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    Shefali Tamaskar • Morgan Stanley

    Shefali Tamaskar's questions to Verra Mobility Corp (VRRM) leadership

    Shefali Tamaskar's questions to Verra Mobility Corp (VRRM) leadership • Q4 2024

    Question

    Shefali Tamaskar, on for James Faucette, asked about trends in cashless toll adoption in Europe and visibility for 2025. She also inquired about demand trends for 'purpose-built' enforcement in Government Solutions and any changes to the associated economics.

    Answer

    CEO David Roberts noted positive momentum in Europe, with new cashless roads in France and Italy and successful customer renewals, though the overall trend remains slow. He confirmed that demand in Government Solutions is still strongest around schools and school buses, which he termed 'precious cargo,' and stated that the economics for these programs remain effectively the same.

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    Shefali Tamaskar's questions to I3 Verticals Inc (IIIV) leadership

    Shefali Tamaskar's questions to I3 Verticals Inc (IIIV) leadership • Q1 2025

    Question

    Shefali Tamaskar, on behalf of James Faucette at Morgan Stanley, asked for a more detailed breakdown of the drivers for the high single-digit organic growth guidance, including the mix of new versus existing business. She also asked for confirmation on the expected annual pace of acquisitions.

    Answer

    Executive Clay Whitson broke down the growth drivers, starting with their 100% net dollar retention figure. He noted that including payments would likely add 2-3%, potential price increases could add 1-2% in the future, and the remainder would come from new logos. CEO Gregory Daily confirmed that an expectation of 3 to 5 acquisitions per year remains appropriate, though he cautioned that the timing is opportunistic and can be lumpy.

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    Shefali Tamaskar's questions to I3 Verticals Inc (IIIV) leadership • Q4 2024

    Question

    Shefali Tamaskar, on for James Faucette, inquired about the macroeconomic outlook for 2025, the general health of customers, and the company's confidence in achieving its high single-digit organic growth target.

    Answer

    An executive noted very consistent and increasing demand in the public sector for modern, web-native applications, driven by clients' own staffing constraints. Executive Clay Whitson expressed confidence in the high single-digit organic growth for FY25, attributing it to the reversal of several FY24 headwinds, including the Manitoba project delay, a $5 million impact from the SaaS transition, and lapping state subsidies in the education vertical.

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