Strong Financial Performance
Total revenue for the quarter increased 6% year-over-year to $236 million, with all three business segments meeting or exceeding their respective internal plans. Adjusted EPS increased 10% over the prior year period.
Government Solutions Growth
Service revenue increased 7% year-over-year, with total revenue up 10%. Notable expansion included $21 million in contracted bookings in Q2, bringing the trailing 12 months total to about $60 million.
Positive Trends in Automated Enforcement
New legislation in Colorado and Nevada added about $40 million in total addressable market. Positive support for photo enforcement programs continues to grow across the United States.
Healthy Free Cash Flow and Leverage
Free cash flow for the quarter was $40 million. The company maintained a strong balance sheet with net leverage at 2.2x.
ERP Implementation on Track
The ERP project is on schedule and on budget, with the most complex portion largely complete.