Verra Mobility provides technology-driven solutions for toll management, traffic enforcement, and parking. The company serves two main customer groups: commercial fleet operators and government agencies. For commercial fleets — primarily rental car companies like Avis Budget Group, Enterprise, and Hertz — Verra Mobility handles the administrative complexity of tolling and violations at scale, processing transactions across 50+ tolling authorities, billing individual drivers, and managing title and registration services. For governments, Verra Mobility installs and operates red-light, speed, school bus, and bus lane cameras on an outsourced basis, processing violations and managing citation billing end-to-end. The company operates through three segments: Commercial Services (~45% of revenue), Government Solutions (~47%), and Parking Solutions (~8%), the latter being a underperforming SaaS business acquired via T2 Systems in 2021. Commercial Services earns a recurring fee per toll or violation transaction, benefiting from secular growth in cashless tolling adoption beyond underlying travel volume. Government Solutions operates on multi-year contracts with ~97% renewal rates, with New York City as the largest single customer. Verra Mobility is expanding Government Solutions by winning new photo enforcement contracts as state legislatures authorize new programs, particularly in California. Commercial Services is also growing in Europe as toll roads in France, Italy, Spain, and Portugal shift to cashless infrastructure.