Vera Mobility announced a $100 million share buyback program and debt management initiative

Vera Mobility announced a $100 million share buyback program and debt management initiative

Mesa, Ariz.And the November 21, 2022 /PRNewswire/ – Verra Mobility Company (NASDAQ: vrm), a number one supplier of good mobility expertise options, at the moment introduced that its board of administrators has accredited a share buyback program, which entitles the corporate to buyback till $100 million of Class A Widespread Inventory over the following 18 months infrequently in open market transactions, accelerated inventory repurchases or in negotiation non-public transactions, every as permitted by relevant guidelines and laws.

The corporate additionally introduced its intention to cut back leverage to a goal web debt ratio of three.0 occasions adjusted EBITDA by the top of 2023 and mitigate the danger of elevated money curiosity funds by way of a number of accessible choices, together with debt repayments. and exploration. Alternate options to managing rate of interest danger.

“We stay dedicated to delivering worth to our shareholders by way of a disciplined and versatile capital allocation technique,” he mentioned. David Robertschief govt officer, Mobility Vera. Our announcement at the moment is one thing new $100 million The share repurchase program together with our intent to cut back web leverage to three.0x throughout these distinctive rate of interest environments highlights a balanced capital allocation strategy that focuses on the super money movement capability of our enterprise. ”

The timing and precise variety of shares reacquired by the Firm will depend upon quite a lot of elements, together with worth, basic enterprise and market circumstances, and various capital allocation alternatives, together with potential debt administration options. Buybacks could possibly be made pursuant to a buying and selling plan beneath Rule 10b5-1 beneath the Securities Alternate Act of 1934, as amended, which might permit inventory buybacks when the corporate is in any other case prohibited from doing so by imposed buying and selling blackouts. or different regulatory restrictions. Firm inventory repurchases might also be suspended or terminated at any time with out discover.

About Vera Mobility

Vera Mobility (NASDAQ: vrmis a number one supplier of good mobility expertise options that make transportation safer, smarter and extra linked. The corporate is on the middle of the mobility ecosystem, bringing collectively automobiles, {hardware}, software program, information and other people to allow protected and environment friendly options for purchasers globally. Verra Mobility’s transportation security programs and parking administration options defend lives, enhance city and freeway mobility, and assist more healthy communities. The corporate additionally solves advanced cost, utilization and compliance challenges for fleet house owners and automobile rental firms. Headquartered in ArizonaVerra Mobility works in North AmaricaAnd the EuropeAnd the Asia And the Australia. For extra info, please go to the web site www.verramobility.com.

Ahead-looking statements

This press launch accommodates “forward-looking statements” throughout the that means of the Personal Securities Litigation Reform Act of 1995. These statements embody, however usually are not restricted to, statements about Verra Mobility’s plans, targets, expectations, beliefs, and intentions and different statements together with phrases resembling “hope “,” anticipate “,” might “,” imagine “,” anticipate “,” intend “,” will “,” ought to “,” plan “,” estimate “,” anticipate “,” proceed” and “potential” or Negativity of those phrases or different related phrases. Examples of forward-looking statements embody, amongst others, statements concerning the advantages of the Firm’s inventory repurchase program, intentions to cut back web monetary leverage and accessible debt administration alternatives. Precise outcomes might differ materially from these projected within the forward-looking statements attributable to basic monetary, financial, regulatory, and political circumstances affecting the good mobility trade in addition to extra dangers and uncertainties dealing with Verra Mobility resembling these set forth in its studies on Types 8-Ok and Types 10 filed. Q and 10-Ok with the US Securities and Alternate Fee. Given these dangers and uncertainties, all or any of those forward-looking statements might change into incorrect. Due to this fact, you shouldn’t depend on any of those elements or forward-looking statements.

This press launch needs to be learn along with info contained in Verra Mobility’s press releases, studies, and different studies and filings with the SEC and on the SEC’s web site, www.sec.govAlong with info accessible on the corporate’s web site and investor relations web site. Understanding the knowledge contained in these filings and on our company and investor relations web sites is essential to totally understanding Verra Mobility’s reported monetary outcomes and our enterprise outlook for future durations. The forward-looking statements contained herein signify Verra Mobility’s judgment, as of the date hereof, and Verra Mobility disclaims any intention or obligation to replace the forward-looking statements.

extra info

We periodically present info to buyers on our firm’s web site, www.verramobility.comour Investor Relations web site, ir.verramobility.com. We intend to make use of our web site as a way to reveal materials private info and to adjust to disclosure obligations beneath Regulation FD. Accordingly, buyers ought to monitor our web site, in addition to comply with the corporate’s press releases, SEC filings, convention calls and webcasts.

Supply Verra Mobility

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