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sp + SP Plus Corporation Announces Third Quarter 2021 Results October 27 , 2021 • Strong Financial Performance Continues to Track Improving Business Conditions and Benefit from Streamlined Cost Structure • Successful Business Development Initiatives and Technology Roll - Outs Strengthen Industry Leadership • Expect Full - Year Gross Profit to be at High End of $ 170 to $ 185 Million Guidance Range ; G & A Expenses Projected at Lower End of $ 85 to $ 90 Million Guidance Range • Raising Cash Flow from Operations and Free Cash Flow Guidance Ranges by $ 10 Million CHICAGO , Oct. 27 , 2021 ( GLOBE NEWSWIRE ) -- SP Plus Corporation ( Nasdaq : SP ) , a leading provider of technology - driven mobility solutions for aviation , commercial , hospitality and institutional clients throughout North America , today announced its third quarter 2021 results . Third Quarter Commentary Marc Baumann , Chairman and Chief Executive Officer , stated , " Business conditions continued to improve in the third quarter , as demand for our services closely tracked the progressive re - opening of the broader economy , and clients adapted to changes in consumer behavior that are expected to continue post - pandemic . Within this dynamic environment , SP + is benefiting from our market leadership positions and proven ability to both enhance the consumer experience and optimize revenues for our clients . " We are pleased that our third quarter adjusted gross profit reached 84 % of third quarter 2019 levels even as travel and mobility activity has not yet recovered to pre - pandemic levels . Aided by the continued deployment of our proprietary Sphere technology solutions , we are winning new contracts and providing additional services to existing clients and believe we are gaining market share in key verticals . In addition , the actions taken last year to optimize our portfolio to reduce risk and exit unprofitable accounts continue to yield returns . We believe additional runway remains to grow gross profit as business activity continues to recover to pre - pandemic levels . Third quarter financial performance was further strengthened by our reduced G & A costs , which on an adjusted basis were 20 % below third quarter 2019 pre - pandemic levels . We believe much of these expense reductions are sustainable , although some of these costs will progressively increase as business activity continues to grow . " In the third quarter , our Commercial segment started operations at 69 new locations . In our Aviation segment , we recently were awarded parking and shuttle operations at Reagan National and Dulles International Airports , we added curbside management to our suite of services at San Francisco International Airport , we opened valet parking services at Charles M. Schulz - Sonoma County Airport in Santa Rosa , California , and we currently are in final renewal negotiations with two major metropolitan airports . Additionally , since we began the Curbside Concierge pilot in early May , we have rolled out our services on behalf of one airline client at 20 airports and expect to expand to add 20 more locations by the end of this year . This traveler and luggage check - in service , which utilizes our proprietary technology , has garnered interest from other airlines as the industry works to improve the customer experience and reduce congestion in the terminals , while at the same time reducing operating costs . " Financial Summary In millions except per share ( 2 ) Gross profit General and administrative expenses ( 2 ) Net income ( loss ) attributable to SP Plus ( 2 ) Net income ( loss ) per share ( EPS ) ( 2 ) EBITDA ( 1 ) , ( 2 ) Net cash provided by operating activities Free cash flow ( 1 ) In millions except per share Three Months Ended September 30 , 2021 Reported Adjusted ( 1 ) $ 49.5 $ 20.8 $ 13.9 $ 0.65 $ 28.0 $ 46.0 $ 21.1 $ 11.5 $ 0.54 ΝΑΙ $ 6.8 $ 3.9 ΝΑΙ ΝΑΙ Nine Months Ended September 30 , 2021 Three Months Ended September 30 , 2020 Reported Adjusted ( 1 ) $ 42.4 $ 15.5 $ 13.1 $ 0.62 $ 27.0 ΝΑ $ 42.0 $ 18.4 ( $ 88.1 ) ( $ 4.19 ) ΝΑ $ 1.9 $ 3.0 ΝΑ Nine Months Ended September 30 , 2020