Recent Updates — VRRM
The Board of Directors appointed Matthew Kvarda, a Managing Director with Alvarez & Marsal North America, LLC, as Interim Chief Financial Officer and principal financial officer, effective November 5, 2026. He succeeds Craig Conti, who will resign as Executive Vice President and Chief Financial Officer on November 4, 2026. The Board is conducting a search for a permanent CFO with the assistance of Spencer Stuart. Kvarda's services are provided under an engagement letter with Alvarez & Marsal at a fixed monthly rate starting at $150,000, capped at $1,890,000 through October 31, 2027. Verra Mobility Corporation operates in the parking enforcement and mobility technology industry.
Verra Mobility reported third-quarter 2026 total revenue of $258.9 million and net income of $40.4 million, or $0.27 per diluted share. Adjusted EBITDA was $103.9 million with a 40% margin, while free cash flow reached $89.4 million. The company recorded $64.0 million in goodwill and $40.4 million in intangible asset impairments within its Parking Solutions segment during the first nine months of 2026. Leadership changes include Jon Newhard becoming President and CEO effective November 1, 2026, succeeding Interim CEO Jon Keyser, while Matthew Kvarda was appointed Interim CFO to replace Craig Conti. Verra Mobility also terminated its contract with Avis Budget Group effective January 30, 2027, due to reduced fleet volumes and less favorable terms. The company reaffirmed its full-year 2026 guidance for revenue between $945 million and $965 million. Verra Mobility operates in the smart mobility technology sector, providing automated tolling, traffic safety solutions, and parking management services.
Craig Conti has resigned as Executive Vice President and Chief Financial Officer of Verra Mobility, effective November 4, 2026, to pursue an opportunity in a different industry. The departure was not related to financial results or disagreements regarding accounting policies. The Board has initiated a search for a permanent successor with Spencer Stuart and expects to appoint an interim CFO. The company reaffirmed its full-year 2026 outlook previously presented on August 5, 2026. Verra Mobility will report third-quarter 2026 financial results before market open on October 30, 2026, without a conference call due to the leadership transition. Verra Mobility Corporation is a leading provider of smart mobility technology solutions that make transportation safer and more connected.
Verra Mobility's Board appointed Jon Newhard as President and Chief Executive Officer, effective November 1, 2026. Jon Keyser will cease serving as Interim President and CEO immediately prior to that date. Keyser will remain a full-time employee as Special Advisor through December 31, 2026, to support the leadership transition. His separation constitutes a termination without cause under his employment agreement. He is entitled to $650,000 in cash severance, COBRA premiums for 12 months, full vesting of RSUs valued at $2,250,000, and $2,200,110 from a retention award. Keyser may also receive a prorated annual bonus and a potential $200,000 transition bonus contingent on satisfactory performance during the transition period. Verra Mobility Corporation operates in the parking enforcement technology industry.
Verra Mobility Corporation appointed Jon Newhard as President and Chief Executive Officer, effective November 1, 2026. The Board increased its size from six to seven directors to accommodate his appointment. Mr. Newhard succeeds Interim CEO Jon Keyser, who will serve in an advisory role until December 31, 2026. Under the employment agreement, Mr. Newhard receives a $725,000 annual base salary, a target bonus of 100% of base salary, and an estimated $4 million in annual equity awards starting fiscal year 2027. He also received a $25,000 sign-on bonus and is eligible for an inducement restricted stock unit award valued at $4,750,000. The company operates in the smart mobility technology sector, providing transportation safety systems, parking management solutions, and payment services.
Verra Mobility reported a net loss of $48.2 million for the quarter ended June 30, 2026, compared to net income of $38.6 million in the prior year period, driven by $104.4 million in goodwill and intangible asset impairments. Total revenue increased 12% to $263.6 million, with service revenue growth led by a $12.0 million increase from New York City camera installations. The company revised its full-year 2026 guidance, projecting total revenue of $945–$965 million and adjusted EPS of $1.11–$1.17. Additionally, Verra Mobility extended contracts with Avis Budget Group for seven years and Hertz for five years on less favorable terms, while appointing Jon Keyser as Interim CEO following the departure of David Roberts. Verra Mobility Corporation operates in the smart mobility technology sector, providing automated traffic safety solutions, tolling services, and parking management software.