Verra Mobility (NASDAQ: VRRM) reported Q1 EPS of $0.04, $0.02 better than the analyst estimate of $0.02. Revenue for the quarter came in at $116.7 million versus the consensus estimate of $105.43 million.

First Quarter 2020 Financial Highlights

• Revenue: Total revenue for the first quarter of 2020 was $116.7 million, up 18.5% compared to $98.5 million for the first quarter of 2019. Within total revenue, service revenue was $99.5 million and product revenue contributed $17.2 million.
• Net income: Net income for the first quarter of 2020 was $6.7 million, or $0.04 per share, based on 164.4 million diluted weighted average shares outstanding. Net income for the comparable 2019 period was $2.8 million, or $0.02 per share, based on 156.5 million diluted weighted average shares outstanding.
• Adjusted EBITDA: Adjusted EBITDA was $54.9 million for the first quarter of 2020, up 7% compared to $51.3 million in the 2019 period.
• Liquidity: As of March 31, 2020, cash and cash equivalents was $113.6 million. We generated $14.8 million in net cash from operations for the first quarter of 2020. As of March 31, 2020, we had total debt of $872.5 million, net of cash on hand our net debt was $758.9 million, and a $75 million revolver that is undrawn.Verra Mobility (NASDAQ: VRRM)

"While the economic headwinds and disruptions are having an undeniable effect on our results, we executed well in the first quarter and implemented strong countermeasures to ensure Verra Mobility's long-term strength in these challenging times and beyond," said David Roberts, Chief Executive Officer, Verra Mobility. "While it remains uncertain how long COVID-19 or its impact on our customers and our business will persist, we are confident in the resilience of our employees and our ability to manage through these turbulent times."

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