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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 technology-driven provider of mobility solutions, announces the implementation of its Sphere Commerce™ On Demand technology in nearly 400 gateless parking facilities across North America. This innovation allows for touchless payments via smartphones, enhancing customer experience and operational efficiency. The system utilizes Amazon Web Services for reliable performance, enabling parks to optimize revenue without incurring high equipment costs. SP+ is poised to meet the growing consumer demand for flexible payment solutions, ensuring adaptability to future industry trends.
SP Plus Corporation (NASDAQ: SP) announced it will release its Q1 2021 earnings on April 28, 2021, after market close. A conference call will follow at 4:00 PM Central Time, accessible via webcast on their investor relations website. SP Plus provides solutions in parking management, ground transportation, and logistics to various sectors across North America, focusing on enhancing consumer experiences while improving client profitability.
SP Plus Corporation (SP) has launched Bags® Curbside Concierge™ baggage check-in services at Tampa International Airport (TPA) for domestic passengers of American Airlines, Delta, JetBlue, Spirit, and United Airlines. This service, available for a nominal fee, allows passengers to avoid airline ticket counter lines and proceed directly to TSA screening. The service operates daily from 5:00 a.m. to 3:00 p.m. EDT and is designed to enhance convenience and social distancing. Bags® is part of SP+'s technology-driven mobility solutions, which also includes their Sphere Express™ payment system.
SP+, a leader in technology-driven mobility solutions, has commenced its role in parking management and shuttle operations at St. Louis Lambert International Airport (STL) as of March 1, 2021. The contract enables SP+ to manage over 9,000 parking spaces across two garages and five surface lots. STL selected SP+ for its expertise, aiming to enhance customer experience amid anticipated airport traffic increases. The company will also oversee shuttle services, ensuring safe transportation for passengers. SP+ focuses on improving client results while enhancing consumer mobility experiences.
SP Plus Corporation (Nasdaq:SP) reported its fourth quarter and full year 2020 results, highlighting a net loss of $172.8 million, with a gross profit decrease to $30.4 million from $228.1 million in 2019. Operating cash flow stood at $40.2 million, while free cash flow reached $28.7 million. The company reinstated its full-year 2021 guidance, expecting gross profit between $140 million and $160 million, alongside G&A expenses of $75 million to $85 million. Despite pandemic-related challenges, SP Plus aims to leverage technology solutions to expand market share and meet anticipated travel demand.
SP Plus Corporation (SP) announced the launch of Check ‘N Fly™ baggage check-in services at Tampa International Airport (TPA) on February 8, 2021. This service, available from 4:00 a.m. to 6:00 p.m., allows passengers from American Airlines, Delta, Southwest, Spirit, and United to check luggage for a fee of $5, separate from airline baggage fees. The initiative aims to enhance passenger convenience, reduce terminal congestion, and promote social distancing. Check ‘N Fly™ is part of the Bags Aviation Division's offerings, managed through Sphere Express™ technology.
SP Plus Corporation (NASDAQ: SP) will release its fourth quarter and full-year 2020 earnings on February 17, 2021, after market close. A conference call is scheduled for the same day at 4:00 PM CT, accessible via a webcast. SP+ provides various mobility solutions such as parking management, ground transportation, and facility maintenance across North America, aiming to enhance customer experiences and improve client profitability.
SP Plus Corporation (SP), a premier provider of mobility solutions, has launched the Check 'N Fly baggage check-in service for valet parking customers flying domestically with American Airlines or Delta at William P. Hobby Airport in Houston. This complimentary service allows customers to check their luggage and obtain boarding passes directly at the valet stand, enhancing convenience and time-saving while maintaining social distancing. Managed through the innovative Sphere Express technology, this initiative aims to improve overall travel experiences for customers at the airport.
SP Plus Corporation (SP) has launched shuttle bus operations at the newly reconstructed Salt Lake City International Airport (SLC) in Utah, employing over 75 staff members and deploying 39 buses for passenger transport. This service aims to enhance the travel experience by facilitating movement between terminals and hardstands. SP+ already provides comprehensive parking and ground transportation management at SLC, solidifying its partnership with the Salt Lake City Airport Authority. This initiative underlines SP's commitment to improving transportation efficiency and consumer experience.
SP Plus Corporation (Nasdaq:SP) reported improved gross profit in Q3 2020, totaling $42.0 million, despite a 28% decrease year-over-year due to pandemic impacts. Operating cash flow reached $27.9 million and free cash flow was $18.9 million. Cost reduction efforts led to a 40% drop in general and administrative expenses compared to 2019. The company secured three new airport contracts and 64 new commercial locations, reflecting positive business momentum. However, reported net loss for the quarter was $88.1 million, influenced by COVID-19 related impairments.
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