Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

14. Segment Information

Segment information is presented in accordance with a “management approach,” which designates the internal reporting used by the Company's Chief Operating Decision Maker (“CODM”) for making decisions and assessing performance as the source of the Company’s reportable segments. The Company’s segments are organized in a manner consistent with which discrete financial information is available and evaluated regularly by the CODM in deciding how to allocate resources and assess performance.

An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenue and incur expenses, and about which separate financial information is regularly evaluated by the CODM. The CODM is the Company’s chief executive officer.

Each of the operating segments are directly responsible for revenue and expenses related to their operations including direct segment administrative costs. Finance, information technology, human resources and legal are shared functions that are not allocated back to the two operating segments. The CODM assesses the performance of each operating segment using information about its revenue and gross profit as its primary measure of performance, but does not evaluate segments using discrete asset information. There are no inter-segment transactions and the Company does not allocate other income, interest expense, depreciation and amortization or income taxes to the operating segments. The accounting policies for segment reporting are the same as for the Company as a whole.

• Commercial encompasses the Company's services in healthcare facilities, municipalities, including meter revenue collection and enforcement services, government facilities, hotels, commercial real estate, residential communities, retail, colleges and universities, as well as ancillary services such as shuttle and ground transportation services, valet services, taxi and livery dispatch services and event planning, including shuttle and transportation services.

• Aviation encompasses the Company's services in aviation (i.e., airports, airline and certain hospitality clients with baggage and parking services) as well as ancillary services, which include shuttle and ground transportation services, valet services, baggage handling, baggage repair and replacement, remote air check-in services, wheelchair assist services and other services.

• “Other” consists of ancillary revenue and certain unallocated items, such as and including certain insurance reserve adjustments and other corporate items.

Revenue and gross profit by segment for the three and nine months ended September 30, 2021 and 2020 (unaudited) were as follows:

	Three Months Ended												Nine Months Ended
(millions)	September 30, 2021			Gross Margin %			September 30, 2020			Gross Margin %			September 30, 2021			Gross Margin %			September 30, 2020			Gross Margin %
Services Revenue
Commercial
Lease type contracts	$	56.7					$	37.4					$	146.7					$	142.5
Management type contracts		57.4						46.5						166.1						162.7
Total Commercial		114.1						83.9						312.8						305.2
Aviation
Lease type contracts		2.8						1.0						6.2						7.5
Management type contracts		42.5						31.6						106.6						111.4
Total Aviation		45.3						32.6						112.8						118.9
Other
Lease type contracts		0.2						0.1						0.4						0.4
Management type contracts		2.0						1.6						5.5						5.5
Total Other		2.2						1.7						5.9						5.9
Reimbursed management type contract revenue		150.0						110.9						402.5						412.2
Total services revenue	$	311.6					$	229.1					$	834.0					$	842.2
Gross Profit
Commercial
Lease type contracts	$	9.5			16.8	%	$	3.3			8.8	%	$	25.2			17.2	%	$	(11.4	)		(8.0	)%
Management type contracts		24.4			42.5	%		20.8			44.7	%		67.1			40.4	%		58.5			36.0	%
Lease impairment		(3.5	)	N/M				(0.3	)	N/M				(3.5	)	N/M				(94.5	)	N/M
Total Commercial		30.4						23.8						88.8						(47.4	)
Aviation
Lease type contracts		1.1			39.3	%		0.3			30.0	%		2.4			38.7	%		0.3			4.0	%
Management type contracts		8.9			20.9	%		13.7			43.4	%		24.7			23.2	%		30.0			26.9	%
Lease Impairment		—		N/M				—		N/M				(0.1	)	N/M				—		N/M
Total Aviation		10.0						14.0						27.0						30.3
Other
Lease type contracts		1.1		N/M				0.5		N/M				2.9		N/M				3.8		N/M
Management type contracts		4.5		N/M				3.7		N/M				12.1		N/M				11.7		N/M
Total Other		5.6						4.2						15.0						15.5
Total gross profit	$	46.0					$	42.0					$	130.8					$	(1.6	)

N/M - Not Meaningful