SP Plus Corporation (SP): history, ownership, mission, how it works & makes money

A Brief History of SP Plus Corporation (SP)

Foundation and Early Years

SP Plus Corporation, originally known as Standard Parking Corporation, was founded in 1929. The company's focus was on providing parking management services, primarily in urban areas across the United States.

Growth and Expansion

In 2014, Standard Parking Corporation merged with Central Parking Corporation, creating one of the largest parking management companies in the United States. This merger expanded their reach to over 3,500 locations nationwide.

Public Offering

In 2015, the company rebranded to SP Plus Corporation and went public on the NASDAQ under the ticker symbol SP+. The initial public offering (IPO) raised approximately $250 million.

Recent Financial Performance

As of 2022, SP Plus Corporation reported revenues of approximately $1.1 billion, which marked a growth from the previous year’s revenues of around $905 million in 2021.

Market Position

As of 2023, SP Plus Corporation manages parking facilities totaling over 2 million parking spaces across the United States, Canada, and Puerto Rico. The company is recognized as a leader in the parking and transportation services industry.

Services Offered

SP Plus provides a wide range of services including:

• Parking management
• Airport parking services
• Valet services
• Event and stadium parking
• Facility maintenance and management

Financial Highlights

Acquisitions

SP Plus has made several strategic acquisitions to enhance its market position, including:

• Acquisition of Propark in 2019
• Acquisition of Standard Parking in 2014
• Acquisition of additional regional parking companies to consolidate services

Current Operations and Workforce

As of 2023, SP Plus employs approximately 16,000 employees, providing services across various sectors including airports, hotels, hospitals, and entertainment venues.

Industry Trends and Adaptations

The company has been adapting to industry trends such as:

• Increased demand for contactless payment solutions
• Integration of technology for enhanced customer experience
• Sustainability initiatives in operations

Outlook and Future Plans

SP Plus Corporation aims to continue expanding its footprint while enhancing service offerings and integrating innovative technologies to improve operational efficiency and customer satisfaction.

A Who Owns SP Plus Corporation (SP)

Company Overview

SP Plus Corporation (SP) is a leading provider of parking management and transportation services in North America. The company operates in various segments, including parking management services, ground transportation, and event logistics.

Ownership Structure

As of the latest available data, SP Plus Corporation has a diverse ownership structure, with institutional investors holding a significant portion of the shares. The following table outlines the major shareholders and their respective ownership percentages:

Recent Stock Performance

SP Plus Corporation’s stock performance illustrates the company's market valuation. As of October 2023, the company’s stock price is $29.50 per share, with a market capitalization of approximately $700 million. The 52-week range for the stock is between $24.00 and $32.00.

Financial Performance

For the fiscal year ended December 31, 2022, SP Plus Corporation reported the following financial data:

Management Team

SP Plus Corporation is led by a skilled management team whose profiles are as follows:

• President & CEO: Marc E. Decker
• CFO: David A. Weller
• COO: Jennifer S. Smith
• Vice President of Operations: Robert T. Jones

Recent Market Trends

The parking management industry has seen a shift towards technology-driven solutions, with an increasing emphasis on integrated platforms. SP Plus Corporation is investing in digitization, aiming to enhance operational efficiency and customer experience.

Conclusion of Current Ownership Landscape

The ownership landscape of SP Plus Corporation is characterized by significant institutional holdings, reflected in the ownership percentages detailed above. This situation provides stability and influences the company’s strategic decisions moving forward.

SP Plus Corporation (SP) Mission Statement

Corporate Overview

SP Plus Corporation is a leading provider of parking and related services in the United States and Canada. As of 2023, the company operates over 4,400 locations and manages more than 2.1 million parking spaces.

Mission Statement

The mission of SP Plus Corporation is to deliver superior parking and transportation solutions that enhance the customer experience, optimize operational efficiencies, and generate value for stakeholders.

Core Values

• Customer Focus: Prioritizing customer satisfaction through innovative solutions.
• Integrity: Conducting business with honesty and transparency.
• Collaboration: Working together as a team to achieve operational excellence.
• Accountability: Taking responsibility for actions and outcomes.
• Continuous Improvement: Committing to ongoing enhancements in service and operations.

Financial Performance

Market Position

SP Plus Corporation is ranked among the top 10 parking management companies in North America. With a significant presence in urban areas, the company targets high-density markets to maximize revenue potential.

Service Offerings

• Parking Management: Comprehensive management of parking facilities.
• Ground Transportation: Shuttle services and ride-sharing partnerships.
• Event Parking: Solutions for large venues and special events.
• Technology Solutions: Advanced parking technology for efficiency.

Sustainability Initiatives

SP Plus Corporation aims to reduce its carbon footprint through various initiatives, including:

• Implementation of electric vehicle charging stations at parking facilities.
• Use of energy-efficient lighting and smart parking apps.
• Promotion of public transportation options for employees and customers.

Employee Engagement

SP Plus Corporation invests in its employees through training programs, benefits, and fostering an inclusive workplace culture. In 2022, the company reported a workforce of approximately 5,000 employees.

Conclusion

The mission statement of SP Plus Corporation encapsulates its commitment to customer service, operational excellence, and stakeholder value. The focus on sustainability and employee engagement further reflects its role as a responsible corporate entity in the parking industry.

How SP Plus Corporation (SP) Works

Business Overview

SP Plus Corporation, publicly traded under the ticker symbol SP, specializes in providing parking management and transportation services. As of the end of 2022, the company reported annual revenues of $1.03 billion.

Service Lines

• Parking Management
• Transportation Services
• Facility Management
• Event Logistics

Operational Model

SP Plus operates through a decentralized model, where local managers have the autonomy to tailor services according to the needs of individual clients. This approach allows them to effectively meet the demands of various sectors, including:

• Commercial real estate
• Hospitality
• Healthcare
• Municipalities

Financial Performance

In 2022, SP Plus achieved a net income of $37.2 million, which represented a 12% increase from the previous year. They reported an EBITDA of $107 million, reflecting strong operational efficiency.

Client Base

The company services a diverse client base, which includes:

• Over 4,500 locations across the U.S. and Canada
• Partnerships with major airports, hotels, and commercial properties

Table: Financial Highlights 2022

Market Position

As of late 2022, SP Plus held approximately 10% market share in the North American parking management sector, making it one of the largest companies in this industry.

Recent Developments

The company is actively expanding its service offerings in line with trends towards smart parking solutions and increased demand for integrated transportation services. In 2023, SP Plus invested $15 million in technology upgrades and staff training initiatives.

Stock Performance

As of October 2023, SP's stock price is approximately $31.50 per share, which is a 25% increase year-to-date. The market capitalization stands at approximately $500 million.

How SP Plus Corporation (SP) Makes Money

Core Business Segments

SP Plus Corporation operates in various segments that contribute to its revenue streams:

• Parking Management
• Ground Transportation
• Facility Maintenance
• Event Logistics

Parking Management

In 2022, the Parking Management segment generated approximately $632 million in revenue. This includes:

• Operational revenue from over 4,500 locations
• Monthly parking plans
• Daily parking services

Revenue Breakdown

Ground Transportation Services

SP Plus operates ground transportation solutions such as airport shuttle services, contributing about $120 million in revenue in 2022.

Facility Maintenance Services

This segment brought in approximately $80 million in 2022. Key components include:

• Cleaning services
• Landscaping
• General maintenance

Event Logistics

SP Plus also provides logistics solutions for events, generating around $50 million in revenue. This includes:

• Traffic management
• Setup and teardown services
• Staffing for events

Profit Margins

As of the end of 2022, SP Plus maintained a gross profit margin of around 26%. Here are key metrics:

Market Trends

The parking management and services market is projected to grow at a CAGR of 5.3% from 2023 to 2028. This influences SP Plus's strategic decisions regarding expansion and service offerings.

Partnerships and Contracts

SP Plus has established contracts with major clients, including:

• Airports
• Malls
• Municipalities

These contracts often extend for multiple years, ensuring a stable revenue stream.

Technology Integration

Investments in technology, such as mobile payment solutions and parking management applications, have increased operational efficiency and customer satisfaction.

Conclusion of Financial Performance

In 2022, SP Plus reported a total revenue of $882 million, with a year-over-year growth of approximately 9.6% compared to 2021.

Future Outlook

The company aims to further diversify its services and expand its market presence, particularly in the growing segments of electric vehicle charging stations and smart parking solutions.