MESA,
Ariz., May 10, 2022 /PRNewswire/ -- Verra
Mobility (NASDAQ: VRRM), a leading provider of smart mobility
technology solutions, announced on Monday,
May 9, 2022, that its Board of Directors approved a share
repurchase program which authorizes the Company to repurchase up to
$125 million of its Class A common
stock over the next twelve months.
"The new stock repurchase program emphasizes the confidence that
management and the board of directors have in Verra Mobility's
strong fundamentals and free cash flow generation of our business,"
stated David Roberts, the chief
executive officer of Verra Mobility. "Our strong free cash
flow generation provides us with the financial flexibility to
invest simultaneously across all aspects of our capital deployment
plan, including continuous innovation for organic growth, strategic
M&A and providing returns to shareholders via share repurchase
programs such as this. 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
up to $125 million of its Class A
common stock over the next twelve months from time to time in open
market transactions, accelerated share repurchases or in privately
negotiated transactions, each 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. The timing and actual
number of shares repurchased will depend on a variety of factors,
including price, general business and market conditions, and
alternative investment opportunities. The repurchase program will
be executed consistent with the Company's capital allocation
strategy, which will continue to prioritize investments to grow the
business.
About Verra Mobility
Verra Mobility (NASDAQ: VRRM) 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.
As a leading provider of connected mobility systems, Verra
Mobility serves the world's largest rental car companies and
commercial fleets by managing tolling and violation transactions
for millions of vehicles 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 mainly across North America operating thousands of speed,
red-light, bus lane and school bus stop arm safety cameras, and by
offering parking hardware and software solutions. Arizona-based Verra Mobility operates in
North America, Australia, Europe and Asia. For more information, visit
www.verramobility.com.
Forward Looking Statements
This press release contains forward-looking statements which
address our 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 our 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 2022 financial and operational
metrics. Forward-looking statements involve risks and uncertainties
and a number of factors could cause actual results to differ
materially from those currently anticipated. These factors include,
but are not limited to: (1) the impacts on our operations and
business resulting from our delayed 2021 Form 10-K filing; (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.
This press release should be read in conjunction with the
information included in our other press releases, reports and other
filings with the SEC. Understanding the information contained in
these filings is important in order to fully understand our
reported financial results and our business outlook for future
periods.
Media
Relations:
|
Investor
Relations:
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Eric Krantz
|
Mark Zindler
|
eric.krantz@verramobility.com
|
mark.zindler@verramobility.com
|
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SOURCE Verra Mobility