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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 Corporation (SP), a leader in technology-driven mobility solutions, has been selected by the City of Roanoke, Virginia, to enhance its parking operations. The upgrades, starting December 1, 2022, will cover over 4,500 parking spaces including garages, lots, and on-street areas. The implementation of the Sphere® suite of technologies aims to streamline the parking experience for users, offering features such as online reservations, text-to-pay options, and a digital portal for account management. These innovations are set to improve operational efficiency and customer satisfaction.
SP Plus Corporation (NASDAQ: SP) will release its third quarter 2022 earnings on November 2, 2022, after market close. Following the earnings report, a conference call is scheduled for 4:00 PM Central Time, accessible via a webcast on their investor relations website. The company specializes in parking management and mobility solutions across various sectors including aviation and healthcare. Interested participants should register in advance to ensure a smooth experience during the live broadcast, with replays available for 30 days.
SP Plus Corporation (Nasdaq:SP) announced the acquisition of K M P Associates Limited (KMP), a software provider for aviation and commercial parking. This strategic move aims to enhance SP's technology capabilities and expand its market reach across North America and Europe. KMP's SaaS platform serves over 35 airports and 100 parking locations, offering online booking and dynamic pricing to improve user experience. SP’s leadership expects this acquisition to drive growth and digital transformation in the mobility solutions sector.
SP Plus Corporation (SP) has announced the election of Marc Baumann as the Board Chair for the National Parking Association. Baumann, who has been with SP+ since 2000, is recognized as a leader in the parking industry, emphasizing the role of technology, diversity, and sustainability. Under his leadership, SP+ aims to enhance urban mobility solutions, focusing on mixed-use developments and the integration of smart city initiatives. The company continues to provide comprehensive mobility solutions across North America, ensuring a better consumer experience while boosting clients' bottom lines.
SP Plus Corporation (Nasdaq:SP) reported significant growth in its second quarter results, with gross profit increasing 29% year-on-year to $56.1 million. This growth was driven by operational leverage, leading to a 71% rise in EPS. The company anticipates exceeding pre-pandemic levels for EPS and EBITDA, raising its full-year guidance. Notably, the Aviation segment saw a 26% gross profit increase due to new contracts. SP+ has expanded its offerings at 77 airports, marking the highest number in its history, emphasizing its competitive positioning in the market.
SP Plus Corporation (NASDAQ: SP) has announced that it will release its second quarter 2022 earnings on August 3, 2022, following the market close. A conference call is scheduled for the same day at 4:00 PM Central Time, accessible via a webcast on the company's website. SP Plus delivers parking management, ground transportation, and various technology-driven mobility solutions to sectors like aviation and healthcare, aimed at enhancing consumer experiences while improving client bottom lines.
SP Plus Corporation (Nasdaq:SP) has announced a new share repurchase authorization of $60 million, reflecting the Board's confidence in the company's growth prospects. This program allows the company to repurchase shares in the open market at its discretion, aiming to create additional shareholder value. The company stresses its capability to generate significant free cash flow, facilitating a comprehensive capital allocation strategy that includes organic growth and opportunistic buybacks.
SP Plus Corporation (Nasdaq: SP) reported strong first-quarter 2022 results, with a 38% increase in GAAP gross profit to $48.5 million. Adjusted gross profit grew by 28% to $51.4 million, aided by higher parking volumes and new contracts. Net income reached $10.7 million, or $0.50 per share, significantly up from $2.3 million a year earlier. The company affirmed its full-year 2022 guidance, anticipating double-digit gross profit growth and robust cash flow. SP+ also announced a strategic partnership to manage 25 new parking locations, enhancing its market presence.
SP Plus Corporation (NASDAQ: SP) and System Property Development Company have announced a strategic partnership focused on leveraging their strengths in property management and mobility solutions. SP+ will manage 25 parking locations owned by System Property across San Francisco, Southern California, and Cincinnati. This partnership aims to enhance System Property's commercial real estate portfolio and service quality while SP+ utilizes its technology-driven mobility solutions to optimize consumer experiences. The collaboration is expected to drive growth in their respective business areas.
SP Plus Corporation (SP), a leader in technology-driven mobility solutions, has been awarded a contract by the City of Rochester, Minnesota, to oversee parking management services. This includes the management of over 4,300 parking spaces across six ramp facilities and five surface lots, along with on-street meter collection services. SP+ aims to enhance customer service and revenue through technology innovations such as mobile apps and its Sphere™ technology suite, which offers on-demand reservation and payment options. The collaboration emphasizes SP+'s commitment to improving the consumer experience in Rochester.
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