Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Financial Information by Segment

The following tables set forth financial information by segment for the respective periods:

	For the Three Months Ended June 30, 2024
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	103,985		$	91,469		$	16,563		$	—		$	212,017
Product sales		—			6,246			4,163			—			10,409
Total revenue		103,985			97,715			20,726			—			222,426
Cost of service revenue, excluding depreciation and amortization		679			473			3,489			—			4,641
Cost of product sales		—			4,473			3,375			—			7,848
Operating expenses		23,189			46,153			4,488			—			73,830
Selling, general and administrative expenses		15,757			16,743			6,644			—			39,144
Loss on disposal of assets, net		—			53			4			—			57
Other income, net		(5,126	)		(37	)		(82	)		—			(5,245	)
Segment profit	$	69,486		$	29,857		$	2,808		$	—		$	102,151
Segment profit	$	69,486		$	29,857		$	2,808		$	—		$	102,151
Depreciation and amortization		—			—			—			27,465			27,465
Transaction and other related expenses		—			—			—			113			113
Transformation expenses		—			—			—			1,569			1,569
Gain on interest rate swap		—			—			—			(23	)		(23	)
Stock-based compensation		—			—			—			6,590			6,590
Interest expense, net		—			—			—			18,845			18,845
Income before income taxes	$	69,486		$	29,857		$	2,808		$	(54,559	)	$	47,592

	For the Three Months Ended June 30, 2023
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	94,455		$	84,994		$	16,601		$	—		$	196,050
Product sales		—			3,260			5,151			—			8,411
Total revenue		94,455			88,254			21,752			—			204,461
Cost of service revenue, excluding depreciation and amortization		688			681			2,969			—			4,338
Cost of product sales		—			2,011			3,951			—			5,962
Operating expenses		20,780			39,399			4,931			—			65,110
Selling, general and administrative expenses		16,131			15,926			6,441			—			38,498
Loss on disposal of assets, net		—			92			—			—			92
Other income, net		(4,237	)		(215	)		(60	)		—			(4,512	)
Segment profit	$	61,093		$	30,360		$	3,520		$	—		$	94,973
Segment profit	$	61,093		$	30,360		$	3,520		$	—		$	94,973
Depreciation and amortization		—			—			—			28,996			28,996
Transaction and other related expenses		—			—			—			64			64
Transformation expenses		—			—			—			665			665
Change in fair value of private placement warrants		—			—			—			10,918			10,918
Gain on interest rate swap		—			—			—			(4,805	)		(4,805	)
Loss on extinguishment of debt		—			—			—			209			209
Stock-based compensation		—			—			—			4,525			4,525
Interest expense, net		—			—			—			22,771			22,771
Income before income taxes	$	61,093		$	30,360		$	3,520		$	(63,343	)	$	31,630

	For the Six Months Ended June 30, 2024
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	199,874		$	181,744		$	33,120		$	—		$	414,738
Product sales		—			10,158			7,260			—			17,418
Total revenue		199,874			191,902			40,380			—			432,156
Cost of service revenue, excluding depreciation and amortization		1,150			1,032			6,764			—			8,946
Cost of product sales		—			7,052			6,082			—			13,134
Operating expenses		44,668			89,755			8,981			—			143,404
Selling, general and administrative expenses		33,254			34,971			13,070			—			81,295
Loss on disposal of assets, net		—			140			6			—			146
Other income, net		(9,496	)		(87	)		(115	)		—			(9,698	)
Segment profit	$	130,298		$	59,039		$	5,592		$	—		$	194,929
Segment profit	$	130,298		$	59,039		$	5,592		$	—		$	194,929
Depreciation and amortization		—			—			—			54,351			54,351
Transaction and other related expenses		—			—			—			1,641			1,641
Transformation expenses		—			—			—			1,569			1,569
Gain on interest rate swap		—			—			—			(419	)		(419	)
Loss on extinguishment of debt		—			—			—			595			595
Stock-based compensation		—			—			—			12,148			12,148
Interest expense, net		—			—			—			38,480			38,480
Income before income taxes	$	130,298		$	59,039		$	5,592		$	(108,365	)	$	86,564

	For the Six Months Ended June 30, 2023
	Commercial			Government			Parking			Corporate
($ in thousands)	Services			Solutions			Solutions			and Other			Total
Service revenue	$	180,094		$	168,227		$	32,427		$	—		$	380,748
Product sales		—			5,950			9,666			—			15,616
Total revenue		180,094			174,177			42,093			—			396,364
Cost of service revenue, excluding depreciation and amortization		1,171			1,192			6,205			—			8,568
Cost of product sales		—			3,725			7,620			—			11,345
Operating expenses		40,645			77,003			8,973			—			126,621
Selling, general and administrative expenses		31,583			30,566			12,989			—			75,138
Loss on disposal of assets, net		—			116			—			—			116
Other income, net		(7,954	)		(250	)		(64	)		—			(8,268	)
Segment profit	$	114,649		$	61,825		$	6,370		$	—		$	182,844
Segment profit	$	114,649		$	61,825		$	6,370		$	—		$	182,844
Depreciation and amortization		—			—			—			59,305			59,305
Transaction and other related expenses		—			—			—			332			332
Transformation expenses		—			—			—			724			724
Change in fair value of private placement warrants		—			—			—			25,519			25,519
Gain on interest rate swap		—			—			—			(2,007	)		(2,007	)
Loss on extinguishment of debt		—			—			—			1,558			1,558
Stock-based compensation		—			—			—			7,903			7,903
Interest expense, net		—			—			—			45,458			45,458
Income before income taxes	$	114,649		$	61,825		$	6,370		$	(138,792	)	$	44,052

Assets by Reportable Segment

The table below details the following assets by reportable segment as of the respective period-ends:

($ in thousands)	June 30, 2024		December 31, 2023
Property and equipment, net
Commercials Services	$	10,788	$	9,547
Government Solutions		107,109		98,611
Parking Solutions		13,808		13,281
Corporate and other		1,609		1,809
Total property and equipment, net	$	133,314	$	123,248
Total assets
Commercials Services	$	731,945	$	721,192
Government Solutions		494,785		523,687
Parking Solutions		395,527		404,267
Corporate and other		150,740		140,837
Total assets	$	1,772,997	$	1,789,983

Revenue from International Customers

The following table details the revenues from international operations for the respective periods:

	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2024		2023		2024		2023
Australia	$	14,956	$	10,269	$	27,433	$	19,970
Canada		8,675		8,580		16,739		15,801
United Kingdom		4,218		5,926		9,377		12,662
All other		1,006		734		1,673		1,422
Total international revenues	$	28,855	$	25,509	$	55,222	$	49,855