SP - Earnings call transcript Q2 2022 | Central Parking Finance Trust PFD TR CV SECS

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Operator

Good day and thank you for standing by. Welcome to the Second Quarter 2022 SP Plus Earnings Call. [Operator Instructions] Please be advised that today's conference is recorded. I'd now like to hand the conference over to your speaker today, Kris Roy. Kris you have the floor.

Kris Roy

good and Stacy, you, afternoon, everyone. Thank

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

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

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

Marc Baumann

were good half We Thanks in everybody. dynamics outlook. Kris, appreciate discuss a our our quarter are our and all and good review participation today performance where afternoon, our our your that to A in and really is business from they in changing pre-pandemic key results first way. business QX updated takeaway call second from

our of gaining First, core factors. businesses have growth is opportunities in accelerated commercial several a This share. function we're and aviation market and

Our technology prefer that first consumers value. mover cost and clients that the that frictionless savings and enables advantage mobility

and offerings, our and our size service for finally, which Secondly, array superior levels us scope reputation our to exposes business a opportunities. broader of the of

investments our provide addressable expanded parking now only operations we manage. of technology our solutions at Secondly, have number technology a not that do market. We

not market need the have could justify Plus solution. to that did or our services locations us offerings Sphere Our include SP increase broader not historically full enabled the to for

the post be signs pandemic large and appear drivers. demand no the considerable of shown the abating growth both ownership in Third, secular businesses aviation positive congestion post landscape ease believe impact in prioritize terminals in have significant believe had the roadways, fact The our competence contributed second Plus and growth in and commercial its the metropolitan safety continue guidance. trends and we have are our our These promote to on increasing commuting to this employees. pickup for will use increased ability increase and These health their full namely consumers on of are on coming rise We and years. into operations XXXX car in well business SP changes in both and shifts and first opportunities to both quarter that the these and what touchless domestic as a that airport leisure in and focus travel, for half areas. our increased a client year provide as the developing underpin for to of profitability and substantial our in growth personal

segments, in with strong XX% from increased the new up locations and contract double existing In XX%. segment digit growth increasing activity our across second profit we year-on-year quarter, gross and aviation the results businesses, Specifically at reported segment the adjusted wins. and benefited commercial both our business

we growth managed profit our based positive Growth that management vertical at the economic protocols year. has off. successful hospitality venues, every portfolio Plus was nearly new winning and but commercial as and broad and trade to commercial by optimized very increases gross and locations. segment the visibility today inflationary heavily and to Looking led well which took greater pressures have a commercial in in experienced compared was leased In wage office, in quarter, the weighted actions second same significant as also is we SP the were an provide pandemic resilience believe large business. during at cycles. last toward that both represented locations location resulted We we

contracts start clients will added and maintenance, contracts touch-free improving solutions our retention locations, while period months, location technology and XX%. savings we year. XXX provide municipal they managing new based app competitive new prepaid experience our last important this will metrics systems. payment XX rate new these consumer and as These the interactions In as our our the an meter deploying same as well reservations. in collections, cost involve the through strengthen for significantly net Not enforcement, with Our position Sphere was later municipal included two are that the

XX street This of reference, serves at and the business Plus for the over we won reflected years, aviation cities. existing last Gross our contracts as at new which point for of a our XXX on two over government expansion as quarter the strong parking facilities. authorities very locations, over as a well currently managing both municipal As SP XXX was includes off profit well. services

Our important Sonoma not an was into collected. retention being to contract revenue airport, Sphere our parking our overflow our created in opportunity. in stream an and role Regional the mentioned Reno Utah leading been successfully market Canyonlands renewing development a that asset we as solution have has Oregon segment clients technology at In Similarly, Tahoe revenue to specifically technologies underused at well. business the offering and deployed experience. that industry Sphere an implemented airport, this solutions Portland and for Airport the quick in at turn inexpensive customer collection elevated also revenue airport previously where revenue a play

new passengers curbside bypassing contract paid this and where checking transportation a airport. now at our of XX our at that first this fee first remote cost and will recognize service convenience will crowded will center, concierge airports. service the Additionally, service we believe to continue our to over the are This an fall, will passengers be This the we airport ticket airline of the subsidize the nominal commerce. service that at launch airline value and We roll consumer pay partner. services offering provided be expect out service to airport's

to which imagine, largest congestion providing experience. and services in for very see the the airports history Today can to Kris airlines improve continues travel opportunities and are call reduce our services I'll ahead you we're the they also both the XX for at strong over is and appealing this continued up, as we sum a growth another back traveler increase. to number as turn As quarter airports, activity is Plus. To review. financial SP

Kris Roy

pleased to quarter XXXX raise Thank you I momentum and our our led us report Marc. performance to continued strong full our increase am expectations. year on and the which in very profitability second of guidance financial

adjusted to prepared new including higher both cost X% result that $XX.X to business, the and based scale as was we Compared second quarter underscores reduction For $XX.X focus include reflecting to our of with salaries service what million this dynamic SP activity along compensation. year monitor past where that solutions. year-over-year of results. These the This comparison XXXX still second mentioned a ago trending have closely. were pre-pandemic adjusted costs experiencing G&A our to of discipline, business million of quarter the XX to number as a continue in will months. we strong My XX% Sphere activity top Marc million in compared levels. set growth. for expenses a increased outstanding G&A The to wins positive Plus period. year, the of similar truly Adjusted a line reflects Adjusted over XX% to past apart year-over-year business we second support profit technology the over evident of $XX.X representing benefits ahead is it expect our performance XXXX remarks business been quarter continued incremental gross on increase perform expenses higher in and robust below measures quarters, costs several pre-pandemic and

organic At of providing our short increased and CapEx needs first Excluding refund the generated compared compared the under free cash XXXX. capacity capital million to depreciation, federal credit XXXX million six $XX.X compared million ago to upside operating growth senior impact period. benefited we months per million $XX.X $XX.X June, cash cash of $XX.X flexibility tax to to the higher free The flow the costs had still consider respectively quarter the $XXX of opportunities. share $X.XX. adjusted us end with we of of in XX% $XXX restructuring XXXX $XX.X from year income which year's acquisitive offset earnings other flow term Year-to-date, to $X.XX million and and flow working million and last facility, of second million and

term strong our robust and flow. confidence year-to-date our long Our underpins potential in performance growing cash growth

stock QX Since $XX.X gross an have to May, program, we current $XX.X used authorization. and on shares approximately additional shares, current of approximately Adjusted end $XXX $XX.XX million the capital announcement end from we of another allocation level. visibility, now the million full of price results the to XXXX As profit program, of approved repurchase flow XX% then, capital our to authorization XXX,XXX in the at quarter. have gains. raise our pleased under of to year-on-year XXX,XXX our the free approximately XXXX growth are shareholders. our expected over returning average year we subsequent shares price repurchased our average which share a an represents million leaving a and range million to a repurchase new of $XX.XX our and $XXX Based new cash midpoint is million, at the to of level $XX providing of to result, Since at repurchase the of our board's board an

$XX expect free for our flow XX% And million, adjusted from We at flow per to cash a we which above expect $XXX and midpoint. $XXX approximately to the approximately to by now at cash or million EBITDA free midpoint forecast forecast EPS, million $XX now adjusted million increase. $XXX Approximately $XXX $X.XX a flow million We're XXXX to free the XX% represents of levels. range share million of range XX% XXXX to increasing share. our $X cash above $X million year-over-year

that that With range pleased are We to for Marc. pandemic. call that our the XXXX of turn back revised especially to our profitability note the I'll guidance before implies

Marc Baumann

thanks, Kris. Hey,

higher and well technology world us Our base. our pre-pandemic the to service reduced suite additional from to These class leading a we Sphere deliver have gain to put solutions operating combines our our client attributes leadership trained position cost share, us trajectory under experienced a innovative on workforce solutions with industry model enabled strengthen and market diversified upside structure. and growth market umbrella of than

financial the of strength you've performance. moved based heard, the performance on half we're second we've for half this and our the year. up heading into momentum of XXXX our As seeing first expectations

to technology enabled growth the turn in drive You that, make strategic expand key start back to or additional to Stacy in growth the prospects. consider further we'll over call term with organic I'll our solutions that have in line With our bring market Q&A. long investments and can and expect expand the technology addressable our markets, in presence the us acquisitions potential additional people that to to months coming

Operator

Daniel Thank conduct your will Moore Securities. caller you. Daniel, proceed first At with a this Instructions] time and with answer question question. session. CJS we [Operator Our

Daniel Moore

Thank results. the all Thank for Congrats Marc and on color. you. Kris the strong you,

aviation little gave You a kind there. lot of as both any with expand sort follow I've your in differences the into look of on got across up, traffic cadence sequentially and those throughout verticals two. just and the starting maybe we then rates of of quarter vertical volumes facilities the a as or And recovery you you. fiscal look if well, a as QX at Thank recovery and quick by but of detail, commercial. sort of

Marc Baumann

then thoughts start I'll maybe Well, Kris Sure. the out additional a few comments. might for and add

largest safe within it's levels on our to same the essentially segment our in commercial think stay say segment ahead It's I of location terms of performing is in business. XXXX our just basis.

see The But seen improved XXXX growth that so basis, the but in well although serve have as on basis two And office have in city XXX% over the avoiding is mixed one on XXXX. buildings, freestanding generally last to growth cars use commented part, see commercial year-on-year and retail we people year-over-year strong are a and that of which adopt the continue are driving facilities verticals bit into year we levels. to hybrid that back, coming very centers. on the also compared that the lagging both some people a areas is behind transit, all and about buildings facilities XX% still are most year-on-year they mass for still the models, over a both are we parking little office

expect continue utilization time we commercial greater of as the And to to properties. passes, so see

of side we for capabilities prepared I operating airport do our as added the people XX same for them curbside we much handling the of of I the which think the we the just that footprint as the luggage of is around consumer business continues expected. from an those also, think, we pretty us now airport deployment our levels progressed and taking has massive right during the course, place massive And We're aviation both all nicely to airports indicated travel. technology our part, continue the The remarks pandemic, airports and to delayed congestion to at airports and as are most paid they leave pandemic, when bring areas. amounts are experiencing the model are aviation on our in see concierge pre-pandemic. well-positioned were location, bank's of at recovery business new recover and brought to amounts locations. in up we and as And to further total we

Kris Roy

Dan for The a thing on TTM terms is only other I a location. where think that's with really in just basis strong I would on ended add net number us. we of And

to about certainly share. we've think it as market what achieve team I demonstrates able been a capturing management

good And for number think us. so I a really that's

think retention good continues those in to and think I us. rate be low for number XXs I really that's also a

with market So share. good some that I capture where feel think from opportunity the we at but we're of generally perspective, both positioning on to really a market also

Daniel Moore

of which prior grow. mid point, pre-pandemic for Kris that's goal, now profitability share a to winning the with now locations also the back and this net growing, profit growing and location are the to for look, you of sort location is, at over get pandemic, sort my profitability That's, the months next success business, locations XX the as beyond digit and levels What had new if gross longer and your of in question, great, term leads to just you a of given we so? last again, recovery, particularly hopefully beyond, growth the sort have outlook or is cadence and business continues you've taking to single

Marc Baumann

the parking for are of a that take course, we're give was that numbers basis a inflationary to management old one, lease us It on imagine likely at given picture thought for there's new but X% we're our of that growth the also has but that number us. environment the we're profit lot sort of growth you giving both to higher of and gross now target yet I , to, today. a up, is to don't X% term And think things you to of Yea opportunity the can in rates in put ready beneficial numbers something is to if push is number clients, locations. which long our

for helpful help opportunity we deploy we out, to we the go growth forward, Sphere also, as boots opportunity more and that's point us as more now that But the more itself. technology in we accelerate us, it the remarks, to and expansion And profit us places putting you or more where gives you solutions. our I think we ground. technology, market a like gross on having deploy locations indicated our operator”, we're and represents if the as aren't geography, prepared should any of deploy will, ”not in are also on that as

organization look get there, array our of serving bring So broader a to same going lot clients is technology to capabilities we're come client time, existing but in our of services. can the very additional ways future the more at the bring base historically locations, to with our and we to eager from in to growth for fundamentally, our because continue more a

all think but ready Hopefully, the be are QX, I that will to in you. to near guidance be bit our able we're be indications that target work be specific for that try little more about to a that do guidance increasing we'll future. doing we So just to in

Daniel Moore

EBITDA specifically levels without how And it business much sort to pre-pandemic? mid relative of do words, lap Really gross to XXXX profitability are in either helpful. guide? revised your embedded XXXX In lastly, have other out left bags guide, updated breaking in Thanks. we regain the profit what still or

Marc Baumann

in both level includes is our to existing airport going out bags of we've activity, won. client I be have services that base, separately. Dan, the resumed our clients, But new serving, not business aviation business we're would all really group that our what and providing any to and they're it's Yes, segment, the terms break our of going to say, bags of that

recovery is business aviation so for level and think activity completed. the And of I

that said, brought pandemic, at pre-pandemic that in Now, length the talked during either during have or have some pandemic. the about that contracts, airports certain provide services we we fact back some about being some we talked the that a the the of in not of we clients restructured cases,

resuming going the been the recovery recovery as aviation of services couple I to activities financial we But from that is the existing us that segment business, so levels, to of have And new come a going pre-pandemic expanding to is of pandemic. protocols years. that take array clients as the during on winning indicated to paused opposed provide to

I pandemic forward much during ways just now. over find we're the the is our And pause grow activities think now to pretty of move to business.

Daniel Moore

Very will good. to, color. I you if to jump will back I the queue any come follow-up. Thanks have for

Marc Baumann

it. Dan. Got Thanks

Kris Roy

Dan. Thanks

Operator

Mulrooney All Tim right, from William our with Blair. next call ahead Tim your go question. with comes

Tim Mulrooneyr

Kris and Marc good afternoon.

Marc Baumann

Hey afternoon Tim.

Tim Mulrooneyr

didn't guys, net to managed I growth folks several first you're the But things the I XX that years. that forward. location algorithm by wins and model. over have team. you conditions profit think the over unprecedented because could XXX is last not new change are that location encouraged the months. give most I'm And right yet, net new But to. moving thing unprecedented mean, I there term gross built lot you've long think have into a We our growth through well, of to last a So underwrite positive point I business

in you're or as these the period kind is do over years it based XX several step pandemic? recovery of So the more what next last today, the you wins that view following your a up expectation we onetime will months seeing see net on

Marc Baumann

team. are whose it's think that some is a lagging. reflects are in our I clients leadership to who focus marketplace continue area I for what recognition we I the deliver think struggling also expecting, mean, technology or key see ongoing location we'll to it competitors growth. have But a

terms think our the at in the competitive place I of so right And right the at offerings in marketplace. we're time

see And growth to so sure a expect for us net sustained on to continue location basis.

and will clients, and be a any will have select less to a to maybe TTM get to decision I us. we XXX quarter them basis, mean maybe to Now, at at our be have it it be run make when more, go business pitch you it'll

the we've But it's ourselves, never period XXXX we a be ahead. an locations from going the up where move we moving up a we're ourselves line. our I to add and basis think exact or years commercial will So while sustained so expectation had for into toward segment in that the that XXXX a have straight on in

Tim Mulrooneyr

for very explanation. that's Well, Thanks that to hear. positive

Another ask, where winning to tech, location are realize only you didn't Are just thing that technology counted contract, just doing is count. a have but I manager locations a I don't only solution you some at solutions. wanted technology your that least these in business these or you're are maybe

Kris Roy

It in our is XX. Tim it is count. included location

Marc Baumann

there kind are if people that our mean And you all many a one over are all what, operator debates size and are there's industry, of in fits in provider, the is times they we providers, tech an sometimes I someone, is they someone, tech our industry and a provider. tech

just technology. and we by bringing technology were, the can that. trying so other So convince you market a what really having tech do bring We And We are needs. technology, technology And proprietary focused is our too. workers to that people have marketplace, in to right there. of we their fits one they not some to with to In that's where our is narrowly it's But managing of is can positioning really then limit strategy can all solutions. any existing bring cases, end, and prospective they that people really on the they technology a a opportunity, places other technology. hourly any do only own blend fine. that some people our at service. people in technology only solution. be work either with the solution try in their there's provide to We bring that able have managing that scope don't and not And just just whatever's And or can we're clients cases, size just client own

that enables pure placing where a us And advantage situation. just places captured. indicated capabilities not is base our We're in solution is been And not technology, cities. monetize the only we're at as think parking can technology now to a Sphere their of and deployed, we operator, of a is revenue some has being asset It's retail displacing person I to recognizing free other bring in the at shopping the that also we airports. a they have not and have deployed all. facilities malls, with any and remarks being prepared that investment client this

And so that represents growth us. opportunity for market real I think a

Tim Mulrooneyr

leverage Got me. about heard it. you. just I wanted saw now share talking Maybe the from potential ratio ask leverage the But question Thank Last on I've find more in? this given your the about level is for macro ratio. to this any sheet. have on M&A. Kris. we thoughts ratio lowering What increased And would perspective balance you repurchase target that get wanted ourselves you your of ideal I potentially year. I And the be? uncertainty for the to

Kris Roy

so. think don't I Yes.

three of to right the that kind times said two we've is for think us. always spot I

I strong the free continues give that right and and And in to [indiscernible] our flow. facility, it new upsized around spot. got generate I But really investments credit that think a a making cash technology. be we've the does light us, think great we're of

buybacks and look organically, shareholders, make of and I potential share at gives in flexibility capital also to do capital think lot a acquisitions. it to investments of us return terms allocation

flexibility. good And think us gives really spot. And I gives think of in us lot it so I puts it a a us

QX I look I from kind of we ended, think TTM at basis of about leverage and kind you where a think ratio. a if

times year. as and I at we the X think and good we're of under right of we look around back so that. half that feel kind Certainly, the X.X with

is use debt opportunities continue return well as which what we that as shareholders. capital implied If the be going and generating at look the back cash cash that's look do and of and to half just kind we'll you second pay part at strong to so we'll of year, that to some to be the cash delever flow of a to do down flow

Tim Mulrooneyr

All you right. Thank guys.

Operator

Tim. Thanks,

Operator

question [Operator Kevin? Instructions] with Steinke Barrington Our Research next Kevin comes from Associates.

Kevin Steinke

Good afternoon Marc and Kris.

Marc Baumann

Kevin. Key

Kevin Steinke

just a I midpoint the just about adjusted at at rate slightly to gross greater EBITDA the the adjusted looks your It midpoint. up guidance profit off by question wanted start a your asking of like went guidance guidance. than

the the So about in well making, leading some that should just that that business the that investments small think percentage of expenses as increase? compensation to mentioned is as we as you you're difference

Marc Baumann

I Yes. I things, hit and it's of say them. you on think both two would

and largely, think you're we facilitate investments the accelerate growth more probably first making I as think those today in and that and future.

types And so to of want make investments. we those

And so well. the and investments, do compensation certainly additional in terms half half of some the in the of year, will the second we in have of that's second impacted included performance as then that be year

we ourselves So at investments deliver. as think it's positioning will but both largely, what that's I before, Marc in of those are think, for, mentioned accelerated growth the these And future.

Kevin Steinke

your mind I I in that it wanted just to sounds how an opportunity this paid the market to about within the airport concierge guess from is distinguish additive soon remote that to And going space. to you're be check and trying like at Okay, That's consumer and curbside helpful. ask my the airport. I'm thanks. launching in

Marc Baumann

a the be someone that be on in that's collecting at useful could bag one through And things at because I boarding fee, of challenge some of the represent garage, be pre-pandemic, tool introducing front of go a I the now, their right was And technology interest curb, domestic their airlines, anywhere. we clients terminals of can even the pre-pandemic say home. about the it SP pre-pandemic bags, at Sure, hotel, capable on TSA and in and the alleviate very as to it airports. employments enthusiastic was be the might to and a is one be its it. mean, regulations. printing it could pass in also banks a all has just could introduced a there any of capability to anywhere. the think it to But It we to focused XX% of in a congestion the which checking business curb people back check proprietary for in capability seven platform

pandemic themselves, a decision the service; along for pays to to making of airline's one that course, the as all know, on and of, well, question hold. a going from public, of we many it's Of of And the parties put a the always impediments consumer in the course, for this always everything. been end, has benefit the it. and who's pay lot But came the traveling And airports.

this model, experimented service, service by that the model. survey out on they was pocket charge the team in reusing that and XXs love pay as did we so of there likeliness wide out showed charged, of to for sponsored And bags even and of with consumers, And that satisfaction a consumer consumer they're coming service. the upper if they're pandemic, opposed the a acceptance

what so curbside to And gave that's sold concierge to being is rise airlines.

operating serve We of we some Independently airline. talking that congestion of maybe airline couple XX airports. service. sure at indicated, as interest Or course, so now and more And would the from maybe that, a of problems, we're continue airports believe to have there's we're who airline enough concierge from airports one been curbside the at service airline it to than there. close not I'm grow bringing to we've starting in for another one we'll and

question and the service then it. pay how so going this we And for up, can again, comes to provide who's

to and is this provide airline airports, particularly the I consumer involved comments we airports more what were where door to that pay technology service. really the model. be to we and our airport, adopt smaller an in relating would have that now opens to for think was be willing going bring So bags in one that service that who no And

them rental facility, some terminal. we what congregating end, get airport to their of the no car out and checking essentially of luggage into people are checking they the out places parking get lobby, airport with at call garage, some lobbies or cases, or So their a from come people doing train in it remotely and where Other matter trying pressure remote is away to in in check-in. at in as curb the in a the the property cases the

Kevin Steinke

of sense. lot helpful. that's yes, Okay, a makes That

wanted market. I ask to the about Lastly, Just municipal

are that You update offerings just mentioned, of with in maybe couple market. gaining a your and offerings an technology traction and that potentially market municipalities particular to on those there wins responding how and

Marc Baumann

Sure.

street, a outsourcing and we us. majority head where for market, a the there's opportunity parking I people missed meter particularly with right definitely the single you of on to that XXXX municipal have was think for revenue time have like coins vast have into, that technology. that the still put municipal The felt long meters that market the municipalities

Atlanta, like somebody you a the XXX so be Orleans, have we indicated other few Angeles. that always as years some there the about New us. and advantage cities. to outsource will from we to as And of money meters ago, made A from from an decision city know, the And municipalities for municipality for collect Los

a, is it's always outsourced this have It what So that obstacle represents big never for an us. those before. there's market But change. a important for that

stored textbook pay on and finding is that don't other mobile to obligations, receptive certainly come share potentially people on pressures are which cost that idea without there increasingly, technology the any be And our with are finances, create that economic a that starting upside available In people could cases, pension a We're enable as the in their our municipality, them other parking, from information to to municipality wallet popular bring app, very have you the so parking.com in, and is to costs, solutions, URL to create and an bring their they're mobile because I need for want safely. a someone capabilities to credential the in municipalities think technology. facing payment app.

know, and for to So I friction and card all or driving enter pay places to step parking a want and coins. and your park, is around walking people beyond much that. low pushing looking over of credit with having a not to that's information a time by as right the buttons swipe meter we old transaction, the getting We the think for of out car station the

so and municipality. just providing the We're think efficiently. to It's offering friction. in of same capabilities, we to opportunity cities we're even And with bringing operating touch, not done your we're are technology for mobile pay And again. increasingly, all looking I no our some the where device once pay no at

see umbrella, in the you the to pure So into ways our offer an will as the I not Sphere we've as sell technology technology think them you that operator. future, marketplace, look developed even are us to and solutions them under as offerings for looking our take we where places to going be

as do providing all versatile is and of and full these cases, a trying that we services. for. and needs in ticketing well solution things we're just we municipality to just pure that We the Now a but the can suite environment we're be in a will tech enforcement other and two so up both finish one that the operator be operate to called

Kevin Steinke

you taking the questions, thanks. very and on the congratulations Appreciate Okay, nice results. helpful. That's

Marc Baumann

Thanks Kevin. very much,

Kris Roy

Thanks Kevin.

Operator

all like any for concludes to Q&A remarks. for of over the to back I today. would turn That it closing now Marc

Marc Baumann

today. year remainder interest I about want just you. up Thank thanks the in Hey of thanks with wrap for Stacy and speaking to your we're by Appreciate quarter. and saying us the and excited next to being Plus, you SP

Operator

you This call. Thank concludes your participation. today's for

disconnect. can now You

Central Parking Finance Trust PFD TR CV SECS (CRLKP) 7 Aug 222022 Q2 Earnings call transcript