Verra Mobility (RRM), a leading provider of smart mobility technology solutions, announced that its Board of Directors approved a share repurchase program which authorizes the Company to repurchase up to $100 million of its Class A common stock over the next twelve months.
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“We expect to generate significant free cash flow this year through a combination of our highly attractive recurring revenue model and the anticipated collection of outstanding receivables,” stated David Roberts, the chief executive officer of Verra Mobility. “Our capital allocation strategy has always focused on investing for growth through M&A and then returning excess cash to shareholders. However, at current valuations, we believe the repurchase of our shares represents an attractive investment opportunity to redeploy excess capital and enhance long-term shareholder value creation.”
Under the stock repurchase program, the Company may repurchase shares of its Class A common stock from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. Repurchases may be conducted and may be suspended or terminated at any time without notice. The extent to which the Company repurchases shares of its Class A common stock and the timing of such purchases will depend upon market conditions, the Company’s capital position, and other considerations as may be considered by the Company in its sole discretion. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions.
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