MESA, Ariz., Aug. 9, 2021 /PRNewswire/ -- Verra
Mobility (NASDAQ: VRRM), a leading provider of smart mobility
technology solutions, today announced that its Board of Directors
approved a share repurchase program which authorizes the Company to
repurchase up to $100 million of its
Class A common stock over the next twelve months.
"We expect to generate significant free cash flow this year
through a combination of our highly attractive recurring revenue
model and the anticipated collection of outstanding receivables,"
stated David Roberts, the chief
executive officer of Verra Mobility. "Our capital allocation
strategy has always focused on investing for growth through M&A
and then returning excess cash to shareholders. However, at current
valuations, we believe the repurchase of our shares represents an
attractive investment opportunity to redeploy excess capital and
enhance long-term shareholder value creation."
Under the stock repurchase program, the Company may repurchase
shares of its Class A common stock from time to time in open market
transactions or in privately negotiated transactions as permitted
under applicable rules and regulations. Repurchases may be
conducted and may be suspended or terminated at any time without
notice. The extent to which the Company repurchases shares of its
Class A common stock and the timing of such purchases will depend
upon market conditions, the Company's capital position, and other
considerations as may be considered by the Company in its sole
discretion. Repurchases may also be made pursuant to a trading plan
under Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended, which would permit shares to be repurchased when the
Company might otherwise be precluded from doing so because of
self-imposed trading blackout periods or other regulatory
restrictions.
About Verra Mobility
Verra Mobility is committed to developing and using the
latest in technology and data intelligence to help make
transportation safer and easier. As a global company, Verra
Mobility sits at the center of the mobility ecosystem – one
that brings together vehicles, devices, information, and people to
solve complex challenges faced by our customers and the
constituencies they serve.
Verra Mobility serves the world's largest commercial fleets and
rental car companies to manage tolling transactions and violations
for millions of vehicles. As a leading provider of connected
systems, Verra Mobility processes millions of transactions each
year through integration and connectivity with hundreds of tolling
and issuing authorities. Verra Mobility also fosters the
development of safe cities, partnering with law enforcement
agencies, transportation departments, and school districts across
North America, operating thousands
of red-light, speed, bus lane and school bus stop arm safety
cameras. Arizona-based Verra
Mobility operates in North
America, Europe,
Asia, and Australia. For more information,
visit www.verramobility.com.
Forward-Looking Statements
This press release contains forward-looking statements which
address the Company's expected future business and financial
performance and may contain words such as "goal," "target,"
"future," "estimate," "expect," "anticipate," "intend," "plan,"
"believe," "seek," "project," "may," "should," "will" or similar
expressions. Examples of forward-looking statements include, among
others, statements regarding the benefits of the Company's
strategic acquisitions, changes in the market for our products and
services, expected operating results, such as revenue growth,
expansion plans and opportunities, and earnings guidance related to
2021 financial and operational metrics. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those currently anticipated. A number of
factors could cause actual results or outcomes to differ materially
from those indicated by such forward-looking statements. These
factors include, but are not limited to: (1) the impact of payment
delays related to the outstanding receivables with the City of New
York Department of Transportation ("NYCDOT"); (2) the disruption to
our business and results of operations as a result of the COVID-19
pandemic; (3) the impact of the COVID-19 pandemic on our revenues
from key customers in the rental car industry and from photo
enforcement programs; (4) customer concentration in our Commercial
Services and Government Solutions segments; (5) decreases in the
prevalence of automated photo enforcement or the use of tolling;
(6) risks and uncertainties related to our government contracts,
including but not limited to administrative hurdles, legislative
changes, termination rights, audits and investigations; (7)
decreased interest in outsourcing from our customers; (8) our
ability to properly perform under our contracts and otherwise
satisfy our customers; (9) our ability to compete in a highly
competitive and rapidly evolving market; (10) our ability to keep
up with technological developments and changing customer
preferences; (11) the success of our new products and changes to
existing products and services; (12) our ability to successfully
integrate our recent or future acquisitions; (13) failures in or
breaches of our networks or systems, including as a result of
cyber-attacks; and (14) other risks and uncertainties indicated
from time to time in documents filed or to be filed with the
Securities and Exchange Commission (the "SEC") by Verra Mobility.
The forward-looking statements herein represent the judgment of the
Company as of the date of this release, and Verra Mobility
disclaims any intent or obligation to update forward-looking
statements. This press release should be read in conjunction with
the information included in the Company's other press releases,
reports and other filings with the SEC. Understanding the
information contained in these filings is important in order to
fully understand the Company's reported financial results and our
business outlook for future periods.
Investor Relations Contacts
Sajid Daudi
Vice President, Investor Relations
Verra Mobility
480-596-4805
IR@verramobility.com
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SOURCE Verra Mobility