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Jun 30, 2021
Verra Mobility Q2 2021 Earnings Report
Reported a strong second quarter driven by a surge in leisure travel and growth in both business segments.
Key Takeaways
Verra Mobility reported a strong second quarter with revenue of $128.7 million, a 61% increase compared to the same period last year. The Commercial Services segment grew triple digits year-over-year, and the Government Solutions segment benefited from the NYC school zone speed camera program. Adjusted EBITDA also saw triple-digit year-over-year growth, with margins improving to approximately 53%.
Second quarter revenue of $128.7 million, a 61% increase compared to Q2 2020.
Net income for the second quarter of 2021 was $4.0 million, or $0.02 per share.
Adjusted EPS for the second quarter of 2021 was $0.10 per share compared to $0.07 per share for the second quarter of 2020.
Adjusted EBITDA was $68.6 million for the second quarter of 2021, compared to $27.6 million for the same period last year.
Revenue by Segment
Forward Guidance
Verra Mobility expects consolidated revenue between $510 million and $530 million, and consolidated Adjusted EBITDA between $240 million and $245 million for the full year 2021, including contribution from Redflex.
Positive Outlook
- Consolidated revenue is expected to increase 30% to 35% from 2020 full year revenue.
- Consolidated revenue is expected to increase 14% to 18% compared to 2019 full year revenue.
- Consolidated Adjusted EBITDA is expected to be in the range of $240 to $245 million.
- Stronger growth expected in the second half of 2021.
- Improved business metrics and favorable travel trends.
Challenges Ahead
- Guidance is subject to change as a variety of factors can affect actual results.
- Impact of payment delays related to the outstanding receivables with the City of New York Department of Transportation (NYCDOT).
- Disruption to business and results of operations as a result of the COVID-19 pandemic.
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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