Verra Mobility Announces Third Quarter 2023 Financial Results
- Total revenue of
$209.9 million - Net income of
$30.3 million - Generated cash flows from operations of
$62.4 million - Renewed Enterprise Mobility Tolling contract
- Increasing 2023 financial guidance
- Board of Directors authorizes
$100 million share repurchase program
"Our team delivered tremendous results for the third quarter, highlighted by strong recurring revenue growth and free cash flow generation," said
Third Quarter 2023 Financial Highlights
- Revenue: Total revenue for the third quarter of 2023 was
$209.9 million , an increase of 6% compared to$197.7 million for the third quarter of 2022. Service revenue growth was 11% due to increases in travel volume and related tolling activity in the Commercial Services segment which grew 14%, and the growth in service revenue from our Government Solutions segment, which increased 10% and was driven by the expansion of speed programs. Parking Solutions service revenue increased 4% due to increases in our software as a service (SaaS) product offerings and various services related to parking management solutions. - Net income: Net income for the third quarter of 2023 was
$30.3 million , or$0.18 per share based on 169.5 million diluted weighted average shares outstanding. Net income for the comparable 2022 period was$24.6 million , or$0.15 per share, based on 158.3 million diluted weighted average shares outstanding. - Adjusted Earnings Per Share (EPS): Adjusted EPS for the third quarter of 2023 was
$0.29 per share compared to$0.27 per share for the third quarter of 2022. - Adjusted EBITDA: Adjusted EBITDA was
$97.4 million for the third quarter of 2023 compared to$90.9 million for the same period last year. Adjusted EBITDA margin was 46% of total revenue for both 2023 and 2022.
We report our results of operations based on three operating segments:
- Commercial Services offers automated toll and violations management and title and registration solutions to rental car companies, fleet management companies and other large fleet owners.
- Government Solutions delivers automated safety solutions to municipalities, school districts and government agencies, including services and technology that enable photo enforcement related to speed, red-light, school bus and city bus lane management.
- Parking Solutions provides an integrated suite of parking software and hardware solutions to universities, municipalities, parking operators, healthcare facilities and transportation hubs in
the United States andCanada .
Third Quarter 2023 Segment Detail
- The Commercial Services segment generated total revenue of
$98.1 million , a 14% increase compared to$86.1 million in the same period in 2022. Segment profit was$65.3 million , a 16% increase from$56.4 million in the prior year. The increases in revenue and profit compared to the prior period resulted from increased travel volume and the continued adoption of the all-inclusive fee structure for our rental car company customers as well as the increase in enrolled vehicles and higher tolling activity for our fleet management company customers. The segment profit margin was 67% for 2023 and 65% for 2022. - The Government Solutions segment generated total revenue of
$90.3 million , a 1% increase compared to$89.7 million in the same period in 2022. The increase was due to a 10% increase in recurring service revenue over the prior year quarter, primarily driven by the expansion of speed programs. The increase in recurring service revenue was partially offset by a reduction in one-time product sales compared to the prior year. The segment profit was$28.6 million in 2023 compared to$30.4 million in the prior year with segment profit margins of 32% for 2023 and 34% for 2022. The decrease in segment profit is primarily attributable to increased operating expenses associated with enhancing customer-facing platforms and systems. - The Parking Solutions segment generated total revenue of
$21.5 million a 2% decrease compared to$21.9 million in the same period in 2022 due to a reduction in one-time product sales compared to the prior year quarter. The segment profit was$3.5 million compared to$4.2 million in the prior year with segment profit margins of 16% for 2023 and 19% for 2022. The decrease in segment profit is primarily attributable to increased recurring service costs.
Liquidity: As of
Interest Rate Swap
In
Warrants
During the nine months ended
Share Repurchases
In
We paid
New Share Repurchase Program
In
2023 Full Year Guidance
Any guidance that we provide is subject to change as a variety of factors can affect actual operating results. Certain of the factors that may impact our actual operating results are identified below in the safe harbor language included within Forward-Looking Statements of this press release.
Based on our year-to-date results and our outlook for the remainder of the year, we are expecting to deliver results as follows:
Previous Guidance |
Updated Guidance |
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Total Revenue |
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Upper-end of prior range |
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Adjusted EBITDA |
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Upper-end of prior range |
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Adjusted EPS |
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|
|
Free Cash Flow |
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Conference Call Details
Date:
Time: 5:00 p.m. Eastern Time
Outside of
Request a return call: Available by clicking on the following link and requesting a return call: callme.viavid.com
Webcast Information: Available live in the "Investor Relations" section of our website at http://ir.verramobility.com.
An audio replay of the call will also be available until
About
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 2023 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, economic and geopolitical conditions; customer concentration, demand and spending; new and emerging technologies; cybersecurity risks; our ability to manage our substantial level of indebtedness; risks and uncertainties related to our government contracts, including legislative changes, termination rights, delays in payments, audits and investigations; legislative changes; our reliance on a limited number of third-party vendors and service providers; and other risks and uncertainties indicated from time to time in documents filed or to be filed with the
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.
We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following our press releases,
Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with
We are not providing a quantitative reconciliation of Adjusted EBITDA or Adjusted EPS, both of which are included in our 2023 financial guidance above, in reliance on the "unreasonable efforts" exception for forward-looking non-GAAP measures set forth in
We use these non-GAAP financial metrics to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. In addition, we also believe that these non-GAAP measures provide useful information to investors regarding financial and business trends related to our results of operations and that when non-GAAP financial information is viewed with GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance. These non-GAAP measures have certain limitations as analytical tools and should not be used as substitutes for net income, cash flows from operations, earnings per share or other consolidated income or cash flow data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA
We define EBITDA as net income adjusted to exclude interest expense, net, income taxes, depreciation and amortization. Adjusted EBITDA further excludes certain non-cash expenses and other transactions that management believes are not indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA, as defined, exclude some but not all items that affect our cash flow from operating activities.
Free Cash Flow
We define "Free Cash Flow" as cash flow from operations less capital expenditures.
Adjusted Net Income
We define "Adjusted Net Income" as net income adjusted to exclude amortization of intangibles and certain non-cash or non-recurring expenses.
Adjusted EPS
We define "Adjusted EPS" as Adjusted Net Income divided by the diluted weighted average shares for the period.
Adjusted EBITDA Margin
We define "Adjusted EBITDA Margin" as Adjusted EBITDA as a percentage of total revenue.
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
(In thousands, except per share data) |
|
|
||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
114,379 |
$ |
105,204 |
||||
Restricted cash |
3,951 |
3,911 |
||||||
Accounts receivable (net of allowance for credit losses of |
191,753 |
163,786 |
||||||
Unbilled receivables |
40,069 |
30,782 |
||||||
Inventory |
19,943 |
19,307 |
||||||
Prepaid expenses and other current assets |
41,197 |
39,604 |
||||||
Total current assets |
411,292 |
362,594 |
||||||
Installation and service parts, net |
26,127 |
22,923 |
||||||
Property and equipment, net |
117,827 |
109,775 |
||||||
Operating lease assets |
35,299 |
37,593 |
||||||
Intangible assets, net |
315,754 |
377,420 |
||||||
|
832,817 |
833,480 |
||||||
Other non-current assets |
16,959 |
12,484 |
||||||
Total assets |
$ |
1,756,075 |
$ |
1,756,269 |
||||
Liabilities and Stockholders' Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
89,760 |
$ |
79,869 |
||||
Deferred revenue |
34,322 |
31,164 |
||||||
Accrued liabilities |
59,459 |
48,847 |
||||||
Tax receivable agreement liability, current portion |
5,007 |
4,994 |
||||||
Current portion of long-term debt |
9,019 |
21,935 |
||||||
Total current liabilities |
197,567 |
186,809 |
||||||
Long-term debt, net of current portion |
1,030,351 |
1,190,045 |
||||||
Operating lease liabilities, net of current portion |
30,552 |
33,362 |
||||||
Tax receivable agreement liability, net of current portion |
50,900 |
50,900 |
||||||
Private placement warrant liabilities |
— |
24,066 |
||||||
Asset retirement obligations |
14,075 |
12,993 |
||||||
Deferred tax liabilities, net |
19,015 |
21,149 |
||||||
Other long-term liabilities |
9,559 |
5,875 |
||||||
Total liabilities |
1,352,019 |
1,525,199 |
||||||
Commitments and contingencies |
||||||||
Stockholders' equity |
||||||||
Preferred stock, |
— |
— |
||||||
Common stock, |
17 |
15 |
||||||
Common stock contingent consideration |
— |
36,575 |
||||||
Additional paid-in capital |
549,374 |
305,423 |
||||||
Accumulated deficit |
(128,909) |
(98,078) |
||||||
Accumulated other comprehensive loss |
(16,426) |
(12,865) |
||||||
Total stockholders' equity |
404,056 |
231,070 |
||||||
Total liabilities and stockholders' equity |
$ |
1,756,075 |
$ |
1,756,269 |
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
AND COMPREHENSIVE INCOME |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
(In thousands, except per share data) |
2023 |
2022 |
2023 |
2022 |
||||||||||||
Service revenue |
$ |
201,029 |
$ |
180,617 |
$ |
581,777 |
$ |
516,253 |
||||||||
Product sales |
8,904 |
17,039 |
24,520 |
39,275 |
||||||||||||
Total revenue |
209,933 |
197,656 |
606,297 |
555,528 |
||||||||||||
Cost of service revenue |
5,150 |
4,144 |
13,718 |
11,636 |
||||||||||||
Cost of product sales |
6,864 |
11,317 |
18,209 |
25,638 |
||||||||||||
Operating expenses |
68,873 |
60,536 |
196,373 |
166,795 |
||||||||||||
Selling, general and administrative expenses |
42,276 |
41,126 |
125,494 |
122,913 |
||||||||||||
Depreciation, amortization and (gain) loss on disposal of assets, net |
27,597 |
35,035 |
87,018 |
105,881 |
||||||||||||
Total costs and expenses |
150,760 |
152,158 |
440,812 |
432,863 |
||||||||||||
Income from operations |
59,173 |
45,498 |
165,485 |
122,665 |
||||||||||||
Interest expense, net |
20,384 |
20,260 |
65,842 |
49,024 |
||||||||||||
Change in fair value of private placement warrants |
(553) |
(2,267) |
24,966 |
(5,133) |
||||||||||||
Tax receivable agreement liability adjustment |
— |
— |
— |
(965) |
||||||||||||
Loss (gain) on interest rate swap |
60 |
— |
(1,947) |
— |
||||||||||||
Loss (gain) on extinguishment of debt |
1,975 |
(3,005) |
3,533 |
(3,005) |
||||||||||||
Other income, net |
(4,498) |
(2,462) |
(12,766) |
(9,367) |
||||||||||||
Total other expenses |
17,368 |
12,526 |
79,628 |
30,554 |
||||||||||||
Income before income taxes |
41,805 |
32,972 |
85,857 |
92,111 |
||||||||||||
Income tax provision |
11,497 |
8,396 |
31,864 |
27,854 |
||||||||||||
Net income |
$ |
30,308 |
$ |
24,576 |
$ |
53,993 |
$ |
64,257 |
||||||||
Other comprehensive loss: |
||||||||||||||||
Change in foreign currency translation adjustment |
(4,189) |
(8,167) |
(3,561) |
(15,840) |
||||||||||||
Total comprehensive income |
$ |
26,119 |
$ |
16,409 |
$ |
50,432 |
$ |
48,417 |
||||||||
Net income per share: |
||||||||||||||||
Basic |
$ |
0.18 |
$ |
0.16 |
$ |
0.35 |
$ |
0.42 |
||||||||
Diluted |
$ |
0.18 |
$ |
0.15 |
$ |
0.34 |
$ |
0.38 |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
168,089 |
151,429 |
156,196 |
154,067 |
||||||||||||
Diluted |
169,497 |
158,304 |
157,133 |
160,433 |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
($ in thousands) |
2023 |
2022 |
||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ |
30,308 |
$ |
24,576 |
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
27,530 |
35,079 |
||||||
Amortization of deferred financing costs and discounts |
1,131 |
1,429 |
||||||
Change in fair value of private placement warrants |
(553) |
(2,267) |
||||||
Loss on interest rate swap |
202 |
— |
||||||
Loss (gain) on extinguishment of debt |
1,975 |
(3,005) |
||||||
Credit loss expense |
2,597 |
3,856 |
||||||
Deferred income taxes |
(2,503) |
(1,610) |
||||||
Stock-based compensation |
4,443 |
4,644 |
||||||
Other |
172 |
(136) |
||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(14,783) |
(6,734) |
||||||
Unbilled receivables |
(3,409) |
713 |
||||||
Inventory |
(1,006) |
(1,659) |
||||||
Prepaid expenses and other assets |
(52) |
(526) |
||||||
Deferred revenue |
(2,293) |
3,374 |
||||||
Accounts payable and other current liabilities |
18,169 |
(3,689) |
||||||
Other liabilities |
516 |
(1,644) |
||||||
Net cash provided by operating activities |
62,444 |
52,401 |
||||||
Cash Flows from Investing Activities: |
||||||||
Payments for interest rate swap |
142 |
— |
||||||
Purchases of installation and service parts and property and equipment |
(10,403) |
(13,203) |
||||||
Cash proceeds from the sale of assets |
93 |
68 |
||||||
Net cash used in investing activities |
(10,168) |
(13,135) |
||||||
Cash Flows from Financing Activities: |
||||||||
Repayment of long-term debt |
(102,255) |
(2,254) |
||||||
Payment of debt issuance costs |
(170) |
(164) |
||||||
Proceeds from the exercise of warrants |
55,658 |
— |
||||||
Share repurchases and retirement |
(100,000) |
(69,790) |
||||||
Proceeds from the exercise of stock options |
457 |
838 |
||||||
Payment of employee tax withholding related to RSUs and PSUs vesting |
(49) |
(1,433) |
||||||
Settlement of contingent consideration |
— |
(205) |
||||||
Net cash used in financing activities |
(146,359) |
(73,008) |
||||||
Effect of exchange rate changes on cash and cash equivalents |
(1,086) |
(1,190) |
||||||
Net decrease in cash, cash equivalents and restricted cash |
(95,169) |
(34,932) |
||||||
Cash, cash equivalents and restricted cash - beginning of period |
213,499 |
90,561 |
||||||
Cash, cash equivalents and restricted cash - end of period |
$ |
118,330 |
$ |
55,629 |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
Nine Months Ended |
||||||||
($ in thousands) |
2023 |
2022 |
||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ |
53,993 |
$ |
64,257 |
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
86,835 |
105,294 |
||||||
Amortization of deferred financing costs and discounts |
3,600 |
4,122 |
||||||
Change in fair value of private placement warrants |
24,966 |
(5,133) |
||||||
Tax receivable agreement liability adjustment |
— |
(965) |
||||||
Gain on interest rate swap |
(3,361) |
— |
||||||
Loss (gain) on extinguishment of debt |
3,533 |
(3,005) |
||||||
Credit loss expense |
7,553 |
10,892 |
||||||
Deferred income taxes |
(7,236) |
(17,310) |
||||||
Stock-based compensation |
12,346 |
13,656 |
||||||
Other |
306 |
624 |
||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(35,854) |
(25,846) |
||||||
Unbilled receivables |
(9,529) |
(4,205) |
||||||
Inventory |
(1,061) |
(9,056) |
||||||
Prepaid expenses and other assets |
2,948 |
8,405 |
||||||
Deferred revenue |
3,475 |
6,291 |
||||||
Accounts payable and other current liabilities |
27,059 |
(1,978) |
||||||
Other liabilities |
798 |
2,733 |
||||||
Net cash provided by operating activities |
170,371 |
148,776 |
||||||
Cash Flows from Investing Activities: |
||||||||
Payment of contingent consideration |
— |
(647) |
||||||
Payments for interest rate swap |
(1,414) |
— |
||||||
Purchases of installation and service parts and property and equipment |
(40,501) |
(35,927) |
||||||
Cash proceeds from the sale of assets |
222 |
140 |
||||||
Net cash used in investing activities |
(41,693) |
(36,434) |
||||||
Cash Flows from Financing Activities: |
||||||||
Repayment on the revolver |
— |
(25,000) |
||||||
Repayment of long-term debt |
(179,264) |
(6,764) |
||||||
Payment of debt issuance costs |
(362) |
(410) |
||||||
Proceeds from the exercise of warrants |
161,408 |
— |
||||||
Share repurchases and retirement |
(100,000) |
(125,071) |
||||||
Proceeds from the exercise of stock options |
2,845 |
997 |
||||||
Payment of employee tax withholding related to RSUs and PSUs vesting |
(3,077) |
(3,072) |
||||||
Settlement of contingent consideration |
— |
(205) |
||||||
Net cash used in financing activities |
(118,450) |
(159,525) |
||||||
Effect of exchange rate changes on cash and cash equivalents |
(1,013) |
(1,620) |
||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
9,215 |
(48,803) |
||||||
Cash, cash equivalents and restricted cash - beginning of period |
109,115 |
104,432 |
||||||
Cash, cash equivalents and restricted cash - end of period |
$ |
118,330 |
$ |
55,629 |
|
||||||||||||||||
ADJUSTED EBITDA RECONCILIATION (Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
($ in thousands) |
2023 |
2022 |
2023 |
2022 |
||||||||||||
Net income |
$ |
30,308 |
$ |
24,576 |
$ |
53,993 |
$ |
64,257 |
||||||||
Interest expense, net |
20,384 |
20,260 |
65,842 |
49,024 |
||||||||||||
Income tax provision |
11,497 |
8,396 |
31,864 |
27,854 |
||||||||||||
Depreciation and amortization |
27,530 |
35,079 |
86,835 |
105,294 |
||||||||||||
EBITDA |
89,719 |
88,311 |
238,534 |
246,429 |
||||||||||||
Transaction and other related expenses |
152 |
2,968 |
484 |
3,457 |
||||||||||||
Transformation expenses |
1,582 |
243 |
2,306 |
509 |
||||||||||||
Change in fair value of private placement warrants (i) |
(553) |
(2,267) |
24,966 |
(5,133) |
||||||||||||
Tax receivable agreement liability adjustment (ii) |
— |
— |
— |
(965) |
||||||||||||
Loss (gain) on interest rate swap (iii) |
60 |
— |
(1,947) |
— |
||||||||||||
Loss (gain) on extinguishment of debt (iv) |
1,975 |
(3,005) |
3,533 |
(3,005) |
||||||||||||
Stock-based compensation (v) |
4,443 |
4,644 |
12,346 |
13,656 |
||||||||||||
Adjusted EBITDA |
$ |
97,378 |
$ |
90,894 |
$ |
280,222 |
$ |
254,948 |
(i) |
This consists of adjustments to the private placement warrants liability from the re-measurement to fair value at the end of each reporting period, or a final re-measurement upon their exercise. |
(ii) |
The Tax Receivable Agreement liability adjustment in 2022 arose from lower estimated state tax rates due to changes in apportionment. |
(iii) |
(Loss) gain on interest rate swap is associated with the derivative instrument re-measured to fair value at the end of the reporting period offset by the related monthly cash payments. |
(iv) |
Loss on extinguishment of debt consists of the write-off of pre-existing original issue discounts and deferred financing costs associated with the early repayment of debt and the gain on extinguishment of debt in 2022 related to the forgiveness of the PPP loan. |
(v) |
Stock-based compensation represents the non-cash charge related to the issuance of awards under the Verra Mobility Corporation 2018 Equity Incentive Plan. |
FREE CASH FLOW (Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
($ in thousands) |
2023 |
2022 |
2023 |
2022 |
||||||||||||
Net cash provided by operating activities |
$ |
62,444 |
$ |
52,401 |
$ |
170,371 |
$ |
148,776 |
||||||||
Purchases of installation and service parts and property and equipment |
(10,403) |
(13,203) |
(40,501) |
(35,927) |
||||||||||||
Free Cash Flow |
$ |
52,041 |
$ |
39,198 |
$ |
129,870 |
$ |
112,849 |
ADJUSTED EPS (Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
(In thousands, except per share data) |
2023 |
2022 |
2023 |
2022 |
||||||||||||
Net income |
$ |
30,308 |
$ |
24,576 |
$ |
53,993 |
$ |
64,257 |
||||||||
Amortization of intangibles |
18,921 |
26,603 |
60,923 |
81,109 |
||||||||||||
Transaction and other related expenses |
152 |
2,968 |
484 |
3,457 |
||||||||||||
Transformation expenses |
1,582 |
243 |
2,306 |
509 |
||||||||||||
Change in fair value of private placement warrants |
(553) |
(2,267) |
24,966 |
(5,133) |
||||||||||||
Tax receivable agreement liability adjustment |
— |
— |
— |
(965) |
||||||||||||
Change in fair value of interest rate swap |
202 |
— |
(3,361) |
— |
||||||||||||
Loss (gain) on extinguishment of debt |
1,975 |
(3,005) |
3,533 |
(3,005) |
||||||||||||
Stock-based compensation |
4,443 |
4,644 |
12,346 |
13,656 |
||||||||||||
Total adjustments before income tax effect |
26,722 |
29,186 |
101,197 |
89,628 |
||||||||||||
Income tax effect on adjustments |
(7,843) |
(11,027) |
(22,536) |
(31,594) |
||||||||||||
Total adjustments after income tax effect |
18,879 |
18,159 |
78,661 |
58,034 |
||||||||||||
Adjusted Net Income |
$ |
49,187 |
$ |
42,735 |
$ |
132,654 |
$ |
122,291 |
||||||||
Adjusted EPS |
$ |
0.29 |
$ |
0.27 |
$ |
0.84 |
$ |
0.76 |
||||||||
Diluted weighted average shares outstanding |
169,497 |
158,304 |
157,133 |
160,433 |
Investor Relations Contact
mark.zindler@verramobility.com
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