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Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Financial Information by Segment

The following tables set forth financial information by segment for the respective periods:

 

 

 

 

 

 

For the Three Months Ended March 31, 2025

 

 

 

Commercial

 

 

Government

 

 

Parking

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

Solutions

 

 

Total

 

Service revenue

 

$

101,389

 

 

$

93,982

 

 

$

16,531

 

 

$

211,902

 

Product sales

 

 

 

 

 

7,840

 

 

 

3,512

 

 

 

11,352

 

Total revenue

 

 

101,389

 

 

 

101,822

 

 

 

20,043

 

 

 

223,254

 

Cost of service revenue, excluding depreciation and amortization

 

 

600

 

 

 

688

 

 

 

3,495

 

 

 

4,783

 

Cost of product sales

 

 

 

 

 

5,263

 

 

 

2,769

 

 

 

8,032

 

Operating expenses

 

 

22,078

 

 

 

46,961

 

 

 

3,602

 

 

 

72,641

 

Selling, general and administrative expenses

 

 

19,582

 

 

 

19,303

 

 

 

7,258

 

 

 

46,143

 

Loss on disposal of assets, net

 

 

 

 

 

324

 

 

 

 

 

 

324

 

Other income, net

 

 

(3,968

)

 

 

(137

)

 

 

(4

)

 

 

(4,109

)

Segment profit

 

$

63,097

 

 

$

29,420

 

 

$

2,923

 

 

$

95,440

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

16,636

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

25

 

Other reconciling items (1)

 

 

 

 

 

 

 

 

 

 

 

33,946

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

44,833

 

 

(1) This consists of depreciation and amortization expense and stock-based compensation to reconcile to total income before income taxes.

 

 

 

 

 

 

For the Three Months Ended March 31, 2024

 

 

 

Commercial

 

 

Government

 

 

Parking

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

Solutions

 

 

Total

 

Service revenue

 

$

95,889

 

 

$

90,275

 

 

$

16,557

 

 

$

202,721

 

Product sales

 

 

 

 

 

3,912

 

 

 

3,097

 

 

 

7,009

 

Total revenue

 

 

95,889

 

 

 

94,187

 

 

 

19,654

 

 

 

209,730

 

Cost of service revenue, excluding depreciation and amortization

 

 

471

 

 

 

559

 

 

 

3,275

 

 

 

4,305

 

Cost of product sales

 

 

 

 

 

2,579

 

 

 

2,707

 

 

 

5,286

 

Operating expenses

 

 

21,479

 

 

 

43,602

 

 

 

4,493

 

 

 

69,574

 

Selling, general and administrative expenses

 

 

17,497

 

 

 

18,228

 

 

 

6,426

 

 

 

42,151

 

Loss on disposal of assets, net

 

 

 

 

 

87

 

 

 

2

 

 

 

89

 

Other income, net

 

 

(4,370

)

 

 

(50

)

 

 

(33

)

 

 

(4,453

)

Segment profit

 

$

60,812

 

 

$

29,182

 

 

$

2,784

 

 

$

92,778

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

19,635

 

Gain on interest rate swap

 

 

 

 

 

 

 

 

 

 

 

(396

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

595

 

Other reconciling items (1)

 

 

 

 

 

 

 

 

 

 

 

33,972

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

38,972

 

(1) This primarily consists of depreciation and amortization expense, stock-based compensation and other costs to reconcile to total income before income taxes.

Revenue from International Customers The following table details the revenues from international operations for the respective periods:

 

 

 

Three Months Ended March 31,

 

($ in thousands)

 

2025

 

 

2024

 

Australia

 

$

16,448

 

 

$

12,477

 

Canada

 

 

8,158

 

 

 

8,064

 

United Kingdom

 

 

5,831

 

 

 

5,159

 

All other

 

 

1,010

 

 

 

667

 

Total international revenues

 

$

31,447

 

 

$

26,367