SP Plus (SP) on 5/17 saw a rare large options trade with 1500 October $40/$50 call spreads bought for $1.85 looking for more than 40% upside in shares over the next five months. SP shares are up 23% over the past year and making a strong move this week clearing a key $28/$35 range that measures to $42. SP has yet to fully recovery from its pre-pandemic levels near $45. SP is a provider of parking management, ground transportation and other services to businesses in Healthcare, Government, Hospitality, Residential, Education and Transportation industries. These services include on-site parking management, valet parking, ground transportation services, facility maintenance, event logistics, baggage handling services, remote airline check-in services, security services, municipal meter revenue collection and enforcement services, and consulting services. The parking management, ground transportation services and baggage service industries are large and fragmented. Its business generates attractive cash flows due to negative working capital dynamics and low capital expenditures and the business in fairly predictable and insulated from broader economic cycles due to management type contracts. Growth opportunities include expanding geographically, increasing penetration across other vertical markets, cross-sell opportunities to drive incremental revenues, expanding services, and utilizing strategic acquisitions and operation efficiencies to improve profitability. It has a fairly seasonal business that is exposed to changing weather and travel. It is therefore important to track travel & leisure spending with a portion of its revenue tied to the volume of airline passengers, hotel guests, sporting event attendance and retail shoppers. SP Plus has a proven track record of playing a key role in alleviating congestion at airports, hotels, parking garages, hospitals, events and other large venues. Development of technology tools that improve efficiency as well as generate incremental revenue has been a key focus at SP Plus and continues to be an important differentiator for them in the marketplace, such as Parking.com. SP has a market cap of $724M and trades cheap at 11X Earnings, 8.4X EBITDA and 15X FCF with revenues seen rising 8.8% in 2023 and 9.5% EBITDA growth. SP Plus is well-positioned to benefit from the continued growth of the parking and facility services industry. The industry is expected to grow at a compound annual growth rate of 4.5% from 2022 to 2027. SP noted on its latest call that it is seeing more travelers are driving to airports rather than utilizing rideshares or taxis and the average length of stay is longer, as international travel is returning. The level of proposal activity for parking management solutions and luggage handling services, such as Curbside Concierge and Remote Airline Check-in Services is stronger than it has been in recent memory. The AeroParker acquisition opened up the international market for SP Plus and substantially increased the number of airports it services.