Good day, and thank you for standing by. Welcome to the Second Quarter 2022 SP Plus Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising you that your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kris Roy. Kris, you have the floor. Thank you, Stacy, and good afternoon, everyone. As Stacy just said, I'm Kris Roy, Chief Financial Officer of SP Plus. Welcome to our conference call following the release of our second quarter 2022 earnings. During the call today, management will make remarks that may be considered forward-looking statements, including statements as to the outlook and expectations for 2022 and statements regarding the company's strategies, plans, intentions, future operations, and expected financial performance. Actual results, performance, and achievements could differ materially from those expressed or implied due to a variety of risks, uncertainties, or other factors, including those described in the company's earnings release issued earlier this afternoon, which is incorporated by reference for purposes of this call and available on the SP Plus website and the risk factors in the company's annual report on Form 10-K and quarterly reports on Form 10-Q and other filings with the SEC. In addition, management will discuss non-GAAP financial information during the call. Management believes the presentation of non-GAAP results provides investors with useful supplemental information concerning the company's ongoing operations and is an appropriate way to evaluate the company's performance. Non-GAAP financial measures are provided for informational purposes only. A full reconciliation of non-GAAP financial measures to comparable GAAP financial measures were presented in the tables accompanying the earnings release. To the extent other non-GAAP financial measures are discussed on the call, reconciliations to comparable GAAP measure will be posted under the Regulation G tab in the investor relations section of the SP Plus website. Please note, this call is being broadcast live over the internet and is being recorded. A replay will be available on the SP Plus website shortly after the end of the call and will be available for 30 days from today. I will now turn the call over to Marc Baumann, our Chairman and Chief Executive Officer. Hey, thanks, Kris, and good afternoon, everybody. We really appreciate your participation in our call today to review our second quarter results and discuss our updated business outlook. A key takeaway from our Q2 and first half performance is that our business dynamics are changing from where they were pre-pandemic and all in a good way. First, growth opportunities in our core commercial and aviation businesses have accelerated and we're gaining market share. This is a function of several factors. Our first-mover advantage in technology that enables the frictionless mobility that consumers prefer and cost savings that clients value. Secondly, our reputation for superior service levels. And finally, our size and the scope of our offerings, which exposes us to a broader array of business opportunities. Secondly, our technology investments have expanded our addressable market. We now provide technology-only solutions at a number of parking operations that we do not manage. Our Sphere offerings have enabled us to increase the broader market for our services to include locations that historically did not need or could not justify the full SP Plus solution. Third, the post-pandemic shifts that have had a positive impact on both our commercial and aviation businesses have shown no signs of abating, and in fact appear to be developing into what we believe are secular growth drivers. These are namely the rise in personal car ownership and its increased use for commuting in large metropolitan areas, the pickup in demand for domestic leisure travel, increased airport congestion in both the terminals and on the roadways, and the considerable client focus on touchless operations that prioritize ease as well as promote the health and safety of their consumers and employees. These changes in our business landscape contributed to our ability to post significant growth and increase profitability in both the second quarter and first half of this year and underpin our confidence in increasing our full 2022 guidance. We believe these trends will continue to provide substantial growth opportunities for SP Plus in the coming years. Specifically in the second quarter, we reported strong double-digit year-on-year growth in adjusted gross profit across our business segments, with the commercial segment increasing 27% and the aviation segment up 26%. In both businesses, our results benefited from increased activity at existing locations and new contract wins. Looking at our commercial segment, we experienced same-location gross profit growth in nearly every vertical compared to last year. Growth was led by the office, commercial, and hospitality protocols as well as large venues, but was broad-based and represented significant increases at both leased and managed locations. We believe that the actions we took during the pandemic have resulted in a positive trade-off. SP Plus today has an optimized portfolio that is heavily weighted toward management locations, which provide greater visibility and resilience to inflationary wage pressures and economic cycles. In the second quarter, we were also very successful in winning new commercial business. Our Sphere technology solutions significantly strengthen our competitive position as they provide our clients with an important cost savings while improving the consumer experience through the touch-free interactions and prepaid reservations. In the last 12 months, we added 107 net new locations, and our location retention rate for the same period was 91%. Not included in these metrics are two new municipal contracts that will start later this year. These new municipal contracts will involve our managing meter collections, maintenance, and enforcement, as well as deploying app-based payment systems. As a point of reference, SP Plus currently serves over 100 municipal government authorities at over 600 locations, which includes managing on and off-street parking for 65 cities. This was a very strong quarter for our aviation business as well. Gross profit reflected both the new contracts we won over the last two years as well as the expansion of our services at existing facilities. Our technology solutions play an important role in business retention and development in this segment as well. In renewing our contract at the Portland Oregon Airport, our client specifically mentioned our industry-leading technologies that have elevated the customer experience. Sphere has been deployed at the Canyonlands Regional Airport in Utah to turn an underused asset into a revenue opportunity. Similarly, we also successfully implemented Sphere at Sonoma Airport and Reno Tahoe Airport, offering an inexpensive and quick-to-market revenue collection solution that created a revenue stream for overflow parking where revenue was previously not being collected. Additionally, we continue to roll out our Curbside Concierge services and now are offering this service at over 35 airports. This fall, we expect to launch our first consumer-paid remote airline check-in service at an airport. This service will be provided at the airport's new transportation center and will be the first contract where passengers will pay a nominal service fee that will subsidize the cost to our airport partner. We believe that airline passengers recognize the value of this service and the convenience of bypassing crowded ticket counters. As you can imagine, these services are also very appealing to both airlines and airports as they reduce congestion and improve the traveler experience. Today, we're providing services at 77 airports, which is the largest number in our history, and we see continued growth opportunities ahead as travel activity continues to increase. To sum up, this is another strong quarter for SP Plus. I'll turn the call back over to Kris for a financial review. Thank you, Marc. I am very pleased to report on our strong financial performance and continued momentum in the second quarter of 2022, which led us to raise our full-year guidance and increase our profitability expectations. For this year, we expect to perform ahead of pre-pandemic levels. My pre-prepared remarks will focus on adjusted results. Adjusted gross profit increased 27% year-over-year to $58.8 million, reflecting continued strong business activity in the second quarter, along with new business wins over the past 12 months. This positive comparison underscores a number of benefits that Marc mentioned that truly set SP Plus apart, including the scale of our business, outstanding service, and our Sphere technology solutions. Adjusted G&A expenses for the second quarter of 2022 were $26.3 million compared to $21.8 million in the year-ago period. The year-over-year increase of 21% reflects a similar dynamic to what we have been experiencing over the past several quarters, representing incremental costs to support robust business activity evident in our top-line growth. These costs include both higher salaries and higher performance-based compensation. Compared to pre-pandemic second quarter of 2019, adjusted G&A is still trending 4% below where it was as a result of cost reduction measures and discipline as we continue to monitor expenses closely. Excluding depreciation, restructuring, and other costs, second quarter 2022 adjusted earnings per share increased 65% to $0.81 compared to last year's $0.49. Year to date, we generated $35.7 million of operating cash flow and $25.5 million of free cash flow compared to $23.3 million and $17.1 million, respectively, in the first six months of 2021. The 2022 free cash flow benefited from a $20.5 million federal income tax refund, which offset the impact of short-term working capital needs and higher CapEx compared to the year ago period. At the end of June, we still had $270 million of capacity under our upsized $600 million senior credit facility, providing us with the flexibility to consider organic and acquisitive growth opportunities. Our year-to-date robust performance underpins our confidence in our long-term growth potential and strong growing cash flow. As a result, in May, our board approved a new $60 million share repurchase program, providing an additional lever of capital allocation and returning capital to our shareholders. Since then, we have repurchased 176,500 shares at an average price of $31.51 through the end of Q2, and another 221,300 shares at an average price of $32.30 subsequent to the end of the quarter. Since the announcement of our board's authorization of the new stock repurchase program, we have used approximately $12.7 million of our free cash flow to repurchase shares, leaving approximately $47.3 million under our current authorization. Based on our current results and visibility, we are pleased to raise our full year 2022 guidance. Adjusted gross profit is now expected to range from $215 million-$235 million, which at the midpoint represents year-on-year growth of approximately 21% over the 2021 level. We expect adjusted EBITDA to range from $115 million-$125 million, which at the midpoint represents 27% year-over-year increase. For adjusted EPS, we now forecast a range of $2.86-$3.10, approximately 54% above 2021 levels. We are increasing our free cash flow forecast by $5 million and now expect $75 million-$85 million of free cash flow or approximately $3.50 a share-$4 per share. Approximately 91% above our 2021 free cash flow at the midpoint. We are especially pleased to note that our range for our revised guidance implies profitability that of that of 2019 before the pandemic. With that, I'll turn the call back over to Marc. Hey, thanks, Kris. Our operating model combines a well-trained workforce and industry-leading suite of technology solutions under the Sphere umbrella to deliver world-class service and innovative solutions to our diversified client base. These attributes have enabled us to gain market share, strengthen our market leadership position, and put us on a higher growth trajectory than we experienced pre-pandemic, with additional upside from our reduced cost structure. As you've heard, we've moved up our expectations for 2022 financial performance based on the strength of our first half performance and the momentum we're seeing heading into the second half of this year. You can expect us to make additional investments in people and technology in the coming months to drive organic growth, and we'll consider strategic acquisitions that expand our presence in key markets or bring additional technology-enabled solutions that have the potential to further expand our addressable market in line with our long-term growth prospects. With that, I'll turn the call back over to Stacy to start the Q&A. Thank you. At this time, we will conduct a question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be stated on the Q&A roster. Our first caller, Daniel Moore with CJS Securities. Daniel, go ahead with your question. Thank you. Thank you, Marc and Kris, for all the color. Congrats on the strong results. Thanks, Dan. Thanks, Dan. Maybe you gave a lot of detail, but maybe, you know, just expand a little on if we kinda look by vertical, starting with commercial, and then aviation. You know, sort of the cadence of recovery and traffic and volumes at your facilities across those verticals. You know, both sequentially throughout the quarter and as we look into fiscal Q3 as well as, you know, any sort of differences in the rates of recovery there. I've got a quick follow-up or two. Thank you. Sure. Well, maybe I'll start out, and then Kris might add a few additional thoughts to the comments. You know, I think it's safe to say within our commercial segment, you know, as our largest segment in our business, you know, it's essentially performing ahead of 2019 levels in terms of just stay on the same location basis. We continue to see growth in all the verticals in commercial both over last year, but also compared to 2019. You know, the two areas that have seen very strong growth on a year-over-year basis that we commented on, one is office buildings, which is improved about 92% year-over-year. Some of the retail mixed-use facilities are well over 100% on a year-over-year basis. Although both the freestanding parking facilities and office buildings that they serve, you know, are still generally lagging a little bit behind 2019 levels. We see that coming back as people have adopted the hybrid models, people are still avoiding mass transit for the most part and are driving cars into the city centers. As time passes, we continue to expect to see greater utilization of the commercial properties. You know, I think on the aviation side of the business, you know, for the most part, our recovery has progressed as we expected. We are pretty much operating at all the airports at the same levels we were pre-pandemic. Of course, we added new airports during the pandemic, which has brought our total aviation location airport footprint up to 77 locations. The Bags business continues to do nicely and recover from the pandemic, as we are handling just massive amounts of delayed luggage as people are experiencing when they travel. We continue to see further deployment of both Curbside Concierge for them and also, as I indicated in the prepared remarks, you know, an airport, you know, consumer-paid model. We think right now the massive amounts of congestion that are taking place in and around airports, you know, leave us well positioned to bring our technology and our capabilities to those areas. Yeah. You know, the only other thing I would. You got it. The only other thing I would add on, Dan, is, you know, just in terms of where we ended on a TTM basis with net location adds, I think that's a really strong number for us. I think it certainly demonstrates what we've been able to achieve as a management team about capturing market share. I think that's a really good number for us. I think retention rate continues to be, you know, in the low 90s%, and I think that's also a really good number for us. I think generally, you know, we feel really good with where we're at, both from a market positioning perspective, but also on the opportunity to capture some of that market share. No, that's great, Kris, and leads to my next question, which is, with location growth, you know, net locations now growing again, and you're winning new business, you know, prior to the pandemic, you had a sort of a mid-single digit gross profit growth goal. As we, you know, now get back to pre-pandemic levels of profitability and beyond, if locations are growing, and your profitability per location hopefully continues to grow, what is your sort of longer term outlook at this point for the business beyond just sort of the, you know, the recovery, given the cadence and the success you've had in taking shares, you know, particularly over the last, you know, 18 months or so? Yeah, I don't think we're ready yet to, you know, take the old numbers, which were sort of gross profit growth target on a long-term basis of 3%-5% and give you new numbers today. It is something that we're giving a lot of thought to. If you can imagine, there's a number of things that are, you know, likely to push that number higher. One, of course, is, you know, in the inflationary environment we're in now, you know, it has given us the opportunity to put parking rates up, both for our management clients, but also at our lease locations. That is beneficial to the growth picture for us. I think also as we deploy Sphere in more and more places, and as we indicated on the prepared remarks, we're having the opportunity now to deploy technology where we are, quote-unquote, "not the operator," or we aren't putting boots on the ground. That represents a market expansion opportunity for us that should help us accelerate our gross profit growth, you know, as we go forward. As you point out, by getting more locations, you know, that's helpful in and of itself, but it also gives us more geography, if you will, to deploy our technology solutions. We're very eager in our organization to get more locations. We can bring the technology there, but at the same time, continue to look for ways to bring additional capabilities to our existing client base. Is that a lot of our growth fundamentally, historically, and in the future is gonna come from serving more clients with a broader array of our services. I think all indications are that we will be increasing that guidance or target guidance in the near future. Hopefully, we'll be ready to do that at Q3, but we're just doing a little bit more work to try to be able to be specific about that for you. Really helpful. Lastly, Bags business. Without breaking it out specifically, you know, what sort of profitability levels are embedded in your 2022 updated guide relative to pre-pandemic? In other words, how much, you know, either gross profit or EBITDA do we still have left to, you know, to regain when we lapped 2022 in the revised guide? Thanks. Yeah. We're not gonna break Bags out separately, but what I would say, Dan, is that our aviation segment, in terms of the level of business activity it's serving, both our airport group and our Bags business, you know, have really resumed all of the services that they're gonna be providing to our existing client base, and that includes any new clients we've won. I think the recovery and level of business activity for aviation is completed. Now, that being said, we have talked during the pandemic about the fact that certain clients have either not brought back some of the services that we provided pre-pandemic or in some cases, in some of the airports, we restructured contracts. We talked about that at length during the pandemic. The financial recovery of the aviation segment to pre-pandemic levels, as I indicated on prior calls, is gonna take a couple years. That recovery is gonna come from us winning new business, expanding the array of services that we provide to existing clients, as opposed to resuming activities that have been paused during the pandemic. I think the pause of activities during the pandemic is pretty much over now, and now we just move forward to find ways to grow our business. Very good. I'll come follow up, jump back in queue if I have any follow-up. Thanks. Got it. Thanks, Dan. Thanks, Dan. All right. Our next call comes from Tim Mulrooney with William Blair. Tim, go ahead with your question. Marc and Kris, good afternoon. Hey, afternoon, Tim. Hi, Tim. You guys and your team, I mean, you've managed the business well through unprecedented conditions and unprecedented change over the last several years. There's a lot of positive things I could point to, but I think the thing I'm most encouraged by is that 107 net location wins over the last 12 months. We didn't have that built into our model. But I think you're right not to give a new long-term gross profit growth algorithm yet because folks first have to underwrite that net new location growth moving forward. Based on what you're seeing today, is it your expectation that we will see more net wins over the next several years? Or do you view these last 12 months as kind of a one-time step up in the recovery period following the pandemic? I think we'll continue to see ongoing location growth. I mean, it's a key focus area for our leadership team, but I think it also reflects a recognition in the marketplace that we have some competitors who are struggling to deliver what clients are expecting or whose technology is lagging. I think we're at the right place and the right time in terms of our competitive offerings, in the marketplace. I for sure, expect us to continue to see net location growth on a sustained basis. Now, will it be 100 at any quarter end on a TTM basis? Maybe it'll be more, maybe it will be less. I mean, we have to go pitch our business to clients, and we have to get them to make a decision and select us. You know, it's never gonna be an exact straight line, but I think we're moving into a period where we have the expectation ourselves that we will add locations on a sustained basis and move ourselves up from, you know, the 3,000 or so in our commercial segment that we've had for a while, you know, up toward 4,000 in the years ahead. Well, that's very positive to hear. Thanks for that explanation. Another thing I wanted to ask. I didn't realize that you were winning some business, just technology-only solutions. Are these locations where maybe you don't have a manager or a lease contract, but you're just doing a technology-only solution? Is that counted in your location count? It is. Tim, it is included in our location count. I mean, you know, we sometimes in our industry, there's these debates over, you know, is someone an operator? Is someone a tech provider? There are people in our industry that all they are is tech providers. Many times they are a one size fits all tech provider. They try to convince prospective clients that their one size fits all tech solution is what that client needs. In some cases, that's fine. In other cases, it's not the right solution. Then at the other end, you have people that don't have any of their own technology, and they just work with whatever's there, and they just, you know, are really managing hourly workers to provide a service. You know, we do that in some places too. Our positioning in the marketplace is to really be able to do any of that. We can blend people and technology. We can bring our own proprietary technology solutions. We can bring technology only where there's a technology-only opportunity. We're really trying not to limit our market scope by having a strategy that is narrowly focused on either managing people with existing technology or just bringing technology. I think the advantage of the Sphere capabilities is that it enables us to bring a pure technology solution only to places where revenue is not being captured. We're not displacing a parking operator, we're displacing a free parking situation. This has been deployed, as we indicated in the prepared remarks, at some airports. It's also being deployed in retail shopping malls and in other facilities in cities. We have a client base now that is recognizing that with our technology, they can monetize their asset and not have any investment at all. That I think represents a real market growth opportunity for us. Got it. Thank you. Last question from me, and maybe this is for Kris. I just wanted to ask about the balance sheet. I saw the share repurchase this year, and, you know, I've heard you talking about the potential for more M&A, but I wanted to get your perspective on your leverage ratio, what the ideal target leverage ratio would be, and any thoughts you have on potentially lowering that ratio given the increased level of macro uncertainty we now find ourselves in. Yeah. Tim, I don't think so. I think we've kinda always said that two-three times is the right spot for us. I think that continues to be the right spot, even in light of, you know, our share buybacks and the investments that we're making around technology. I think it really does give us. We've got a new upsized credit facility. We generate strong free cash flow. I think it gives us a lot of flexibility in terms of capital allocation to make investments organically, do share buybacks and return capital to shareholders, and also look at potential acquisitions. I think it puts us in a really good spot, and I think it gives us a lot of flexibility. I think if you look at where we ended kinda Q2, and I kinda think about it on a TTM basis from a leverage ratio, I think we're under three and kinda right around that 2.8x. We feel good with that. Certainly, as we look at the back half of the year, if you just look at kinda the implied cash flow that we'll be generating in the back part of the year, that's gonna be a strong cash flow second half. We'll continue to do what we do, which is, de-lever and use some of that cash to pay down debt and as well as look at opportunities to return capital to shareholders. All right. Thank you, guys. Thanks, Tim. Wonderful. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. Our next question comes from Kevin Steinke with Barrington Research Associates. Kevin? Hey, good afternoon, Marc and Kris. Hey, Kevin. I wanted to start off by just asking a question about the guidance. It just looks like the midpoint of your adjusted gross profit guidance went up at a slightly greater rate than your adjusted EBITDA guidance at the midpoint. Should we just think about that as some of the, you know, compensation expenses you mentioned, as well as the business investments that you're making, leading to that small difference in the percentage increase? Yeah, I would say it's two things, and I think you hit on both of them. I think first and probably more largely is, you know, making those investments today that we think can facilitate and accelerate growth in the future. We want to make those types of investments, and that's, they're certainly included in the second half of the year in terms of additional investments. We do have some performance compensation that will be impacted in the second half of the year as well. Both of those are it. I think largely it's positioning ourselves for, as Marc mentioned before, accelerated growth in the future, and that's what we think these investments will deliver. Okay, thanks. That's helpful. I wanted to ask about the consumer-paid, I guess, remote check-in, and it sounds like you're gonna be launching that soon at an airport. I'm just trying to distinguish that in my mind from the Curbside Concierge and how this is, you know, additive to your market opportunity within the airport space. Sure. I think, you know, it might be useful just to go back to pre-pandemic and say the Bags business has the capability through its proprietary platform to check in people for any one of seven airlines, which represent about 90% of domestic enplanements anywhere. It could be at a curb, it could be in a garage, it could be at a hotel, it could even be at home. I mean, right now that's a challenge because of some of the TSA regulations. But the technology is capable of checking someone in, collecting their bag fee, printing their boarding pass anywhere. One of the things we focused on pre-pandemic was introducing this capability as a tool to alleviate congestion on the curb front and also in the terminals at airports. We introduced Bags to all the SP Plus clients pre-pandemic, and there was a very enthusiastic interest in it. Of course, the pandemic came along and put a lot of that on hold, but one of the impediments to making a decision has always been many parties benefit from this service, the traveling public, the airlines themselves, and the airports. It's always a question of, well, who's gonna pay for it? Of course, as we all know, in the end, the consumer pays for everything. Coming out of the pandemic, the Bags team experimented with a consumer pay model as opposed to a sponsored model. That showed that there was wide acceptance by consumers. They love the service. We did consumer survey on satisfaction and likeliness of reusing the service, and they're in the upper 90s%, even if they're charged out of pocket for that service. That's what gave rise to Curbside Concierge being sold to airlines. As we indicated, we're operating Curbside Concierge for one airline at 35 airports. We believe we're close to starting another airline at a couple airports, and I'm sure we'll continue to grow it from there. Independently of that, we've now been talking to some airports who have congestion problems, of course. Maybe there's not enough interest from the airline in bringing that service, or maybe the service would serve more than one airline. The question again comes up, how can we provide this service, and who's gonna pay for it? What we were really relaying in our comments was that we now have an airport who is going to adopt this consumer pay model. I think that opens the door to more airports, particularly smaller airports, where no one airline would be willing to be involved in the service, and for Bags to bring that technology and provide that service. In the end, no matter what we call it is essentially remotely checking people in and trying to get pressure out of the airport lobby or in some cases, doing check-in in the parking garage, at a remote car rental facility, at a train terminal, other places where people are congregating as they come into the airport property to get them away from the curb in some cases or out of the lobbies with their luggage and their check-in. Okay. Yeah, that's helpful. That makes a lot of sense. Just lastly, I wanted to ask about the municipal market. You mentioned a couple of wins there and just maybe an update on that market and how municipalities are responding to your technology offerings and you know, potentially gaining traction with those offerings in that particular market. Sure. You know, I think for a long time we have felt that the municipal market, particularly the on-street municipal market, was ripe for outsourcing to people like us. You know, the vast majority of the 3,000 municipalities that have parking meters still have the single-head meter that you put coins into, and there's definitely a missed revenue opportunity with that technology. There will always be an advantage for a municipality to outsource to somebody like us. A few municipalities have made that decision some years ago. As you know, we collect the money for the meters from the city of Atlanta, from New Orleans, from Los Angeles, and as we indicated, about 100 other cities. This is an important market for us, but there's always that obstacle for those that have never outsourced before. You know, it represents a big change. I think increasingly, as municipalities are facing pressures on their finances, pension obligations, and other costs, you know, they're starting to be receptive to the idea that someone could come in, bring technology solutions, potentially bring them in without any cost to the municipality and enable the municipality to share in an economic upside from that technology. We're certainly finding that our text-to-pay capabilities are very popular with people parking because you don't need to create a credential on a mobile app. In other cases, the Parking.com mobile app, which is our URL, is available for people that wanna create a wallet and have their payment information stored there safely. I think the time is right for that. We all know as people driving around and looking for places to park, we want a low-friction transaction. Getting out of your car and walking over to a pay station and having to swipe a credit card or enter information by pushing buttons, you know, that's not much of a step beyond the old parking meter with the coins. We're offering the same no touch, no friction. It's all done with your mobile device, opportunity to pay efficiently. I think increasingly, we're looking at providing some of our capabilities even in cities where we are not operating for the municipality. We're just bringing technology once again. I think as you look to our future, you will see us looking for ways to take our technology solutions that we've developed under the Sphere umbrella and sell them and offer them as pure technology offerings into the marketplace, even in places where we are not going to be the operator. Now, just to finish up, in these two cases, we will be the operator as well, providing a full suite of services. We do enforcement and ticketing and all the other things that a municipality needs. But you know, we're trying to be versatile so that we can operate in both that environment and the one where just a pure tech solution is called for. Okay, thanks. That's very helpful. Appreciate you taking the questions and congratulations on the nice results. Thanks very much, Kevin. Thanks, Kevin. That concludes all of the Q&A for today. I would like to now turn it back over to Marc Baumann for any closing remarks. Hey, thanks, Stacy. I just wanna wrap up by saying thanks for being with us today. Appreciate your interest in SP Plus. We're excited about the remainder of the year and speaking to you next quarter. Thank you. This concludes today's call. Thank you for your participation. You can now disconnect.