Verra Mobility (VRRM) Tops Q2 EPS by 16c, Revenues Beat

Verra Mobility (NASDAQ: VRRM) reported Q2 EPS of $0.06, $0.16 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $79.8 million versus the consensus estimate of $74.88 million.

"Verra Mobility reported a solid quarter and we are pleased with our execution given the challenging environment. During one of the most difficult quarters in our history, we still provided robust adjusted EBITDA and positive free cash flow," said David Roberts, Chief Executive Officer, Verra Mobility. "Although the near-term business environment is uncertain, we believe our balanced product portfolio provides stability in these uncertain times, and our longer-term growth initiatives give us confidence in our future as a global leader in smart transportation."

Second Quarter 2020 Financial Highlights

• Revenue: Total revenue for the second quarter of 2020 was $79.8 million, down 27.2% compared to $109.6 million for the second quarter of 2019. Within total revenue, service revenue was $62.8 million and product sales contributed $17.0 million. The decline was in our service revenue, due to the significant impact of the novel coronavirus ("COVID-19") on the rental car industry, which was partially offset by growth in product sales.
• Net (loss) income: Net loss for the second quarter of 2020 was $(15.4) million, or $(0.10) per share, based on 161.7 million diluted weighted average shares outstanding. Net income for the comparable 2019 period was $3.6 million, or $0.02 per share, based on 162.0 million diluted weighted average shares outstanding.
• Adjusted EBITDA: Adjusted EBITDA was $27.6 million for the second quarter of 2020, compared to $59.7 million in the same period last year.

For earnings history and earnings-related data on Verra Mobility (VRRM) click here.

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