SP Plus(SP) 2023Q2 Earnings Summary
Bullish Points:
1. For the six months ended June 30, 2023, the company reported a net income of $22.6 million.
2. Total services revenue for the six months ended June 30, 2023, was $867.5 million, an increase from $730.8 million in the same period in 2022.
3. Acquisitions: Company acquired K M P Associates Limited (KMP) for approximately $13.8 million and DIVRT, Inc. for approximately $17.6 million.
4. Total services revenue increased to $867.5 million from $730.8 million.
5. High retention rate of approximately 94% for the twelve-month period ended June 30, 2023, in the Commercial segment.
Bearish Points:
1. Operating income for the six months ended June 30, 2023, was $44.6 million, slightly lower than $45.7 million in the same period in 2022.
2. Net cash provided by operating activities for the six months ended June 30, 2023, was $21.0 million, compared to $35.7 million in the same period in 2022.
3. Financial impact of acquisitions: During the three and six months ended June 30, 2023, the acquisitions contributed $1.6 million and $3.2 million in services revenue, respectively, and losses before income taxes of $0.8 million and $1.7 million, respectively, primarily due to the amortization related to the acquired other intangible assets.
4. Total general and administrative expenses increased to $62.4 million from $51.2 million.
5. Total depreciation and amortization increased to $17.2 million from $13.3 million.
The final result you summarize based on positive and negative content needs to be objective, neutral, and dialectical.
For more information, you can read the original text of SP Plus(SP)'s financial report: https://www.sec.gov/Archives/edgar/data/1059262/000095017023037984/sp-20230630.htm
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