Verra Mobility Corporation · Q1 2020 earnings

Briefing

Reported an increase in revenue and adjusted EBITDA, but net income remained flat compared to the same quarter last year.

Verra Mobility announced its Q1 2020 financial results, reporting a revenue of $116.7 million, a net income of $6.7 million, and an adjusted EBITDA of $54.9 million. The company's performance was impacted by the COVID-19 pandemic, particularly affecting the Commercial Services segment due to reduced travel and rental car activity.

• Total revenue increased by 18.5% to $116.7 million compared to Q1 2019.
• Net income was $6.7 million, or $0.04 per share, compared to $2.8 million, or $0.02 per share in Q1 2019.
• Adjusted EBITDA increased by 7% to $54.9 million compared to $51.3 million in Q1 2019.
• Commercial Services segment revenue decreased slightly by 2% to $61.2 million, while Government Solutions segment revenue increased by 55% to $55.5 million.

Headline financials

Revenue & EPS history

The company acknowledged the economic headwinds and disruptions caused by the COVID-19 pandemic, which are having an undeniable effect on their results. They have implemented strong countermeasures to ensure Verra Mobility's long-term strength. While the duration and impact of COVID-19 are uncertain, the company is confident in its employees' resilience and its ability to manage through these turbulent times.