| 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 June 30, 2026 |
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Commercial |
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Government |
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|
Parking |
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|
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|
($ in thousands) |
|
Services |
|
|
Solutions |
|
|
Solutions |
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|
Total |
|
Service revenue |
|
$ |
115,061 |
|
|
$ |
115,033 |
|
|
$ |
16,616 |
|
|
$ |
246,710 |
|
Product sales |
|
|
— |
|
|
|
13,473 |
|
|
|
3,408 |
|
|
|
16,881 |
|
Total revenue |
|
|
115,061 |
|
|
|
128,506 |
|
|
|
20,024 |
|
|
|
263,591 |
|
Cost of service revenue, excluding depreciation and amortization |
|
|
427 |
|
|
|
10,542 |
|
|
|
3,241 |
|
|
|
14,210 |
|
Cost of product sales |
|
|
— |
|
|
|
10,497 |
|
|
|
3,538 |
|
|
|
14,035 |
|
Operating expenses |
|
|
24,015 |
|
|
|
60,126 |
|
|
|
4,821 |
|
|
|
88,962 |
|
Selling, general and administrative expenses |
|
|
18,249 |
|
|
|
16,782 |
|
|
|
6,059 |
|
|
|
41,090 |
|
Loss on disposal of assets, net |
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— |
|
|
|
623 |
|
|
|
13 |
|
|
|
636 |
|
Other (income) expense, net |
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|
(4,820 |
) |
|
|
(1,275 |
) |
|
|
59 |
|
|
|
(6,036 |
) |
Segment profit |
|
$ |
77,190 |
|
|
$ |
31,211 |
|
|
$ |
2,293 |
|
|
$ |
110,694 |
|
Interest expense, net |
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|
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|
|
15,486 |
|
Goodwill impairment |
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|
|
|
|
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|
64,037 |
|
Impairment of intangible assets |
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|
|
|
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|
|
40,354 |
|
Other reconciling items (1) |
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|
|
33,042 |
|
Loss before income taxes |
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|
|
|
|
|
|
$ |
(42,225 |
) |
(1) This consists of depreciation and amortization expense, stock-based compensation, and other costs to reconcile to total loss before income taxes.
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For the Three Months Ended June 30, 2025 |
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Commercial |
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Government |
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Parking |
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|
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($ in thousands) |
|
Services |
|
|
Solutions |
|
|
Solutions |
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Total |
|
Service revenue |
|
$ |
109,050 |
|
|
$ |
97,971 |
|
|
$ |
16,456 |
|
|
$ |
223,477 |
|
Product sales |
|
|
— |
|
|
|
9,129 |
|
|
|
3,419 |
|
|
|
12,548 |
|
Total revenue |
|
|
109,050 |
|
|
|
107,100 |
|
|
|
19,875 |
|
|
|
236,025 |
|
Cost of service revenue, excluding depreciation and amortization |
|
|
638 |
|
|
|
348 |
|
|
|
3,643 |
|
|
|
4,629 |
|
Cost of product sales |
|
|
— |
|
|
|
6,300 |
|
|
|
2,646 |
|
|
|
8,946 |
|
Operating expenses |
|
|
23,501 |
|
|
|
52,415 |
|
|
|
3,898 |
|
|
|
79,814 |
|
Selling, general and administrative expenses |
|
|
18,823 |
|
|
|
17,660 |
|
|
|
6,500 |
|
|
|
42,983 |
|
Loss on disposal of assets, net |
|
|
— |
|
|
|
318 |
|
|
|
— |
|
|
|
318 |
|
Other income, net |
|
|
(5,954 |
) |
|
|
(21 |
) |
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|
(11 |
) |
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(5,986 |
) |
Segment profit |
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$ |
72,042 |
|
|
$ |
30,080 |
|
|
$ |
3,199 |
|
|
$ |
105,321 |
|
Interest expense, net |
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|
|
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|
16,572 |
|
Loss on extinguishment of debt |
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|
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|
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|
23 |
|
Other reconciling items (1) |
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|
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|
36,124 |
|
Income before income taxes |
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|
|
|
|
|
|
|
|
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$ |
52,602 |
|
(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 Six Months Ended June 30, 2026 |
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Commercial |
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Government |
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Parking |
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|
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($ in thousands) |
|
Services |
|
|
Solutions |
|
|
Solutions |
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Total |
|
Service revenue |
|
$ |
212,868 |
|
|
$ |
213,123 |
|
|
$ |
34,111 |
|
|
$ |
460,102 |
|
Product sales |
|
|
— |
|
|
|
20,721 |
|
|
|
6,336 |
|
|
|
27,057 |
|
Total revenue |
|
|
212,868 |
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|
|
233,844 |
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|
|
40,447 |
|
|
|
487,159 |
|
Cost of service revenue, excluding depreciation and amortization |
|
|
931 |
|
|
|
13,656 |
|
|
|
7,014 |
|
|
|
21,601 |
|
Cost of product sales |
|
|
— |
|
|
|
16,123 |
|
|
|
6,202 |
|
|
|
22,325 |
|
Operating expenses |
|
|
46,877 |
|
|
|
116,614 |
|
|
|
9,963 |
|
|
|
173,454 |
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Selling, general and administrative expenses |
|
|
35,372 |
|
|
|
35,651 |
|
|
|
11,520 |
|
|
|
82,543 |
|
Loss on disposal of assets, net |
|
|
2 |
|
|
|
687 |
|
|
|
13 |
|
|
|
702 |
|
Other (income) expense, net |
|
|
(9,323 |
) |
|
|
(863 |
) |
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|
41 |
|
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|
(10,145 |
) |
Segment profit |
|
$ |
139,009 |
|
|
$ |
51,976 |
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|
$ |
5,694 |
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|
$ |
196,679 |
|
Interest expense, net |
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|
|
|
|
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|
|
|
30,893 |
|
Goodwill impairment |
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|
|
|
|
|
|
|
|
|
|
64,037 |
|
Impairment of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
40,354 |
|
Other reconciling items (1) |
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|
|
|
|
|
|
|
|
|
|
63,133 |
|
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
(1,738 |
) |
(1) This consists of depreciation and amortization expense, stock-based compensation, and other costs to reconcile to total loss before income taxes.
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For the Six Months Ended June 30, 2025 |
|
|
|
Commercial |
|
|
Government |
|
|
Parking |
|
|
|
|
($ in thousands) |
|
Services |
|
|
Solutions |
|
|
Solutions |
|
|
Total |
|
Service revenue |
|
$ |
210,439 |
|
|
$ |
191,953 |
|
|
$ |
32,987 |
|
|
$ |
435,379 |
|
Product sales |
|
|
— |
|
|
|
16,969 |
|
|
|
6,931 |
|
|
|
23,900 |
|
Total revenue |
|
|
210,439 |
|
|
|
208,922 |
|
|
|
39,918 |
|
|
|
459,279 |
|
Cost of service revenue, excluding depreciation and amortization |
|
|
1,238 |
|
|
|
1,036 |
|
|
|
7,138 |
|
|
|
9,412 |
|
Cost of product sales |
|
|
— |
|
|
|
11,563 |
|
|
|
5,415 |
|
|
|
16,978 |
|
Operating expenses |
|
|
45,579 |
|
|
|
99,376 |
|
|
|
7,500 |
|
|
|
152,455 |
|
Selling, general and administrative expenses |
|
|
38,405 |
|
|
|
36,963 |
|
|
|
13,758 |
|
|
|
89,126 |
|
Loss on disposal of assets, net |
|
|
— |
|
|
|
642 |
|
|
|
— |
|
|
|
642 |
|
Other income, net |
|
|
(9,922 |
) |
|
|
(158 |
) |
|
|
(15 |
) |
|
|
(10,095 |
) |
Segment profit |
|
$ |
135,139 |
|
|
$ |
59,500 |
|
|
$ |
6,122 |
|
|
$ |
200,761 |
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
33,208 |
|
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
48 |
|
Other reconciling items (1) |
|
|
|
|
|
|
|
|
|
|
|
70,070 |
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
97,435 |
|
(1) This consists of depreciation and amortization expense, stock-based compensation, and other costs to reconcile to total income before income taxes.
|