Verra Mobility Announces $100 Million Share Repurchase Program and Debt Management Initiative
MESA, Ariz., Nov. 21, 2022 /PRNewswire/ — Verra Mobility Company (NASDAQ: VRRM), a top supplier of wise mobility technological know-how methods, introduced these days that its Board of Administrators has accepted a inventory repurchase system, which authorizes the Company to repurchase up to $100 million of its Class A prevalent inventory around the following eighteen months from time to time in open current market transactions, accelerated share repurchases or in privately negotiated transactions, each individual as permitted less than applicable guidelines and regulations.
The Firm also declared its intention to lower its leverage to a concentrate on web debt ratio of 3.0x to modified EBITDA by the conclusion of 2023 and to mitigate the risk of improved income curiosity payments by way of various readily available solutions, probably like, spending down credit card debt and checking out desire rate hazard administration alternate options.
“We continue to be committed to providing price to our stockholders through a disciplined and flexible capital allocation technique,” said David Roberts, Chief Executive Officer, Verra Mobility. “Our announcement today of a new $100 million share repurchase software alongside our intent to lower internet leverage to 3.0x all through these exceptional interest amount environments, highlights our balanced funds allocation approach targeted on the incredible hard cash circulation capability of our organization.”
The timing and true quantity of shares repurchased by the Firm will rely on a wide variety of components, which includes price tag, normal business enterprise and market place situations, and alternate capital allocation prospects, including probable personal debt management possibilities. Repurchases may be produced pursuant to a investing strategy beneath Rule 10b5-1 underneath the Securities Trade Act of 1934, as amended, which would permit shares to be repurchased when the Company might in any other case be precluded from doing so mainly because of self-imposed investing blackout intervals or other regulatory limitations. The Company’s stock repurchases could also be suspended or terminated at any time without having detect.
About Verra Mobility
Verra Mobility Company (NASDAQ: VRRM) is a major provider of smart mobility technologies answers that make transportation safer, smarter and a lot more related. The organization sits at the heart of the mobility ecosystem, bringing alongside one another cars, components, program, facts and folks to help safe and sound, efficient remedies for consumers globally. Verra Mobility’s transportation security programs and parking administration answers protect life, boost urban and motorway mobility and assist healthier communities. The corporation also solves advanced payment, utilization and compliance challenges for fleet owners and rental motor vehicle businesses. Headquartered in Arizona, Verra Mobility operates in North The us, Europe, Asia and Australia. For far more information, be sure to visit www.verramobility.com.
Ahead On the lookout Statements
This push release incorporates “ahead-searching statements” within just the which means of the Private Securities Litigation Reform Act of 1995. This kind of statements incorporate, but are not confined to, statements about Verra Mobility’s strategies, goals, anticipations, beliefs and intentions and other statements which include words these kinds of as “hope,” “foresee,” “may perhaps,” “believe,” “expect,” “intend,” “will,” “need to,” “program,” “estimate,” “forecast,” “continue” and “potential” or the negative of these conditions or other equivalent terminology. Examples of forward-wanting statements contain, among the other individuals, statements regarding the advantages of the Firm’s stock repurchase system, intentions to lessen its internet leverage and available personal debt management chances. True outcomes may vary materially from those people expected in the ahead-wanting statements due to standard monetary, financial, regulatory and political disorders impacting the clever mobility industry as effectively as more distinct hazards and uncertainties struggling with Verra Mobility these kinds of as people established forth in its stories on Sort 8-K, 10-Q and 10-K submitted with the U.S. Securities and Exchange Commission. Supplied these threats and uncertainties, any or all of these forward-wanting statements may establish to be incorrect. For that reason, you ought to not rely on any these components or forward-searching statements.
This press launch must be read in conjunction with the details bundled in Verra Mobility’s other push releases, reviews and other filings with the SEC and on the SEC website, www.sec.gov, as perfectly as facts available on its company website and trader relations site. Comprehending the details contained in these filings and on the corporate and investor relations internet sites is significant to totally have an understanding of Verra Mobility’s claimed fiscal effects and our business outlook for future periods. The ahead-looking statements herein stand for the judgment of Verra Mobility, as of the day of this launch, and Verra Mobility disclaims any intent or obligation to update forward-seeking statements.
Added Information
We periodically offer information for investors on our corporate web site, www.verramobility.com, and our investor relations site, ir.verramobility.com. We intend to use our website as a indicates of disclosing substance non-public information and for complying with disclosure obligations under Regulation FD. Appropriately, traders should check our web site, in addition to subsequent the Company’s press releases, SEC filings and community convention calls and webcasts.
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