SP - Earnings call transcript Q1 2021 | Central Parking Finance Trust PFD TR CV SECS

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Operator

Good afternoon, ladies and gentlemen, and welcome to Q1 2021 SP Plus Corporation Earnings Conference Call [Operator Instructions].

As a reminder, this conference call may be recorded. I would now like to turn the conference over to your host today Mr. Kristopher Roy, Chief Financial Officer. Sir, the floor is yours.

Kristopher Roy

good and Joanna, you, afternoon, everyone. Thank

just of SP Joanna the of XXXX said, conference I'm Officer Financial release earnings. quarter first Chief Roy, our Plus. following Kristopher 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

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

Marc Baumann

report private cautious, in travel I'm transportation At to activities seasonality pleased areas. saw tied In the confidence into which, conditions in good same to experience further that year first typically quarter rather restrictions leisure factors business. to expected. of consumer in the spurred progressive led increased better relaxation and short, translated these and pandemic-related and factors mass remain use offset of we rollout. the the other that our vaccine quarter a time, many coming large improvement of and automobiles the we resulted first accelerated believe quarter has have in positive course, in consumers of the pickup business is metropolitan that which these have than a than in We in for

segments. QX slightly is fact both levels of the quarter still our nature. upside the onetime gross nonrecurring period in certain related benefit despite ahead first from were We cost with was million fourth also had Commercial quarter concessions adjusted profit, Taking of coming a quarter out that the in quarter first our XXXX that $X.X the to historically the Aviation slowest benefit net and

technology structure in investments guidance while we quarter support While profit our provided making and in year, it's our still late the offerings first our respect our early increases closely future in to ongoing G&A, G&A manage continue With February. in confidence we the to growth. to gross performance cost

This XXXX return projected which pre-pandemic rate run at help the reduction of significant it us systemic in believe XXXX includes throughout quickly in we levels we've efficiencies implemented our was company, XX% guidance. that lower is than more and will to changes of be to G&A the Our midpoint EBITDA.

exceed Additionally, our normalized organizational conditions pre-pandemic and levels more EBITDA to once value structure we return At and continue levels, G&A to same streamlined as proposition business our would we leverage expect structure to the cost more base. operating improve. time,

which of that management more as start increasing We from to portfolio, XX% environment. labor from resulting utilization the now post-pandemic First year, at operating as the shields in and predictability. is now and stability all, comprise creating especially commercial important contracts of exposure this costs, believe and the last from XX% visibility up our shift, rates other well us of

arrangements open through While example, mitigate shorter clauses. them, structured lease cancellation built-in terms in be will leases we're our that still risk, or for require to with who clients ways

a market distractions, a position reputation operator or been by an our and competitive very expect seen which has as weakened SP desirable opportunity its of Consequently, footprint. altogether major operating trends, up has them share. our environment setbacks that improvements and making business the landscape, a obligations increase across further some financial this us fold And seeing on owners. partners to for challenging has market Second, provide our after year delivers facility should levels. lives Plus we service strengthened suffer to operators we're less

on of also increased, occupancy demand a a many for consistent progressively Travel show volumes generally with curbside a with distancing. in the including quarter. break. congestion predicting our levels. concierge after quarter, data travel open social check-in take provide, spring at the contract number in improved month-to-month geographies of TSA performance to over pent-up travel increasingly at underway Based This that more solutions up airports led metrics that especially busy, landscape. monitor, are second first With in travelers improvement in at we than ongoing and is the the air is enable In sheltering like with experts sequential customer reasons, will even picking during that airport. team new recovery managed year. the Hotel saw and rates to influx confidence we increase we travel improved a and travel which a of first Airport, look our first International in Bowl and the the quarantining place. ones year more basically of half the Let's We they're of reduce travel Tampa the outstanding successfully the post-Super

We continue our to seek to to provide clients, potential market. addressable expanding such growth Shifting business. additional service those existing for and our commercial as

with value continue personal even the useful. products here data show with and urban retaining people and during in to in with making SP reservation Momentum on the by our and We our is parking driven continuation year. industry. expect increased key of station We digital remains a to we a increase cases, parking metropolitan to equipment more digital our strong and as horizon. for for across financial We personnel to and with In expectation their consider on own progress. comfort relevant invest locations, conditions strong In digital commerce commuters highlights in earlier from rolling of we're offerings, or offerings our platform have that us evidenced press important We're we the our at offerings their preference the week have out our and clients and as new any is stay, of an are using detailed this and think to progress locations January Plus provide tolls and and transitioned proprietary Available and business. in technology quarter businesses device both technology differentiator a performance, competitive the continue issued that XX% our our increased US that improving various our a allows will making and, now in the transformation activity for more gated on pay Canada to securely first on personal first this or now We interaction vehicle. the customers adopt to return you or Parking.com release and great Sphere a trend almost to to Clients this we're positioning demand a smartphone quickly bypass touchless in quarter Sphere offerings. also increasingly proprietary solution, review. support foreseeable clients very winning of gateless our We good makes option the capabilities this of their summary, vehicles more XXX which their the facilities for for March revenue advantage pay future. trend our Kris payed areas a parking the or some ahead at that many parkers levels. market a workplaces. business that pre-pandemic see as miles pleased on-demand daily

Kristopher Roy

which Adjusted XXXX. detailed view results from of I $XX.X and first quarter XXXX the and charge. Marc. restructuring adjusted decrease integration-related you, a impairment of the the quarter gross in pandemic-related mainly business first year. $XX.X costs year-over-year now small to will Thank reduction for million XX% of over due represents excludes profit a was million, activity more in quarter year last the our for the This ago a give

reoccur. mentioned, offsetting are cost expected of quarter concessions, related certain impact the As $X.X which to decline to a was the Marc already not million this pandemic-related benefit

quarter XXXX adjusted was restructuring This in totaled quarter. $XXX,XXX the $XXX,XXX XXXX integration-related which higher excludes First and expenses than G&A costs. million, just $XX.X

plan in of XXXX XXXX, first significantly actually where compensation onset the the this While out COVID-XX. accruals the for given reflect we of performance-based long-term to date our accruals compensation flat, relatively reversed does higher performance-based compared quarter to programs

from the well performance-based below both periods, have last If would G&A accruals year. you been compensation exclude our

of the gross adjusted success XX% us G&A period, leaner more reduction and reflecting laying quarter better organization first cost that evident our foundation actions cost of the XXXX are to even of as efforts the in XXXX for from operate and to a when Our leverage first the compared profit. as declined quarter

noncash ago and charges, per were and $X.XX spoke restructuring numbers that and earnings XXXX quarter. the adjusted we trends exclude to compared of the acquired integration-related related assets reflect Both tax about. intangible same costs, year Our share amortization impairment in and XXXX impacts $X.XX

negative cash flow. flow and the XXXX, first million. of to from was was quarter In our $X cash million Moving $X.X negative cash operations free

quarter where the quarter declined of consistent than respectively, positive cash the cash Although we million these better expected trends lowest the and year $X.X was and from usually first year-over-year free metrics free and operations cash is XXXX of million, flow and on of quarter free flow historical guidance higher in flow All free X performance March the versus operating visibility, from with as our in and million in to we cash all, expect XXXX our $XXX negative. cash Based and are of million year $XXX to gross often for $XX XXXX, reaffirming flow previously profit a of still grow year-to-year. and million, G&A full to results $XX guided. our current XXXX million $X.X we

first half remain the similar with the of the a in to I'll XXXX year. this over performance continue of year thoughts. in some We second to half of back expect the our pickup With to turn closing Marc the for to half second call that,

Marc Baumann

the Thank services you, and visibility company us. potential an new SP drivers cost a demand is will to mobility Kris. for We post-pandemic workplace for other has reduce positioned addressable to return expanded our trends the in and business believe emerge in to catch-up commuting pandemic multiyear greater to and from the accelerate believe congestion the with as ability environment, that our improve and in We we travel be an expect a market, stronger improved structure. well and Plus

up go for to to the call I'd like to Now the back questions. operator open

Operator

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

Daniel Moore

obviously, QX seasonality, improved indicated driven that sequentially the the conditions, typical seasonality, conditions by despite and quarter. You improved was through

and in Given momentum profit significant gross that, reasonable assume continue to some change May EBITDA XQ sequentially it barring in improve and to June? is

Marc Baumann

be continue have conditions we if sequential Well, we than same because to on obviously, think weakest a expected anyway sort our QX seasonally QX will in But said, quarter. a improve is improve better QX basis, would then I way. to as the little business our business of

gross a that view. half months is being second I latter XXXX half some of point to XXXX And on as the half our guidance based first strong XXXX mentioned comparable the very think guidance in profit of we obviously of there well of the were in in our from the year.

what we certainly by think an seeing I in encouraged we're business activity we are increase and month-to-month. saw, So

Daniel Moore

of if out. contemplated the back the expenses kind obviously, conservative. simply pointed into to is year? that look in year bit stage or And customer that a of to remain conservative be we just wondering should the about that half a it there's further the a taking starts little you and of taking concession this function thinking account, The wanting investments guidance bit of I'm at or then

Marc Baumann

big there's investments No, no contemplated.

bear formulated at were in and when -- our mind, I about guidance only and weeks think gave the ago. six we we year that looking

visibility the So not year. happens of what's weeks gives into in latter to X that so this part going us greater much happen in

I We gradual ramping a little up think the half, we second performance very guidance in then our ramp-up in but first more improvement half. in expected significant and and us, movement the we say, contemplated is see second to new I'd don't the thought better now be any half that than it be have going would six ago. weeks let insights any that

this it's we've had the Now about think obviously, great premature us half about increasing move our all we better into than better feel for at quarter, thinking quarter, the the be our stage, get second I we're year. of picture we information we we expectations for because But obviously the second we'll little getting did to it time. as but a new first the of think when gave a And I year. guidance

Daniel Moore

in, sneak I I'll may. one more if

well? Just portion side of Is levels know even the gross segment in think focusing profit XXXX least to comments. exceed up, overall I Aviation business? in And you timetable, you quarter? some in that cases, on leisure, it remarks your picking could as you I do at pre-pandemic And of case or profit to get any a Aviation we how bookings the with in for How think to travel clearly don't back prepared we can in was I that the pre-pandemic year-over-year terms mouthful, want that your air or back the quickly of give mentioned but business. business. on the perform that appreciate gross if a did

Marc Baumann

business aviation It's I quarter. would mean year we've first the but during and business front yes. if down. a in than reality it, is a COVID ramped impacted that, that as me, entire ago performed the our Bags travel Aviation be segment segment have But as surprised of better don't in and I lot, really I before, in talked has our severely was leisure the information

of there's with be that year. and back a business to so travel resuming. And I in come are schedules And number the I fairly great see the running leisure some indications. travel will and airlines summer think for robust this going leisure

in about talking travel. XXXX, to business back levels getting I pre-pandemic think including overall they're

improve, along in our contract luggage delayed the Bags going be business related now markets. expecting and to And to So their we're delayed travel. to improvement that, luggage Bags a for you didn't the where see business continuing quarter, And was in able Airlines business Hawaiian come that will to things question as by Airlines back. Hawaiian follow getting with the XX they're those then of expand ask but kind new delivering during

the to So there's activity preparing going been doing. travel pace a that lot for but people really the is that of follow amount resumption, of leisure resumption the are of

Operator

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

Tim Mulrooney

question guidance was ask asked, so something else. I'll the So

in of choosing your their side needs commercial buildings, changing downtown Your business, you customers, impact your talk how to home? parking you that employees your can the particularly If approached how have more and business? they about so, have about office changed -- those commercial have work a needs as on might result from of

Marc Baumann

about us through have to I have get lot was all congestion on while interested a for through corporate in clients we've say, these COVID, good technology But safe? calls well, often building were and in productivity and about and the discussions through pretty are and that just touchless of a that stuff property our general, press world. ongoing pandemic I Can I'd stopgap distancing missing also in our our in the that the effectiveness social playbook And there Do ongoing work-from-home commercial with lost is managing more keep in and, something the we office that this it not represent companies Sphere? and talked we've been has they protocols the and in very recently, week the all a the limited more COVID. yes, them accommodate to coped people thing, So our release earlier the mean conversations. Well, COVID managers I think as had people from because answer. been we've think and recognizing of

And so clients of about we're are I think most talking getting or hopefully, the people talking back, to time more. half

now well. But regulations theirs and like. and capacity markets are York And around will some other local was depend those as cities many raising saw of I the capacity cities that raising are on just limits. New and

will than and are people the imagined of ago. a office I talking down even lot I few would not in summer of we more Day A think the sort So Labor people kicking or have working to the bringing about now be think, back in maybe months companies can XXXX.

see we're to think resurgence I going that. So of a

any Our technology can accommodate variable.

people But we the a if a multi-day want are parking, can If our to many monthly we want daily is rate? So saying, can discounted can they yes. discount rate that. the of offer answer daily as parking, as provide accommodate that. monthly pass obviously, a from not but the clients that And as we

The the toward Sphere though is with demand whatever our one skewed the I can situation of contracts whatever technologies, might remind be management thing of accommodate commercial So part, our sort or should we client that really pricing you the most our regime might suite for want. of space. are

less fluctuations susceptible volume. to in we so are And

that big home. upside to doing we going back not parking it get office of our coming cut return. will they and started from a and business in when downside buildings, when get lot be people And We're so in a while see they on back working great didn't to

Tim Mulrooney

Marc. managed that that that. there, appreciate throwing contracts. for a I it's Always overwhelmingly Thanks in good reminder

along staying thread bit. Just little this a

So asking face customers, office in they're point at your to home. from building of restructure more contracts not the working employees this

conversations having along You're lines. those not overwhelming

Marc Baumann

I we and they revenue clients, the operation. for very, of behalf small the No. pay the most percentage very think our that the Because scale realize part, and the us their are on fees that handle scope a of

regular that So our to, what number in so how optimize web technology promotional our to our really can we analytics we parkers pricing competitive solutions? that the to demand and on basis to saying draw recommending management additional we've the what more could have is so that our out pricing. we to rates in is have also and that's a And able yield and to do expertise programs to to try they're data we And can using technology to And lower If giving know marketing do tools tools us, created customers. we're facility? find the to we're bring bring be and scrape teams local one, team clients. general, we

so Sphere of the revenue lot strategy saying, facilities digital our give both charged And actual if generated to umbrella analytics goal. the package, also our of and a are optimize which package, marketing part us at is but the the the of clients the rates the all client's that's

in need our the been more there's world. might if in cars, competition a a may for greater So than services there anything, be pre-pandemic there where this like world for have

Tim Mulrooney

that there things at be things Are to last want upside clients? that hearing want the example, parking drive they this scenario? the office than the line that hearing Blair or my competition building, your about more there pre-pandemic for your to may question downside. ride like you're might Metro anticipated What from because like from along but don't Are spots from which you in, of William be employees a thinking, limited number is, more for having okay, clients you folks so you of protected that. were Well, the

Marc Baumann

at In I remarks, just we're certain into -- in from was some And or hour traffic shocked rush some prepared cases, stuck today which at morning. said that's morning X:XX that locations, seeing above. this the they're was call think I at In I happening. And drove commute. we Chicago some as is dayparts, our what's in in of and levels volumes I for XXXX that in amount the markets, this

a think still are I They people of So are public lot driving. avoiding transit.

We flowing up client's through And good can feel are regardless are, parking that why have and their interest use meet that I our reservation it the services. tailored to needs that's, we about But I in just buying customized through digital Parking.com prepared them requesting what each the objectives. to need. transactions are course, from of our as local our them that's in of continue. very indicated help January. And and And remarks, think, systems. for more everybody expect we number people monthly seeing solutions We're XX% our of system something

we that And on a going so expect I in year. throughout continue think there now, growth is definitely the to volume right and

Operator

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

Kevin Steinke

I up kind perhaps. XX% March. that's vehicles anything of wanted follow I -- greater mentioned gateless, in increased And internally among But I assume rebound and any drive in other personal there i.e. the to to what of business here specific guess, you're doing -- you're revenues solutions, digital consumers? following cetera, your Parking.com increase or, you et of seeing of the awareness is Parking.com activity to there just again from January usage

Marc Baumann

lot a under is to because environment, our these sure selling and are the trying our capabilities initial technology Sphere of main clients that aware umbrella. business-to-business the And are are. in make prospective We current clients our of a focus capabilities really of

months, other to array and in eight out on the of six that to marketing media other a LinkedIn have just past materials obviously, we whole And we and to who platforms me clients, about you the communication put these potential during are new also social to to out created, gain addition and like technology and going we try So videos or lives, people accesses everybody existing are daily visibility things for those platforms, they in just clients who not our capabilities areas. see our these there. and

press releases And out is stuff. means. us main signage of key number So focus obviously a facilities. the about put a at that's our really this for been We've

a of they downloading the because experiences, made and And really provide make to friction, no-touch kind wants of and so sure the of advantage public. app we and people that to a we can are very low take those everybody Parking.com that can push aware obviously, traveling capabilities efficient, that

Kevin Steinke

rebound But business gaining And Bags, travel, specifically and is that you're popularity check-in activity. in terms on increased of what to service seeing there evidence kind rebound the you're beyond also, seeing above in just the obviously, any remote early in with is of the in passenger travel?

Marc Baumann

to Pre-pandemic, Well, remote And little that over back go experience technology better XXXX to congestion and and were very, introducing used to a clients we create particularly need travel reduce capabilities, a airport all could those friction. bit. XX I we virtually interested SPs very check-in. in say spent how be Bags of around clients would

those a we things technology, we on all couple And pandemic along went of using then came actual and of pause. as Now were talked the expanded launched about about, that operations which we before.

of that number is getting those places things back number services to now had at of have reenergizing pandemic either or the started scaled happening a bag are because what's airlines that are So turn of to and those now a already ready on. the conversations or airports back

of go you're ability of and to but back was think business our to synergies Plus the the those between ramping what SP ahead. months in Bags see going ramped both capture some I So down, up also

Kevin Steinke

to market longer in right this struggled your think some little opportunities a And kind I guess? how just other And competitors a organically, you been do strengthened in paydown weakened? debt term, has I longer for parking bit that continue maybe term, as you're you environment. then competitor create in talk kind now, position who's kind Or about you some continue of would have the think share maybe of rather to acquisition of of take you space

Marc Baumann

when next technology But make Well, we anything and technology focus. value. I and something like never successes months our main over got that the us saying our that's might if right other think going now, looking strategy I around to the practice our I'd key that came and available focus that's years. at, But we many, and these if do, our our think say, been while many something we're deals never the not really a investments rollout standing given led making. that of feedback having the by had things the sense of we we're also is acquire new the digital our And about organic for for I past right the over And and on that XX the lot months we've proposition about win new for getting be capabilities, would talked been driving of can and we're laser-focused we've the to mean focus. value some worth create major few be our strategy, growth we've still. growth now, But we be and that's

either digital list accelerate growth. that opportunities and can were or them. things that our but already the to development a additional we capabilities same to-do are and digital think digital created that, they at Obviously, respond now marketplace time, our we we working capabilities new see on are that we new though the teams implementing doing bunch we're as not in it's of on So the because

the focus. we really capabilities. now continue out that the at to have a we developed stuff So two-pronged are roll in roll time, One progress we have new to is that on making out same excellent and,

year capabilities the to in be hear you'll the talk out then. that technology me later additional market so about rolling we'll And

Kevin Steinke

that there? also, or the between did then that contract, on was you kind split you cost the just from out or gross And benefit of And Are to two? called profit color concessions gross additional able any last management me. provide profit the just the lease

Kristopher Roy

just is out because, clients, negotiations with contracts, And a some our work you really that these quicker That in of we back Kevin. of them a are we and will of lease go in as be faster. just bit kind this through that happen bit all called little type quarter time, something some that little they

And that recognized. so of kind able to we're get

terms bit those a longer. are Conversations to little take getting of longer Some little of resolution. in a a

one this because out XXXX. [Indiscernible] called so just And primarily we to

And called this just so unusual sure was to quarter, it a period. wanted out that just we was for out little and bit it we it make of

Operator

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

Marc Riddick

of wanted the bit I and offerings, could technology particularly talk the mention bit the things. a back you've that embraced were the have seen side makeup Or more And areas what this to facilities customer initially active to delve some and who touch did that maybe worked sort point? about with to if of if I segments so of demand commentary that was little around you the are little you've folks seen on the that to you operations. the a make others? technology wondering customer far, you So at seen of, into since I maybe sort a certain I looks aggressive rollout. opportunities wanted you've little you've commercial makeup similar But to aviation is and it than or the mean look like. up the about

Marc Baumann

the gateless the experience Sphere net the parking had to the out, Aviation some would are segment The gateless But across a would freestanding line the parker parking I that which would we're if talking just in the the lots station facility pay transaction where in pay be in to environment solution, about facilities is verticals. early it part do predominantly could those, sure be airports, in same, that stages a Aviation getting their in facility. those you that's probably capabilities to talk parking have it friction, doesn't that any And rolling we we no-touch, are in and And can be going parking of segment. involve really if segment, have a of out about. I'm the idea equipment the we of But of generally really and station. car exist at the really what have the any try there to waiting apply or and solution you portfolio Commercial see on-demand, where a low for gates. and think other little an that about them gates with create Sphere depends surface bit umbrella for implemented

And toward any technologies locations. for events. test development rolling be or where hiatus release skewed or solution not and have levels in been those capabilities, our and very tools sporting those working then us events be mobile valet people's able and on to environments, been parking We've one there. capture hiatus. pandemic, to you'll events low used out payments our talked our during been But about now any new while we've and at see wouldn't for on our big been can at going the we segment. vertical other events press out special really not it's one in or Obviously, credentials we we've event them have So on those

that be So the brand element able is, verticals, Sphere under I utilize. to we our out of Marc, tools digital the regardless there's going answer some of our the think, roll actually and strategy, are technology to

some to and cases And all be so we of to want those verticals, will to of to grow be in those our by capabilities, all tailored but verticals. in have needs need the capabilities they supported technology

Marc Riddick

I as and activity national maybe and if you're switching as accounts and rest activity mix of of are like far about was now seeing that levels a look that business. take kind you talk then and could rate accounts maybe national the from sort little And where what of versus gears, bit we the wondering may the

Marc Baumann

clients we've has pace would I And been the talking impacted, definitely COVID focus, last as major making year. say over are the at which think, I decisions. Very certain

seen have think the we on during I hospital and major that many have surge go COVID. a prospective things in grappling for have been We clearly on patients clients focus with and the other the of care. part, that, our And clients health just most

has have pace making any they the kind which been very, very slow. been of decisions so at And

seeing it's care the So but competitors hospital like not, purchasing group as winning status preferred deals we're not three we the have organizations. operator and health from parking we're and

proposition on it's But that have bids slower health the is value bring can proposals strong. We liked. are and than them, to for process a but care little we very working I we been think would

of And back their climb to around they'll from as that out so I expect other that COVID backlogs it. some they get

but how there potentially environment, I of be you questions, property and office -- by or for commenting markets a think may in one who owners fewer post-COVID you managers manage there's may of earlier as keen in I do buildings. parkers do space, certain the be building in was also interest a both them the certain on earlier how commercial capture around

greater now higher you in I so But going a what we're do there's And help capture how visibility And are course, our think on into interest an with general really to what's a share of is the facilities. at of those. seeing technology going that. capabilities

suite amount it's that. there's at our going or us within looking the what whether the but of national iQ we've resources around the all capabilities provide the generated, of interest in think operating. and key can capabilities the adding to we of interest in of to iQ renewed analytics on capacity also accounts a view. our been I now and team a is at see of Sphere an think, drill-down fact, for And particularly interest point Sphere metrics, from we're so data is facility, and dashboards, Sphere some and the the amount in because that national I costs And causing, see account And revenue inquiries uptick really

to talk of as bring progresses, hopefully, future in the them be to things a calls. we'll So be position and these about home year some on able

Marc Riddick

little is to think thanks that may be? the by touch being, may up that The last data a Commercial and me really, mean that really XX% contracts -- the to around management you locations. is the I Is the year? that The it of intriguing, and ceiling attainable? part for of as feeling of providing it thought is for Whatever just that end is of to time. the over forward something looking something attainable there I'm be thing to that being would end segment up general is what process a bit

Marc Baumann

about mean -- you're you for the for contracts, you're the what asking is rate retention about? that if talking retention management Well, commercial rate

Marc Riddick

of had far in percentage contracts as the as the. the management No, the you Commercial segment locations that

Marc Baumann

sorry… Incentive,

Marc Riddick

Yes. But rate, too. about retention would great, want that to you something if mention be

Marc Baumann

about thinking wondered when I you about was he talking quoting what were I percentages, exactly. that was

percentage over that are because control owners They was I away preferring from growing and trend their see the you pandemic, real grow. they because form. the industry of even think primarily away that's that more and it moving properties are And estate want have contract leases. an to without will naturally, more or there's

So that was already growing.

steps whether rent were do concessions at abatements those all of took the leases or take We obviously, the look think advantage leases the during COVID to pandemic. we terminate. to existing could or we entitled of I whether might some to all other of during we our evaluate try to things

XXX percentage absolute our -- clearly, a over XXX to come a has number year leases so little our from And or down over ago of of now.

that years be further the the What will may even contract lease happen So the ahead, very commitments of management I of the And on natural the outgrowth portfolio Kris growing. our around disciplined future willing there of to size given leases we're I Will see It difficulties the focus. to I wage be rates in pandemics? what think really will continue like? things. to and make think predicting. so you'll not be main are and general just will and

it because XX%. will over before our companies were trends. who we those it As be I I'm acquired knows? year-end, over we mean, same But had in at sure where of someday, to where past well times various could be we've XX%

Operator

to closing at am back this time. I turn no Thank remarks. the to showing Mr. for questions Marc would you. further conference I Baumann like

Marc Baumann

much. of you first you time say the we joining again months. talking in couple I thanks us Okay. wanted quarter, all to and very look a performance just for us with to to today Thank care. in and forward about our talking of And spending Take

Operator

this joining. and Thank concludes you Ladies speakers. all call. conference today's you, gentlemen, Thank for

disconnect. now may You

Central Parking Finance Trust PFD TR CV SECS (CRLKP) 1 May 212021 Q1 Earnings call transcript