| Financial Information by Segment |
The following tables set forth financial information by segment for the respective periods:
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For the Three Months Ended March 31, 2026 |
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Commercial |
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Government |
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Parking |
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($ in thousands) |
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Services |
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Solutions |
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Solutions |
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Total |
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Service revenue |
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$ |
97,807 |
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$ |
98,090 |
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|
$ |
17,495 |
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$ |
213,392 |
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Product sales |
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— |
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|
7,248 |
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|
2,928 |
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|
10,176 |
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Total revenue |
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|
97,807 |
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|
105,338 |
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|
|
20,423 |
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|
223,568 |
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Cost of service revenue, excluding depreciation and amortization |
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|
504 |
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|
3,114 |
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|
3,773 |
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|
7,391 |
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Cost of product sales |
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— |
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5,626 |
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|
2,664 |
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|
8,290 |
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Operating expenses |
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22,862 |
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56,488 |
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|
5,142 |
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|
84,492 |
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Selling, general and administrative expenses |
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|
17,123 |
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18,869 |
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5,461 |
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41,453 |
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Loss on disposal of assets, net |
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2 |
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|
64 |
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— |
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|
66 |
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Other (income) expense, net |
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(4,503 |
) |
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|
412 |
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(18 |
) |
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(4,109 |
) |
Segment profit |
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$ |
61,819 |
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$ |
20,765 |
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$ |
3,401 |
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$ |
85,985 |
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Interest expense, net |
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|
15,407 |
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Other reconciling items (1) |
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30,091 |
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Income before income taxes |
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$ |
40,487 |
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(1) This consists of depreciation and amortization expense, stock-based compensation, and other costs to reconcile to total income before income taxes.
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For the Three Months Ended March 31, 2025 |
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Commercial |
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Government |
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Parking |
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($ in thousands) |
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Services |
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Solutions |
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Solutions |
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Total |
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Service revenue |
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$ |
101,389 |
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$ |
93,982 |
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$ |
16,531 |
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$ |
211,902 |
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Product sales |
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— |
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|
|
7,840 |
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|
|
3,512 |
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|
11,352 |
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Total revenue |
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101,389 |
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|
101,822 |
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|
20,043 |
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|
223,254 |
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Cost of service revenue, excluding depreciation and amortization |
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|
600 |
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|
|
688 |
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|
3,495 |
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|
|
4,783 |
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Cost of product sales |
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— |
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|
|
5,263 |
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|
|
2,769 |
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|
|
8,032 |
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Operating expenses |
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|
22,078 |
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|
|
46,961 |
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|
|
3,602 |
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|
|
72,641 |
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Selling, general and administrative expenses |
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|
19,582 |
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|
|
19,303 |
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|
|
7,258 |
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|
46,143 |
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Loss on disposal of assets, net |
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|
— |
|
|
|
324 |
|
|
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— |
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|
324 |
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Other income, net |
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(3,968 |
) |
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(137 |
) |
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(4 |
) |
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(4,109 |
) |
Segment profit |
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$ |
63,097 |
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$ |
29,420 |
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$ |
2,923 |
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$ |
95,440 |
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Interest expense, net |
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|
16,636 |
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Loss on extinguishment of debt |
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|
25 |
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Other reconciling items (1) |
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33,946 |
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Income before income taxes |
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$ |
44,833 |
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(1) This consists of depreciation and amortization expense, stock-based compensation, and other costs to reconcile to total income before income taxes.
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