Verra Mobility reported second-quarter revenue of $263.6 million, up 12% year over year, but swung to a net loss of $48.2 million due to a $104.4 million non-cash impairment charge tied to its T2 Systems parking unit. Adjusted EBITDA rose 5% to $110.7 million, and adjusted EPS increased to $0.38 from $0.34 a year earlier. The company signed a seven-year contract extension with Avis Budget Group and a five-year extension with Hertz, though management said the revised terms are materially less favorable and will weigh on growth in the second half. Verra Mobility also won a Los Angeles speed enforcement contract expected to generate $10 million in annual recurring revenue and updated full-year guidance to revenue of $945 million to $965 million and adjusted EBITDA of $360 million to $370 million.
Avis Budget Group Inc
Hertz Global Holdings IncVerra Mobility CorpNet loss due to $104.4M impairment charge and less favorable contract terms weigh on growth.
