The following is a summary of the Mobile Infrastructure Corporation (BEEP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Mobile Infrastructure reported a Q1 2024 revenue of $8.8 million, up 24% year-on-year from $7.1 million in Q1 2023.
Net operating income for Q1 2024 was $5.4 million, accounting for 61% of the total revenue.
The company's adjusted EBITDA stood at $3.5 million in Q1, a 3.6% increase from the previous year.
By the end of Q1, the company's cash and restricted cash were at $13.9 million, against a total debt of $192 million.
Business Progress:
There was a noticeable increase in net operating income driven by performance improvements in the company's asset portfolio.
The company managed to convert 26 parking assets from leaseholds to management agreements, contributing to Q1 revenue growth and efficient expense management.
Mobile Infrastructure has made strides in tracking revenue data in real-time, providing a basis for implementing advanced pricing models and utilization tools.
With the strategic hiring of Paul Gohr as the new CFO, the company aims to enhance the operational performance of its existing asset base.
The company maintains its 2024 revenue guidance, expecting to achieve between $38 million and $40 million.
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