Company Quick10K Filing
SP Plus
Price37.44 EPS2
Shares23 P/E16
MCap859 P/FCF16
Net Debt340 EBIT88
TEV1,200 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-03-01
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-13
10-Q 2013-09-30 Filed 2013-11-18
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-11
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
8-K 2020-07-23 Other Events, Exhibits
8-K 2020-05-07
8-K 2020-05-06
8-K 2020-05-01
8-K 2020-03-09
8-K 2020-02-19
8-K 2020-01-30
8-K 2019-10-30
8-K 2019-10-16
8-K 2019-08-28
8-K 2019-07-31
8-K 2019-07-17
8-K 2019-05-10
8-K 2019-05-01
8-K 2019-04-17
8-K 2019-03-28
8-K 2019-03-12
8-K 2019-02-20
8-K 2019-02-06
8-K 2018-12-27
8-K 2018-11-30
8-K 2018-10-31
8-K 2018-10-17
8-K 2018-08-17
8-K 2018-07-31
8-K 2018-07-18
8-K 2018-05-09
8-K 2018-05-02
8-K 2018-04-23
8-K 2018-04-19
8-K 2018-03-08
8-K 2018-02-21
8-K 2018-02-19
8-K 2018-02-07
8-K 2018-01-16

SP 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 sp-ex311_187.htm
EX-31.2 sp-ex312_185.htm
EX-32 sp-ex32_186.htm

SP Plus Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.61.31.00.60.30.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0001059262 sp:SegmentTwoMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0001059262 sp:SegmentTwoMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0001059262 sp:LeaseTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2020-04-01 2020-06-30 0001059262 sp:LeaseTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2019-04-01 2019-06-30 0001059262 sp:LeaseTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2020-01-01 2020-06-30 0001059262 sp:LeaseTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-06-30 0001059262 sp:ManagementTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2020-04-01 2020-06-30 0001059262 sp:ManagementTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2019-04-01 2019-06-30 0001059262 sp:ManagementTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2020-01-01 2020-06-30 0001059262 sp:ManagementTypeContractsMember us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-06-30 0001059262 us-gaap:MaterialReconcilingItemsMember 2020-04-01 2020-06-30 0001059262 us-gaap:MaterialReconcilingItemsMember 2019-04-01 2019-06-30 0001059262 us-gaap:MaterialReconcilingItemsMember 2020-01-01 2020-06-30 0001059262 us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-06-30 0001059262 sp:LeaseImpairmentMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0001059262 sp:LeaseImpairmentMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020  

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to

 

Commission file number: 000-50796

 

 

 

SP Plus Corporation

(Exact Name of Registrant as Specified in Its Charter)

Delaware

 

16-1171179

(State or Other Jurisdiction of

 

(I.R.S. Employer Identification No.)

Incorporation or Organization)

 

 

 

200 E. Randolph Street, Suite 7700

ChicagoIllinois 60601-7702

(Address of Principal Executive Offices, Including Zip Code)

(312) 274-2000

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

SP

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

 

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class

Outstanding at August 6, 2020

Common Stock, $0.001 par value per share

23,086,792

 

Shares

 

 


Table of Contents

SP PLUS CORPORATION

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

2

Item 1. Financial Statements

2

Condensed Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019

2

Condensed Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2020 and 2019

3

Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2020 and 2019

4

Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the three and six months ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2020 and 2019

7

Notes to Condensed Consolidated Financial Statements

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3. Quantitative and Qualitative Disclosures about Market Risk

43

Item 4. Controls and Procedures

43

 

 

PART II. OTHER INFORMATION

44

Item 1. Legal Proceedings

44

Item 1A. Risk Factors

44

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3. Defaults Upon Senior Securities

45

Item 4. Mine Safety Disclosures

45

Item 5. Other Information

45

Item 6. Exhibits

46

 

 

Signatures

47

 

 

 

1


Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

SP Plus Corporation

Condensed Consolidated Balance Sheets

 

(millions, except for share data)

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

18.1

 

 

$

24.1

 

Notes and accounts receivable, net

 

 

100.3

 

 

 

162.3

 

Prepaid expenses and other

 

 

16.1

 

 

 

24.7

 

Total current assets

 

 

134.5

 

 

 

211.1

 

Leasehold improvements, equipment and construction in progress, net

 

 

48.5

 

 

 

47.9

 

Right-of-use assets

 

 

261.8

 

 

 

431.7

 

Goodwill

 

 

585.8

 

 

 

586.0

 

Other intangible assets, net

 

 

140.7

 

 

 

152.2

 

Equity investments in unconsolidated entities

 

 

10.1

 

 

 

10.2

 

Deferred taxes

 

 

43.0

 

 

 

10.6

 

Other assets, net

 

 

31.0

 

 

 

29.9

 

Total noncurrent assets

 

 

1,120.9

 

 

 

1,268.5

 

Total assets

 

$

1,255.4

 

 

$

1,479.6

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Accounts payable

 

$

99.1

 

 

$

115.3

 

Accrued and other current liabilities

 

 

97.2

 

 

 

121.4

 

Short-term lease liabilities

 

 

97.8

 

 

 

115.2

 

Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings

 

 

16.2

 

 

 

17.9

 

Total current liabilities

 

 

310.3

 

 

 

369.8

 

Long-term borrowings, excluding current portion

 

 

350.2

 

 

 

351.1

 

Long-term lease liabilities

 

 

266.3

 

 

 

327.7

 

Other noncurrent liabilities

 

 

62.9

 

 

 

57.1

 

Total noncurrent liabilities

 

 

679.4

 

 

 

735.9

 

Total Liabilities

 

$

989.7

 

 

$

1,105.7

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, par value $0.01 per share; 5,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; no shares issued or outstanding

 

$

 

 

$

 

Common stock, par value $0.001 per share; 50,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 25,056,869 and 23,022,127 shares issued and outstanding as of June 30, 2020 and 24,591,127 issued and 22,950,360 outstanding as of December 31, 2019, respectively

 

 

 

 

 

 

Treasury stock, at cost; 2,034,742 and 1,640,767 shares as of June 30, 2020 and December 31, 2019, respectively

 

 

(70.6

)

 

 

(55.3

)

Additional paid-in capital

 

 

258.9

 

 

 

262.6

 

Accumulated other comprehensive loss

 

 

(5.6

)

 

 

(2.7

)

Retained earnings

 

 

84.3

 

 

 

169.5

 

Total SP Plus Corporation stockholders’ equity

 

 

267.0

 

 

 

374.1

 

Noncontrolling interest

 

 

(1.3

)

 

 

(0.2

)

Total stockholders’ equity

 

 

265.7

 

 

 

373.9

 

Total liabilities and stockholders’ equity

 

$

1,255.4

 

 

$

1,479.6

 

 

See Notes to Condensed Consolidated Financial Statements.

2


Table of Contents

SP Plus Corporation

Condensed Consolidated Statements of Income

 

 

 

Three Months Ended

 

Six Months Ended

 

(millions, except for share and per share data) (unaudited)

 

June 30, 2020

 

 

June 30, 2019

 

June 30, 2020

 

 

June 30, 2019

 

Services revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease type contracts

 

$

30.2

 

 

$

105.2

 

$

111.9

 

 

$

203.0

 

Management type contracts

 

 

62.8

 

 

 

129.9

 

 

199.9

 

 

 

262.8

 

 

 

 

93.0

 

 

 

235.1

 

 

311.8

 

 

 

465.8

 

Reimbursed management type contract revenue

 

 

110.4

 

 

 

179.1

 

 

301.3

 

 

 

357.8

 

Total services revenue

 

 

203.4

 

 

 

414.2

 

 

613.1

 

 

 

823.6

 

Cost of services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease type contracts

 

 

43.1

 

 

 

91.8

 

 

123.3

 

 

 

181.5

 

Management type contracts

 

 

46.6

 

 

 

81.4

 

 

137.9

 

 

 

169.2

 

 

 

 

89.7

 

 

 

173.2

 

 

261.2

 

 

 

350.7

 

Reimbursed management type contract expense

 

 

110.4

 

 

 

179.1

 

 

301.3

 

 

 

357.8

 

Lease impairment

 

 

16.7

 

 

 

 

 

94.2

 

 

 

 

Total cost of services

 

 

216.8

 

 

 

352.3

 

 

656.7

 

 

 

708.5

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease type contracts

 

 

(12.9

)

 

 

13.4

 

 

(11.4

)

 

 

21.5

 

Management type contracts

 

 

16.2

 

 

 

48.5

 

 

62.0

 

 

 

93.6

 

Lease impairment

 

 

(16.7

)

 

 

 

 

(94.2

)

 

 

 

Total gross profit

 

 

(13.4

)

 

 

61.9

 

 

(43.6

)

 

 

115.1

 

General and administrative expenses

 

 

22.8

 

 

 

27.7

 

 

43.5

 

 

 

54.8

 

Depreciation and amortization

 

 

7.9

 

 

 

7.3

 

 

15.4

 

 

 

14.5

 

Impairment of intangible assets

 

 

3.7

 

 

 

 

 

3.7

 

 

 

 

Operating (loss) income

 

 

(47.8

)

 

 

26.9

 

 

(106.2

)

 

 

45.8

 

Other expense (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

5.3

 

 

 

4.9

 

 

9.7

 

 

 

9.9

 

Interest income

 

 

(0.1

)

 

 

(0.1

)

 

(0.2

)

 

 

(0.2

)

Other expenses

 

 

0.2

 

 

 

 

 

0.2

 

 

 

 

Gain on sale of other investments

 

 

 

 

 

 

 

(0.3

)

 

 

 

Total other expenses

 

 

5.4

 

 

 

4.8

 

 

9.4

 

 

 

9.7

 

(Loss) earnings before income taxes

 

 

(53.2

)

 

 

22.1

 

 

(115.6

)

 

 

36.1

 

Income tax (benefit) expense

 

 

(13.4

)

 

 

5.8

 

 

(30.2

)

 

 

8.9

 

Net (loss) income

 

 

(39.8

)

 

 

16.3

 

 

(85.4

)

 

 

27.2

 

Less: Net (loss) income attributable to noncontrolling interest

 

 

(0.7

)

 

 

1.1

 

 

(0.2

)

 

 

1.4

 

Net (loss) income attributable to SP Plus Corporation

 

$

(39.1

)

 

$

15.2

 

$

(85.2

)

 

$

25.8

 

Common stock data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.86

)

 

$

0.68

 

$

(4.05

)

 

$

1.15

 

Diluted

 

$

(1.86

)

 

$

0.68

 

$

(4.05

)

 

$

1.14

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

20,972,057

 

 

 

22,382,139

 

 

21,062,495

 

 

 

22,445,825

 

Diluted

 

 

20,972,057

 

 

 

22,532,213

 

 

21,062,495

 

 

 

22,600,107

 

 

See Notes to Condensed Consolidated Financial Statements.

3


Table of Contents

SP Plus Corporation

Condensed Consolidated Statements of Comprehensive Income

 

 

Three Months Ended

 

Six Months Ended

 

(millions) (unaudited)

 

June 30, 2020

 

 

June 30, 2019

 

June 30, 2020

 

 

June 30, 2019

 

Net (loss) income

 

$

(39.8

)

 

$

16.3

 

$

(85.4

)

 

$

27.2

 

Change in fair value of interest rate collars

 

 

0.2

 

 

 

(0.8

)

 

(2.6

)

 

 

(0.8

)

Foreign currency translation (loss) gain

 

 

(0.1

)

 

 

(0.1

)

 

(0.3

)

 

 

0.1

 

Comprehensive (loss) income

 

 

(39.7

)

 

 

15.4

 

 

(88.3

)

 

 

26.5

 

Less: Comprehensive (loss) income attributable to noncontrolling interest

 

 

(0.7

)

 

 

1.1

 

 

(0.2

)

 

 

1.4

 

Comprehensive (loss) income attributable to SP Plus Corporation

 

$

(39.0

)

 

$

14.3

 

$

(88.1

)

 

$

25.1

 

 

See Notes to Condensed Consolidated Financial Statements.

4


Table of Contents

SP Plus Corporation

Condensed Consolidated Statements of Stockholders' Equity

 

Six months ended June 30, 2019 (unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(millions, except share data)

 

Number

of

Shares

 

 

Par

Value

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Noncontrolling

Interest

 

 

Total

 

Balance at January 1, 2019

 

 

22,783,976

 

 

$

 

 

$

257.7

 

 

$

(2.4

)

 

$

120.7

 

 

$

(7.5

)

 

$

0.1

 

 

$

368.6

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.6

 

 

 

 

 

 

0.3

 

 

 

10.9

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

Issuance of restricted stock units

 

 

7,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of performance stock units

 

 

62,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation

 

 

 

 

 

 

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.3

)

 

 

 

 

 

(2.3

)

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.7

)

 

 

(0.7

)

Balance at March 31, 2019

 

 

22,853,588

 

 

$

 

 

$

258.0

 

 

$

(2.2

)

 

$

131.3

 

 

$

(9.8

)

 

$

(0.3

)

 

$

377.0

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15.2

 

 

 

 

 

 

1.1

 

 

 

16.3

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

(0.1

)