EPS, while maintaining the previous guidance for Adjusted Free Cash Flow.
Positive Outlook
- Total Revenue: Expecting to deliver results at the upper-end of the previous range ($865 million to $880 million)
- Adjusted EBITDA: Expecting to deliver results at the upper-end of the previous range ($395 million to $405 million)
- Adjusted EPS: Expecting to deliver results at the upper-end of the previous range ($1.15 to $1.20)
- Adjusted Free Cash Flow: Maintaining the previous guidance ($155 million to $165 million)
- Strong Q1 performance driven by vmOS implementation
Challenges Ahead
- Guidance is subject to change due to various factors affecting operating results.
- Customer concentration in Commercial Services and Government Solutions segments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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