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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+ Corporation (SP) retains its status as an Accredited Parking Organization (APO) with Distinction, solidifying its position in the parking and mobility industry. This prestigious designation is awarded to organizations demonstrating industry excellence via best practices in customer service, safety, and sustainability. The reaccreditation comes after a comprehensive evaluation process, affirming SP+'s commitment to high operational standards and client service. CEO Marc Baumann expressed pride in this achievement, underscoring the company's dedication to providing top-notch mobility solutions across North America and Europe.
SP Plus Corporation (Nasdaq: SP) has authorized a new share repurchase program worth $60 million aimed at enhancing shareholder value. This decision reflects the board's confidence in the company's growth prospects and robust financial position, supported by strong free cash flow. The repurchase program allows flexibility in acquiring shares based on market conditions and alternative capital uses. With this initiative, SP Plus emphasizes its commitment to capital allocation that may also include debt reduction and potential acquisitions.
SP Plus Corporation (NASDAQ: SP) announced it will release its fourth quarter and full-year 2022 earnings on February 22, 2023, after market close. A conference call will follow at 4:00 PM Central Time, accessible via webcast. Interested individuals should visit the investor relations section of the company’s website at least fifteen minutes early to register and ensure compatibility with audio software. Replays of the call will be available for 30 days post-broadcast. SP Plus specializes in parking management, ground transportation, and various mobility solutions across North America and Europe.
SP Plus Corporation (SP), a provider of mobility solutions, has enhanced New Orleans' on-street metered parking program with pay-by-text and pay-by-plate options. This upgrade simplifies the parking process by allowing users to pay without displaying receipt proof on dashboards. Customers can utilize text-to-pay or popular parking apps for transactions. The new pay-by-plate option eliminates manual input, as the enforcement system automatically recognizes valid parking sessions. SP+ aims to improve user experience and operational efficiency for its clients across North America and Europe.
SP Plus Corporation (Nasdaq:SP) will participate in the Sidoti December Virtual Small Cap Conference on December 7, 2022. CEO Marc Baumann and CFO Kristopher Roy will conduct a fireside chat at 12:45 p.m. CT. A live audio webcast will be available for attendees, along with a replay option for three months post-conference. SP+ is known for its technology-driven mobility solutions, including parking management and ground transportation services, aimed at enhancing client results across various sectors in North America and Europe.
SP Plus Corporation (Nasdaq:SP) announced leadership changes effective January 1, 2023, aimed at positioning the company for future growth. Chris Sherman will become President of the Commercial Division, succeeding Rob Toy, who will transition to Executive Advisor. Ritu Vig will take on the role of President of the Aviation Division, overseeing airport operations and senior leaders. Wenyu Blanchard will be the new Chief Legal Officer. The changes align with SP+'s digital transformation strategy in mobility solutions across North America and Europe.
SP Plus Corporation (Nasdaq: SP) announced the acquisition of certain assets from DIVRT, Inc., a frictionless parking technology provider. This deal includes all of DIVRT's intellectual property and a team of over 20 engineers in India, supporting the launch of a new technology innovation lab in Bengaluru. CEO Marc Baumann emphasized that this acquisition enhances SP+'s SaaS capabilities, expanding its addressable market and supporting growth. The partnership is expected to accelerate the development of innovative parking solutions, setting SP+ apart from competitors.
SP Plus Corporation (SP), a leader in technology-driven mobility solutions, has renewed its contract with the Port of Portland to manage parking and transportation services at Portland International Airport (PDX) for five more years. SP+ will oversee approximately 19,500 parking spaces and utilize its Sphere® technologies for valet operations and remote check-in. The firm also operates 28 shuttle buses and manages additional services like skycap and baggage handling, enhancing customer experience and operational efficiency.
SP Plus Corporation (Nasdaq:SP) reported strong third quarter 2022 results, showcasing a completion of its post-pandemic financial recovery. Adjusted gross profit for the quarter reached $58.2 million, an 18% increase compared to the prior year. Key segments, including Aviation and Commercial, saw profit surges of 31% and 13%, respectively. SP reaffirmed its full-year EBITDA and EPS guidance, expecting adjusted EPS of $2.86 - $3.10. The acquisition of KMP Associates aims to enhance technology capabilities. Cash flow from operations significantly improved, totaling $75.6 million year-to-date.
SP Plus Corporation (SP) has been awarded a five-year contract by the City of Atlanta to manage parking, transportation, and facility maintenance services at Hartsfield-Jackson International Airport (ATL). The contract is part of a joint venture with Red Bridge Consulting, focusing on enhancing operational efficiency for nearly 34,000 parking spaces and 70 shuttle buses. This partnership aims to improve the travel experience at the world’s busiest airport, while also creating job opportunities by hiring nearly 400 local workers, including those from minority- and women-owned businesses.
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