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SP Plus Corporation announces – GuruFocus.com


CHICAGO, May 17, 2022 (GLOBE NEWSWIRE) — SP Plus Corporation (PS, Financial), a leading provider of technology-enabled mobility solutions for aviation, commercial, hospitality and institutional customers in North America, today announced that its Board of Directors has voted to terminate of all remaining authorizations and approved a new $60 million stock repurchase authorization which allows the company to repurchase shares, from time to time, in the open market.

Marc Baumann, Chairman and Chief Executive Officer, said: “Our new share buyback authorization underlines the confidence of the Board and management in our long-term prospects and our strong growth prospects. We believe our ability to generate significant free cash flow provides the flexibility to execute a multi-faceted capital allocation strategy to create additional shareholder value, which includes investments to accelerate organic growth, opportunistic acquisitions and share buybacks.

The Company’s share purchase program does not obligate the Company to acquire any particular amount or number of shares or to acquire any shares on any particular schedule, and the program may be suspended at any time at the discretion of the society. The Company will effect any redemptions of shares under the open market programs, which may include redemptions pursuant to Rule 10b5-1 trading plans, at such times and at such prices as deemed appropriate from time to time. at the discretion of the Company, and subject to its assessment of alternative uses of capital, share price, general market conditions, applicable legal and regulatory requirements and other relevant factors.

About SP+

PS+ facilitates the efficient movement of people, vehicles and personal effects with the goal of improving the consumer experience while improving the bottom line for our customers. The company provides technology-driven mobility solutions, professional parking management, ground transportation, remote check-in and baggage handling, facility maintenance, security and event logistics to customers in the aviation, commerce, hospitality, healthcare and government across North America. For more information, visit www.spplus.com.

You should not construe the information on these websites as part of this release. SP Plus Corporation’s annual reports filed on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the SP Plus website.

Caution Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s share buyback program, and other statements regarding expectations, beliefs, plans, the Company’s intentions and strategies. The Company has attempted to identify these statements by using words such as “expect”, “anticipate”, “believe”, “confident”, “could”, “should”, “estimate”, “have the intention, “could”, “plan”, “direction”, “will” and similar words and expressions, but such words and expressions are not the exclusive means of identifying these statements. These forward-looking statements are made based on management’s expectations and beliefs regarding future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment. Actual results, performance and achievements could differ materially from those expressed or implied by these forward-looking statements due to various risks, uncertainties and other factors, including, but not limited to, the following: the impact of COVID -19 pandemic or other contagious diseases on global economic conditions, on the aviation, commercial, hospitality and institutional industries generally and on the financial condition and results of operations of our business in particular; intense competition; changing consumer preferences and legislation; ability to maintain customer relationships; the Company’s ability to successfully complete its strategic growth plan; difficulty obtaining insurance coverage or obtaining insurance coverage at a reasonable cost; the volatility associated with high deductible and retention insurance programs; risk that insurance reserves are insufficient; losses not covered by insurance; risk management and safety programs are not having the desired effect; risks related to the Company’s acquisition strategy; the risks associated with management-type contracts and lease-type contracts; deterioration in general economic and business conditions or changes in demographic trends; information technology disruptions, cyberattacks, cyberterrorism and security breaches; labor disputes; catastrophic events such as natural disasters, pandemic outbreaks, and military or terrorist attacks could disrupt business; seasonal fluctuations and the impact of weather patterns; the risk that state and municipal government customers sell or enter into long-term lease-type agreements with competitors or the Company’s customers for parking-related assets; risks associated with joint ventures; adverse judgments or litigation settlements; the risks associated with operating in a highly regulated environment and the impact of public and private regulations or governmental orders; the impact of federal health care reform; adverse changes in tax laws or rulings; risks due to the Company’s substantial indebtedness, including non-compliance with credit facility covenants or non-compliance with payment obligations, which may accelerate the repayment of the Company’s indebtedness; the lack of availability of adequate capital, financing or revenue to develop the Company’s business or meet liquidity needs; the phasing out of the London Interbank Offered Rate (“LIBOR”) could affect interest rates under our existing credit facility agreement, our hedging activities, as well as our ability to seek future funding or to meet our liquidity needs; goodwill impairment charges or impairment of long-lived assets; the effectiveness of the measures we have taken to meet our liquidity needs and reduce our costs; financial difficulties or bankruptcy of large customers; the Company’s ability to obtain performance bonds; inability to attract and retain senior management and other qualified personnel; actions of activist investors; and the long-term impact of climate change on our business.

For a detailed discussion of factors that could affect the Company’s future results of operations, please see the Company’s filings with the Securities and Exchange Commission, including the information provided under “Risk Factors” in those documents. . Except as expressly required by federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changes in circumstances or future events. or for any other reason.