Verra Mobility Corporation reported solid financial results for the third quarter ended September 30, 2024. The company achieved total revenue of $225.6 million, marking a 7.4% increase year-over-year, driven by strong travel demand in Commercial Services and increased demand for automated traffic enforcement in Government Solutions.
Adjusted EBITDA for the quarter reached $103.0 million, and Adjusted EPS was $0.32. Net cash provided by operating activities was $108.8 million, contributing to a strong liquidity position with $206.1 million in cash and cash equivalents. Net Debt decreased to $844.0 million, reducing the Net Leverage ratio to 2.2x from 2.5x at the end of 2023.
Management reaffirmed its full-year 2024 guidance for Total Revenue, Adjusted EBITDA, and Adjusted EPS, while increasing Adjusted Free Cash Flow guidance to the upper end of the previously provided range. The company also provided a preliminary 2025 outlook, anticipating revenue growth at the low end of its long-term 6% to 8% guide and low-to-mid single-digit growth in Adjusted EBITDA dollars.
In October 2023, the Board of Directors authorized a $100.0 million share repurchase program. As of September 30, 2024, approximately $48.5 million remained available under this program, following the repurchase of 2.0 million shares for $51.5 million in June 2024.
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