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Jun 30, 2024
Verra Mobility Q2 2024 Earnings Report
Reported strong second quarter results with revenue and earnings growth.
Key Takeaways
Verra Mobility reported a strong second quarter with a 9% increase in total revenue to $222.4 million and net income of $34.2 million. The company reaffirmed its full-year guidance, driven by robust travel demand and increasing demand for automated traffic enforcement.
Total revenue for the second quarter of 2024 was $222.4 million, a 9% increase compared to $204.5 million for the second quarter of 2023.
Net income for the second quarter of 2024 was $34.2 million, or $0.20 per share, compared to $19.1 million, or $0.13 per share for the comparable 2023 period.
Adjusted EBITDA was $102.2 million for the second quarter of 2024 compared to $95.0 million for the same period last year.
Cash provided by operating activities decreased to $40.0 million from $62.7 million for the three months ended June 30, 2023, primarily due to timing considerations related to cash tax payments and cash collections.
Revenue by Segment
Forward Guidance
The company reaffirmed its full year guidance as provided in its first quarter 2024 update.
Positive Outlook
- Total Revenue at the upper-end of the range of $865 million to $880 million
- Adjusted EBITDA at the upper-end of the range of $395 million to $405 million
- Adjusted EPS at the upper-end of the range of $1.15 to $1.20
- Adjusted Free Cash Flow of $155 million to $165 million
- Net Leverage of approximately 2.0x
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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