Cubic Corporation

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Cubic Corporation
TypePrivate
IndustryPublic transport and defense
Founded1951 (1951)
FounderWalter J. Zable
HeadquartersSan Diego, California, U.S.
Key people
Bradley H. Feldmann (Chairman, President & Chief Executive Officer)
Anshooman Aga (EVP & CFO)
Revenue890,000,000 United States dollar (2017) Edit this on Wikidata
Number of employees
6,200 (2020) [1]
DivisionsCubic Mission and Performance Solutions
Cubic Transportation Systems
WebsiteCubic.com

Cubic Corporation is an American public transportation and defense corporation. It operates two business segments, Cubic Transportation Systems and Cubic Mission and Performance Solutions, respectively.[2]

Company details[edit]

Cubic employs 6,200 people globally. Cubic's fiscal year 2014 sales totaled $1.398 billion.[3] Bradley H. Feldmann was named president and chief executive officer of Cubic Corporation in July 2014.[4]

As of May 25, 2021, Cubic has announced the completion of sale to private equity firm Veritas Capital and Evergreen Coast Capital, turning a NYSE company into a private company.[5]

Company divisions[edit]

Cubic's operating segments include:

  • Cubic Mission and Performance Solutions provides networked command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) capabilities for defense, intelligence, security and commercial missions, as well as realistic combat training systems, secure communications, operations, maintenance, technical and other support services for the U.S. and allied nations.[6][7][2]
  • Cubic Transportation Systems designs, integrates, and provides outsourced business process and information technology services for automated fare collection systems for public transit operations. Additionally, this segment provides the fare payment infrastructure, including gates, ticket machines and smart card readers, and the back-end or central system for processing and reporting revenue and other data. Services include customer support, software support, and operations services. Cubic Transportation Systems lost the contract for the COMPASS card system used by passengers using San Diego Metropolitan Transit System (SDMTS). Those cards no longer work on September 1, 2021, because they have been replaced by PRONTO cards implemented by INIT, Inc. [8]
  • Cubic Defence New Zealand Ltd (previously, OSCMAR International Limited) is a manufacturer of training and simulations systems for military forces around the world. It is based in Auckland, New Zealand and owned by Cubic Corporation.

Other units[edit]

DTECH Labs (Acquired 2014)[edit]

DTECH Labs provides deployable and tactical communications products and solutions for military, government, first-responders and civilian customers.[9]

Teralogics, LLC. (Acquired 2015)[edit]

TeraLogics is a provider of real-time Full Motion Video Processing Exploitation and Dissemination for the Department of Defense, the intelligence community and commercial customers based in Ashburn, Virginia.[10]

GATR Technologies (Acquired 2016)[edit]

GATR Technologies manufactures portable, inflatable SATCOM and C4ISR terminals for tactical communications in harsh and forward or remote deployed environments.[11]

Vocality (Acquired 2016)[edit]

Vocality provides embedded technology that unifies communication platforms enabling its business, government and military customers to communicate securely using legacy systems with the latest wireless and cellular networks.[12]

PIXIA Corp. (Acquired 2020)[edit]

PIXIA Corp. is an imagery management company. [13]

Cubic Transportation Systems[edit]

Cubic Transportation Systems, Inc. is a subsidiary of Cubic that provides IT services to the transportation industry.[14] Headquartered in San Diego, California, with offices in North America, Europe, India, and Australia, it is the world's largest operator of public transport fare collection services.[15][16][17][18]

Products and services[edit]

Cubic smartcard gates on Sydney Metro

Cubic Transportation Systems' business is centered on contactless smartcard technology.[19] Cubic provides the following products and services.[20][21]

  • Ticket machines
  • Smartcard readers
  • Fare-collection gates
  • Revenue management services
    • Card-based
    • Account-based: Chicago's Ventra project for the Chicago Transit Authority[22] and London Oyster Cards are two of Cubic's account-based products.
    • Mobile
    • Devices: NextAgent is a concept in transport ticketing using high-speed video links enabling customers to interact with ticketing staff in real-time. It is a solution for transport operators to respond to significant trends in ticketing and allows them to balance request in a cost-effective manner by locating ticketing in centralized ticketing "hubs".[23]
  • Transit customer support
  • Management services to transit agencies
  • Real-time passenger information
    • NextBus is a cloud-based solution that provides real-time passenger information systems to approximately 135 transit organizations.[24]
  • Operational planning assistance
  • Traffic management
  • Predictive analytics
    • Cubic's subsidiary, Urban Insights, provides the predictive analytics business.[26]
  • Tolling
    • Cubic created an integrated payment processing, customer service, and financial management platform for the tolling industry.[27]
  • Parking
  • Operational IT services
  • Asset management services
    • Services include field maintenance, device support, depot repair and part supply, spares and obsolescence, and cash collection.[28]

Projects[edit]

Cubic has delivered over 400 projects in 40 markets on five continents. Cubic first implemented mobile ticketing technology in 2006 (one year prior to the launch of the iPhone and two years prior to the launch of Android) and now produces multiple mobile fare collection options, including mobile ticketing through barcoding, NFC tools, contact and contactless smartcard payments, and traditional automated fare collection systems. Cubic Transportation Systems manages around 70% of the global market for smart transit cards.[29] As of 2015, Cubic processes more than 24 billion transactions a year.[30]

Fare Collection Projects
Date Project Location
2018 Next Generation Ticketing System Queensland
2017 OMNY New York
2013 Compass Card Vancouver
2013 Ventra Card Chicago
2012 Opal card New South Wales
2012 London Future Ticketing agreement London
2011 PATCO Open Payment Pilot including Google Wallet acceptance Philadelphia and South Jersey
2010 Clipper card San Francisco Bay Area
2010 Scania
2010 MTA CharmCard Maryland
2009 Compass Card San Diego County
2009 EASY Card Miami metropolitan area
2009 Modena
2008 Transit Access Pass Los Angeles County
2008 go card South East Queensland
2007 PATH SmartLink New York metropolitan area
2007 PATCO Freedom Card Philadelphia and South Jersey
2006 MARTA Breeze Card Atlanta metropolitan area
2006 RMV / KVV Mobile Ticketing Frankfurt Rhine-Main
2005 Go-To card Minneapolis
2004 BART EZ Rider San Francisco Bay Area
2003 Oyster card London
2002 ChicagoCard Chicago
1999 WMATA SmarTrip Washington metropolitan area
1997 Chicago Transit Authority Transit Card (phased out in 2014) Chicago
1997 Skånetrafiken public transportation authority, JoJo card (phased out in December 2019) Skåne County
1991 MetroCard New York metropolitan area

Accounting restatement[edit]

On August 1, 2012, after discussion with the audit committee, Cubic's management agreed to restate its financial statements for the year ended October 31, 2011, 2010, and 2009.[31] Consequently, Cubic was forced to restate all of its previous Quarterly financial statements. What prompted the restatement was an issue with the revenue recognition policy adopted by management. The restatement produced an increase in equity of $26.9 million.[32]

References[edit]

  1. ^ "Cubic Corporation - About". Cubic Corporation.
  2. ^ a b "Cubic Streamlines Business Segments to Drive Superior Customer Value and Enhance Operational Effectiveness". Cubic Corporation. Retrieved 5 October 2020.
  3. ^ NYSE
  4. ^ "Bradley H. Feldmann: Executive Profile & Biography". Bloomberg.
  5. ^ "Cubic Announces Completion of Acquisition by Veritas Capital and Evergreen Coast Capital".
  6. ^ "Cubic Mission Solutions".
  7. ^ "Cubic Mission Solutions Expands". Archived from the original on 2017-03-28. Retrieved 2017-03-27.
  8. ^ http://www.ridePRONTO.com. Missing or empty |title= (help)
  9. ^ "Cubic Acquires DTECH Labs". 16 December 2014.
  10. ^ "Cubic acquires Teralogics". 21 December 2015.
  11. ^ "Cubic Acquires GATR Technologies". 21 December 2015.
  12. ^ "Cubic Acquires Vocality". 2 December 2016.
  13. ^ "Cubic Completes Acquisition Of Imagery Management Company PIXIA". 6 January 2020.
  14. ^ "Cubic | Transportation Systems - Solutions". www.cubic.com. Retrieved 18 May 2021.
  15. ^ Wright, Ann (March 3, 2011). "Cubic Transportation Systems offers to take on myki". Herald Sun. news.com.au. Retrieved 29 October 2012.
  16. ^ "NVV picks Cubic Transportation for mobile ticketing service". telecompaper. 15 November 2011. Retrieved 29 October 2012.
  17. ^ "Cubic Transportation Systems wins Oyster ticket machine tender" (Press release). Association of Train Operating Companies. 23 May 2006. Retrieved 29 October 2012.
  18. ^ "About Us | Cubic Corporation". www.cubic.com. Retrieved 2015-09-28.
  19. ^ "Cubic Transportation Systems (India) Launches Smart Card Trial". Bloomberg (Press release). 8 December 2009. Retrieved 21 July 2011.
  20. ^ "Cubic Corporation > Transportation > Solutions". www.cubic.com. Retrieved 2015-09-28.
  21. ^ "Cubic Corporation > Transportation > Services". www.cubic.com. Retrieved 2015-09-28.
  22. ^ Jon, Hilkevitch (February 5, 2014). "CTA gives Ventra contractor green light". Chicago Tribune. Chicago Tribune. Retrieved 3 March 2015.
  23. ^ "NextAgent Ticket Office Brochure PDF" (PDF).
  24. ^ "NextBus > Home". nextbus.cubic.com. Retrieved 2015-09-28.
  25. ^ "Cubic Corporation > Transportation > Solutions > Traffic Management". www.cubic.com. Retrieved 2015-09-28.
  26. ^ "About Us > Urban Insights". urban-insights.com. Retrieved 2015-09-28.
  27. ^ "Cubic Corporation > Transportation > Solutions > Tolling". www.cubic.com. Retrieved 2015-09-28.
  28. ^ "Cubic Corporation > Transportation > Services > Asset Management". www.cubic.com. Retrieved 2015-09-28.
  29. ^ Reid, Carlton (January 9, 2020). "Oyster Card Supplier Cubic Signs Integration Deal With Transit App Maker Moovit". Forbes.com. Retrieved January 13, 2020.
  30. ^ "Cubic Transportation Systems, NextWave Brochure" (PDF).
  31. ^ "Cubic Corporation to Restate Financial Statements > Cubic Corporation". 2016-03-06. Archived from the original on 2016-03-06. Retrieved 2021-03-02.
  32. ^ "Cubic Corporation Reports Financial Results for Fiscal Year Ended September 30, 2012 / Completes Restatement for Fiscal Years 2009, 2010, and 2011 and Interim Periods", Marketwire, "FinanzNachrichten", December 14, 2012

External links[edit]

Transport external links[edit]