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SP Plus Corporation (Nasdaq: SP) is a leading provider of professional parking, ground transportation, facility maintenance, security, and event logistics services across North America and Europe. Operating under recognized brands like SP+ Parking, Standard Parking, and Central Parking, the company manages thousands of parking facilities encompassing over two million parking spaces in hundreds of cities across the United States and Canada.
SP+ integrates industry-leading technology with top-notch operations management to deliver comprehensive mobility solutions. Their services cater to a diverse clientele, including aviation, commercial, hospitality, and institutional markets. The company's innovative technology suite, branded as Sphere, provides efficient and time-sensitive solutions for the movement of people, vehicles, and personal travel belongings. With over 20,000 team members, SP+ is dedicated to enhancing the customer experience through technological advancements and superior service delivery.
Recently, SP+ secured a 35-year agreement to manage the University of Akron’s parking system, generating a significant up-front payment of $55 million and ongoing revenue of approximately $75 million over the term. This partnership entails substantial upgrades to the campus parking facilities, aimed at improving the overall customer experience. Additionally, the company’s collaboration with the high-speed rail service Brightline enhances passenger convenience through streamlined baggage handling services.
SP+ has also been recognized for its commitment to diversity, being named one of America’s Greatest Workplaces for Diversity by Newsweek and Plant-A Insights Group in 2024. Financially, the company reported strong growth in 2023, with a 15% increase in gross profit and a 10% rise in adjusted EBITDA, underscoring the successful execution of its growth strategy.
Looking ahead, SP+ is focused on completing its merger with Metropolis Technologies, Inc., expected to close in 2024, which will further strengthen its market position. The company continues to prioritize innovation and customer satisfaction, making every moment matter for a world on the go.
SP Plus (SP) reported record first quarter 2024 results with an 8% year-over-year gross profit increase, setting new records for gross profit and adjusted EBITDA. The Commercial division saw 4% reported gross profit growth and 5% adjusted gross profit growth, while the Aviation division achieved double-digit gross profit growth. SP+ continues to focus on innovative technology solutions, acquisitions, and technology investments to drive gross profit growth. Total technology transactions and their contribution to adjusted gross profit set quarterly records, nearing the goal of generating 10% of gross profit through technology solutions by 2025.
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