Verra Mobility (VRRM) Q2 FY2024 earnings: revenue $222 million, up 8.8% on the year

Verra Mobility Corp. (VRRM) reported revenue of $222 million for Q2 FY2024, the quarter ended 30 June 2024, up 8.8% on the same quarter a year earlier. Net income was $34 million, up 79.1% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2024.

Revenue$222 millionup 8.8%

Net income$34 millionup 79.1%

Diluted EPS$0.20

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	222	210	n/a	n/a
Selling, general and administrative	46.3	48.2	n/a	n/a
Operating income	61.2	54.4	n/a	n/a
Operating margin	27.5%	25.9%	n/a
Interest expense	18.8	19.6	n/a	n/a
Pre-tax income	47.6	39.0	n/a	n/a
Income tax	13.4	9.8	n/a	n/a
Effective tax rate	28.1%	25.2%	n/a
Net income	34.2	29.1	n/a	n/a
Net margin	15.4%	13.9%	n/a
Diluted EPS	$0.20	$0.17	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	40.0	34.3	n/a	n/a
Capital expenditure	14.1	14.3	n/a	n/a
Free cash flow	26.0	20.1	n/a	n/a
Free cash flow margin	11.7%	9.6%	n/a
Cash from investing	-13.7	-13.9	n/a	n/a
Cash from financing	-54.6	-6.3	n/a	n/a
Depreciation and amortisation	27.5	26.9	n/a	n/a
Share-based compensation	6.6	5.6	n/a	n/a
Diluted shares, weighted	169m	169m	n/a	n/a
Shares outstanding at period end	165m	167m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	439	449	n/a	n/a
Debt	1,036	1,038	n/a	n/a
Operating lease liabilities	26.7	27.7	n/a	n/a
Other liabilities	271	255	n/a	n/a
Total liabilities and equity	1,773	1,770	n/a	n/a
Fixed assets	133	127	n/a	n/a
Goodwill	835	835	n/a	n/a
Intangible assets	267	283	n/a	n/a
Cash and equivalents	122	150	n/a	n/a
Receivables	210	182	n/a	n/a
Inventory	17.2	17.3	n/a	n/a
Other assets	189	176	n/a	n/a
Total assets	1,773	1,770	n/a	n/a

Questions

What was Verra Mobility's revenue in Q2 FY2024?

Verra Mobility (VRRM) reported revenue of $222 million for Q2 FY2024, the quarter ended 30 June 2024, up 8.8% on the same quarter a year earlier.

How much did Verra Mobility earn in Q2 FY2024?

Net income for Q2 FY2024 was $34 million, up 79.1% on the year, and diluted earnings per share $0.20.

When did Verra Mobility report Q2 FY2024 results?

Verra Mobility filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 8 August 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	210	211	210	222	226	222	223	236	262	258	224	264
SG&A	42.3	73.1	48.2	46.3	47.9	52.6	51.5	48.5	47.8	67.5	40.9	44.0
Operating income	59.2	23.3	54.4	61.2	63.9	-43.4	57.4	63.2	74.8	43.0	51.8	-32.8
Operating margin	28%	11%	26%	28%	28%	-20%	26%	27%	29%	17%	23%	-12%
Interest expense	20.4	20.9	19.6	18.8	18.7	16.7	16.6	16.6	16.4	15.0	15.4	15.5
Pre-tax income	41.8	1.1	39.0	47.6	48.5	-55.9	44.8	52.6	64.7	32.9	40.5	-42.2
Tax rate	28%	-165%	25%	28%	28%	n/a	28%	27%	28%	43%	34%	n/a
Net income	30.3	3.0	29.1	34.2	34.7	-66.7	32.3	38.6	46.8	18.9	26.7	-48.2
Net margin	14%	1%	14%	15%	15%	-30%	14%	16%	18%	7%	12%	-18%
Diluted EPS	$0.18	$0.02	$0.17	$0.20	$0.21	-$0.41	$0.20	$0.24	$0.29	$0.12	$0.17	-$0.32
Operating cash flow	62.4	35.7	34.3	40.0	109	40.5	63.0	75.1	77.7	40.0	40.8	56.4
Capital expenditure	10.4	16.5	14.3	14.1	23.7	18.8	21.2	34.9	28.8	34.2	31.2	23.8
Free cash flow	52.0	19.2	20.1	26.0	85.1	21.6	41.7	40.3	49.0	5.7	9.6	32.6
Buybacks	100	n/a	n/a	n/a	0.0	n/a	0.0	0.0	0.0	133	50.2	1.3
Shares outstanding	166m	167m	167m	165m	165m	160m	159m	160m	160m	154m	152m	152m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 8 August 2024, accession 0000950170-24-094172: the filing on EDGAR. All of Verra Mobility Corp.'s filings: EDGAR company page.

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