SP - Earnings call transcript Q2 2020 | Central Parking Finance Trust PFD TR CV SECS

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Operator

Welcome to the Q2 2020 SP Plus Corporation Earnings Call. My name is Richard, and I'll be your operator for today's call. [Operator Instructions] I will now turn the call over to Mr. Kris Roy, Chief Financial Officer.

You may begin.

Kris Roy

good and Richard, you, afternoon, everyone. Thank

just of SP Richard the of XXXX said, conference I'm Officer Financial release earnings. quarter second Chief Roy, our Plus. following Kris call As Welcome our to

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

available In extent measures the for the call Plus Investor presented Marc of under To in our addition, only. the broadcast and are the non-GAAP investors accompanying will company's on Regulation Officer. non-GAAP A SP over results is Relations non-GAAP management and GAAP the earnings Chief operations the over being purposes replay to are informational useful after discussed to the release. website. information be comparable Please to were reconciliations section They appropriate tab company's from to G XX and posted is the of financial performance. this the provided call full with on the Baumann, the financial will call will reconciliation A measures call, will of the measures tables in I recorded. information ongoing now shortly non-GAAP website measure supplemental concerning provides turn being is the end for Plus believes Internet live note, be an will call. days Management the comparable during way discuss available the be SP today. of presentation financial evaluate GAAP other Executive

Marc Baumann

in are the that they incurred more scaling financial and for both which to wake a Kris, is and We our of the all expected business. second us level the in Thank represents that had possible results hard changes of this well SP in and services business quarter particularly reflect that to my measures, with has COVID-XX hit these with results hospitality I'm the the airline for you, we many crisis in from the our pleased quarter joining outlook. provide. you Plus. quarter The building for point and it process business low the thank the I quarters second the review along way we're base By the that profitable a more one afternoon health we demand was to a believe COVID-XX and discuss years streamlined experienced we as -- achieve what manage all on impact of us our this second not the portfolio in our outcome. And as the through year, and best we challenging our our across clients, of industries airport, when of significant serving commercial XX clients. charges activity we with decline faced while began we substantial

our team effectively the to to at company shown diversified further conditions, It to our and and I'm tremendous these thank our health SP and Plus operations the Before like for and I'd grateful training, under and took take we've To clients. frequent manage to risk to effort moment team customer going employees into safety they've alert a detail, commitment remains unprecedented entire a serve our pre-shift and put The videos. members, of communications top screening protect their questionnaires meetings, priority. including perseverance safety for frontline daily protocols, safety and safety in our support. place clients comprehensive

took in spread these we our period. and operating and we're mind at in level extensive disruption provide in activity suite resilience of the we sanitation significantly locations to we them in that These and required a mobility in flow reduce are actions, events envisioning at services the communication. To cases, million gross implemented as clients I and lower, to we've address our the but consumer severely distancing of airports our to our business, organization cost addition, the at permanent, over Directors open commercial beginning the the services Executive of additional volume-related remained we second services cost our when scale secure. curb took with quarter. a in a the workforce Despite In efficiencies and to and we of safety second the included serve, our G&A paid the significant salary biggest though although profit, first reduction during CDC to of therefore, actions cash April of restrictions and the Thus, series cost the impressive. enabled solutions deal shelter-in-place of and protocols reduce now concessions severely security we and the cleaning which free Keep quarter which the and good to these second to our facilities tenor in a our us saw essential tested mitigate with entire keep of impacted XX% we by speed we locations. contract still all our hours a generated and of strong cutback which to of we second even oversight. management was thanks off levels disease, to the The in results, and some and locations cuts line control business and second concerns of which quarter quarter, changes, commercial $XX year's are at the XX-plus most main reduced parking gross provide division Not including services, staffing place adjusted we state turn workers, all stabilize will quarter, our and some activity with requirements, operational, social locations. work-from-home The airports utilization federal sought sanitized how our in today reduced hospitality the and of are XX% and in to travel is with structure, opportunities fall hourly the good and quarter, throughout portion of cost compared for actions reductions detailed last management with guidelines requirement. pickup was that major COVID-XX the executed we of is and reductions, where future. but expertise at limited mandates stand our impact behavior took news profit. review The gain revenue,

second the steps strengthen of our to order or able a company took quarter, exit restructure the operating to we Notably, position in contracts. we for to were in significant the future. Additionally, portfolio number

screened same compared of the improved travelers improvement rate gross a indicative continued with from it's believe per with was number recently second the similar level location less XXX,XXX downward as to the increased the provide Despite day these, saw that to the the of XXXX, to what April. We're the retention The we will monitor us trends a XXXX, is portfolio down travelers large to we gross the the program of down reopenings were exposure about other these the to decline last travelers we July government services that by account revenues parking greater today, in believe and confidence XX% expansion recent TSA, and care of on potentially June We've visibility head our compared the the steadily as of contract. certain up revenues charges agreement and our decline of is health lease country, are ongoing and type typically April, our a expense from over a termination easing give actions, been quarter April, With the early July few second volume-related were as there were into we where substantial ended for which in daily where operating restrictions, in to still we which than G&A locations management Xx national tracking risks, was clients. profit stand we significant year, respect continue about in to year-over-year. gradual of July period source announced year. same to while importance of pressure associated which a across reduced and eliminated last XXXX of in contracts trend GPO level we higher April and shift low of the improving ongoing lease quarter profit was associated of sample of new a our XX% parts XX% the to seeing where While the year. second vertical of the July, with XXXX, XX% XXX,XXX in of a half XX% pauses

to on technology our want touch initiative. I Finally,

years, that this normal especially end important is the clients in pandemic will During new XX our appreciates key the SP unique consumers competitive crisis, Plus follow. and continued for spanning the understands With technology of critical make and and investments a differentiator SP how of industry. technology, which future operating during over this an remains believe to Plus to history we've we an in advantage, needs and

operational real-time Our metrics for reporting. is we to end-to-end to are foster experience and means there That to acquisition the logistics, from mobility. aim customer entire performance

our management efficiency travel. Parking.com. through this Sphere's service QR are via consumers solutions to year operational brings clients' by to and point customer a clients facilities Sphere efficiencies Commerce and digital contactless often as facility about the experience. during enhance which that platforms expanded web and a as codes well examples. industry-leading platforms remote And such built Sphere's access and also pandemic maximizes and to Bluetooth suite operations and the coming check-in Remote that XX/X as single Sphere is and and congestion. engine user-friendly, facility via Sphere our commerce goal on-demand is often Examples expect supports provides end, for remote our very pricing new enhanced license greater today from I'm payment, Sphere travel nationwide. touchless to console transactions end from this and seamless mobile eliminate demand brand, Valet reduce B, of we've and plate which and recent with automation and to Sphere, prepaid streamlined some excited Insights a These insights increase. cutting-edge over that seen reservations, provide A in-lane online commerce centralized optimize performance and issues access support and such points checkout, Transact, capabilities that point parking and provide XXX operational and system just in together data faster ease-of-use enhance and and congestion capabilities into clients and and launch technology provide sophisticated and tools operation recognition. digital industry-leading facility management growth provides a include touchless options provide the Sphere later contactless account visibility technology caused payments, with Sphere's point-of-sale mobility-focused delivering provide accompany payment solutions to our pain operations To clarity of analytics their enable Our with

www.sphere.spplus.com believe You we Having identity as full Sphere umbrella capabilities further our provider unified scope gives under to can and go us technology these to position solidifies see solutions. Sphere. of the the leading a technologies the all mobility of that

back over turn Now quarter for Kris I'll to financial the call a review. second

Kris Roy

for thank afternoon. Thank all you you, us joining this and Mark,

color on more adjusted this financials quarter liquidity reported provide as will well I usual, as our our position. As

a to full release. gross earnings reconciliation accompanying measures $XX.X their of tables and a non-GAAP find of as costs today's in the integration-related restructuring all You in noncash $XX.X compared a related the of lease which excludes can nearest as measures result GAAP well of $XXX,XXX of charge profit, quarter, million COVID-XX the million as right-of-use ago impact impairment our business. year declined on $X.X assets write-down to million to mainly to the operating Adjusted

impact for losses our we settlements regular the of in During potential legal as and of on business. COVID-XX part $XX.X of these quarter, the increased by our credit light of million items provision and review our

quarter plans. second overall as per costs, the scale of share of accruals the restructuring our actions to variable $X.XX costs current of and adjusted business to integration took light in compared was Adjusted in compensation XXXX environment, XX% million for reducing G&A share million $XX.X $X.X $X.XX the Excluding to decreased by income company's quarter for XXXX. including per net loss second we

versus As share amortization of and per our legal to enough business settlements half tax. cash and loss period an in cash a At income and quarter environment. capacity senior of in half in for availability the end the the in half for acquired of were the period, million provision flexibility our report higher positive this under to impairment environment, ago and $XX.X operations intangibles, due free years net year, $XXX financial million XXXX, XXXX. current we through of that flow Considering represented current from credit a share very generate flow $XX facility, first The the manage charge. pleased confidence we $X.XX credit business of our million which in to positive income XX% adjusted per adjusted of of million net are expectation had undrawn we reminder, exclude XXXX a year the both gives have higher losses of after company challenging second same $XX.X of first the than us free second generated to the intangibles July, cash

timing our of COVID-XX's remains Based business clients third for economic to the know it today, improvement to an see what the on several difficult profit impact predict gross we the or recovery. ahead, anticipate duration Looking we in expect our adjusted reasons. and to on of quarter in

$X.X included credit of First, million second we and to in reoccur expect provision settlement, quarter. legal profit $XX.X for third quarter gross the million don't a adjusted which losses

the the and best quarter, quarter, June gross our in the with with of Second, steadily throughout month the improved progressively second costs. G&A being being profit the point June terms G&A of during our quarter decreased low

we Third, during XX leases terminated contracts converted or management to quarter. the

second will XXX over improve their the many to of expiration during QX, there that as to some not in profitability our And was of expiration in come these gross no naturally lower structured unprofitable whether and contractual throughout second positive half second of half the this the Marc these expect X than that the of are convert the closing are having year longer improvement leases. additional leases thoughts. expect half profit free the them year, call management quarters. were the quarter, of will contracts, or over given to we next will finally, benefit which Regardless back leases be Also, that, in turn our expect With quarter. some QX progressive we I it year. of to be G&A to the the We for we cash the flow of second will in from will locations about able

Marc Baumann

Thanks, Kris.

to As any this to going for precision. Kris happen of mentioned, year what's it with predict does the remainder remain difficult

long operational will services as that face even in the in verticals financial ahead. they more need clients challenges we believe our target and However, our term,

help our adapt clients congestion. Our ultimately improve requirements social services distancing mobility, and to mitigate

verticals in our and the public accounts While that about climate less that opportunities and improved desirable will months different will the normal we national at many steps optimistic be we're congestion. manage ago, for of more our sum cities, emerge program. on expand the for we've few parking the help To our the industry and of is profitable increased to to be key recognize there's a confident leaner, and Also, opportunity us continuing new build us business of becomes in of than clients quite front as position major poised our long-term. with the transformation digital of their technology, customers. deployment transportation us we're with Plus, well SP control differentiating a its forefront up, the taken believe We offerings for as well to competitor

to can for line go the questions. to we back Richard Now open

Operator

a Securities. Moore [Operator caller Mr. CJS we from Daniel Instructions] And have line, on

Daniel Moore

of quarter, legacy contracts were if if could, exclude the to in maybe with I want the like business, start Bags, core rates business? we your I Bags what Marc, ex to management look retention the just kind exiting

Marc Baumann

when counts as you know, about retention, about Well, and commercial talking we're talk our may division. we Yes. location really

So without high that's already had Bags, that very and we retention.

we've news as I think quarter was XX%, that on course, described. we is the same looking been mentioned that of retention actively was our And lease the our locations, of which good at second actually a Kris lot year. last as that,

to actually fact that was So a that was high as thing nice our as see. the retention

other second management added commercial XX The thing division the new during locations. the that, is quarter,

while been our locations. at our same actively of ways account described, building So reducing that management lease we the portfolio we're Kris have time, in the

Daniel Moore

Very helpful.

Cash light challenges much I of capital, reflects in expect flow, the if missed unwind at Sorry, HX really the that any, if flow all? in impressive of working stat. of all free here. you cash How

Kris Roy

in terms working I'd of Dan, of very that's unwinding any little kind of sort say of capital.

think very was half. on collection receivables little terms in receivables. in that what saw, I down from strong significantly, second of will happen There's the unwinding you

Daniel Moore

contracts a there half was of flow, of the expect you customers back benefit year? might measurable during the material sort from quarter in And the into terminating that or you or cash

Kris Roy

see No, nothing anything material in really year. QX in of that the and don't part

Daniel Moore

And more. it. Got one then maybe

in declining. July? more exiting gave gross maybe cadence gross a level little monthly we've the we -- you G&A profit of seen and If you what together, the and good gross that us give through some both profit on -- put the color and cadence improving on with Just and quarter can

Kris Roy

Yes.

we're kind of recovery difficult looks what of that for depends I think about about curve of flow which how what so really terms remarks. and And look can you I put like. I it. positive, in, might as we confident that's a is us like year think the free in to really being feel of the really this on our second say kind cash look, What all thinking prepared in of half we mentioned

Operator

comes Our Steinke from on next Kevin from line question Barrington Research.

Kevin Steinke

somewhat interesting It's hope you [Technical that successful Difficulty]. to show

Kris Roy

Kevin, is Kris. this

up little breaking standpoint. bit phone from cell reception a You're a

Kevin Steinke

that. it better sorry I'm Is now? about

Kris Roy

Yes. better. It's

Kevin Steinke

the in by how I'll about sizable talked preference. typically was talking I client over. time. management able of you period were intrigued you've I type of to is on convert just of Maybe contracts the was Okay. just dependent type successfully a so -- short about the leases, fact that And start a contract relatively number

So what made clients of amenable change And of that your lease about versus how portfolio? the to lease switching you does can And contract management? types? much further down the that contract mix drive thinking kind longer-term

Marc Baumann

a of first put hard the and And some terms, by drops revenue takes lease try question, we contracts, into rent there a X, if we form of, I'd provisions enter times, cetera. That's in say, we et the protect Kevin. renegotiate great terminate or lot us the lease to the that that when on foremost, downside. can

we revenue unfolded, found you think the position faced to in be situations, do so out those again. we do, things positive our way so executed of the some stay, analyzed under job stay you leases had termination leases and for terms. in lease all of back to are your And management the amount be looked we would And and a said to more would we've clearly, enter now, least have we those right facility of generate terminate, lot the the But we what predictable, but And future, epidemic that those we're to here can and to that response us to at someday And glad willing for and would might anybody got be this we and that for is of a improving we terms is just of said, of, we going sorts it. to the going to company. be of And contract came love when cases, maximum we when our best we cases, this to have hey, any form. to willing rights. that. landlords we maybe the some think in a we into at And this financial opportunities of the

by And on As desires far trying to is been the you on, And things face have or lease years, of avoid ridesharing mentioned, do leases, other general to do in form. caused over as making doing we long-term the as especially some what serve like few course, and we've a long-term the focus had Kevin, our lease of past of commitment. wants the rent people fixed desire to clients and landlords. congestion going

us of describing, of kind I our We to some more the them structure. in the and was portfolio, have leases percentage for more burning we've of off now. been are of just But provide also many recently, those of but kind a leases provisions entering that give rent

today, as this even we So whether there rent it and to landlord if enough in structure costs, a look revenue would like I happy environment operating we're it. justify that covering can see really and structure, our lease at after to XXX% a said, there's look, percentage

I that that every profit, us a location are make many not profit eliminating talked from in the the make there. times don't there if enable So future. see And desire we clearly, contract to structures for for location. the be we've way look to our But to at portfolio us about leases don't

Kevin Steinke

Great. just that's Okay. And helpful.

talk just the more Or from technology an the a said, a in signal a of outlook is longer-term perspective? talk technology from there a perspective? you bit even about new kind about in product you ramp-up strategy place just that brand Sphere could Sphere? you So that kind maybe and investments more are, everything what of And like you can had of little and of I it accelerated development? unified aggregating technology mean the strategy launch does you

Marc Baumann

to Glad do it.

looking strategy we we technology reduce of decisions to one touch -- made could we quarter, while we was organization to that bring and for and were technology payment in the down in of led steps programs development accelerate of past our we've this for costs not take revamped as strategy, XXXX. surface G&A, lots. we our that And our process, we and at actively on-demand completely of to that months, are last introducing. the couple has number think, I a capabilities which fact, of very, new we non-gated just execution out And indicated to very rolled the things beginning we could at looking our

you And zone. our so surface pay via text mobile lot on app the code, mobile now web, QR or can a with at your just by entering

to So seen been that's on a in and innovation At us, environment, access to option to you control gated industry. the friction-free huge do time, -- paying for same or parking people ensure maybe out not want to that the in enrolling, gates needs pilot it's places, touchless commonly phase, the because the are for working we've facility. have there are there in a some

business. now come some we're those And roll to that now fruition, have working major into so for that our are have been on and developments months to we starting out and

of see But And of in existing continue know of now. are industry. then desire release week, So time. -- a clients is existing in are. but all and that. we're the to reemphasizes a why of also transformation the some that process capabilities that out we've our of couple we've there forefront been mix make a effective the other belief it those both capabilities of other way want a And of and the what prospective the year. out our out rolled all that develop our additional introduce we'll capabilities we I the past and to throughout the I clear the put what unifying you over we some for things things identity we kind earlier details digital think What those those brand. and does it Sphere at new have technology brand the gives the our out that to that clients sure And of being we takes very doing But is to years, of and right rolled to roll and communicating decided that's

Kevin Steinke

to high-value I that when And you on include verticals, going about which the you're mentioned the focus outlook release press there. aviation, XXXX noticed in and Great. talking Okay. to you're continue hospitality

So guess, unchanged, to that, is good I takeaway and this is see in? the and despite hospitality is strategy there you I long-term still verticals longer-term that the guess be mostly interruption aviation

Marc Baumann

mean, I the it don't certain I other And -- in we not when mean interested highlight verticals, doesn't we're that do. verticals. We

our goal whole So B. of all across really to people is technology-enabled point point our where roll verticals from to out moving capabilities are A suite

And focus in some and aviation growth. and talked clearly we about the of We've so the because there's company. for opportunity that remains time, hospitality for penetration part think our is low,

parking And our and And maybe so hotels over in hotels operate, hospitality, there's in out to our industry. we for outsourced in to that of X,XXX those example, XXX services. have have we most somebody XXX that hotels North America could from benefit

that why been actively we've line hospitals that one in volumes space, to that's growth, and So space. that care And and thousands Likewise, get one properties serve. at to expand of ways in we individual announced the additional are hotels, care up just the can if health GPOs GPO. of in June we has the of part footprint lower is or XX,XXX -- why hotels the even and rather, health properties trying of there's thousands we the the that that's are

And higher financial somebody ahead surgeries and hospitals And them drive COVID think some so could the profitability given ambition. elective years additional XXX other thousands capability realistic with bring the because that looking a the disease, to volumes I hospitals at profit we their come North America added that are today we our cases, idea serve congestion activities to in in patient operations. the and also, from facing both receptive throughout technology today in and literally but is makes grow that of us like pressures maybe and to of hospitals, margin reduction in that type for for because

that other the airlines handling, XX distress is And or our services. locations again, or delivery with skycap provide provide we we space, baggage severe with travel small, a individual aviation we and given where services have strong delayed of country. once just But right for now. in a relationship air maybe services major services throughout there's on their think for I check-in handful footprint airline, yes, airlines wheelchair the luggage

discussions really us our to around more expanding for so enabling with that are them. footprint do them And and

we've RFPs but operated renewal we've as going XX with all the of because way time, that they're do their only right on there On or for in either for out airports fact not continue that operation. to in the some we airport are are some coming what's contracts our up operate side, talked now because about putting unhappy at actively airports

actively so of opportunities. bidding and those And we're pursuing those types on

So problems view an have times, solve find downward They the problems resume. problems. and will at air they're in moment terms those looking curbs them travel I and air in service airports in help of and can their at particular, at normal taking while congestion are the like, the the and that -- travel long partner to who a think, pressure overall there's eventually recognizing

Operator

Sidoti. next on Mr. from comes line question Our Marc from Riddick

Marc Riddick

the locations and thank contracts could added. wondering little put of the wondering around was up were expiration you I a mentioned, the I little as remainder you however, for the a you you for mentioning -- was new for that about could that far -- talk year. also if are if bit as color

contacts those that, were a new -- wondering that quarter during was mentioned you touch could said little had management around as I quarter. on couple there contracts and of around contracts And what if a commentary was I during those around that outsourcing. XX new I I were And to were if a management little in? you think put like color then that that have the were that look came first the wondering maybe -- could inbound you were that. you bit follow-ups new

Marc Baumann

away, of about done. increasingly, right smaller people are our still operators been Well, maybe pandemic this is requests. of And have worry them competitors of I who we're to end dropping that getting Yes. those to getting the there's terms couple going or whether bankrupt. see not survive have ball some Many inbound think as going the financially. job not are not a There ongoing in of

that And my going to successfully. operation concerned they who's are becoming so the about people serve manage

office right cities in of cities are many use the There in. lot robust most And other a building -- so surface transit reducing that in people parking on lots have and or inbound get of But are as as to people parking There's parking fairly from amount continuing like. going frequently there's their home. requests. parking a major and people lot in now we're a not working public garages driving those activity freestanding of

And you level volumes so are what driving going would up in business some cities significantly quite expect that's in on. cases, from activity of given the

our they of of those So with we've put side to we have developed. are plans together properties our because properties inbound operating And us We're distancing like around deploying a owners of clients. Many hear their organizations safety, and kind them either requests. them of plans take we asking managers in COVID technology our they the or people on what them of added I and anxieties for will if touch low that and list of expect parking things. that's can social friction and COVID continue course, use sharing -- protocols, own of health all have or clients using

And is owners for partner better so times. SP Plus, going a managers and like larger, to uncertain more I operator many these be a during think property sophisticated

Marc Riddick

do as an just year? That's Okay. for -- if you to helpful. -- expectations bookkeeping have wondering very full update The actually X And question. could quick you then CapEx

Kris Roy

out Yes. We don't typically quarter. by break that

we've I slightly less than we'll -- mentioned where this in call, I first quarter be that. probably probably historical be think, slightly on basis, I the think we'll been

about year, have this CapEx. we far in $X million so And

Marc Baumann

just Kris add mean, X I what thing saying, been technology. on our of to expenditure is to probably half has CapEx

organization so volumes technology not we all, back trim opportunity that them existing of transition. activity COVID for roll want us to makes but complete if crisis And we when the our see to for as where development, are don't anything, implementation and it actually easier out at to lower, in only

trying so that some that already our business. we're throughout step gas to back, on So comes of made the the if as anything, on transformation we've stuff business

Marc Riddick

decelerated I wondering a perfect. vendor was was us could share you're if around And have you that then preferred That's are maybe give place. have And quick year expecting or what the if could what And wondering taken you helpful. there? that update into Okay. maybe that to or it's efforts whether or the accelerated experiencing the if what current similar now? you challenges I like That's going with looks

Marc Baumann

say relating right home. little that's partly one And because many I I primarily The people now. commercial so from And that space. into it's think to working relationship Yes. a quieter are would was office entered we

not the prospective those indicating health as financial a space, challenges congestion few to ago, are care property on their pandemic feeling Marc, COVID dealing They're of management as And much focus bringing so world. and But the I in or clients the is with clients was pressures. the that -- there's in lot minutes facilities. a that

consequence, having and that's that to interest in as place. clients getting result. -- put we're making arrangements the from we more now meetings of a actively as so care a other And those RFP we're responding health with where GPO prospective And

So clearly, end of talking that are lot those, wins space some now. have when in right activity up there's we'll a we about but that notable,

Marc Riddick

last for Okay. And the then X me. Great.

that I sort current have contracts lease to are that it of for the is between you like about year, up as think expiration Or of wondering, early end to far for XXXX? as too was the look visibility might As what those? the volume do

Kris Roy

that It's in little terms like. of what early probably would look a

that of a I and internally around different inbound terms think we're of through. are coming inbound variety new initiatives working in contracts on leases

will going kind to you of I the also at on But, do, the the trying of part of as that's year. contracts back expire part it's Certainly, naturally a think and yes, for back that year, the 'XX. early significant for year, what little to benefit I this of in XXX profit mentioned gross but look that. the back So half some we're have

Marc Riddick

you maybe is thing. an and update if activity Okay. one. I last their it's Wondering, engagement of what last And the promise to One like. I forgot. could national give account a as bit

they to where be think could efforts the and might that was the going touched you that going, overview of pursuing, you might year maybe wondering on going where for savings the give the I broader we but remainder see if with of as -- I you might that be cost way some a that forward?

Marc Baumann

been awful use is Yes. I can technology where dashboards sense. optimize our platform tools some not capabilities which of with an mean of Sphere that, around makes we equipment clients incurred we else strategy us that's together other has in the equipment real-time being the parking facility. the that's the to itself payroll what's And bring going the help believe our that can Insights, to and share And particularly on around data that's the parking in those our operate but and facilities, -- only facilities. lot nobody equipment, the data not in able of in technology that management with the their to and really for are we costs all example,

present tools facilities to we only So to that operated reactions operate. have of going clients extent others of these some like what's they that blind have they're And love them as to don't that, other facilities been can of our that from by sort tools our course, for national the they information there. we and on the have larger initial that

think the really not they -- on have us we're our national that of advantages in so trying visibility the in footprint clients greater only with continue to they going around also our skills get what's their can conversations can letting I large expand into facilities. operating, operational the of So but those

the meetings our So and as on just don't ongoing pandemic having we're that I interrupted trips is an clients as them Zoom opposed has more to focus clients accounts. larger But making our visiting person. in small Clearly, process. well national with and really think

Operator

next on from Sam William Instructions] [Operator comes Blair. line Our from Kusswurm question

Sam Kusswurm

Am I all coming right? through

Marc Baumann

hear ahead. Yes. We your can Go line, Kusswurm.

Sam Kusswurm

COVID with least seeing With expecting more term, transportation? instead expected us of to Great. the maybe for be importantly you are at near parking public people to use

Marc Baumann

down. you on Chicago mass Chicago New mass is It transit there's transit, I down XX% I York. it's quite cities Well, are that's you're in New people. ridership, to bit about down. whether way, even being get at And as it's if where like York not way I happening. or or a least for as much point, environment people other way, an think close Angeles, XX% in in this in and at data talking sure Los concerned of mean the mean proximity because, to

business in activity down city, X number. that So what's same by is happening by is down at when traffic a not you look

were there's day just that are clear people And buying in other are and Kris fact more. I the the lot buyers So that a fact, driving talking about evidence cars. there first-time of

we're as think uptick And bit I of ownership going a in so car see well. to

get they are for looking So least, I of think a people to for to at work. alternatives preparing where period time, mass to are transit

Sam Kusswurm

Great. for maybe on with And arrangements those organizations you returning conversations have parking had employees? offering billed

Marc Baumann

for looking to for monthly of person, figure And aren't And are allocated are those shared daily are looking going alternative shared commuter arrangement but out, be look than X parking, I of efficient maybe as monthly they all to people but in think number could not parking they is that monthly the companies facilitate technology as capabilities. a to don't not parking more that of it that's parking, an do be rate. is platforms -- good or arrangements trying expensive a of people cheaply every to it's want as just enable discounted the maybe they because between day purchasing as large the sorts news to can they our paying Absolutely. where X

how during can large all in we're them talking about and serve places the we companies, so to where continuously those we times. small, And operate

Operator

follow-up a from Moore. We Dan have

Dan Moore

that think dialogues HX and the have? I commercial to you back in your little of flat a relatively to the opportunities your expectations think for And half able keep bit you we growth heard given Do sequentially. sequential were that back year? I of Is of you get locations what are the pipeline correct? can

Marc Baumann

put new a a we to we like X in our Dan. on that aggressively hope We while, have focus guys out major past we decline we Well, that as locations And us commercial and where locations. followed a know, to over period were the so, sequential acquire seeing clients. -- went go years for from you through

quarter. pleased that capability very, new my is the was the we management And in in our very commercial expand management location that, And hope in have commercial the contract that will see the I our is to division to locations footprint So the XX continue. belief area.

Dan Moore

opportunities And any for you you Perfect. just versus the color, seeing solutions. competitive going competitors wins, balance clients terms might even between incremental to from you competitors? Any in mentioned be competitive business, out some more turning of of pressure Marc, pricing

Marc Baumann

Yes.

right and to people the COVID they want comfortable or operate in think focused to that clients, now, make the don't Do talking right about, either facilities? clients, clients, lot Can And clients more to a current this? we service an protocols provide can like the public feels of you in terms on, of sure the safely prospective of been want most course, of I technology the have think because place? we other we've interact they're of with that facilitate pricing I the using we that touch our in offerings don't things the environment people.

they're right safety is do less trouble, that not a of the So money. than probably service or do health that in for a can lot technology like. things focus people, the the more now I can financial the And protocols little and bit of we are course, the important able of get a having and that terms to competitors

mean So probably they're now. turning I to owners us. to really because for When or competitors, don't right I that's are looking managers they, what I they're the say the us mean returning

The other defaulting on didn't just of are that away lease some leases. that competitors our earlier and from is I arrangements walking thing mention

had leases now we're from also step you. with desperate but out. hearing may management are party, of cases, but we're a other And as will too, are do somebody them some and do we're to in terms. that earlier, on a help people, some kind of saying, But those you to with we in contract so lease talked prepared have right lease, do we had, a to the not who willing And to we find

Dan Moore

performance one, can provide I'll gross Perfect. July give Last profit, it EBITDA? a Any you metrics financial from a perspective, on shot.

Kris Roy

is of -- This the in midst right a month. kind Dan. Kris. I No, closing we're No. of the

a it's be month to us any for sort little probably July. color able give early around of the of to So

Marc Baumann

Yes.

the did only about we comments volumes give the in you thing July. think I was in

had indicated in so XX% that we same-store versus XX% sample a about April. volumes of that July in And leases large were down

some So of some give of us there growth in raise light is in we have and confidence in the to terms continue on leases that same-store there activity those world. going out

Operator

I'd remarks. this have the I like Marc at closing for further questions. see no we Mr. to And call time, turn Baumann over to

Marc Baumann

and taking Take to look And you now. the Richard, time. today. again to SP of being you Plus. Great. good thanks speaking we Thanks, at on us one Have next get appreciate time with a to all you care. going for update forward I what's to an on

Operator

you, this for thank conference. ladies today's And and gentlemen, Thank participating. concludes you

disconnect. now may You

Central Parking Finance Trust PFD TR CV SECS (CRLKP) 8 Aug 202020 Q2 Earnings call transcript