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Sep 30, 2023
Verra Mobility Q3 2023 Earnings Report
Reported strong recurring revenue growth and free cash flow generation.
Key Takeaways
Verra Mobility announced strong Q3 2023 results with a 6% increase in total revenue to $209.9 million and a net income of $30.3 million. The company highlighted the renewal of a key customer contract and an increase in financial guidance for 2023. The Board of Directors authorized a $100 million share repurchase program.
Total revenue reached $209.9 million, a 6% increase year-over-year.
Net income was reported at $30.3 million, or $0.18 per share.
Adjusted EPS increased to $0.29 per share, compared to $0.27 per share in the prior year.
Adjusted EBITDA was $97.4 million, with a margin of 46%.
Verra Mobility
Verra Mobility
Verra Mobility Revenue by Segment
Revenue by Segment
Commercial Services Revenue
CapyFin.comGovernment Solutions Revenue
CapyFin.comParking Solutions Revenue
CapyFin.com Forward Guidance
Verra Mobility increased its full year 2023 guidance.
Positive Outlook
- Total Revenue expected to be at the upper-end of the prior range ($800 million to $810 million)
- Adjusted EBITDA expected to be at the upper-end of the prior range ($365 million to $370 million)
- Adjusted EPS expected between $1.05 to $1.10
- Free Cash Flow expected between $145 million to $155 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income