XML 115 R99.htm IDEA: XBRL DOCUMENT v3.8.0.1
Unaudited Quarterly Results (Details) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2017
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Parking services revenue                        
Lease contracts   $ 140.5 $ 140.9 $ 150.9 $ 130.8 $ 134.7 $ 136.1 $ 135.7 $ 138.5 $ 563.1 $ 545.0 $ 570.9
Management contracts   85.4 86.7 84.0 92.1 84.8 84.1 86.7 91.2 348.2 346.8 350.3
Reimbursed management contract revenue   166.5 165.1 168.6 179.0 174.8 177.0 168.1 156.7 679.2 676.6 650.6
Total parking services revenue   392.4 392.7 403.5 401.9 394.3 397.2 390.5 386.4 1,590.5 1,568.4 1,571.8
Cost of parking services                        
Lease contracts $ 124.4 131.4 131.0 130.2 125.8 125.2 125.8 124.0 130.6 518.4 505.6 532.8
Management contracts   53.1 50.7 47.2 56.6 47.2 50.5 51.4 60.7 207.6 209.8 218.3
Reimbursed management contract expense   166.5 165.1 168.6 179.0 174.8 177.0 168.1 156.7 679.2 676.6 650.6
Total cost of parking services   351.0 346.8 346.0 361.4 347.2 353.3 343.5 348.0 1,405.2 1,392.0 1,401.7
Gross profit                        
Lease contracts   9.1 9.9 20.7 5.0 9.5 10.3 11.7 7.9 44.7 39.4 38.1
Management contracts   32.3 36.0 36.8 35.5 37.6 33.6 35.3 30.5 140.6 137.0 132.0
Total gross profit   41.4 45.9 57.5 40.5 47.1 43.9 47.0 38.4 185.3 176.4 170.1
General and administrative expenses   19.6 19.6 22.5 21.2 23.0 20.3 22.1 24.6 82.9 90.0 97.3
Depreciation and amortization   4.7 4.9 4.8 6.6 6.9 7.8 9.8 9.2 21.0 33.7 34.0
Operating income   17.1 21.4 30.2 12.7 17.2 15.8 15.1 4.6 81.4 52.7 38.8
Other expense (income)                        
Interest expense   2.1 2.2 2.3 2.6 2.4 2.7 2.6 2.8 9.2 10.5 12.7
Interest income   (0.1) (0.2) (0.2) (0.1) (0.1) (0.1) (0.1) (0.2) (0.6) (0.5) (0.2)
Net gain on sale of a business   0.0 0.0 (0.1) 0.0 0.0 0.0 0.0 0.0 (0.1) 0.0 (0.5)
Equity in losses (income) from investment in unconsolidated entity   0.2 0.1 0.2 0.2 (0.3) 0.4 0.3 0.5 0.7 0.9 1.7
Total other expenses (income)   2.2 2.1 2.2 2.7 2.0 3.0 2.8 3.1 9.2 10.9 13.7
Earnings before income taxes   14.9 19.3 28.0 10.0 15.2 12.8 12.3 1.5 72.2 41.8 25.1
Income tax expense (benefit)   6.4 7.3 10.7 3.3 4.9 5.1 4.9 0.9 27.7 15.8 4.8
Net income   8.5 12.0 17.3 6.7 10.3 7.7 7.4 0.6 44.5 26.0 20.3
Less: Net income attributable to noncontrolling interest   0.7 0.8 1.1 0.7 0.7 0.7 0.9 0.6 3.3 2.9 2.9
Net income attributable to SP Plus Corporation   $ 7.8 $ 11.2 $ 16.2 $ 6.0 $ 9.6 $ 7.0 $ 6.5 $ 0.0 $ 41.2 $ 23.1 $ 17.4
Net income per share                        
Basic (in dollars per share)   $ 0.35 $ 0.51 $ 0.73 $ 0.27 $ 0.44 $ 0.31 $ 0.29 $ 0.00 $ 1.86 $ 1.04 $ 0.78
Diluted (in dollars per share)   $ 0.35 $ 0.50 $ 0.72 $ 0.27 $ 0.43 $ 0.31 $ 0.29 $ 0.00 $ 1.83 $ 1.03 $ 0.77
Weighted average shares outstanding                        
Basic (in shares)   22,221,536 22,203,023 22,190,421 22,148,265 22,071,865 22,208,139 22,344,898 22,328,578 22,195,350 22,238,021 22,189,140
Diluted (in shares)   22,528,825 22,523,036 22,515,234 22,447,904 22,398,045 22,497,111 22,625,471 22,593,505 22,508,288 22,528,122 22,511,759
Reimbursed management contract revenue           $ 11.9 $ 11.9 $ 12.1 $ 11.2      
Reimbursed management contract expense           $ 11.9 $ 11.9 $ 12.1 $ 11.2      
Equity method investee's sale of assets, gross profit       $ 8.5