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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 mobility solutions, has launched valet parking services at Charles M. Schulz – Sonoma County Airport (STS) in Santa Rosa, California. This initiative addresses increased passenger demand and construction activities around the airport, ensuring a smooth travel experience. SP+ manages three parking facilities at STS and utilizes its Sphere Commerce™ Valet Services to enhance operations. The ongoing deployment of Sphere technologies, including remote management and pay-by-phone options, aims to elevate convenience for travelers visiting the airport.
SP Plus Corporation (SP) has been selected by the Metropolitan Washington Airports Authority (MWAA) to manage parking and shuttle operations at Ronald Reagan Washington National Airport (DCA) and Washington Dulles International Airport (IAD), starting October 1. This new contract includes overseeing more than 32,000 parking spaces and 55 shuttle buses. Additionally, SP+ will manage valet parking services at IAD when they resume. The company aims to enhance the consumer experience and improve financial outcomes for clients in various sectors across North America.
SP Plus Corporation (Nasdaq: SP) reported strong financial results for Q2 2021, demonstrating improved business conditions post-COVID-19. Gross profit rose to $46.5 million, significantly up from $3.9 million year-over-year. The company is raising its full-year gross profit guidance by $27.5 million, forecasting between $170 million and $185 million. Operational cash flow guidance is also initiated at $52 million to $66 million. With disciplined cost management, G&A expenses decreased to $22.0 million, 20% lower than pre-pandemic levels. SP is positioned for ongoing recovery and expansion in services.
SP Plus Corporation (SP) has announced a partnership with Global Parking Systems and IMS Engineers to form SP+ GLOBAL IMS, selected by Houston Airports for parking and transportation services across George Bush Intercontinental, William P. Hobby, and Ellington Airports. This collaboration will manage approximately 36,000 parking spaces and enhance services with technology-driven solutions like Check ‘N Fly™. The partnership emphasizes diversity with MBE-certified firms and aims to improve the travel experience for passengers.
SP Plus Corporation (NASDAQ: SP) will release its second quarter 2021 earnings on July 28, 2021, after market close. Following the earnings report, a conference call will be held at 4:00 PM Central Time, accessible via webcast. SP Plus specializes in managing parking, ground transportation, and other mobility solutions across various sectors in North America, aimed at enhancing consumer experiences and client profitability.
SP Plus Corporation (SP) has introduced touchless reservation and commerce options at Charles M. Schulz – Sonoma County Airport, enhancing the parking experience. The new pay-by-phone system eliminates the need for parking tickets, supported by signage and 24/7 assistance through the Sphere Remote Management System. Customers can pre-book parking online, receiving discounts at local restaurants. SP+ is also developing an online commerce site for branded merchandise. This modernization supports the airport's efforts to improve traveler safety and efficiency.
SP Plus Corporation (Nasdaq:SP), known for its technology-driven mobility solutions, announced its participation in upcoming investment conferences. On May 27, CEO Marc Baumann and CFO Kristopher Roy will hold investor meetings at the Barrington Research Virtual Spring Investment Conference. They will also present at the William Blair 41st Annual Growth Stock Conference on June 2 at 2:40 p.m. CDT, followed by a presentation at the Baird 2021 Global Consumer, Technology & Services Conference on June 8 at 8:05 a.m. CDT. The company focuses on enhancing consumer experiences across various sectors.
SP Plus Corporation (SP) has appointed Diana Sands to its Board of Directors, bringing over 30 years of experience, including her role as Senior VP at Boeing. Sands will also join the Audit Committee. Concurrently, Karen Garrison retired after 17 years, with CEO Marc Baumann stepping in as Chairman. Douglas Waggoner becomes Lead Independent Director. This leadership change aims to leverage Sands' expertise as SP Plus continues to grow in technology-driven mobility solutions across North America.
SP Plus Corporation (SP) has been selected by Hawaiian Airlines to manage the delivery of delayed baggage through its Bags® Home Serv Delivery service. This extensive contract covers 22 markets across the U.S., enhancing the travel experience for Hawaiian Airlines passengers. SP+ leverages advanced technology, including Sphere Express™ for real-time baggage tracking. With over 65 years in Hawaii, SP+ operates in numerous sectors, providing parking management and other services to about 50 locations.
SP Plus Corporation (Nasdaq: SP) reported first quarter 2021 results showing improved business conditions due to easing pandemic restrictions. Gross profit reached $38.3 million, a significant recovery from a loss in Q1 2020, although adjusted gross profit fell 16% year-over-year. The company began operations at 40 new locations and contracted new services at airports. Despite higher general and administrative expenses, SP Plus reaffirmed its 2021 guidance for gross profit of $140 million to $160 million. The CEO emphasized opportunities in the evolving mobility landscape.
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