SP® Plus Corporation (Nasdaq:SP), a best-in-class technology and
operations management provider of mobility services for aviation,
commercial, hospitality, and institutional clients throughout North
America and Europe, today announced its first quarter 2024 results.
Management Commentary
Marc Baumann, Chairman and Chief Executive Officer, said, “First
quarter results reflected another quarter of strong momentum in
several key financial and operating metrics. Gross profit increased
8% year-over-year on both a reported and adjusted basis, and
adjusted EBITDA increased 8%, with each measure setting first
quarter records for SP+. Our strategy remains firmly on track as we
continue to deliver innovative technology solutions and superior
operations, expand our addressable market through acquisitions, and
monetize technology investments to further accelerate gross profit
growth.
“In our Commercial division, 4% reported gross profit growth and
5% adjusted gross profit growth was led by increased demand for our
services across a broad range of verticals, with particular
strength in healthcare, commerce and residential, each posting
double-digit same location year-over-year growth. We ended the
first quarter with 3,382 commercial locations, representing 6%
year-over-year growth, while continuing to maintain our high 94%
location retention rate. Our Aviation division had another strong
quarter, achieving double-digit gross profit growth in both
reported and adjusted gross profit, which were up 19% and 17%
respectively, reflecting the benefit from recent airport contract
wins, high travel volumes and cross-selling of additional services
at airport locations.
“SP+ continues to deploy our comprehensive portfolio of
technology offerings in order to capitalize on an evolving
industry. We added 16 standalone Sphere locations during the first
quarter for a total of 86 over the last twelve months, a clear
indication of our offerings’ strong appeal and our expanded
addressable market. In addition, total technology transactions and
their contribution to adjusted gross profit each set a quarterly
record, both nearly doubling year-over-year. We remain on track to
achieve our goal of generating 10% of our gross profit through
technology solutions by 2025.
Mr. Baumann concluded, “Our record first quarter performance is
directly attributable to the dedication and commitment of our
leadership team and team members. Their continued efforts in
developing and delivering impactful solutions have been pivotal to
our success, and they’re a major reason why SP+ stands at the
forefront of the drive toward digital transformation within the
parking industry. I greatly appreciate their invaluable
contributions toward making every moment matter for a world on the
go.”
Financial Summary
In millions except per share |
Three Months EndedMarch 31, 2024 |
|
Three Months EndedMarch 31, 2023 |
|
GAAP |
Adjusted/ Non-GAAP (1) |
|
GAAP |
Adjusted/ Non-GAAP (1) |
Total services revenue (before reimbursed management type contract
revenue) |
$222.1 |
NA |
|
$216.3 |
NA |
Gross profit (2),(3) |
$59.3 |
$63.0 |
|
$55.1 |
$58.4 |
General and administrative expenses (3) |
$34.8 |
$31.8 |
|
$30.6 |
$29.3 |
Operating income (3) |
$18.9 |
$25.1 |
|
$19.3 |
$23.7 |
Net income attributable to SP Plus(3) |
$7.6 |
$12.2 |
|
$8.4 |
$11.6 |
Net income per diluted common share (EPS) (3) |
$0.38 |
$0.61 |
|
$0.42 |
$0.58 |
EBITDA (1),(3) |
NA |
$30.4 |
|
NA |
$28.2 |
Net cash provided by operating activities |
$14.6 |
NA |
|
$7.7 |
NA |
Free cash flow (1) |
NA |
$8.4 |
|
NA |
$0.3 |
(1) Refer to the disclosure regarding use of non-GAAP financial
measures and the accompanying financial tables for a reconciliation
of all non-GAAP financial measures to U.S. GAAP.
(2) GAAP gross profit includes depreciation and amortization
expense. Please refer to the table accompanying this release for a
reconciliation of GAAP gross profit.
(3) Adjusted gross profit, adjusted general and administrative
expenses, adjusted operating income, adjusted net income
attributable to SP Plus, adjusted net income per diluted common
share attributable to SP Plus (“adjusted EPS"), and adjusted
earnings before interest, income taxes, depreciation and
amortization (“adjusted EBITDA") are all non-GAAP financial
measures that exclude, for the periods presented, (a)
acquisition-related, restructuring and other costs; (b) the
amortization of acquired intangible assets; and (c) with respect to
adjusted gross profit, depreciation and amortization expense.
Please refer to the accompanying financial tables for a
reconciliation of these adjusted measures to U.S. GAAP.
First Quarter Operating Results
Reported gross profit in the first quarter of 2024 increased 8%
year-over-year to $59.3 million. Excluding depreciation and
acquisition-related, restructuring and other costs, adjusted gross
profit also increased 8% to $63.0 million, as a result of
technology-related fees, underlying growth in same locations,
increased travel activity, new contract wins, and high location
retention.
First quarter 2024 reported general and administrative
(“G&A”) expenses were $34.8 million, compared
to $30.6 million in the year ago quarter. Adjusted
G&A expenses for the first quarter of 2024, which
exclude acquisition-related, restructuring and other costs,
were $31.8 million, compared to $29.3 million in the first
quarter of 2023, reflecting investments in business development and
technology deployment, as well as other growth-related
initiatives.
First quarter 2024 reported net income attributable to SP
Plus was $7.6 million, or $0.38 per diluted common share,
compared to $8.4 million, or $0.42 per diluted common share, in the
year ago quarter. First quarter 2024 adjusted earnings per common
share was $0.61, compared to adjusted earnings per common
share of $0.58 for the first quarter of 2023.
First quarter 2024 cash flow from operations and free cash flow
totaled $14.6 million and $8.4 million, respectively, compared to
$7.7 million and $0.3 million, respectively, in the first quarter
of 2023.
Recent Events
On February 12, 2024, SP+ announced that at its special meeting
of stockholders on February 9, 2024, SP+ stockholders voted to
approve the previously announced Agreement and Plan of Merger with
Metropolis Technologies, Inc. (the “Merger”). The Merger remains
subject to the satisfaction or waiver of certain other closing
conditions, including the expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended (the “HSR Act”). As previously disclosed, on
February 5, 2024, SP+ and Metropolis each received a request for
additional information and documentary material, often referred to
as a “Second Request,” from the Antitrust Division of the
Department of Justice (the “DOJ”), which extends the waiting period
under the HSR Act until 30 days after SP+ and Metropolis have each
substantially complied with the Second Request, unless the waiting
period is extended voluntarily by the parties or is earlier
terminated by the DOJ. SP+ and Metropolis will continue to
cooperate fully with the DOJ in its review. The Company continues
to expect the Merger to close in 2024.
In light of the pending acquisition by Metropolis Technologies,
Inc., and as is customary during such transactions, SP+ will not
host an earnings conference call for its first quarter 2024
results.About SP+
SP+ (www.spplus.com) develops and integrates
industry-leading technology with best-in-class operations
management and support to deliver mobility solutions that enable
the efficient and time-sensitive movement of people, vehicles, and
personal travel belongings. With over 20,000 team members located
throughout North America and Europe, SP+ is
committed to providing solutions that make every moment matter for
a world on the go. For more information, visit
www.spplus.com. You should not construe the information
on those websites to be a part of this release. SP Plus
Corporation’s annual reports filed on Form 10-K, its quarterly
reports on Form 10-Q, and its current reports on Form 8-K are
available on the Internet at www.sec.gov and can also be accessed
through the Investor Relations section of the SP Plus website.
Cautionary Note Regarding Forward-Looking
Statements
This release and the attached tables contain forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Expectations regarding gross profits, G&A, revenue
volatility, actions to limit discretionary spending, and other
statements regarding expectations, beliefs, plans, intentions and
strategies of the Company. The Company has tried to identify these
statements by using words such as “expect”, “anticipate”,
“believe”, “confident”, “could”, “should”, “estimate”, “intend”,
“may”, “plan”, “guidance”, “pathway”, “will”, and similar terms and
phrases, but such words, terms and phrases are not the exclusive
means of identifying such statements. These forward-looking
statements are made based on management's expectations and beliefs
concerning future events affecting the Company and are
subject to uncertainties and factors relating to operations and the
business environment. Actual results, performance and achievements
could differ materially from those expressed in, or implied by,
these forward-looking statements due to a variety of risks,
uncertainties and other factors, including, but not limited to, the
following: the Company's ability to successfully effect its
strategic growth plan; intense competition; changing consumer
preferences and legislation; ability to preserve client
relationships; difficulty obtaining insurance coverage or obtaining
insurance coverage at a reasonable cost; volatility associated with
high deductible and high retention insurance programs; risk that
insurance reserves are inadequate; losses not covered by insurance;
risks relating to the Company's acquisition strategy and ability to
successfully integrate such acquisitions; information technology
disruption, cyber-attacks, cyber-terrorism and security breaches;
risk management and safety programs do not have the intended
effect; risks associated with management type contracts and lease
type contracts; deterioration in general economic and business
conditions, including inflation or rising interest rates, or
changes in demographic trends; labor disputes; catastrophic events
such as natural disasters, pandemic outbreaks and military or
terrorist attacks could disrupt business; risks associated with
operations outside of North America; risk that state and municipal
government clients sell or enter into long-term lease type
contracts with the Company's competitors or clients for
parking-related assets; risks associated with joint ventures;
adverse litigation judgments or settlements; risks associated with
operating in a highly regulated environment and the impact of
public and private regulations or governmental orders; the impact
of Federal health care reform; adverse changes in tax laws or
rulings; goodwill impairment charges or impairment of long-lived
assets; risks due to the Company's substantial indebtedness,
including failure to comply with credit facility covenants or meet
payment obligations which may accelerate repayment of the Company's
indebtedness; lack of availability of adequate capital, financing,
or revenues to grow the Company's business or satisfy liquidity
needs; financial difficulties or bankruptcy of major clients; the
Company’s ability to obtain performance bonds; failure to attract
and retain senior management and other qualified personnel; the
long-term impact of climate change on the Company’s business; and
actions of activist investors.
Important risk factors relating to the pending acquisition by
Metropolis Technologies, Inc., (the “Transaction”) that also may
cause a difference between actual results and forward-looking
statements include, but are not limited to: (i) the completion of
the Transaction on anticipated terms and timing, including
obtaining required regulatory approvals, and the satisfaction of
other conditions to the completion of the Transaction; (ii) the
ability of Parent (as defined in the Merger agreement) to obtain
the necessary financing arrangements set forth in the commitment
letters received in connection with the Transaction; (iii)
potential litigation relating to the Transaction that could be
instituted against Parent, the Company or their respective
directors, managers or officers, including the effects of any
outcomes related thereto; (iv) the risk that disruptions from the
Transaction will harm the Company’s business, including current
plans and operations; (v) the ability of the Company to retain and
hire key personnel; (vi) potential adverse reactions or changes to
business relationships resulting from the announcement or
completion of the Transaction; (vii) continued availability of
capital and financing and rating agency actions; (viii)
legislative, regulatory and economic developments affecting the
Company’s business; (ix) general economic and market developments
and conditions; (x) potential business uncertainty, including
changes to existing business relationships, during the pendency of
the Transaction that could affect the Company’s financial
performance; (xi) certain restrictions during the pendency of the
Transaction that may impact the Company’s ability to pursue certain
business opportunities or strategic transactions; (xii)
unpredictability and severity of catastrophic events, including but
not limited to acts of terrorism, pandemics, outbreaks of war or
hostilities, as well as the Company’s response to any of the
aforementioned factors; (xiii) significant transaction costs
associated with the Transaction; (xiv) the possibility that the
Transaction may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; (xv) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Transaction, including in
circumstances requiring the Company to pay a termination fee or
other expenses; (xvi) competitive responses to the Transaction;
(xvii) the outcome of the Second Request under the HSR Act and
(xviii) the risks and uncertainties pertaining to the Company’s
business, including those set forth in Part I, Item 1A of the
Company’s most recent Annual Report on Form 10-K and Part II, Item
1A of the Company’s subsequent Quarterly Reports on Form 10-Q, and
the risks and uncertainties described in the definitive proxy
statement on Schedule 14A filed by the Company with the Securities
and Exchange Commission (“SEC”) on January 10, 2024, in each case,
as such risks and uncertainties may be amended, supplemented or
superseded from time to time by other reports filed by the Company
with the SEC.
For a detailed discussion of factors that could affect the
Company's future operating results, please see the Company's
filings with the SEC, including the disclosures under "Risk
Factors" in those filings. Except as expressly required by the
federal securities laws, the Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, changed circumstances or future events
or for any other reason.
Use of Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements
presented in accordance with accounting principles generally
accepted in the United States (“U.S. GAAP’), the Company considers
certain financial measures that are not prepared in accordance with
U.S. GAAP. Certain non-GAAP measures, such as adjusted
gross profit, adjusted general and administrative expenses
(adjusted G&A), adjusted operating income, adjusted net
income attributable to SP Plus (adjusted net income), adjusted
net income per diluted common share attributable to SP Plus
(adjusted EPS), and adjusted EBITDA exclude items that
management does not consider indicative of its core
performance. Such adjustments include, among other
things: (i) acquisition-related, restructuring and other
costs; (ii) non-routine settlements; (iii) the amortization of
acquired intangible assets; (iv) the impact of non-routine asset
sales or dispositions; (v) the net loss or gain and the
financial results related to sold businesses; (vi) gain/loss
on termination of joint ventures or sale of other investments;
(vii) non-routine tax items; and (viii) with respect to adjusted
gross profit, depreciation and amortization expense. Pre-tax
adjustments are tax affected at a statutory tax rate of 27%
for adjusted net income and adjusted EPS purposes.
The Company defines Adjusted EBITDA, a non-GAAP financial
measure, as U.S. GAAP net income attributable to the Company before
(i) interest expense net of interest income, (ii) provision
(benefit) for income taxes, (iii) depreciation and amortization,
(iv) gain on sale of a business or contribution of a business to an
unconsolidated entity, (v) gain/loss on termination of joint
ventures or sale of other investments, and (vi) other items that
management does not consider indicative of its core performance, as
defined above. The Company believes that the presentation of
adjusted EBITDA provides useful information regarding the Company’s
operating performance and are useful measures to facilitate
comparisons to the Company’s historical and future operating
results. The Company's definition of adjusted EBITDA may not
be comparable to similarly titled measures presented by other
companies.
The Company defines free cash flow as net cash provided by (used
in) operating activities, less cash used for investing activities
(exclusive of cash used for acquisitions or the purchase of
intangible assets and net after-tax cash proceeds from the sale of
businesses or joint venture related assets), less distributions to
non-controlling interests, plus the effect of exchange rate changes
on cash and cash equivalents. The Company believes that the
presentation of free cash flow provides useful information
regarding its ability to generate cash flow from business
operations after funding capital expenditures, that can be used to,
among other things, repay debt, fund strategic acquisitions, and
return value to shareholders. The Company's definition of free
cash flow may not be comparable to similarly titled measures
presented by other companies.
The Company uses these non-GAAP financial measures, in addition
to U.S. GAAP financial measures, to evaluate its operating and
financial performance and to compare such performance to that of
prior periods and to the performance of its competitors.
Additionally, the Company uses these non-GAAP financial measures in
making operational and financial decisions and in the Company’s
budgeting and planning process. The Company
believes that providing these non-GAAP financial measures to
investors helps investors evaluate the Company’s operating
performance, profitability and business trends in a way that is
consistent with how management evaluates such performance and
consistent with guidance previously provided by the
Company. Adjusted gross profit, adjusted G&A, adjusted
operating income, adjusted net income, adjusted EPS, adjusted
EBITDA, and free cash flow should not be considered in isolation
of, or as alternatives to or more meaningful indicators of, the
Company's operating performance or liquidity than gross profit,
G&A, operating income, net income, EPS, or net cash provided by
(used in) operating activities, as determined in accordance with
U.S. GAAP. In addition, the Company's calculation of these non-GAAP
measures may not be comparable to similarly titled measures
presented by other companies.
For reconciliations of these non-GAAP financial measures to the
most directly comparable U.S. GAAP financial measures, see the
accompanying tables to this release.
The summary condensed consolidated financial statements
presented below reflect a combination of certain line items from
our consolidated financial statements and should be read in
conjunction with the financial statements and notes set forth in
our Annual Report on Form 10-K and quarterly filings with the
SEC.
SP Plus Corporation |
|
|
|
|
Summary Condensed Consolidated Statements of
Income |
|
|
|
|
(millions, except for share and per share data) (unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
March 31, 2024 |
|
March 31, 2023 |
|
Total
services revenue |
$451.9 |
|
$425.3 |
|
Total cost of services (exclusive of depreciation and
amortization) |
389.2 |
|
367.0 |
|
General
and administrative expenses |
34.8 |
|
30.6 |
|
Depreciation and amortization |
9.0 |
|
8.4 |
|
Operating income |
18.9 |
|
19.3 |
|
Other
expense (income) |
7.3 |
|
6.7 |
|
Earnings before income taxes |
11.6 |
|
12.6 |
|
Income tax expense |
3.1 |
|
3.3 |
|
Net income |
8.5 |
|
9.3 |
|
Less: Net income attributable to noncontrolling interests |
0.9 |
|
0.9 |
|
Net income attributable to SP Plus Corporation |
$7.6 |
|
$8.4 |
|
Common
stock data |
|
|
|
|
Net income per common share |
|
|
|
|
Basic |
$0.38 |
|
$0.43 |
|
Diluted |
$0.38 |
|
$0.42 |
|
Weighted average shares outstanding |
|
|
|
|
Basic |
19,803,578 |
|
19,701,426 |
|
Diluted |
19,992,969 |
|
19,867,300 |
|
|
|
|
|
|
SP Plus Corporation |
|
|
|
|
Revenue and Gross Profit, before depreciation and
amortization expense - by Contract type |
|
|
|
(millions) (unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
March 31, 2024 |
|
March 31, 2023 |
|
Management type contracts |
|
|
|
|
Service
revenue |
$159.5 |
|
$148.1 |
|
Subtract: Cost of services (exclusive of depreciation and
amortization) |
(107.0) |
|
(102.8) |
|
Management type gross profit, before depreciation and amortization
expense |
$52.5 |
|
$45.3 |
|
|
|
|
|
|
Lease type contracts |
|
|
|
|
Service
revenue |
$62.6 |
|
$68.2 |
|
Subtract: Cost of services (exclusive of depreciation and
amortization) |
(52.4) |
|
(55.2) |
|
Lease type gross profit, before depreciation and amortization
expense |
$10.2 |
|
$13.0 |
|
|
|
|
|
|
Other revenue and cost of services |
|
|
|
|
Reimbursed management type contract revenue |
$229.8 |
|
$209.0 |
|
Subtract: Reimbursed management type contract expense |
(229.8) |
|
(209.0) |
|
Other gross profit, before depreciation and amortization
expense |
$0.0 |
|
$0.0 |
|
|
|
|
|
|
SP Plus Corporation |
|
|
|
|
Reconciliation of Non-GAAP Measures |
|
|
|
|
(millions, except for share and per share data) (unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
Gross profit |
March 31, 2024 |
|
March 31, 2023 |
|
Total
services revenue |
$451.9 |
|
$425.3 |
|
|
Subtract: Total cost of services (exclusive of depreciation and
amortization) |
(389.2) |
|
(367.0) |
|
|
Subtract: Depreciation and amortization |
(3.4) |
|
(3.2) |
|
Gross profit, GAAP |
59.3 |
|
55.1 |
|
|
Add: Depreciation and amortization |
3.4 |
|
3.2 |
|
|
Add: Acquisition-related, restructuring and other costs |
0.3 |
|
0.1 |
|
Adjusted gross profit |
$63.0 |
|
$58.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
General and administrative expenses |
March 31, 2024 |
|
March 31, 2023 |
|
General
and administrative expenses, GAAP |
$34.8 |
|
$30.6 |
|
|
Subtract: Acquisition-related, restructuring and other costs |
(3.0) |
|
(1.3) |
|
Adjusted G&A |
$31.8 |
|
$29.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Operating income |
March 31, 2024 |
|
March 31, 2023 |
|
Operating
income, GAAP |
$18.9 |
|
$19.3 |
|
|
Add: Acquisition-related, restructuring and other costs |
3.3 |
|
1.4 |
|
|
Add: Amortization of acquired intangibles |
2.9 |
|
3.0 |
|
Adjusted operating income |
$25.1 |
|
$23.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Net income attributable to SP Plus |
March 31, 2024 |
|
March 31, 2023 |
|
Net
income attributable to SP Plus, GAAP |
$7.6 |
|
$8.4 |
|
|
Add: Acquisition-related, restructuring and other costs |
3.3 |
|
1.4 |
|
|
Add: Amortization of acquired intangibles |
2.9 |
|
3.0 |
|
|
Net tax effect of adjustments |
(1.7) |
|
(1.2) |
|
|
Other, rounding |
0.1 |
|
- |
|
Adjusted net income attributable to SP Plus |
$12.2 |
|
$11.6 |
|
|
|
|
|
|
|
Adjusted
net income per common share |
|
|
|
|
|
Basic |
$0.61 |
|
$0.59 |
|
|
Diluted |
$0.61 |
|
$0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Adjusted EBITDA |
March 31, 2024 |
|
March 31, 2023 |
|
Net
income attributable to SP Plus, GAAP |
$7.6 |
|
$8.4 |
|
Add: |
|
|
|
|
|
Income tax expense |
3.1 |
|
3.3 |
|
|
Interest expense, net |
7.3 |
|
6.7 |
|
|
Total depreciation and amortization expense |
9.0 |
|
8.4 |
|
|
Acquisition-related, restructuring and other costs |
3.3 |
|
1.4 |
|
|
Other, rounding |
0.1 |
|
- |
|
Adjusted EBITDA |
$30.4 |
|
$28.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SP Plus Corporation |
|
|
|
|
Selected Segment Data(millions,
unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
Commercial Segment |
March 31, 2024 |
|
March 31, 2023 |
|
Gross
Profit, GAAP |
$42.6 |
|
$41.1 |
|
|
Add: Depreciation and amortization |
2.2 |
|
1.9 |
|
|
Add: Acquisition-related, restructuring and other costs |
0.3 |
|
0.1 |
|
Adjusted Gross Profit |
$45.1 |
|
$43.1 |
|
|
|
|
|
|
|
General
and administrative expenses, GAAP |
$8.5 |
|
$8.2 |
|
|
Subtract: Acquisition-related, restructuring and other costs |
(0.3) |
|
(0.4) |
|
|
Other, rounding |
- |
|
(0.1) |
|
Adjusted G&A |
$8.2 |
|
$7.7 |
|
|
|
|
|
|
|
Operating
income, GAAP |
$32.4 |
|
$31.2 |
|
|
Add: Amortization of acquired intangibles |
1.6 |
|
1.5 |
|
|
Add: Acquisition-related, restructuring and other costs |
0.6 |
|
0.5 |
|
Adjusted Operating Income |
$34.6 |
|
$33.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Aviation Segment |
March 31, 2024 |
|
March 31, 2023 |
|
Gross
Profit, GAAP |
$16.7 |
|
$14.0 |
|
|
Add: Depreciation and amortization |
1.2 |
|
1.3 |
|
Adjusted Gross Profit |
$17.9 |
|
$15.3 |
|
|
|
|
|
|
|
General
and administrative expenses, GAAP |
$4.1 |
|
$3.9 |
|
|
(Subtract): Acquisition-related, restructuring and other costs |
(0.1) |
|
(0.2) |
|
|
Other, rounding |
- |
|
(0.1) |
|
Adjusted G&A |
$4.0 |
|
$3.6 |
|
|
|
|
|
|
|
Operating
income, GAAP |
$11.2 |
|
$8.6 |
|
|
Add: Amortization of acquired intangibles |
1.4 |
|
1.5 |
|
|
Add: Acquisition-related, restructuring and other costs |
0.1 |
|
0.2 |
|
Adjusted Operating Income |
$12.7 |
|
$10.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SP Plus Corporation |
|
|
|
|
Summary Condensed Consolidated Balance Sheets |
|
|
|
|
(millions, except for share and per share data) |
|
|
|
|
|
|
|
|
March 31, 2024 |
|
December 31, 2023 |
|
Assets |
(unaudited) |
|
|
|
Cash and cash equivalents |
$17.8 |
|
$19.1 |
|
Accounts receivable, net |
179.6 |
|
180.5 |
|
Prepaid expenses and other current assets |
13.0 |
|
12.6 |
|
Total current assets |
210.4 |
|
212.2 |
|
Property and equipment, net |
72.3 |
|
68.3 |
|
Right-of-use assets |
172.7 |
|
179.4 |
|
Goodwill |
544.4 |
|
544.6 |
|
Other intangible assets, net |
56.7 |
|
59.7 |
|
Other noncurrent assets |
85.9 |
|
87.7 |
|
Total noncurrent assets |
932.0 |
|
939.7 |
|
Total assets |
$1,142.4 |
|
$1,151.9 |
|
Liabilities and stockholders' equity |
|
|
|
|
Accounts payable |
$145.2 |
|
$136.6 |
|
Accrued and other current liabilities |
107.9 |
|
128.1 |
|
Short-term lease liabilities |
54.3 |
|
56.2 |
|
Current portion of long-term borrowings |
18.5 |
|
16.5 |
|
Total current liabilities |
325.9 |
|
337.4 |
|
Long-term borrowings, excluding current portion |
331.9 |
|
335.6 |
|
Long-term lease liabilities |
150.3 |
|
158.0 |
|
Other noncurrent liabilities |
73.7 |
|
70.2 |
|
Total noncurrent liabilities |
555.9 |
|
563.8 |
|
Total liabilities |
881.8 |
|
901.2 |
|
Total SP Plus Corporation stockholders' equity |
260.5 |
|
250.8 |
|
Noncontrolling interests |
0.1 |
|
(0.1) |
|
Total stockholders' equity |
260.6 |
|
250.7 |
|
Total liabilities and stockholders' equity |
$1,142.4 |
|
$1,151.9 |
|
|
|
|
|
|
|
|
|
|
|
SP Plus Corporation |
|
|
|
|
Summary Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
(millions) (unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
March 31, 2024 |
|
March 31, 2023 |
|
Net cash
provided by operating activities |
$14.6 |
|
$7.7 |
|
Net cash
used in investing activities |
(5.6) |
|
(8.8) |
|
Net cash
used in financing activities |
(10.2) |
|
18.7 |
|
Effect of exchange rate changes on cash and cash equivalents |
(0.1) |
|
(0.2) |
|
(Decrease) increase in cash and cash equivalents |
(1.3) |
|
17.4 |
|
Cash and
cash equivalents at beginning of year |
19.1 |
|
12.4 |
|
Cash and cash equivalents at end of period |
$17.8 |
|
$29.8 |
|
Supplemental disclosures |
|
|
|
|
Cash paid
(received) during the period for: |
|
|
|
|
Interest |
$7.0 |
|
$6.6 |
|
Income taxes, net |
($0.1) |
|
$0.1 |
|
|
|
|
|
|
|
|
|
|
|
SP Plus Corporation |
|
|
|
|
Free Cash Flow |
|
|
|
|
(millions) (unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
March 31, 2024 |
|
March 31, 2023 |
|
Net cash
provided by operating activities |
$14.6 |
|
$7.7 |
|
Net cash
used in investing activities |
(5.6) |
|
(8.8) |
|
plus:
Noncontrolling interest buyout |
0.1 |
|
2.1 |
|
Distributions to noncontrolling interests |
(0.7) |
|
(0.5) |
|
Effect of
exchange rate changes on cash and cash equivalents |
(0.1) |
|
(0.2) |
|
Other, rounding |
0.1 |
|
- |
|
Free cash flow |
$8.4 |
|
$0.3 |
|
|
|
|
|
|
|
|
|
|
|
SP Plus Corporation |
|
|
|
|
|
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|
Commercial Segment Facilities |
|
|
|
|
|
|
Managed facilities |
2,986 |
|
2,979 |
|
2,787 |
|
Leased facilities |
396 |
|
405 |
|
414 |
|
Total Commercial Segment facilities (1) |
3,382 |
|
3,384 |
|
3,201 |
|
|
|
|
|
|
|
|
Aviation Segment - Airports served |
|
|
|
|
|
|
North America |
102 |
|
101 |
|
101 |
|
Europe |
67 |
|
58 |
|
58 |
|
Total Airports |
169 |
|
159 |
|
159 |
|
(1) The increase as of December 31, 2023 included 22
unique locations added as a result of the acquisition of Roker |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:Kevin
WaldersenDirector, Financial
Analysiskwaldersen@spplus.com
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