Here are 1-2 brief analogies for Verra Mobility (VRRM):

• Axon for traffic safety cameras: Verra Mobility provides and manages red-light, speed, and school bus stop-arm cameras for governments, similar to how Axon provides body cameras and Tasers to law enforcement.
• Stripe for managing tolls and violations for fleets: Verra Mobility handles the complex processing and payment of tolls and other vehicle violations for rental car companies and large commercial fleets, acting as a specialized backend payment and compliance platform.

• Toll Management Services: Provides automated tolling solutions for rental car companies and fleet operators, simplifying toll payments for their customers.
• Violation Management Services: Offers technology and services to process and manage traffic and parking violations incurred by rental car customers and fleet vehicles.
• Parking Solutions: Delivers comprehensive parking technology and services for municipalities, universities, and private operators to manage enforcement, permits, and payments.

Verra Mobility (VRRM) primarily sells its services and solutions to other companies and governmental entities, operating on a business-to-business (B2B) and business-to-government (B2G) model.

Based on Verra Mobility's public filings, its major customers that individually account for a significant portion of its consolidated revenue are:

• Avis Budget Group, Inc. (Symbol: CAR)
• The Hertz Corporation (Symbol: HTZ)

In addition to these major customers, Verra Mobility also serves a broad and diverse range of other clients, which include:

• Other rental car companies and fleet operators globally.
• Municipalities and various government agencies (for traffic enforcement, tolling, and parking solutions).
• Tolling authorities.
• Parking operators and private lot owners across various sectors.

David Roberts, President and Chief Executive Officer

David Roberts has served as Verra Mobility's President and Chief Executive Officer since May 2018, joining the company as Chief Operating Officer in August 2014. Prior to his tenure at Verra Mobility (formerly American Traffic Solutions), he was the President and Chief Executive Officer of BillingTree, a multi-channel electronic payment platform company. Before BillingTree, Roberts was a Managing Director at Bank of America Merrill Lynch, where he led the Equity Plan Services business. He joined Bank of America Merrill Lynch following the sale of Equity Methods, a company he served as CEO, which grew from three to 60 people in two years before its acquisition in 2008. Roberts led Verra Mobility through a period of significant transformation, including a shift to private equity ownership, accelerated growth with two major international acquisitions, a rebranding effort, and taking the company public in 2018.

Craig Conti, Chief Financial Officer

Craig Conti has served as Verra Mobility's Chief Financial Officer since April 2022. Before joining Verra Mobility, Conti was the executive vice president and CFO of Century Aluminum Company. His previous global financial leadership roles include serving as CFO for ITW's welding business and leading financial planning and analysis for GE Healthcare's IT business. Mr. Conti began his career at GE, where he accumulated 15 years of experience in finance, operations, and strategy.

Jon Baldwin, Executive Vice President, Government Solutions

Jon Baldwin is the Executive Vice President of Government Solutions at Verra Mobility. Before joining Verra Mobility, he was President of Fortive's Gems, Sensors and Controls business. He also served as the General Manager for Texas Instruments' Precision Signal Path business unit. Baldwin has held various leadership roles in marketing, business development, and strategy at National Semiconductor Corporation, Samplify Systems, Inc., and Analog Devices, Inc., and started his career as a systems engineer at Raytheon Technologies.

Jon Keyser, Chief Legal Officer

Jon Keyser serves as Verra Mobility's Executive Vice President and Chief Legal Officer, a role he assumed effective December 2022. Prior to Verra Mobility, Keyser was Vice President and General Counsel of Honeywell Performance Materials and Technologies (PMT), a business unit of Honeywell International. He also served as Vice President and General Counsel of Honeywell UOP and Aerospace Integrated Supply Chain and Digital Transformation business units. Before Honeywell, Jon was Assistant General Counsel and Managing Counsel at Harley-Davidson Motor Company and an attorney at Hogan Lovells US LLP, where he focused on mergers and acquisitions. Between 2014 and 2016, he served as a member of the Colorado State House of Representatives.

1. Customer Concentration and Regulatory Risk: Verra Mobility faces significant risk due to its reliance on a concentrated customer base and the evolving regulatory landscape. A material portion of its revenue comes from a few key customers, including the New York City Department of Transportation (NYCDOT) and three major rental car agencies. For example, the City of New York made 17.8% of Verra Mobility's revenue in Q1 2023, and three rental car companies (Avis Budget Group, Enterprise Holding, and Hertz Corporation) collectively accounted for 34% of revenue. The company is currently participating in a competitive procurement for a new NYCDOT automated enforcement program contract, which, if not renewed on favorable terms, could pose financial risks. Additionally, Verra Mobility's government contracts are susceptible to unique risks, including termination rights, payment delays, and changes in local regulations, which can impact revenue. The commercial segment is also correlated with air travel, making it vulnerable to economic trends affecting consumer spending and travel demand.
2. High Debt Levels: The company operates with a capital structure that relies heavily on debt financing, with total debt reported at approximately $1,029.9 million as of September 30, 2025. While Verra Mobility has implemented a debt repayment program and its net leverage has decreased, a high debt-to-equity ratio (2.93 as of late 2025) signals a higher risk profile. Increasing interest rates could lead to higher interest payments, thereby impacting the company's free cash flow and profitability.
3. Technological Disruption: The smart mobility industry is characterized by rapid technological advancements, and innovations such as autonomous vehicles could disrupt Verra Mobility's existing business models. Although Verra Mobility's CEO acknowledges that the widespread adoption of autonomous vehicles is a long way off, the company must continually adapt to new technologies to maintain its competitive advantage. The integration of connected vehicle technology and artificial intelligence also presents both opportunities and potential challenges for the company.

null

Verra Mobility (VRRM) operates in the smart mobility sector, offering solutions across three main segments: Commercial Services, Government Solutions, and Parking Solutions.

The addressable markets for Verra Mobility's main products and services are as follows:

• Overall Smart Mobility Market: The global smart mobility market was valued at $43.46 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 20.8% through 2032.
• Government Solutions (Traffic Enforcement Cameras): The global traffic enforcement camera market size was estimated at $2.38 billion in 2024 and is expected to reach $4.13 billion by 2029, growing at an 11.8% CAGR. Another projection indicates the global traffic enforcement camera market will expand from $2,541.63 million in 2023 to $7,574.05 million by 2032, with a CAGR of 12.81% from 2024 to 2032. For the Government Solutions segment specifically in the U.S., recent legislation has expanded the total addressable market by approximately $185 million, with further potential to surpass $300 million pending additional legislation in California.
• Commercial Services (Toll and Violation Management): null
• Parking Solutions: null

Share Repurchases

• In October 2025, Verra Mobility's Board of Directors authorized an additional $150 million for share repurchases, bringing the total capacity under its 2025 program to $250 million, with repurchases permitted until November 13, 2026.
• The company's Board authorized a $100 million share repurchase program in May 2025, effective until November 13, 2026.
• In December 2024, Verra Mobility announced an expansion of its stock repurchase program with an additional $100 million authorized, bringing the total available for buybacks to approximately $112.7 million, including remaining funds from a prior October 2023 allowance, set to continue until April 30, 2025.

Share Issuance

• As of February 21, 2025, Verra Mobility had 159,593,852 shares of Class A Common Stock issued and outstanding.
• In May 2023, stockholders approved the Amended and Restated 2018 Equity Incentive Plan, which increased the maximum number of shares for stock-based awards including restricted stock units, performance share units, and non-qualified stock options for employees and non-employee directors.

Outbound Investments

• In November 2021, Verra Mobility agreed to acquire T2 Systems, a provider of parking management solutions, for $347 million plus up to an additional $9 million.
• In January 2021, Verra Mobility acquired Redflex Holdings for AUD 140 million.

Capital Expenditures

• Verra Mobility's capital expenditures were -$103.72 million over the last 12 months (as of September 30, 2025, or March 31, 2025).
• Expected capital expenditures are $61 million for 2025, $66 million for 2026, and $71 million for 2027, generally representing 6% of revenue.
• Capital expenditures include purchases of installation and service parts and property and equipment, with significant investments related to the New York City contract, involving the sale and installation of approximately 1,000 additional red-light and fixed bus-lane cameras over the next two years, expected to contribute $20 million to $30 million in product revenue annually in 2026 and 2027.