SP - Earnings call transcript Q4 2019 | Central Parking Finance Trust PFD TR CV SECS

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Operator

Good day ladies and gentlemen and welcome to Q4 2019 SP Plus Corporation Earnings Conference Call. [Operator instructions] I would now like to turn the call over to Kristopher Roy, Chief Financial Officer of SP Plus. Sir you may begin.

Kristopher Roy

Thank you, [Ponty] And good morning, everyone.

As Ponty just said, I'm Kristopher Roy, Chief Financial Officer at SP Plus. call release conference quarter our our earnings. XXXX to following of the fourth Welcome

today, company's risks, make results, expressed XXXX to management be call expected from call the risk strategies, which SP filings other in on the During will release those operations available described future issued reference report achievements afternoon uncertainties statements, statements the SEC. variety those including and statements a could the and plans, factors and materially with intentions, considered factors, the performance. this remarks earnings is due annual reports company's including Form for on earlier as and guidance other XX-Q the or on to Actual or the implied outlook, financial regarding website; Plus purposes of company's and performance Form and forward-looking by in may quarterly that incorporated XX-K differ of this is and

non-GAAP during ongoing the operations investors an discuss information performance. company's with the will provides management way to concerning appropriate financial useful results Management addition, the believes and presentation non-GAAP information company's In supplemental of the evaluate call. in

recorded. available will available the of Plus call is days being after and the the under for end be tab SP is comparable today. reconciliations tables release will of internet over full only. G purposes financial XX measures the website call, to extent Plus this A other in will measure be non-GAAP call the the to investor note the Regulation broadcast GAAP in SP posted replay are the to provided be from A on accompanying of measures are the shortly GAAP They discussed presented informational were earnings relations comparable measures for reconciliation being the website. the on section the financial live Please non-GAAP and

Executive I Marc to Baumann, Chief our will now turn the Officer. call over

Marc Baumann

to quarter XXXX. today a exceptional discuss quarter full joining strong thank for all to a and growth and And marked you Kris. review you year SP Fourth our XXXX results for of us for outlook Plus. Thank to business year finish results fourth our

Our well. performed bags acquisition

programs organic guidance coming to for share Full-year profit per our exceeded line increased of acquisition. adjusted activities; with performance cross we earnings selling performance gained reflecting saw ahead Our traction for our benefit bags the growth high range. leading expectations the the XX% success record our the was our of company. X% all of end in organic and from year in of Gross and or with

or Gross full by reflecting growth operating profit existing year-over-year broad-based This increased in from business same key locations X% year most the improvement verticals. was for XXXX.

clients. we resource XX% drive represented that and expenses full geographies Additionally, of with G&A company's and higher across positive the performance-based our pipeline gross Adjusted of due account primarily to profit wins recent the full EBITDA with for development year-on-year our business strength investments year it growth. pace the higher kept growth serve. is services performance XXXX compensation increasing the despite results, year to These of majority acquisition, indicates portfolio financial expanded and support resonating the bags

since valet parking serving Airport Portland and client where innings has gold to transportation opportunities. We're bring we the XXXX. against are opportunities long-standing been date. Plus's growth to strategy. Oregon the International leverage but with the progress of success and in Most the notable, to pleased passengers XXXX our to we've want been us Airport remote two where those check-in an ability relationship cross-sell airline XXXX been I we've to bags New key providing multi-pronged Orleans our bags services in services in both update our with SP converting of you travelers International made at since our The providing give growth terms of acquisition in efforts on early transformational

selling acquisition. its Plus SP is our working able at enjoyed the And greater able has where International year noteworthy transportation a new services are bags gain cycle wins contracts that These airports to a in first and Airport Orlando at Authority. a capabilities deploy new these of pleased we're to XX-year with the relationship within has long bags Aviation to the be sales Orlando

strategy We're which as awarded clients to contract specific ancillary able we or to service once on we're provide land and we've very wins been effectively with a for means by often these additional pleased a execute a services. our that are asked expand

in has been pipeline developing of a and building successful bags Additionally standalone opportunities.

quarter XXXX, checking elevated take check International at central a has rideshare luggage the a Logan before fourth their receive walkway services their operates Airport. garage flights at their the provide required and of contract check bagged airline to where Boston's check-in with now and Logan luggage. drop-offs enables remote Bags go to awarded are parking bags travelers In This an boarding passes now to place. to service without agent taking a remote

airports congestion This there between ease runway ahead checking the significant airline passengers We to and is are services curbside to country. destinations service as as provide believe travelers complementary remote possible. efficiently moves at other helps across which and for comfortably major bags

established premise are money airports service. also checking in users were generally end airport. using the faster also in bags users already The insight sentiment They of with market service more research bags spend that airline utilize the supports airport the likely and data to consumer is very use and parking an that our into again. services provided. The at order it happy those from to gain secured the indicate indicated area airline get more further the remote We at option commissioned would to well remote they that recently where one the data where checking

and services XXXX made remote on potential first of plan consumer of also our Loews was benefits as studies in checking to verticals win to such This sponsors. selection penetration undertake economic success to better accounts airline Hotels. understand In behaviors recent as sentiment the growth higher the our we healthcare initiatives business the progress increasing to growing provider is municipal. these several and airport to demonstrate national and of hospitality, we of One that reflects national both

will locations. We locations the national five SP majority valet of for and States. that services been management that the the provide the property of we've lowest is leveraged and we've Loews door in over example into turning how United across excellent of XX account years it parking, great reputation Chicago comprised This Plus a at developed a the

new of this plan by the the May year. properties at and of We've XX to operations at operations already Lowe’s properties begun roll remaining out

shuttle target in six agreement Additionally, other Since and as to progress with new locations Inc. parking healthcare patient the when gaining vertical to of we've healthcare XXXX market. mid part we transport, services. we've continue made the in contracts valet, group management, growing Premier this executed added other agreement Premier mobility and purchasing opportunities with provide

over Similarly now expanding our of preferred resulted increase new retention and years. of Lang We've achieved XX% year business serve contracts. location it's provider at locations has the commercial XX% in the successes new from agreement Jones these spanning number LaSalle to five in we XX our in rate division highest commercial rate with last the award addition to

target XXXX last organic over X% gross the for set the to up, which profit excellent for an sum X% was foundation year one growth term long we has SP the of Plus year. To laid

like full I'd our provide turn to to and Kris? over Now the on to more XXXX financial fourth Kris performance. call detail quarter year

Kristopher Roy

on results today will adjusted results. Thank full you focus our and Mark. comments year When discussing we the fourth quarter

tables You can find all the a today's in release. full non-GAAP the of measures to reconciliation accompanying measure GAAP earnings nearest

XXXX in organic well growth million On contract existing the mainly business December profit outpaced grew X%. quarter XXXX the acquisition as terminations. gross or gross as impact Fourth growth million. attributed $XX.X from completed profits was the and of to adjusted to increased we bags adjusted basis business an $X.X new XX% that This

Adjusted and G&A was XXXX. bags compensation XX% including higher This fourth company's the increase to XXXX was for related costs, $XX.X to programs. to performance-based million related to the and the quarter compared business an compensation year-on-year due of primarily million, benefit of increase the or acquired fourth-quarter $X.X G&A costs the

for from XXX,XXX fourth million of $XX.X the quarter fourth increase XXXX X% XXXX. an of million of quarter the was EBITDA in or $XX.X Adjusted of

a as effective higher $X.XX of expense as as compared XXXX bags acquisitions XXXX acquisition fourth prior repurchases The to the to lower EPS reflected all well quarter period from the and due $X.XX to acquisition tax and fourth interest from assets the adjusted amortization as for capital of share share rate. as adjusted EPS. share the bags investments D&A to count same higher higher intangible quarter was This Excluding $X.XX performance added XXXX. repurchases the well for of

XXXX increased in in adjusted Moving XX% on our $XXX.X million full-year to to XXXX. million gross profit results, $XX or

was this was impact the the our excluding would by profit X%. up have growth, organic year-over-year. down down of While gross acquisition for This wind been organic wind the was this from gross boosted When the of lease. bags growth profit lease the favorable year driver primary X%

above XXXX in $XX.X XXXX was G&A million Adjusted level. $XXX.X million, the XX% or

As acquired G&A. recovery $X.X last non million reoccurrence a business that the it well cost reduced of included bags G&N year's related to as the as

costs In addition in overall performance-based were benefit related compensation costs the to XXXX including compensation, higher company's programs.

our $X.XX for up share to in year of was with of $XX.X to EPS Thanks free $X.XX million XXXX. XXXX X% average weighted in million or Full compared capital count $XXX.X $X.XX. improvements. by roughly $XX.X XXXX. compares our to EBITDA million increasing million X%, This from working this adjusted repurchases $XX.X We of per cash strong by share guidance EPS business Share generation million year flow in $XX.X XXXX, increased XX% flow free in cash XXXX, performance Adjusted in when generating or cash coupled XXXX. $X.XX, adjusted XXXX. flow our our free exceeded reduced

repurchases. Finally we stock the million for during used quarter fourth $XX.X

shares million share. price calendar year of $XX.XX toiling repurchased XXXX we at average per an During XX.X

available at As the year remained authorization end the XXXX, opportunistically. a of use to XX under which million current our share expect repurchase we result

An and of to contract capital for that our and tax these hold approximately approximately million approximately $XX average to outstanding approximately diluted of rate million XX% the XX% purchases of rate XX% XX% provide underlying a cost XXXX. but $XX guidance our for investments will improvements the million weighted of XXXX shares book and $XX.X cash our equipment income for Marc informed to include outlook tax assumptions some following. effective

With back Marc. that call to the over I will turn

Marc Baumann

of that in we lines. believe And significantly experience Hey portfolio clients their and improve while and the bags accretive with Plus’ of congestion tools thanks bottom clients to ahead XXXX, issues. mobility of to services We're being in Plus performed are SP help consumers’ broadest addition ways has end the another manage looking Kris. SP to year the that progress services our

that level high brand the We proprietary brought customer to the has valet channel well-trained continue maintain locate the as or daily industry our from of to their management our purchase online such invest us programs and inside mobile to valet SP and that enable with and complimenting Plus we synonymous enables service technology in consumers solutions a monthly devices workforce proprietary parking.com, tool. that parking to our become distribution motivated

and tools capabilities like as are supports of believe end along XXXX XX% for as midpoint. of representing important to development at becoming increasingly differentiator the consumers market $X.XX management well business the as adjusted share per remote XXXX with these greater SP We value proposition a and our Plus. over utilization This and our clients expectation scale in current for serve our to of our $X.XX growth pipeline earnings opportunities

expect growth The profit remainder we've count is to XXXX. our Approximately share the one-half with as diluted be X% targets line generated that the resulting lower of we from repurchases from gross of made results in be to operating performance the in share growth will a X%. already of long-term

additional This potential investments account expansion and consider buybacks XXXX. but guidance support technology does or in people in share takes to not into continued acquisitions

be focus million. we expect cash continue cash we at $XX to free free to a of increased our the In by internal just free XXXX rate increase on expectations flow. We exceeded million to $XX to double-digit flows cash $XX million range In in generating in XXXX our efforts driving flow. over

we'll of organic prioritize allocation, buybacks. In capital terms the returning of capital stock continue holders growth projects, acquisitions to in and form share

the to forward continued look far. achieve acknowledge of commitment to can plus XX,XXX we for Thanks at to work want and what successful year we've SP another able I our dedication employees been Plus. their to thus Finally, hard total

to over Q&A the like now the call I'd to the turn session. for operator

Operator

[Operator the of from Instructions] Your Daniel Moore Mr. Securities. first line CJS question comes from

Your line sir. is open

Daniel Moore

good Thank the You. strongest to year. Congrats Marc, Kris afternoon. the finish on

Marc Baumann

Thank you. Hi Dan.

Kristopher Roy

Thank you.

Daniel Moore

more for Marc national accounts. color hungry always good I am gave on You but the

contract gave rate you the wins those the agreements with of about with we since look contracts line would both LaSalle a color as run expectations? pretty both additional just agreements XXXX stats in was cadence had should those Is but those mentioned of You on that think we potential your and the into wins for any some be helpful? some How Premier good or and relationships. in signing terms out that really you've of

Marc Baumann

Sure, I would do to that. be glad

multitude we day. the services. we the healthcare complex They parking because bit properties often Center management provider of and will it's is decision opportunities of times Cancer to easier over at we're valeting course I some have at manage or Many often with Lang a the our you alongside making lot a of think the be valet to operations door fairly doing and bus of involve a X,XXX a these with the provide front is office to little like buildings are have around over of LaSalle what newer it look we're services agreement simple that When which you get and doing that parking Moffitt to operations we the at cars decisions. process shuttle evaluate. the regard that their a move our other commercial one they Jones

bit and complex takes longer. decision process a are these so So making the

someone So anything have I the was progress really the in would numbers probably -- surprised say I it's pleased think so were big like but with will some that and I quickly it ways we're opening that as have give opportunities to right us really the convince solution we them. a us incumbent still of door flow. been upon it's go and these at are local to for Both level the

more but say announcing could So I that premature. that probably think in I runway the time sort be of we we'll wins [indiscernible] whether expect is period well

LaSalle to preferred organizations healthcare I other serve industries. thing both become we providers and other is look people like Lang for or other continuously opportunities that group The are purchasing with mention that should other Jones that

on not we're focus got two So just sort them. so saying of these we've now we'll

organizations. Our arrangements to with time to the same goal us do find exploit similar other opportunities other is try something opportunity to these try but to that at give the

Daniel Moore

capital or pay debt Very more opportunities multiples at on allocation Switching out Are helpful. a little the current gears again. M&A least how you based trading you world of seeing of repurchases that laid in on are default you are you once priorities the terms share realistic given your see and some likely is the front, down today?

Marc Baumann

at imagine potential Yes. a we It's there's we're when a sense a number -- it look of I those might highlight bit. to and little at that as makes acquisition looking things probably

of have our and SP of marketplace array obviously had we're clients. at serve are any the and First with a new buying clients airline of the foremost services now. that in airlines the bags we all clients acquisition XX we looking never

have include foremost includes and our net to that we within broad at that fall trying expertise but ancillary we're other first business that we So services in operations so companies so of clients that like is are already, it that. services and buy our might might that look the the provide other those and could consider parking that things types shuttle like companies we bus

Then faster grow can looking company say talent additional Plus client at have we're pool SP and rate. also that that maybe help to base a an a does

version doesn't accelerate can larger We're that growth. of a at being grow. our the acquisitions looking just in interested us not are We ourselves that help

if what And buy finally creation our is and we is what was thing at we for can them right to to something we've our do. the value want paid that one clearly buy you back which a at we the and that when investors done good really shareholders we the yes mentioned we price know price a explain potential own say and at really the that acquisition look stock to you

add at not haven't haven't the stone all any So criteria announced because meets actively this looking very leaving trying say we a yet grow net make looking that when we're continuously wide. anything this all means for together we those something way. unturned cashed that that the the found you in sure lot at we're all to point things to but we've at that opportunity time We're of at least I'd things

In this create always that at to the important that. it's been and that way before that we're time best the looking we essence back of at buying value shareholders talked ways we've for do feel has stock our to

Daniel Moore

Got it.

for I'll it Lastly over. hand me.

guide growth. EBITDA adjusted profit Kris? into the rate, back single X% I to tax but adjust sound growth digits think given this etc. right the Does somewhere gross I can implies in that and mid X%

Kristopher Roy

to of ‘XX? for compared terms our ‘XX In

Daniel Moore

For to yes. ‘XX compared ‘XX correct

Kristopher Roy

Yes.

in terms expect perspective. would we from a what you're think of in I the ballpark growth

Daniel Moore

follow Very you. good. circle up I'll Any Thank back.

Marc Baumann

Dan. Thanks

Operator

question the of next Your from Blair. William line Tim from comes Mr. Mulrooney

open is sir. line Your

Marc Baumann

Hi Tim.

Tim Mulrooney

Kris. afternoon and Good Marc

X% growth some impact fourth excluded like I year in reserve how fourth look So correctly favorable loss believe quarter insurance would profit the quarter gross I If of but I the was insurance from think adjustments? that had remember reserves? XXXX if prior you

Kristopher Roy

say Yes, of year-over-year you it adjustments were I on I basis or number insurance to QX larger in be reserve about that some We have favorable think did Tim if guess ‘XX. a quarter-over-quarter would would basis.

than X%. larger So certainly would be the

Tim Mulrooney

Significantly or [directionally]. or point just larger two Kris a

Kristopher Roy

one. points. not than probably Yes, to closer two I'd say more I'd say

Tim Mulrooney

gross Okay. reserve does And and adjustments loss tailwind in like Thank Is headwind profit a impacts sounds loss growth you. a XXXX? or any you expected being inclusive guidance reserves in it insurance X% from this X% your XXXX. expect to contemplate of

Marc Baumann

way many anticipate the what some Yes. answer so What long long If than these into the will over us as ability we've gives would ball insurance our managing might levels think of it record period unfavorable to build happen it our that real adjustment. we because make programs and a we talked opposed have only set I clearly all say we we try that that track to time this. we adjustments is to have do at that crystal we had favorable likely to numbers that our a times we programs, of so and not more about rates as

our ones X. when last gave some that's to X our X of I we'll our anticipating to that we're target we So that and gave X factored favorable target expectation is our our have year in some into

our good of our day of and have a Now in what that believe XXXX thousands transactions we conditions guess that but there at we're will and will very we two really in million thousands very, various anybody's happen vigilance programs is continued and function be and various scenarios. and safety weather people a out

So how it don't XXXX if see we going out calling to are be say talk surprising would we'll have I it is just have too years be out way the and like much most other. to should plays that or a one adjustment we to but something big about

Tim Mulrooney

Shifting Thanks. facilities full helpful. positive that That's central XX that's gears, right. merger a I year. your you've the year noticed locations locations, time for net the think net first I the since All Okay. think seen for up full you're XXXX I of

don't about in think, sales have you're crystal you cross think recent developing, way the guidance? how baked partnerships another I a your the you're location asked do know or you have count based what operating of I ball do your you bags, in, environment XXXX into Marc but on the

Marc Baumann

years land know come as something is you're on can as if kind what and as go up to we absolutely of in that's you on count to business want use we'll the add where past and been obviously don't commercial a and a calls and locations basis locations way client relationship long-term is we a it's to and to it's not number to a can we use location make at end go to vertical way up so, we give and business a necessarily and Right. service with proposition. our because saying are you the it's not as provide your the see way we Well, to declining pleased, more on how be a and your we how XXXX grow look business time the pleased organization provide few a you're sustained maybe a aviation I that a value little over we of expand build to location on the is I tell tick focus concerned I going at that beginning it over really pressure our and building specially and add a so location look lot about much info was are into us at term year at to of a of really get can major meaningful in it a find count kind you because a but just right

I'm happy about that. really So

XX% the to merger is see location very a the obviously which It's five it's pleasing comments with in that since said also division It's rate the our that years. in to the really highest prior highest we commercial retention was Central.

we So very it's a new and very and introducing which operating again that them that their that happy. technologies ideas understand huge ensuring hard for we're happy, and leadership innovative we're our team expectation, them keeping focused we accomplishment keeping clients, deliver

that so, I'm keep rate up. And we their retention can hoping

talking my net And a the with again. And we're pipeline, locations. the to the year continue when business location see obviously, that now, once be up add count a from for XXXX is in expectation we'll new in will

ability I that XX our or to an focus Now, for it's a us basis we're just whether on I XX I don’t grow we and ahead. know. another the have it's But location or the up count confident over major more, ongoing think years

Tim Mulrooney

you do to -- much management improvement that very hear, Marc. the contributed that retention How great has your that How think good. much you do to technology solutions rate? capabilities, enabled number remote think and that inside much how XX% analytics, That's is

Marc Baumann

what's have we suite things one is that that call a activity. an but thing it's we I important think, give contributing it's we or about of into the parking, or whole the and clients monthly think multiple on talk or on where costs labor of parking, elements didn’t location, operate at major or we whether do transient lot. online I can revenue volumes it's that client the where we on a therefore cost visibility this revenue, But locations, sales the going structure the client, with of scheduling

is portfolio "Look, say and to charts All with we'll is and our you environment. of can available client this give this in we an graphs beautiful what online not only And tool you operate locations look and that behalf visibility into it we but can aggregated rolls your want any have up on way including you across see all your that individual in you locations."

quarterly where they're our location." And some goes." more people some to show I additional reviews like of business relationships and and tool rest like we showing see conduct no "Well, "So Give we're my want with this see And I of them at us business. national time. we that's senior we're the first account to sometimes don’t problem. it And want SP the

boards and client. those tools they're industry own I our So of present company information adopt, in their to the think out investing we the can aren’t of we of then and we that that because have trying can other things all with those some kind to the technology our penetrate provide parking tools. of there's we've as that's and sort that been equipment are comprehensive, comes things clients our the that But pitch desk

much pay things and for the comes that payroll hours stuff uniforms of all and of cost like and we're clients But to how payroll we labor and overtime behalf have it's the our they incurring costs systems the backup the like being run. like on out

a comprehensive clients So picture. And tool we started in only we to that is can this a XX to the introducing XX give last months. really

all sharing, really that world that saying in and course the this us are increased a think of haven’t you've a I there me help really Clients of strength do plays are seen complexity. to I figure had situation company out." where "Hey, need that is we ride think times. many like like And things somebody that I no of So because critical to congestion,

opportunity that try do. a apply especially figure and many we've don’t to who to very at can't I can client's to for we techniques and that out And compete other so, for our to of operators applied us improvement proven do effectively look think what all have management proven helps that. clients. times And smaller against situation We technologies

Tim Mulrooney

you. Got

you very thank Okay, much.

Marc Baumann

Thanks, Tim.

Operator

next from from Your Barrington the of Kevin Instructions] comes Research. line question [Operator Mr. Steinke

Your open, Sir. line is

Kevin Steinke

Hey, good afternoon.

Marc Baumann

Kevin. Yes,

Kristopher Roy

afternoon. Good

Kevin Steinke

So in that end July XXXX of that you target X%, XXXX X% just to of said you're you and in that and to now achieved gross I XXXX. profit here guiding growth think

So is obviously, I you that that expected of kind play in you're momentum clearly a the than thought that's happening guess things you to with that and in favorable out. seeing growth is might faster even getting development But rate the business. it something of reflective line how or

pursuit. I a know you've growth multi-year talked are about of the your that fact lot opportunities

maybe relative So things speed of kind just the how at are coming together to your expectations?

Marc Baumann

long-term. goal. to And if And a probably I between the X% of X% as grow can which the that. of multi-year business we're the the is we long-term at a there on is the idea certain the that and the view goal say is short-term as as on kind see could it out in things there would Yes, technology, the we the focus verticals enable that trying put to sustained far can rate. that talent, And place is practices, at

And that's at and grow to to to I what on that I really in to need say really saying aiming We sustained a own rate. organization. that was our target, investors basis

in range any because make there one lot did in be XXXX not not might than of we are that we in can variables. as might year, do and not a Now, that really better we

that. of in so, the when first year the knew And half obviously we top in 'XX, gave we that end that were we range of like growing target, the

too did a at the And a I so, a faster range been but prior I for four about row. of six years we in X% didn’t want we've to not when years growth myself excited months rate get in sort think in

the halfway top So I we felt I the that the were end. XXXX pretty -- in year X we would and we certainly get for to X that at we through would range given say were confident could, we

I But we have and that I be we to then growth for XXXX. you being range focus pretty perspective a were is putting expectations for really be idea confident in good plans for didn’t and of think and all something until that our pull the of areas our to together that their able XXXX started

in I'm a top stronger have of growth going we that on in we're confidence to that So 'XX having pleased that continue XXXX.

Kevin Steinke

Okay, talk to Can that areas technology. includes you're comments continued mentioned where just the on and has impact guidance? that And you about maybe great. prepared the invest you looking your and in I maybe that's the think investments on some your guidance XXXX people of

Marc Baumann

Well, I'll part -- second you first. if think take I the go

think Kris that's the for fully at clearly EBITDA was our about growth rate sort same earlier as grow he set question and G&A has going that profit 'XX I gross illustrating the to implied is And expectation. what done of in 'XX.

And we clearly, that fact expecting believe by this an gross at that a faster the to rate making sign profit we're we And both can we rate is remarks same a them the are on a year that investment. long-term about grow indicating G&A. than grow basis, that we're our increased

a out and to think little that all probably if I bit. rate growth you G&A wanted throw say you can back well So

side. would added of the investment any people say in trying of in position to organization of making. around value year before. in were more supporting And ourselves that opportunities in that's to for we're with focus I that some the one identifying I what they that we're take activity, But growth than advantage and would development technology -- the the people our is sort really they either XXXX we've adding business And growth

of a and to be capabilities. now. Where pricing doing continue data stuff to able work revenue what try with were looking to we're to we do to and we with want data, we increasing there. management And lot Because analytics expand grow

our of I think internal to to superior we place. all demonstrated wanted technology kind in discuss that we the time anybody else a have is capabilities market that are of that the stays sort

catch and of course people other And do to trying are things. always up new

if look that point, be ways to continue have even better. we So reach for to we to

enable us to some in to in talent be And so, cases if do to able we that. only that invest and tools happens

Kevin Steinke

it. got Okay,

know more least You for to I mentioned of you an across piler mean, going effort, of focus of had the years portfolio. get update broadly to on revenue the couple your management done here what's the you state last the that kind And that too. location there. demand. you're maybe expand at I

Marc Baumann

did talk about that. I

put then make pricing to by using in or decision facility think the I many services revenue those front the and get point parking -- about talk consumers can think parking. and at not. when you they can of to And consumer a can a whether we -- to where for options there data about optimize you we're the a question going that is identify park that's at you about revenue really provide options they're we of talking when one management, as

for plan And somebody you we ahead. say And then of have so, okay and making to in the is arrange sort where things. run making, to ahead where those takes if find want go then all well of a I that well decision in different decision be that's might doesn't plans and place. place convenient somebody out making good making monthly decision want type and ahead a Where I to decision parking there offer planning

monthly imagine, I'm business the is a around, that of have type if might that. and you facility but not the don’t don’t to just airline credential I hear I hotel business. for wait other plan and look to want potentially you want all of in Well, I industry, ahead to or pay to is want and station at the the planned electronic their to of most at know I line industry use as can about an ahead And access going drive parking where I

over geared of the have ago in revenue of they're more ahead X% about and revenue. that been we're want developed people have And management was the revenue when especially to decades I travelling. tools customer. maybe ahead the experience really years are parking industries what to drive those more total couple frictionless a at want up driver. that's the so, until up planned if plan And And plan they there of are you're mean, talking finding ahead, growing transient is a now. And

there easy to have to they ingress know to routed and they And facility. to a want want where going, the want ingress so, be they very and they're

shown have to in planning analytics certain able test be are that and to we our do, capabilities in recommendations pilot pricing us are of effect ahead. We in to have our we front for data have need who online in So need we certain need place. tools to and put people shopping

is really know was with at it's all it's And had large. the X% useful of that we airports probably a we for plan the that mean, And can is our XX%. we parking question thing in market decision ago that to and company even have in a when most. hotels this I couple huge like because influence now we started our in what probably parking learnt And years making. be their ahead

it's at maybe now certain more. come or Although facility XX% growing to

to plan are to The ahead the tools doesn't more, and proving the get information they part customer. more it's you the difficult ahead. are planning who to be really in that and country we influence more people for to more that Because use is do So, we've is and think plan person we able them. the ahead plan developed will those anywhere how that ahead

there so don’t they around the in just in and customer, know is person be ahead having and information or be so do able And whether effectively. to their non-plan driving challenges I at use shouldn’t that to we'll a to and we're looking the traffic, get more data not trying to phone

do else effectively well. seen anyone as We it haven’t

sort our And talent local well the of sort the But -- able do I the this or technology think proven most and people the and in designed think and been have want that online given more people to influence of opportunity for is both tools to more I ahead, environment industry very and that fact plan techniques these now because things. of make player can't regional for and these player of to an is a another investments they kind be techniques. then differentiator those in for to a smaller us maybe

Kevin Steinke

update. helpful. you feel talk see convert also to -- what's one benefits mentioned obviously that but about you prepared airports maybe very just or want be Okay, those to Thanks, some I that on to hope data behind that's or remote of other guess motivation the you're some your expand get maybe is the there a comments, about your clients is you could gain? studies what efforts just that I the just some and they And something necessary on doing Can check-in. benefits of you of is if to doing studies ask maybe great that, in

Marc Baumann

tuck for Yes. talked Well, has airline employments remote tool course domestic represent can United of of States. one this, airlines which we It's in any and as tool bags know the a XX% only you seven that capability. you in about proprietary check-in of the the

the better it benefit and a a I the the cruise economic embraced penetration where is people they in and see consumer they differentiator a qualitative with unique tool all of benefit this So cruise say large lot it's when that the leisure lines experience. just have themselves are travelers there the along resorts industry travel ports, and of got

buying proven for industries. you that's burden and also to to free travel a that luggage, huge offer their people experience versus has a potentially them if is people can do spend of going from with again money the and better generate the to more up and you and in dealing you but business competitor revenue can quantitative with sense -- free for So that's been everybody if those qualitative, other to and a there and choose they're

reducing clients spent reducing as and it went reducing In first the to less restaurants the for all for the a I at in enthusiasm able year for a stores, number we've spend the all the of essentially on plus and areas, in the congestion and airport to unloading, it's security traveler, SP would getting dwell of loading of space those friction benefits. meetings that getting these introducing the people acquisition through of lobby and after airport would check-in this the congestion that buses capability the and XX the myself intuitive the way kind curb, time and money be in

to staff because they're likes really certain if a heavily conceptual life on certainly easier really have too makes the the them for makes and in their maybe because just when things don't course handling the quality for this baggage liked it much so it they so airline's more it it traveling airport's And efficient liked public level traveling. of areas it, of and

are interest survey, the three there's I reduce are you've think do of by quantitative the this pays. that who going in moving shown research people to in revenue this have intuitive we had that gives of we always the going the to now congestion something tool. a so believe if it if what and the have to is you say value got the cost and go people the more generally the have that it's the their along embrace quantitative some with we remote to of to has parties in parking this, in can the don't it or to do really your it money that and benefit a we've Well, stores to in believe with one couple of qualitative benefit this expressed then research next pace I and like few these of argument the we and percentage things because have different arrangements while have of places direction that life of in is going terminal wanted of a restaurants pipeline from be to on is you accelerate luggage from are down demonstrate and adopting spend there airports adopting over comes sort already the terms adoption to benefit wins tool others the other with of to garage that years qualitative and that well, and real It's some most to they're aside

Kevin Steinke

just Kris then have fantastic and about of Okay. the the you can if That's -- just you talk lastly, it impact numbers performance compensation. maybe

full or numbers? You quarter of said much terms in those was it maybe if in fourth full was just it fourth of think G&A was a year the quarter an you it how impact have higher I year

Kristopher Roy

Yes, a of it but that on we which compared of ‘XX touched a I full-year be briefly it of as so of terms think pointer to give in would from terms to impact impact meaningful overall probably level detail was typically kind relates I fairly ‘XX. it don't the QX maybe in

Kevin Steinke

It percentage as a fourth in terms expense G&A gross a of higher of quarter? in Okay. the profit maybe like point percent

Kristopher Roy

I types over know I terms meaningful so we a typically don't performance it ‘XX I of Certainly performance based don't comp. if that. mean ‘XX. increase here, yes those on of but details for give of the this I kind certainly, say would was was in year high

Marc Baumann

have mean too types to of performance is we compensation. two Kevin remember thing that based I one

meaningful get booking than, end driven in our during will we going other and we to for year similar out and and they not bonus we number year as then have So the how best exactly a we of the or annual turn its find quarters. program which off the budgeted cost can of forecast that and attainment to out try is the the make company's how EBITDA the we along year is of like we then be to the other QX really way be that's the up when year of going the estimate up it ended ended the to a to

there we doing what in a will than be year the a the If up because end the and true year. for we QX thought higher better little up

the so shares cost. performing cash that's the can are optimistic best so free three we cycle we and the challenging course of where to will end making are free plan the flow there estimates have and years is least have, and becomes say the we compensation sometimes other to going over company we flow and out cash our up flow think of the Our and the we view and project three-year years a increase free and do we of be on we're to more what cash we three

how flow year is get to and we did better the did of and the QX then which remarks reduce optimistic expected. our end Sometimes in on we years than prepared in actually happens go free as when think okay said every do I we we view cost the Kris we his less then cash three we and

be if ago of actually the because fact adverse we XXXX gave free for affected in into lower year end us. ‘XX cash we out you it In we guidance when around would ‘XX our had said timing flow, a issues and recall some that

we flow that were of be ‘XX $XX to something million ‘XX going than guiding was you like free worse and XX because for so better so to was cash or XXXX. actually like And might and that think people XX of to

we sheet the lot on effect on happened company came little did of the on because end balance While the happen? hard worked that worked also which hard other that $XX free in a in Well, at we cash the how over really flow. so million things did but performance that of and well we

did it, imagine earlier free close to or up. you might get QX in QX months we got than that thought got when we bit we that the a we consequently there got to quite calculation to so three-year came cash six have a flow, on year and better And all true we how for earlier we then that have our so to

that So number. is big fairly

of expect. amount flow in everybody an I we the cross lot have generated up [indiscernible] good picked we QX So more way for know what of to because I neither Kris had because than at a we or cash profit, X% guided we year trued up amazingly free

Kevin Steinke

I see.

explanation. thanks helpful Great my for questions. taking that's Okay

Marc Baumann

right All Thank Kevin. you.

Operator

from Your the line from next of question Riddick Sidoti. Marc comes

sir. open is line Your

Marc Riddick

afternoon. good Hi,

So you've the already all all answered that questions for the of lot because had. I that you've given color first a thanks of

of things JLL on one that I to of Premier the the were given sort was to-date? So the year-end clarify did and of that as just or numbers want

Marc Baumann

over Yes, New all properties Eve. yearend. end. at year the noon the disclosure just on load, to on that's No, took helpful We're I about those talking Year's mean -- we

come Lowes along that effect going effects. of to the of be the Lowes are and all XXXX So the going to the rest are XX

Marc Riddick

on the forward we've your given I earlier that just I locations, of of ask one going little bit years. this That's lot you're get I your sort the things would the on up these part on to have fair like which potential then you're last that implies helpful did you sense I I clarify and of one the around one and of over just Okay. want that of the process made the of as seen wanted of largely think was the to a the of point? of that guess to some or locations of to comments maybe of having a of kind ones about aren't kind a through come whether that you those where comments kind few this renewals not of as of location to through mean completely about it is years, kind process of you ones characterize lot having locations that a if profitable growth at way it not right, a touch through

Marc Baumann

amount can't I have locations in a where of large a of keep number not head. everything we contracts certainly obviously sort of mean and aware profit. make any low I'm I Yes. my of we

drift couple saying what release think lease itself leases that's So the industry in would but of you that in we in me there's years leases One are a location the and and acquired look our probably wouldn't if fair our in see say portfolio central that's number you're true but long a ago. see counts that we and thing seven reasons. acquisition the looser so still a at is count is you it still continue that from for part what location that is a important I downward as the we that away of in trend largely term seeing of surprise have of to I

going a those those away up one. terms that lease better but we're for when and will so for while we're come so clearly renewal walk to one on to going get or leases continue that money we new a either make And are can for generally

to those profitable lose one or is if a of we the it of but have So we'd don't more of be be to imagine locations that were would locations so see airport scenario same describe. a kind deal your that like still more that but might and they're anything we you loss I deals think multiple fairly might municipal sometimes could of generally I there the reality but specific than when like question is large don't there's

Marc Riddick

Okay. you Thank color. the That's all great. for very much

Marc Baumann

Thanks.

Operator

Your next CJS Daniel of Moore question the line from comes from Securities.

open. is line Your

Daniel Moore

you again. thank Yes,

Just is any above remind profit growth, or items as growth QX that of X% follow-up this that as in a cadence to year, below that either far QX X% us kind range? of material quick gross might profit concerned occurred push last might have ‘XX gross QX

Marc Baumann

in we adjustment year but the could wouldn't normally expect in for the of I happen I got it say bulk would favorable of year, -- talked last about fairly Well, is we it fairly last large, and QX like which had reserve casualty QX did I big mean insurance think year was adjustments we that. kind we we the reserve QX. that in expected

Daniel Moore

That's it. again. helpful, it Thanks Got appreciate me. for I it

Marc Baumann

All right Dan thanks.

Operator

the Marc now concludes That will Baumann call to turn remarks. closing Q&A I Mr. session. for the over

Marc Baumann

and Great. a call. for speaking for conferences we the our you and Plus everyone your of Thank at you for seeing forward look Have upcoming to SP you you time meetings and end QX. to today thank with good in thanks participating next interest in want now. day at I or

Operator

everyone for call. participating. conference today's Thank you concludes This

day. You a disconnect. Have may great now

Central Parking Finance Trust PFD TR CV SECS (CRLKP) 19 Feb 202019 Q4 Earnings call transcript