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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
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