SP Plus Corp

CIK:0001059262|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Services revenue	$ 451.9	$ 425.3
Cost of services (exclusive of depreciation and amortization)	389.2	367.0
General and administrative expenses	34.8	30.6
Depreciation and amortization	9.0	8.4
Operating income	18.9	19.3
Other expense (income)
Interest expense	7.4	6.8
Interest income	(0.1)	(0.1)
Total other expenses	7.3	6.7
Earnings before income taxes	11.6	12.6
Income tax expense	3.1	3.3
Net income	8.5	9.3
Less: Net income attributable to noncontrolling interests	0.9	0.9
Net income attributable to SP Plus Corporation	$ 7.6	$ 8.4
Net income per common share
Basic	$ 0.38	$ 0.43
Diluted	$ 0.38	$ 0.42
Weighted average shares outstanding
Basic (in shares)	19,803,578	19,701,426
Diluted (in shares)	19,992,969	19,867,300
Lease and Management Type Contracts
Services revenue	$ 222.1	$ 216.3
Cost of services (exclusive of depreciation and amortization)	159.4	158.0
Management Type Contracts
Services revenue	159.5	148.1
Cost of services (exclusive of depreciation and amortization)	107.0	102.8
Lease Type Contracts
Services revenue	62.6	68.2
Cost of services (exclusive of depreciation and amortization)	52.4	55.2
Reimbursed Management Type Contract Revenue
Services revenue	229.8	209.0
Cost of services (exclusive of depreciation and amortization)	$ 229.8	$ 209.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 8.5	$ 9.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9.0	8.4
Non-cash stock-based compensation	2.3	2.2
Provisions for credit losses on accounts receivable	0.0	0.2
Deferred income taxes	0.9	0.8
Other	(0.1)	(1.6)
Changes in operating assets and liabilities
Accounts receivable	0.7	8.6
Prepaid expenses and other current assets	(0.3)	(0.5)
Accounts payable	8.7	7.0
Accrued liabilities and other	(15.1)	(26.7)
Net cash provided by operating activities	14.6	7.7
Investing activities
Purchases of property and equipment	(5.6)	(6.7)
Proceeds from sale of property and equipment	0.1	0.0
Noncontrolling interests buyout	(0.1)	(2.1)
Net cash used in investing activities	(5.6)	(8.8)
Financing activities
Payments on credit facility revolver	(180.9)	(135.8)
Proceeds from credit facility revolver	177.3	169.7
Payments on credit facility term loan	(1.2)	(1.3)
Payments on other long-term borrowings	(1.9)	(1.9)
Payments of withholding taxes on share-based compensation	0.0	(0.4)
Distributions to noncontrolling interests	(0.7)	(0.5)
Repurchases of common stock	0.0	(11.1)
Payment of contingent consideration	(2.8)	0.0
Net cash (used in) Provided by financing activities	(10.2)	18.7
Effect of exchange rate changes on cash and cash equivalents	(0.1)	(0.2)
(Decrease) increase in cash and cash equivalents	(1.3)	17.4
Cash and cash equivalents at beginning of year	19.1	12.4
Cash and cash equivalents at end of period	17.8	29.8
Cash paid (received) during the period for
Interest	7.0	6.6
Income taxes, net	$ (0.1)	$ 0.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 17.8	$ 19.1
Accounts receivable, net	179.6	180.5
Prepaid expenses and other current assets	13.0	12.6
Total current assets	210.4	212.2
Property and equipment, net	72.3	68.3
Right-of-use assets	172.7	179.4
Goodwill	544.4	544.6
Other intangible assets, net	56.7	59.7
Deferred income taxes	41.9	42.8
Other noncurrent assets	44.0	44.9
Total noncurrent assets	932.0	939.7
Total assets	1,142.4	1,151.9
Liabilities
Accounts payable	145.2	136.6
Accrued and other current liabilities	107.9	128.1
Short-term lease liabilities	54.3	56.2
Current portion of long-term borrowings	18.5	16.5
Total current liabilities	325.9	337.4
Long-term borrowings, excluding current portion	331.9	335.6
Long-term lease liabilities	150.3	158.0
Other noncurrent liabilities	73.7	70.2
Total noncurrent liabilities	555.9	563.8
Total liabilities	881.8	901.2
Stockholders’ equity
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; no shares issued or outstanding	0.0	0.0
Common stock, par value $0.001 per share; 50,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 23,593,626 and 19,798,884 shares issued and outstanding as of March 31, 2024 and December 31, 2023	0.0	0.0
Treasury stock, at cost; 3,794,742 shares as of March 31, 2024 and December 31, 2023	(130.4)	(130.5)
Additional paid-in capital	280.1	277.9
Accumulated other comprehensive loss	(1.5)	(1.3)
Retained earnings	112.3	104.7
Total SP Plus Corporation stockholders’ equity	260.5	250.8
Noncontrolling interests	0.1	(0.1)
Total stockholders’ equity	260.6	250.7
Total liabilities and stockholders’ equity	$ 1,142.4	$ 1,151.9