Strong Revenue Growth
Total revenue for the quarter increased 16% over the same period last year to $262 million, with all three business segments meeting or exceeding their respective internal plans.
New York City Contract Expansion
The new 5-year automated enforcement contract with the New York City Department of Transportation is expected to have a total value of $963 million, with service revenue expected to grow from $135 million in 2024 to $165-$185 million by 2027.
Government Solutions Performance
Total revenue increased 28% over the third quarter of 2024, with New York City revenue increasing 46% driven by new red-light camera installations.
Legislative Wins in California
Two important pieces of legislation passed, expanding the total addressable market by an estimated $140 million, primarily driven by red-light camera reforms.
Stock Repurchase Program
The Board of Directors authorized a $150 million increase to the existing stock repurchase program, bringing the total authorization to $250 million.