SP Plus Corp
spplus.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed May 2, 2024. Its latest SEC filing is a 15-12G from May 24, 2024.
10-Q for Q1 FY2024, filed May 2, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides parking management, ground transportation, and baggage services and technology solutions to aviation, commercial, and institutional clients.
10-K for FY2023, filed Feb 28, 2024
How Did They Make Money?
Property owners and managers pay fees for facility management and related services over the contract term; at leased parking locations, SP+ collects customer payments as parking services are used.
10-K for FY2023, filed Feb 28, 2024Management type contract revenue consists of management fees, including both fixed and performance-based fees, and in some cases e-commerce…View ↗
Lease type contract revenue includes gross receipts (net of local taxes), e-commerce technology fees and customer convenience fees.…View ↗
The Company’s performance obligations are primarily satisfied over time as the Company provides the related services. For management type…View ↗
$1.8B
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10-K for FY2023, filed Feb 27, 2024
$1.8B ↗
Who Were Their Customers?
Property owners and managers, aviation clients, and municipalities and other institutions hire SP+ for parking and mobility services. SP+ typically contracts with property owners or managers rather than owning the facilities.
10-K for FY2023, filed Feb 28, 2024SP Plus Corporation, a Delaware corporation, which operates through its subsidiaries (collectively referred to as “SP+”, "we", "us", or…View ↗
We develop and integrate technology with operations management and support to deliver mobility solutions that enable the efficient and…View ↗
We typically enter into contractual relationships with property owners or managers as opposed to owning facilities. We primarily operate…View ↗
Our revenue is derived from a broad and diverse group of clients, industry vertical markets and geographies. Our clients include some of…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2023 and turned 2 cents into free cash flow.
10-K for FY2023, filed Feb 27, 2024
$77.5MView ↗
10-K for FY2023, filed Feb 27, 2024
$34.7MView ↗
10-K for FY2023, filed Feb 27, 2024
$34.4MView ↗
How Were They Changing?
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May 16, 2024
Metropolis completed its acquisition of SP+
SP+ became a wholly owned Metropolis subsidiary, and its shares were delisted from Nasdaq.
Sources
8-K, filed May 16, 2024
In accordance with the terms of the Merger Agreement, on May 16, 2024, at the effective time of the Merger (the “Effective Time”), Merger…View ↗
Held flat. Revenue was $1.8B in FY2023, about the same as the $1.7B of FY2019.
Technology offerings
The earlier report presents technology mainly as part of mobility and parking services; the latest adds platform and software offerings that can operate independently of legacy parking and transportation services.
10-K for FY2020, filed Feb 22, 2021 10-K for FY2023, filed Feb 28, 2024The acquisitions discussed above enhance our position as a global provider of frictionless Platform-as-a-Service ("PaaS") and…View ↗
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