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Unaudited Quarterly Results
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Unaudited Quarterly Results Unaudited Quarterly Results
The following table sets forth the Company's unaudited quarterly consolidated statement of income data for the years ended December 31, 2019 and December 31, 2018. The unaudited quarterly information has been prepared on the same basis as the annual financial information and, in management's opinion, includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the quarters presented. Historically, the Company's operating results have varied from quarter to quarter and are expected to continue to fluctuate in the future. These fluctuations have been due to a number of factors, including: general economic conditions in its markets; acquisitions; additions of contracts; expiration and termination of contracts; conversion of lease type contracts to management type contracts; conversion of management type contracts to lease type contracts and changes in terms of contracts that are retained and timing of general and administrative expenditures.
The operating results for any historical quarter are not necessarily indicative of results for any future period.




[INTENTIONALLY LEFT BLANK]
 
2019
 
2018
(millions, except for share and per share data)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter (1)
 
(Unaudited)
 
(Unaudited)
Services revenue
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Lease type contracts
$
97.8

 
$
105.2

 
$
104.6

 
$
101.3

 
$
99.5

 
$
107.4

 
$
104.7

 
$
102.3

Management type contracts
132.9

 
129.9

 
132.6

 
130.6

 
94.4

 
87.7

 
82.6

 
96.8

Reimbursed management type contract revenue
178.7

 
179.1

 
181.4

 
189.6

 
172.9

 
167.1

 
174.8

 
178.2

Total revenue
409.4

 
414.2

 
418.6

 
421.5

 
366.8

 
362.2

 
362.1

 
377.3

Cost of services
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Lease type contracts
89.7

 
91.8

 
93.0

 
92.4

 
94.6

 
94.5

 
94.2

 
94.3

Management type contracts
87.8

 
81.4

 
85.5

 
85.2

 
59.9

 
49.5

 
48.1

 
56.3

Reimbursed management type contract expense
178.7

 
179.1

 
181.4

 
189.6

 
172.9

 
167.1

 
174.8

 
178.2

Total cost of services
356.2

 
352.3

 
359.9

 
367.2

 
327.4

 
311.1

 
317.1

 
328.8

Gross profit
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Lease type contracts
8.1

 
13.4

 
11.6

 
8.9

 
4.9

 
12.9

 
10.5

 
8.0

Management type contracts
45.1

 
48.5

 
47.1

 
45.4

 
34.5

 
38.2

 
34.5

 
40.5

Total gross profit
53.2

 
61.9

 
58.7

 
54.3

 
39.4

 
51.1

 
45.0

 
48.5

General and administrative expenses
27.1

 
27.7

 
26.0

 
28.2

 
22.3

 
22.3

 
18.7

 
27.7

Depreciation and amortization
7.2

 
7.3

 
7.3

 
7.6

 
4.0

 
4.5

 
4.2

 
5.2

Operating income
18.9

 
26.9

 
25.4

 
18.5

 
13.1

 
24.3

 
22.1

 
15.6

Other expense (income)
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Interest expense
5.0

 
4.9

 
4.8

 
4.2

 
2.1

 
2.2

 
2.1

 
3.2

Interest income
(0.1
)
 
(0.1
)
 
(0.1
)
 
—

 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
Equity in (income) losses from investment in unconsolidated entity
—

 
—

 
—

 
—

 
(10.1
)
 
—

 
—

 
—

Total other expenses (income)
4.9

 
4.8

 
4.7

 
4.2

 
(8.1
)
 
2.1

 
2.0

 
3.1

Earnings before income taxes
14.0

 
22.1

 
20.7

 
14.3

 
21.2

 
22.2

 
20.1

 
12.5

Income tax expense
3.1

 
5.8

 
5.7

 
4.8

 
5.3

 
6.0

 
5.6

 
2.7

Net income
10.9

 
16.3

 
15.0

 
9.5

 
15.9

 
16.2

 
14.5

 
9.8

Less: Net income attributable to noncontrolling interest
0.3

 
1.1

 
0.8

 
0.7

 
0.6

 
0.9

 
1.0

 
0.7

Net income attributable to SP Plus Corporation
$
10.6

 
$
15.2

 
$
14.2

 
$
8.8

 
$
15.3

 
$
15.3

 
$
13.5

 
$
9.1

Common stock data
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income per common share (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.47

 
$
0.68

 
$
0.64

 
$
0.41

 
$
0.69

 
$
0.68

 
$
0.60

 
$
0.40

Diluted
$
0.47

 
$
0.68

 
$
0.64

 
$
0.41

 
$
0.68

 
$
0.68

 
$
0.60

 
$
0.40

Weighted average shares outstanding
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Basic
22,509,050

 
22,382,139

 
21,945,129

 
21,490,882

 
22,308,694

 
22,370,923

 
22,439,884

 
22,465,834

Diluted
22,667,539

 
22,532,213

 
22,038,905

 
21,600,568

 
22,557,326

 
22,644,884

 
22,626,746

 
22,607,102

(1) The Company began including Bags operations within its consolidated operating results on November 30, 2018. See also Note 3. Acquisition for additional information.
(2) Basic and diluted net income per share are computed independently for each of the quarters presented. As a result, the sum of quarterly basic and diluted net income per share information may not equal annual basic and diluted net income per share.