# EDGAR Filing Document

**Accession Number:** 0001059262
**File Stem:** 0001171843-23-001013
**Filing Date:** 2023-2
**Character Count:** 12718
**Document Hash:** 8793c9b26b4950d065be7ac294d8f636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-23-001013.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001171843-23-001013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SP Plus Corp
- **CENTRAL INDEX KEY:** 0001059262
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **IRS NUMBER:** 161171179
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50796
- **FILM NUMBER:** 23637248

**BUSINESS ADDRESS:**
- **STREET 1:** 200 E. RANDOLPH STREET
- **STREET 2:** SUITE 7700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601-7702
- **BUSINESS PHONE:** 312-274-2000

**MAIL ADDRESS:**
- **STREET 1:** 200 E. RANDOLPH STREET
- **STREET 2:** SUITE 7700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601-7702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SP PLUS Corp
- **DATE OF NAME CHANGE:** 20131202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STANDARD PARKING CORP
- **DATE OF NAME CHANGE:** 20030506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** APCOA STANDARD PARKING INC /DE/
- **DATE OF NAME CHANGE:** 20011126

?xml version="1.0" encoding="utf-8"?Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### February 14, 2023
Date of report (date of earliest event reported)

#### SP Plus Corporation
(Exact Name of Registrant as Specified in Its Charter)

#### Delaware
(State or Other Jurisdiction of Incorporation)

---

| | |
|:---|:---|
| **<u>000-50796</u>** | **<u>16-1171179</u>** |
| (Commission File Number) | (IRS Employer Identification No.) |

---

#### 200 E. Randolph Street, Suite 7700, Chicago, Illinois 60601-7702
(Address of Principal Executive Offices) (Zip Code)

(312) 274-2000

(Registrant's Telephone Number, Including Area Code)

#### Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.001 par value per share | SP | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 7.01. Regulation FD Disclosure.**

The following information is furnished pursuant to Item 7.01, "Regulation FD Disclosure."

On February 16, 2023, SP Plus Corporation ("SP" or the "Company") issued a press release announcing its new stock repurchase authorization, as discussed under item 8.01 below. A copy of the press release is attached hereto as Exhibit 99 and is hereby incorporated by reference.

**Item 8.01. Other Events.**

On February 14, 2023, the Company's Board of Directors approved a new stock repurchase authorization granting the Company authority to repurchase up to $60.0 million in common stock.

The Company's stock purchase programs do not obligate the Company to acquire any particular dollar amount or number of shares or to acquire shares on any particular timetable, and the programs may be suspended at any time at the Company's discretion. The Company will make any repurchases of shares under the programs on the open market, which may include repurchases pursuant to Rule 10b5-1 trading plans, at times and prices considered appropriate, from time to time at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions, applicable legal and regulatory requirements and other relevant factors.

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99](exh_99.htm) | [Press release, dated February 16, 2023, issued by the Company (furnished herewith)](exh_99.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SP Plus Corporation** | **SP Plus Corporation** |
| Date: February 16, 2023 | By: | <u>/s/ KRISTOPHER H. ROY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | Kristopher H. Roy |
|  |  | Chief Financial Officer |

---

## Ex-99

**EXHIBIT 99**

**SP Plus Corporation Announces New $60 Million Share Repurchase Authorization**

CHICAGO, Feb. 16, 2023 (GLOBE NEWSWIRE) -- SP Plus Corporation (Nasdaq:<u>SP</u>), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America and Europe, today announced its Board has approved a new repurchase authorization of $60 million for open market share repurchases.

Marc Baumann, Chairman and Chief Executive Officer, commented, "We are pleased to announce this repurchase authorization, which highlights the confidence of our board of directors in our growth prospects and strategy. Given the strong free cash flow inherent in our business model and our solid financial position, we have the flexibility to efficiently execute on our capital allocation strategy, which includes reinvesting in the business, debt reduction, acquisitions and share repurchases."

The Company's stock purchase program does not obligate the Company to acquire any particular dollar amount or number of shares or to acquire shares on any particular timetable, and the programs may be suspended at any time at the Company's discretion. The Company will make any repurchases of shares under the programs on the open market, which may include repurchases pursuant to Rule 10b5-1 trading plans, at times and prices considered appropriate, from time to time at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions, applicable legal and regulatory requirements and other relevant factors.

**<u>About SP+</u>**

**SP+** facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for our clients. The Company provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America and Europe. For more information visit <u>www.spplus.com</u>.

*You should not construe the information on the website to be a part of this release. SP Plus Corporation's annual reports filed on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K are available on the Internet at <u>www.sec.gov</u> and can also be accessed through the Investor Relations section of the SP Plus website.*

***Cautionary Note Regarding Forward-Looking Statements***

*This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's share repurchase programs, and other statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "plan," "guidance," "will," "are to be" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management's expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment. Actual results, performance and achievements (including the generation of free cash flow that may be used for stock repurchases) could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the Company's ability to successfully effect its strategic growth plan; intense competition; changing consumer preferences and legislation; ability to preserve client relationships; difficulty obtaining insurance coverage or obtaining insurance coverage at a reasonable cost; volatility associated with high deductible and high retention insurance programs; risk that insurance reserves are inadequate; losses not covered by insurance; risks relating to the Company's acquisition strategy; information technology disruption, cyber-attacks, cyber-terrorism and security breaches; risk management and safety programs do not have the intended effect; risks associated with management type contracts and lease type contracts; deterioration in general economic and business conditions, including inflation or rising interest rates, or changes in demographic trends; the impact of the COVID-19 pandemic or other contagious illnesses on global economic conditions; labor disputes; catastrophic events such as natural disasters, pandemic outbreaks and military or terrorist attacks could disrupt business; risks associated with operations outside of North America; risk that state and municipal government clients sell or enter into long-term lease type contracts with the Company's competitors or clients for parking-related assets; risks associated with joint ventures; adverse litigation judgments or settlements; risks associated with operating in a highly regulated environment and the impact of public and private regulations or governmental orders; the impact of Federal health care reform; adverse changes in tax laws or rulings; goodwill impairment charges or impairment of long-lived assets; risks due to the Company's substantial indebtedness, including failure to comply with credit facility covenants or meet payment obligations which may accelerate repayment of the Company's indebtedness; lack of availability of adequate capital, financing, or revenues to grow the Company's business or satisfy liquidity needs; financial difficulties or bankruptcy of major clients; the Company's ability to obtain performance bonds; failure to attract and retain senior management and other qualified personnel; the long-term impact of climate change on our business; and actions of activist investors.*

*For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.*

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| | |
|:---|:---|
| **<br>Contacts:**<br>Connie Jin<br>SVP, Corporate Development<br>(312) 274-2105<br><u>cjin@spplus.com</u> | ADVIS**IR**Y PARTNERS<br>Vicky Nakhla<br>212-750-5800<br><u>vicky.nakhla@advisiry.com</u> |

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