Verra Mobility Corporation announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, total revenue was $221.5 million, a 5% increase year-over-year, with Adjusted EBITDA of $99.0 million and Adjusted EPS of $0.33. Full-year 2024 total revenue reached $879.2 million, up 7.6% from 2023, and Adjusted EBITDA was $404.0 million.
The company reported net cash provided by operating activities of $223.6 million for the full year 2024. Net Debt stood at $968.0 million, with a Net Leverage ratio of 2.4x. Verra Mobility provided full-year 2025 guidance, projecting total revenue between $925 million and $935 million, Adjusted EBITDA between $410 million and $420 million, and Adjusted EPS between $1.30 and $1.35.
In December 2024, the Board of Directors increased the share repurchase authorization by an additional $100 million, leading to an Accelerated Share Repurchase (ASR) agreement for $112.7 million. The company also successfully refinanced its term loan in February and October 2024, reducing the interest rate by an aggregate 1.00% and eliminating the credit spread adjustment, with principal now due at maturity in 2028.
A non-cash goodwill impairment of $97.1 million was recorded in the Parking Solutions segment during fiscal year 2024, reflecting a reassessment of the reporting unit's fair value. Additionally, Verra Mobility exercised its option to cancel its interest rate swap agreement, effective at the end of the third quarter of 2024.
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