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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2022
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 June 30, 2022

 

 

 

Commercial

 

 

Government

 

 

Parking

 

 

Corporate

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

Solutions

 

 

and Other

 

 

Total

 

Service revenue

 

$

84,888

 

 

$

74,672

 

 

$

14,942

 

 

$

 

 

$

174,502

 

Product sales

 

 

 

 

 

8,856

 

 

 

4,129

 

 

 

 

 

 

12,985

 

Total revenue

 

 

84,888

 

 

 

83,528

 

 

 

19,071

 

 

 

 

 

 

187,487

 

Cost of service revenue

 

 

496

 

 

 

563

 

 

 

2,654

 

 

 

 

 

 

3,713

 

Cost of product sales

 

 

 

 

 

4,893

 

 

 

3,433

 

 

 

 

 

 

8,326

 

Operating expenses

 

 

18,105

 

 

 

34,401

 

 

 

2,406

 

 

 

 

 

 

54,912

 

Selling, general and administrative expenses

 

 

13,681

 

 

 

14,433

 

 

 

7,756

 

 

 

 

 

 

35,870

 

Other (income) expense, net

 

 

(3,840

)

 

 

(218

)

 

 

19

 

 

 

 

 

 

(4,039

)

Segment profit

 

$

56,446

 

 

$

29,456

 

 

$

2,803

 

 

$

 

 

$

88,705

 

Segment profit

 

$

56,446

 

 

$

29,456

 

 

$

2,803

 

 

$

 

 

$

88,705

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

34,540

 

 

 

34,540

 

Loss on disposal of assets, net

 

 

 

 

 

385

 

 

 

14

 

 

 

 

 

 

399

 

Change in fair value of private placement warrants

 

 

 

 

 

 

 

 

 

 

 

(6,600

)

 

 

(6,600

)

Tax receivable agreement liability adjustment

 

 

 

 

 

 

 

 

 

 

 

(965

)

 

 

(965

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

4,566

 

 

 

4,566

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

14,485

 

 

 

14,485

 

Income (loss) before income taxes

 

$

56,446

 

 

$

29,071

 

 

$

2,789

 

 

$

(46,026

)

 

$

42,280

 

 

 

 

For the Three Months Ended June 30, 2021

 

 

 

Commercial

 

 

Government

 

 

Corporate

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

and Other

 

 

Total

 

Service revenue

 

$

66,480

 

 

$

49,946

 

 

$

 

 

$

116,426

 

Product sales

 

 

 

 

 

12,231

 

 

 

 

 

 

12,231

 

Total revenue

 

 

66,480

 

 

 

62,177

 

 

 

 

 

 

128,657

 

Cost of service revenue

 

 

905

 

 

 

427

 

 

 

 

 

 

1,332

 

Cost of product sales

 

 

 

 

 

6,144

 

 

 

 

 

 

6,144

 

Operating expenses

 

 

15,990

 

 

 

20,196

 

 

 

 

 

 

36,186

 

Selling, general and administrative expenses

 

 

9,479

 

 

 

10,119

 

 

 

3,306

 

 

 

22,904

 

Other income, net

 

 

(2,594

)

 

 

(204

)

 

 

 

 

 

(2,798

)

Segment profit (loss)

 

$

42,700

 

 

$

25,495

 

 

$

(3,306

)

 

$

64,889

 

Segment profit (loss)

 

$

42,700

 

 

$

25,495

 

 

$

(3,306

)

 

$

64,889

 

Depreciation and amortization

 

 

 

 

 

 

 

 

27,013

 

 

 

27,013

 

Gain on disposal of assets, net

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Change in fair value of private placement warrants

 

 

 

 

 

 

 

 

8,067

 

 

 

8,067

 

Tax receivable agreement liability adjustment

 

 

 

 

 

 

 

 

1,661

 

 

 

1,661

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,573

 

 

 

3,573

 

Interest expense, net

 

 

 

 

 

 

 

 

11,680

 

 

 

11,680

 

Income (loss) before income taxes

 

$

42,700

 

 

$

25,496

 

 

$

(55,300

)

 

$

12,896

 

 

 

 

 

 

For the Six Months Ended June 30, 2022

 

 

 

Commercial

 

 

Government

 

 

Parking

 

 

Corporate

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

Solutions

 

 

and Other

 

 

Total

 

Service revenue

 

$

158,353

 

 

$

147,896

 

 

$

29,387

 

 

$

 

 

$

335,636

 

Product sales

 

 

 

 

 

14,460

 

 

 

7,776

 

 

 

 

 

 

22,236

 

Total revenue

 

 

158,353

 

 

 

162,356

 

 

 

37,163

 

 

 

 

 

 

357,872

 

Cost of service revenue

 

 

1,098

 

 

 

1,036

 

 

 

5,358

 

 

 

 

 

 

7,492

 

Cost of product sales

 

 

 

 

 

8,620

 

 

 

5,701

 

 

 

 

 

 

14,321

 

Operating expenses

 

 

34,052

 

 

 

66,792

 

 

 

4,917

 

 

 

 

 

 

105,761

 

Selling, general and administrative expenses

 

 

26,957

 

 

 

30,888

 

 

 

15,428

 

 

 

 

 

 

73,273

 

Other (income) expense, net

 

 

(6,795

)

 

 

(146

)

 

 

36

 

 

 

 

 

 

(6,905

)

Segment profit

 

$

103,041

 

 

$

55,166

 

 

$

5,723

 

 

$

 

 

$

163,930

 

Segment profit

 

$

103,041

 

 

$

55,166

 

 

$

5,723

 

 

$

 

 

$

163,930

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

70,215

 

 

 

70,215

 

Loss on disposal of assets, net

 

 

 

 

 

626

 

 

 

5

 

 

 

 

 

 

631

 

Change in fair value of private placement warrants

 

 

 

 

 

 

 

 

 

 

 

(2,866

)

 

 

(2,866

)

Tax receivable agreement liability adjustment

 

 

 

 

 

 

 

 

 

 

 

(965

)

 

 

(965

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

9,012

 

 

 

9,012

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

28,764

 

 

 

28,764

 

Income (loss) before income taxes

 

$

103,041

 

 

$

54,540

 

 

$

5,718

 

 

$

(104,160

)

 

$

59,139

 

 

 

 

 

 

For the Six Months Ended June 30, 2021

 

 

 

Commercial

 

 

Government

 

 

Corporate

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

and Other

 

 

Total

 

Service revenue

 

$

112,169

 

 

$

94,020

 

 

$

 

 

$

206,189

 

Product sales

 

 

 

 

 

12,326

 

 

 

 

 

 

12,326

 

Total revenue

 

 

112,169

 

 

 

106,346

 

 

 

 

 

 

218,515

 

Cost of service revenue

 

 

1,436

 

 

 

776

 

 

 

 

 

 

2,212

 

Cost of product sales

 

 

 

 

 

6,171

 

 

 

 

 

 

6,171

 

Operating expenses

 

 

30,196

 

 

 

36,288

 

 

 

 

 

 

66,484

 

Selling, general and administrative expenses

 

 

20,271

 

 

 

20,930

 

 

 

7,432

 

 

 

48,633

 

Other income, net

 

 

(4,664

)

 

 

(1,147

)

 

 

 

 

 

(5,811

)

Segment profit (loss)

 

$

64,930

 

 

$

43,328

 

 

$

(7,432

)

 

$

100,826

 

Segment profit (loss)

 

$

64,930

 

 

$

43,328

 

 

$

(7,432

)

 

$

100,826

 

Depreciation and amortization

 

 

 

 

 

 

 

 

55,227

 

 

 

55,227

 

Loss on disposal of assets, net

 

 

 

 

 

50

 

 

 

 

 

 

50

 

Change in fair value of private placement warrants

 

 

 

 

 

 

 

 

10,134

 

 

 

10,134

 

Tax receivable agreement liability adjustment

 

 

 

 

 

 

 

 

1,661

 

 

 

1,661

 

Stock-based compensation

 

 

 

 

 

 

 

 

6,481

 

 

 

6,481

 

Interest expense, net

 

 

 

 

 

 

 

 

20,844

 

 

 

20,844

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

5,334

 

 

 

5,334

 

Income (loss) before income taxes

 

$

64,930

 

 

$

43,278

 

 

$

(107,113

)

 

$

1,095

 

Revenue from international customers

The following table details the revenues from international customers for the respective periods:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

($ in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Australia

 

$

8,436

 

 

$

1,141

 

 

$

16,218

 

 

$

1,141

 

Canada

 

 

7,984

 

 

 

365

 

 

 

15,660

 

 

 

400

 

United Kingdom

 

 

4,992

 

 

 

3,318

 

 

 

11,198

 

 

 

5,648

 

All other

 

 

472

 

 

 

483

 

 

 

1,154

 

 

 

878

 

Total international revenues

 

$

21,884

 

 

$

5,307

 

 

$

44,230

 

 

$

8,067