Aramark Reports First Quarter Earnings
- Revenue increased by 13% year-over-year
- Operating income rose by 10%
- Adjusted operating income (AOI) grew by 28%
- GAAP EPS decreased by 27%, while adjusted EPS increased by 33%
- Net debt position reduced by over $2.2 billion compared to the prior year period
- Board of Directors approved a quarterly dividend of 9.5 cents per share of common stock
- Optimistic fiscal 2024 outlook with expected growth in organic revenue, adjusted operating income, and adjusted EPS
- None.
Insights
From a financial perspective, the reported increase in revenue and adjusted operating income (AOI) for Aramark indicates a robust financial performance, which is particularly notable given the current economic climate. A 13% year-over-year growth in revenue, coupled with a 28% increase in AOI, suggests that the company's pricing strategies and cost management initiatives are proving effective. The reduction in net debt by over $2.2 billion and the repayment of senior notes ahead of schedule could signal a strong balance sheet, likely to be viewed favorably by investors. The declaration of a quarterly dividend also reflects confidence in the company's financial health and its ability to generate cash flow.
The updated outlook for fiscal 2024, with an increase in AOI and adjusted EPS growth expectations, indicates management's optimism about the company's future performance. However, investors should be aware of the inherent uncertainties in such forward-looking statements, which are based on assumptions that may change due to unforeseen economic factors.
The double-digit growth in both the FSS United States and International segments suggests that Aramark's market position is strong and it is successfully expanding its client base. The growth in the Collegiate Hospitality and Sports & Entertainment sectors is particularly encouraging, as these are areas with high customer engagement and potential for repeat business. The record first quarter profit in the International segment, despite the sale of AIM Services, demonstrates Aramark's ability to scale and adapt to market changes effectively.
Furthermore, the company's focus on supply chain initiatives and cost management is timely, given global concerns about supply chain disruptions and inflationary pressures. Aramark's reported moderation in inflation and its tailwind to profitability may provide a competitive edge in bidding for new contracts and maintaining margins.
The mention of inflation moderating and providing a tailwind to profitability is an important macroeconomic factor. Inflation rates have a direct impact on consumer spending power and business costs. Aramark's ability to manage these pressures effectively is critical to maintaining profitability. The company's strategic initiatives, such as supply chain optimization and cost management, are essential in an environment where economic uncertainties, such as fluctuating inflation rates and currency translation effects, can impact operational costs and margins.
The company's outlook for organic revenue growth and leverage ratio improvement suggests that they are expecting economic conditions that will continue to favor their business model. However, the reliance on non-GAAP measures like Adjusted Operating Income and Adjusted EPS for forward-looking statements may require stakeholders to consider the non-standardized nature of these measures and the potential for differences in interpretation.
YEAR-OVER-YEAR SUMMARY
-
Revenue +
13% ; Organic Revenue +13% -
FSS United States +
10% ; FSS International +21% 1 - Record revenue performance due to stronger sales volume, pricing, and net new business
-
FSS United States +
-
Operating Income +
10% 2; Adjusted Operating Income (AOI) +28% 1- Operating Income Margin (9) bps2; AOI Margin +64 bps1
- Growth driven by scale efficiencies from higher revenue, supply chain initiatives, and cost management
-
GAAP EPS (27)%2 to
$0.11 33% 1 to$0.41 - Results reflected consistent execution on profitable growth strategies across organization
- GAAP EPS included expenses associated with the completion of Uniform Services spin-off
-
Reduced Net Debt Position by More Than
$2.2 Billion -
Repaid
$1.5 billion -
Over
$1.0 billion
-
Repaid
"Aramark is off to a great start in this new fiscal year, achieving record revenue across both our FSS
1 |
On a constant-currency basis |
2 |
Operating Income, Operating Income Margin, and GAAP EPS included expenses associated with the completion of Uniform Services spin-off. |
|
Operating Income and GAAP EPS reported on a continuing operations basis |
FIRST QUARTER RESULTS
Consolidated revenue was
Organic revenue, which adjusts for the effect of currency translation, also grew
|
Revenue |
|||
|
Q1 '24 |
Q1 '23 |
Change (%) |
Organic Revenue Change (%) |
FSS United States |
|
|
|
|
FSS International |
1,195 |
993 |
|
|
Total Company |
|
|
|
|
Difference between Change (%) and Organic Revenue Change (%) reflects the impact of currency translation |
||||
May not total due to rounding |
||||
- FSS United States revenue growth was led by 1) Education, particularly in Collegiate Hospitality with strong performance in residential dining, retail and catering, as well as contract price increases with the start of the academic year; 2) higher per capita spending and attendance levels at stadiums, along with increased concert activity, in the Sports & Entertainment business; and 3) the start up of significant new client wins and strong base business growth in the Business & Industry sector.
-
FSS International revenue grew across all geographies from consistent net new business performance and ongoing base business growth—particularly in the
U.K. ,Canada , andGermany , as well as throughoutLatin America .
Operating Income increased
|
Operating Income |
|
Adjusted Operating Income (AOI) |
|||||
|
Q1 '24 |
Q1 '23 |
Change (%) |
|
Q1 '24 |
Q1 '23 |
Change (%) |
Constant Currency Change (%) |
FSS United States |
|
|
|
|
|
|
|
|
FSS International* |
46 |
27 |
|
|
54 |
39 |
|
|
Corporate |
(54) |
(34) |
(61)% |
|
(25) |
(30) |
|
|
Total Company |
|
|
|
|
|
|
|
|
May not total due to rounding |
||||||||
*FSS International Q1 '23 results included the contribution of the Company's noncontrolling interest in AIM Services, which was sold in the third quarter of fiscal 2023 |
||||||||
Year-over-year profitability growth resulted from the following segment performance:
- FSS United States drove effective cost management across higher base business volume and benefited from improved supply chain economics related to product sourcing and purchasing initiatives.
- FSS International effectively scaled significant growth in base business and net new business, along with stronger supply chain economics. The segment had record first quarter profitability, despite not having the contribution of AIM Services following the Company's sale of its noncontrolling interest in the third quarter of fiscal 2023.
- Corporate expenses benefited primarily from tightly managed above-unit overhead costs, in addition to lower share-based compensation expense. GAAP results reflected higher spin-off related expenses in the current period.
CASH FLOW AND CAPITAL STRUCTURE
Consistent with the typical quarterly seasonality of the business, Aramark experienced a cash outflow in the first quarter, particularly in Collegiate Hospitality and Sports & Entertainment, as well as a higher use of working capital to support the Company's strong revenue growth. Additionally, Aramark had higher income tax payments in the current year mainly from the prior year sale of AIM Services and paid transaction fees in the quarter related to the completion of the Uniform Services spin-off.
Aramark reduced its net debt position by more than
DIVIDEND DECLARATION
The Company's Board of Directors approved a quarterly dividend of
BUSINESS UPDATE
Aramark is off to a strong start in fiscal 2024, reflecting the Company's commitment to its strategic and financial goals. Top-line performance demonstrated the growth mindset firmly in place across the organization, which contributed to increased volume, revenue from net new business, and pricing actions. Improved bottom-line results were primarily due to effective cost management and supply chain strategies, combined with favorable inflation trends. The Company anticipates continued profitable growth and margin expansion through the operational maturing of new business, ongoing supply chain initiatives, front-line contribution from leveraging a flexible operating model and cost control measures. Aramark continues to expect its typical "U-shaped" margin seasonality.
OUTLOOK
The Company provides its expectations for organic revenue growth, Adjusted Operating Income growth, Adjusted Earnings per Share growth, and Net Debt to Covenant Adjusted EBITDA ("Leverage Ratio") on a non-GAAP basis, and does not provide a reconciliation of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for the effect of currency translation. The fiscal 2024 outlook reflects management's current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the Risk Factors set forth in the Company's filings with the United States Securities and Exchange Commission.
Aramark is highly encouraged by the favorable trends in the business. As a result, the Company updated its fiscal 2024 outlook for both AOI and Adjusted EPS growth and reaffirmed expectations for Organic Revenue growth and Leverage Ratio.
Aramark currently anticipates the following full-year performance for fiscal 2024:
($ in millions except EPS) |
|
FY23 |
|
FY24 Outlook |
||
|
|
Post-Spin Reference Point |
|
Year-over-year Growth1 |
||
|
|
|
|
|
|
|
Organic Revenue |
|
|
|
+ |
— |
+ |
|
|
|
|
|
|
|
Adjusted Operating Income |
|
|
|
+ |
— |
+ |
|
|
|
|
|
|
|
Adjusted EPS |
|
|
|
+ |
— |
+ |
|
|
|
|
|
|
|
Leverage Ratio |
|
3.9x2 |
|
~3.5x |
||
|
|
|
|
|
|
|
Note: Previous Outlook for AOI and Adjusted EPS growth was + |
||||||
1Constant currency, except Leverage Ratio |
|
|
|
|
|
|
2Leverage ratio represents total Company including Uniform Services at year-end |
||||||
“I am really pleased by our financial performance in the first quarter with the business strengthening as the quarter progressed,” Zillmer continued. “The work we’ve done has centered on building a consistent and sustainable business focused on providing valued services to our clients. We believe the foundation is set for continued success, and we expect our momentum to carry through this year and beyond. I couldn’t be more excited about what’s to come.”
CONFERENCE CALL SCHEDULED
The Company has scheduled a conference call at 8:30 a.m. ET today to discuss its earnings and outlook. This call and related materials can be heard and reviewed, either live or on a delayed basis, on the Company's website, www.aramark.com, on the investor relations page.
About Aramark
Aramark (NYSE: ARMK) proudly serves the world’s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent healthcare providers, iconic destinations and cultural attractions, and numerous municipalities in 15 countries around the world with food and facilities management. Because of our hospitality culture, our employees strive to do great things for each other, our partners, our communities, and the planet. Aramark has been recognized on FORTUNE’s list of “World’s Most Admired Companies,” Fair360’s “Top 50 Companies for Diversity” and “Top Companies for Supplier Diversity,” Newsweek’s list of “America’s Most Responsible Companies 2024,” the HRC’s “Best Places to Work for LGBTQ Equality,” and earned a score of 100 on the Disability Equality Index. Learn more at www.aramark.com and connect with us on LinkedIn, Facebook, X, and Instagram.
Selected Operational and Financial Metrics
Adjusted Revenue (Organic)
Adjusted Revenue (Organic) represents revenue, adjusted to eliminate the impact of currency translation.
Adjusted Operating Income
Adjusted Operating Income represents operating income adjusted to eliminate the change in amortization of acquisition-related intangible assets; severance and other charges; spin-off related charges and other items impacting comparability.
Adjusted Operating Income (Constant Currency)
Adjusted Operating Income (Constant Currency) represents Adjusted Operating Income adjusted to eliminate the impact of currency translation.
Adjusted Net Income
Adjusted Net Income represents Net income from Continuing Operations attributable to Aramark stockholders adjusted to eliminate the change in amortization of acquisition-related intangible assets; severance and other charges; spin-off related charges; the effect of debt repayments on interest expense, net, and other items impacting comparability, less the tax impact of these adjustments. The tax effect for adjusted net income for our
Adjusted Net Income (Constant Currency), Net of Interest Adjustment
Adjusted Net Income (Constant Currency), Net of Interest Adjustment represents Adjusted Net Income adjusted to eliminate the impact of currency translation and interest expense, net of tax, recorded during fiscal 2023 on the
Adjusted EPS
Adjusted EPS represents Adjusted Net Income divided by diluted weighted average shares outstanding.
Adjusted EPS (Constant Currency)
Adjusted EPS (Constant Currency) represents Adjusted EPS adjusted to eliminate the impact of currency translation and the effect of the current year repayment of the Senior Notes due 2025 on interest expense, net of tax, recorded during fiscal 2023.
Covenant Adjusted EBITDA
Covenant Adjusted EBITDA represents Net income from Continuing Operations attributable to Aramark stockholders adjusted for interest expense, net; provision for income taxes; depreciation and amortization and certain other items as defined in our debt agreements required in calculating covenant ratios and debt compliance. We also use Net Debt for our ratio to Covenant Adjusted EBITDA, which is calculated as total long-term borrowings less cash and cash equivalents and short-term marketable securities.
Free Cash Flow
Free Cash Flow represents net cash used in operating activities less net purchases of property and equipment and other. Management believes that the presentation of free cash flow provides useful information to investors because it represents a measure of cash flow available for distribution among all the security holders of the Company.
Items to Rebase
Items to Rebase represents the elimination of balances related to the Company's Uniform segment, along with other adjustments related to the spin-off of the Uniform segment, and the elimination of adjustments related to the effect of certain acquisitions.
We use Adjusted Revenue (Organic), Adjusted Operating Income (including on a constant currency basis), Adjusted Net Income (including on a constant currency basis, net of interest adjustment), Adjusted EPS (including on a constant currency basis), Covenant Adjusted EBITDA and Free Cash Flow as supplemental measures of our operating profitability and to control our cash operating costs. We believe these financial measures are useful to investors because they enable better comparisons of our historical results and allow our investors to evaluate our performance based on the same metrics that we use to evaluate our performance and trends in our results. These financial metrics are not measurements of financial performance under generally accepted accounting principles, or GAAP. Our presentation of these metrics has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. You should not consider these measures as alternatives to revenue, operating income, net income, earnings per share or net cash used in operating activities, determined in accordance with GAAP. Adjusted Revenue (Organic), Adjusted Operating Income, Adjusted Net Income, Adjusted EPS, Covenant Adjusted EBITDA and Free Cash Flow as presented by us may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations.
Explanatory Notes to the Non-GAAP Schedules
Spin-off of Uniform Services - As previously announced, the Company completed the spin-off of Uniform Services into an independent publicly traded company, Vestis Corporation, on September 30, 2023. As a result, the Uniform Services historical results and assets and liabilities included in the spin-off are reported as discontinued operations in the Company's condensed consolidated financial statements for all periods prior to the separation and distribution as reflected below.
Amortization of Acquisition-Related Intangible Assets - adjustments to eliminate the change in amortization expense recognized on acquisition-related intangible assets.
Severance and Other Charges - adjustments to eliminate severance expenses in the applicable period (
Spin-off Related Charges - adjustments to eliminate charges related to the Company's spin-off of the Uniform segment, including accounting and legal related expenses, third party advisory costs and other costs. Adjustment also eliminates
Gains, Losses and Settlements impacting comparability - adjustments to eliminate certain transactions that are not indicative of the Company's ongoing operational performance, primarily for charges related to hyperinflation in
Effect of Debt Repayment on Interest Expense, net - adjustments to eliminate expenses associated with the repayment of the Senior Notes due 2025 by the Company in the applicable period such as charges related to the payment of a call premium (
Tax Impact of Adjustments to Adjusted Net Income - adjustments to eliminate the net tax impact of the adjustments to adjusted net income calculated based on a blended
Effect of Currency Translation - adjustments to eliminate the impact that fluctuations in currency translation rates had on the comparative results by presenting the periods on a constant currency basis. Assumes constant foreign currency exchange rates based on the rates in effect for the prior year period being used in translation for the comparable current year period.
Effect of Repayment of the Senior Notes due 2025, net - adjustments to eliminate the interest expense, net of tax, recorded during fiscal 2023 on the
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements under the heading "Outlook" and those related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, forward-looking statements can be identified by words such as "outlook," "aim," "anticipate," "have confidence," "estimate," "expect," "will be," "will continue," "will likely result," "project," "intend," "plan," "believe," "see," "look to" and other words and terms of similar meaning or the negative versions of such words. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected.
Some of the factors that we believe could affect or continue to affect our results include without limitation: unfavorable economic conditions; natural disasters, global calamities, climate change, pandemics, energy shortages, sports strikes and other adverse incidents; geopolitical events including, but not limited to, the ongoing conflict between
ARAMARK AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(Unaudited) |
||||||||
(In Thousands, Except Per Share Amounts) |
||||||||
|
|
Three Months Ended |
||||||
|
|
December 29, 2023 |
|
December 30, 2022 |
||||
Revenue |
|
$ |
4,407,765 |
|
|
$ |
3,913,720 |
|
Costs and Expenses: |
|
|
|
|
||||
Cost of services provided (exclusive of depreciation and amortization) |
|
|
4,045,078 |
|
|
|
3,591,802 |
|
Depreciation and amortization |
|
|
105,544 |
|
|
|
102,597 |
|
Selling and general corporate expenses |
|
|
90,193 |
|
|
|
67,636 |
|
|
|
|
4,240,815 |
|
|
|
3,762,035 |
|
Operating income |
|
|
166,950 |
|
|
|
151,685 |
|
Interest Expense, net |
|
|
114,562 |
|
|
|
100,951 |
|
Income from Continuing Operations Before Income Taxes |
|
|
52,388 |
|
|
|
50,734 |
|
Provision for Income Taxes from Continuing Operations |
|
|
23,871 |
|
|
|
12,736 |
|
Net income from Continuing Operations |
|
|
28,517 |
|
|
|
37,998 |
|
Less: Net loss attributable to noncontrolling interests |
|
|
(19 |
) |
|
|
(500 |
) |
Net income from Continuing Operations attributable to Aramark stockholders |
|
|
28,536 |
|
|
|
38,498 |
|
Income from Discontinued Operations, net of tax |
|
|
— |
|
|
|
35,653 |
|
Net income attributable to Aramark stockholders |
|
$ |
28,536 |
|
|
$ |
74,151 |
|
|
|
|
|
|
||||
Basic earnings per share attributable to Aramark stockholders: |
|
|
|
|
||||
Income from Continuing Operations |
|
$ |
0.11 |
|
|
$ |
0.15 |
|
Income from Discontinued Operations |
|
$ |
— |
|
|
$ |
0.14 |
|
Basic earnings per share attributable to Aramark stockholders |
|
$ |
0.11 |
|
|
$ |
0.29 |
|
|
|
|
|
|
||||
Diluted earnings per share attributable to Aramark stockholders: |
|
|
|
|
||||
Income from Continuing Operations |
|
$ |
0.11 |
|
|
$ |
0.15 |
|
Income from Discontinued Operations |
|
$ |
— |
|
|
$ |
0.13 |
|
Diluted earnings per share attributable to Aramark stockholders |
|
$ |
0.11 |
|
|
$ |
0.28 |
|
|
|
|
|
|
||||
Weighted Average Shares Outstanding: |
|
|
|
|
||||
Basic |
|
|
262,053 |
|
|
|
259,454 |
|
Diluted |
|
|
264,287 |
|
|
|
261,414 |
|
|
|
|
|
|
||||
ARAMARK AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
||||||
(In Thousands) |
||||||
|
|
|
|
|
||
|
|
December 29, 2023 |
|
September 29, 2023 |
||
Assets |
|
|
|
|
||
|
|
|
|
|
||
Current Assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
295,597 |
|
$ |
1,927,088 |
Receivables |
|
|
2,198,781 |
|
|
1,970,782 |
Inventories |
|
|
367,614 |
|
|
403,707 |
Prepayments and other current assets |
|
|
305,428 |
|
|
297,519 |
Current assets of discontinued operations |
|
|
— |
|
|
620,931 |
Total current assets |
|
|
3,167,420 |
|
|
5,220,027 |
Property and Equipment, net |
|
|
1,490,475 |
|
|
1,425,973 |
Goodwill |
|
|
4,661,018 |
|
|
4,615,986 |
Other Intangible Assets |
|
|
1,824,457 |
|
|
1,804,473 |
Operating Lease Right-of-use Assets |
|
|
597,965 |
|
|
572,268 |
Other Assets |
|
|
678,114 |
|
|
728,678 |
Noncurrent Assets of Discontinued Operations |
|
|
— |
|
|
2,503,836 |
|
|
$ |
12,419,449 |
|
$ |
16,871,241 |
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
||
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
||
Current maturities of long-term borrowings |
|
$ |
41,513 |
|
$ |
1,543,032 |
Current operating lease liabilities |
|
|
50,178 |
|
|
51,271 |
Accounts payable |
|
|
1,096,193 |
|
|
1,271,859 |
Accrued expenses and other current liabilities |
|
|
1,301,530 |
|
|
1,768,281 |
Current liabilities of discontinued operations |
|
|
— |
|
|
395,524 |
Total current liabilities |
|
|
2,489,414 |
|
|
5,029,967 |
Long-Term Borrowings |
|
|
5,930,220 |
|
|
5,098,662 |
Noncurrent Operating Lease Liabilities |
|
|
244,420 |
|
|
245,871 |
Deferred Income Taxes and Other Noncurrent Liabilities |
|
|
900,629 |
|
|
914,064 |
Noncurrent Liabilities of Discontinued Operations |
|
|
— |
|
|
1,861,735 |
Commitments and Contingencies |
|
|
|
|
||
Redeemable Noncontrolling Interests |
|
|
8,132 |
|
|
8,224 |
Total Stockholders' Equity |
|
|
2,846,634 |
|
|
3,712,718 |
|
|
$ |
12,419,449 |
|
$ |
16,871,241 |
|
|
|
|
|
||
ARAMARK AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
(In Thousands) |
||||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
December 29, 2023 |
|
December 30, 2022 |
||||
Cash flows from operating activities of Continuing Operations: |
|
|
|
|
||||
Net income from Continuing Operations |
|
$ |
28,517 |
|
|
$ |
37,998 |
|
Adjustments to reconcile Net income from Continuing Operations to Net cash used in operating activities of Continuing Operations: |
|
|
|
|
||||
Depreciation and amortization |
|
|
105,544 |
|
|
|
102,597 |
|
Asset write-downs |
|
|
— |
|
|
|
18,316 |
|
Reduction of contingent consideration liability |
|
|
— |
|
|
|
(29,941 |
) |
Deferred income taxes |
|
|
1,175 |
|
|
|
12,806 |
|
Share-based compensation expense |
|
|
13,654 |
|
|
|
20,574 |
|
Changes in operating assets and liabilities |
|
|
(825,112 |
) |
|
|
(758,587 |
) |
Payments made to clients on contracts |
|
|
(45,075 |
) |
|
|
(33,868 |
) |
Other operating activities |
|
|
64,220 |
|
|
|
14,357 |
|
Net cash used in operating activities of Continuing Operations |
|
|
(657,077 |
) |
|
|
(615,748 |
) |
Cash flows from investing activities of Continuing Operations: |
|
|
|
|
||||
Net purchases of property and equipment and other |
|
|
(111,201 |
) |
|
|
(85,557 |
) |
Acquisitions, divestitures and other investing activities |
|
|
(86,767 |
) |
|
|
14,369 |
|
Net cash used in investing activities of Continuing Operations |
|
|
(197,968 |
) |
|
|
(71,188 |
) |
Cash flows from financing activities of Continuing Operations: |
|
|
|
|
||||
Net proceeds/payments of long-term borrowings |
|
|
(1,310,776 |
) |
|
|
282,375 |
|
Net change in funding under the Receivables Facility |
|
|
600,000 |
|
|
|
395,065 |
|
Payments of dividends |
|
|
(24,915 |
) |
|
|
(28,566 |
) |
Proceeds from issuance of common stock |
|
|
4,496 |
|
|
|
28,198 |
|
Other financing activities |
|
|
(47,808 |
) |
|
|
(14,538 |
) |
Net cash (used in) provided by financing activities of Continuing Operations |
|
|
(779,003 |
) |
|
|
662,534 |
|
Discontinued Operations: |
|
|
|
|
||||
Net cash provided by operating activities |
|
|
— |
|
|
|
8,543 |
|
Net cash used in investing activities |
|
|
— |
|
|
|
(12,936 |
) |
Net cash used in financing activities |
|
|
— |
|
|
|
(5,476 |
) |
Net cash used in Discontinued Operations |
|
|
— |
|
|
|
(9,869 |
) |
Effect of foreign exchange rates on cash and cash equivalents and restricted cash |
|
|
5,334 |
|
|
|
11,661 |
|
Decrease in cash and cash equivalents and restricted cash |
|
|
(1,628,714 |
) |
|
|
(22,610 |
) |
Cash and cash equivalents and restricted cash, beginning of period |
|
|
1,972,367 |
|
|
|
365,431 |
|
Cash and cash equivalents and restricted cash, end of period |
|
$ |
343,653 |
|
|
$ |
342,821 |
|
ARAMARK AND SUBSIDIARIES |
||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
December 29, 2023 |
||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Corporate |
|
Aramark and Subsidiaries |
||||||||
Revenue (as reported) |
|
$ |
3,212,732 |
|
|
$ |
1,195,033 |
|
|
|
|
$ |
4,407,765 |
|
||
Operating Income (as reported) |
|
$ |
174,765 |
|
|
$ |
46,243 |
|
|
$ |
(54,058 |
) |
|
$ |
166,950 |
|
Operating Income Margin (as reported) |
|
|
5.44 |
% |
|
|
3.87 |
% |
|
|
|
|
3.79 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
Revenue (as reported) |
|
$ |
3,212,732 |
|
|
$ |
1,195,033 |
|
|
|
|
$ |
4,407,765 |
|
||
Effect of Currency Translation |
|
|
165 |
|
|
|
2,598 |
|
|
|
|
|
2,763 |
|
||
Adjusted Revenue (Organic) |
|
$ |
3,212,897 |
|
|
$ |
1,197,631 |
|
|
|
|
$ |
4,410,528 |
|
||
Revenue Growth (as reported) |
|
|
9.99 |
% |
|
|
20.38 |
% |
|
|
|
|
12.62 |
% |
||
Adjusted Revenue Growth (Organic) |
|
|
9.99 |
% |
|
|
20.65 |
% |
|
|
|
|
12.69 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (as reported) |
|
$ |
174,765 |
|
|
$ |
46,243 |
|
|
$ |
(54,058 |
) |
|
$ |
166,950 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
20,417 |
|
|
|
3,487 |
|
|
|
— |
|
|
|
23,904 |
|
Severance and Other Charges |
|
|
6,149 |
|
|
|
— |
|
|
|
92 |
|
|
|
6,241 |
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
29,037 |
|
|
|
29,037 |
|
Gains, Losses and Settlements impacting comparability |
|
|
568 |
|
|
|
3,879 |
|
|
|
— |
|
|
|
4,447 |
|
Adjusted Operating Income |
|
$ |
201,899 |
|
|
$ |
53,609 |
|
|
$ |
(24,929 |
) |
|
$ |
230,579 |
|
Effect of Currency Translation |
|
|
95 |
|
|
|
(523 |
) |
|
|
— |
|
|
|
(428 |
) |
Adjusted Operating Income (Constant Currency) |
|
$ |
201,994 |
|
|
$ |
53,086 |
|
|
$ |
(24,929 |
) |
|
$ |
230,151 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income Growth (as reported) |
|
|
10.20 |
% |
|
|
72.81 |
% |
|
|
(60.62 |
)% |
|
|
10.06 |
% |
Adjusted Operating Income Growth |
|
|
18.55 |
% |
|
|
38.81 |
% |
|
|
16.11 |
% |
|
|
28.66 |
% |
Adjusted Operating Income Growth (Constant Currency) |
|
|
18.61 |
% |
|
|
37.46 |
% |
|
|
16.11 |
% |
|
|
28.43 |
% |
Adjusted Operating Income Margin |
|
|
6.28 |
% |
|
|
4.49 |
% |
|
|
|
|
5.23 |
% |
||
Adjusted Operating Income Margin (Constant Currency) |
|
|
6.29 |
% |
|
|
4.43 |
% |
|
|
|
|
5.22 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
December 30, 2022 |
||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Corporate |
|
Aramark and Subsidiaries |
||||||||
Revenue (as reported) |
|
$ |
2,921,037 |
|
|
$ |
992,683 |
|
|
|
|
$ |
3,913,720 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (as reported) |
|
$ |
158,582 |
|
|
$ |
26,759 |
|
|
$ |
(33,656 |
) |
|
$ |
151,685 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
19,121 |
|
|
|
2,562 |
|
|
|
— |
|
|
|
21,683 |
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
1,490 |
|
|
|
1,490 |
|
Gains, Losses and Settlements impacting comparability |
|
|
(7,397 |
) |
|
|
9,299 |
|
|
|
2,449 |
|
|
|
4,351 |
|
Adjusted Operating Income |
|
$ |
170,306 |
|
|
$ |
38,620 |
|
|
$ |
(29,717 |
) |
|
$ |
179,209 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income Margin (as reported) |
|
|
5.43 |
% |
|
|
2.70 |
% |
|
|
|
|
3.88 |
% |
||
Adjusted Operating Income Margin |
|
|
5.83 |
% |
|
|
3.89 |
% |
|
|
|
|
4.58 |
% |
||
|
|
|
|
|
|
|
|
|
||||||||
ARAMARK AND SUBSIDIARIES |
||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||
ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE |
||||||||
(Unaudited) |
||||||||
(In thousands, except per share amounts) |
||||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
December 29, 2023 |
|
December 30, 2022 |
||||
Net Income from Continuing Operations Attributable to Aramark Stockholders (as reported) |
|
$ |
28,536 |
|
|
$ |
38,498 |
|
Adjustment: |
|
|
|
|
||||
Amortization of Acquisition-Related Intangible Assets |
|
|
23,904 |
|
|
|
21,683 |
|
Severance and Other Charges |
|
|
6,241 |
|
|
|
— |
|
Spin-off Related Charges |
|
|
29,037 |
|
|
|
1,490 |
|
Gains, Losses and Settlements impacting comparability |
|
|
4,447 |
|
|
|
4,351 |
|
Effect of Debt Repayment on Interest Expense, net |
|
|
31,757 |
|
|
|
— |
|
Tax Impact of Adjustments to Adjusted Net Income |
|
|
(15,120 |
) |
|
|
(5,094 |
) |
Adjusted Net Income |
|
$ |
108,802 |
|
|
$ |
60,928 |
|
Effect of Currency Translation, net of Tax |
|
|
(2,382 |
) |
|
|
— |
|
Effect of Repayment of the Senior Notes due 2025, net |
|
|
— |
|
|
|
18,513 |
|
Adjusted Net Income (Constant Currency), Net of Interest Adjustment |
|
$ |
106,420 |
|
|
$ |
79,441 |
|
|
|
|
|
|
||||
Earnings Per Share (as reported) |
|
|
|
|
||||
Net Income from Continuing Operations Attributable to Aramark Stockholders (as reported) |
|
$ |
28,536 |
|
|
$ |
38,498 |
|
Diluted Weighted Average Shares Outstanding |
|
|
264,287 |
|
|
|
261,414 |
|
|
|
$ |
0.11 |
|
|
$ |
0.15 |
|
Earnings Per Share Growth (as reported) % |
|
|
(27 |
)% |
|
|
||
|
|
|
|
|
||||
Adjusted Earnings Per Share |
|
|
|
|
||||
Adjusted Net Income |
|
$ |
108,802 |
|
|
$ |
60,928 |
|
Diluted Weighted Average Shares Outstanding |
|
|
264,287 |
|
|
|
261,414 |
|
|
|
$ |
0.41 |
|
|
$ |
0.23 |
|
Adjusted Earnings Per Share Growth % |
|
|
77 |
% |
|
|
||
|
|
|
|
|
||||
Adjusted Earnings Per Share (Constant Currency) |
|
|
|
|
||||
Adjusted Net Income (Constant Currency), Net of Interest Adjustment |
|
$ |
106,420 |
|
|
$ |
79,441 |
|
Diluted Weighted Average Shares Outstanding |
|
|
264,287 |
|
|
|
261,414 |
|
|
|
$ |
0.40 |
|
|
$ |
0.30 |
|
Adjusted Earnings Per Share Growth (Constant Currency) % |
|
|
33 |
% |
|
|
||
ARAMARK AND SUBSIDIARIES |
||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||
NET DEBT TO COVENANT ADJUSTED EBITDA |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|
|
|
||||
|
|
Twelve Months Ended |
||||||
|
|
December 29, 2023 |
|
December 30, 2022 |
||||
Net Income Attributable to Aramark Stockholders (as reported) |
|
$ |
628,493 |
|
|
$ |
226,024 |
|
Less: Income from Discontinued Operations, net of tax |
|
|
(190,779 |
) |
|
|
— |
|
Net Income from Continuing Operations Attributable to Aramark Stockholders |
|
$ |
437,714 |
|
|
$ |
226,024 |
|
Interest Expense, net |
|
|
451,087 |
|
|
|
381,055 |
|
Provision for Income Taxes |
|
|
127,561 |
|
|
|
81,588 |
|
Depreciation and Amortization |
|
|
412,803 |
|
|
|
533,293 |
|
Share-based compensation expense(1) |
|
|
69,417 |
|
|
|
94,879 |
|
Unusual or non-recurring (gains) and losses(2) |
|
|
(375,972 |
) |
|
|
5,207 |
|
Pro forma EBITDA for certain transactions(3) |
|
|
6,406 |
|
|
|
7,083 |
|
Other(4)(5) |
|
|
113,763 |
|
|
|
64,965 |
|
Covenant Adjusted EBITDA |
|
$ |
1,242,779 |
|
|
$ |
1,394,094 |
|
|
|
|
|
|
||||
Net Debt to Covenant Adjusted EBITDA |
|
|
|
|
||||
Total Long-Term Borrowings |
|
$ |
5,971,733 |
|
|
$ |
8,158,968 |
|
Less: Cash and cash equivalents and short-term marketable securities(6) |
|
|
407,300 |
|
|
|
384,151 |
|
Net Debt |
|
$ |
5,564,433 |
|
|
$ |
7,774,817 |
|
Covenant Adjusted EBITDA |
|
$ |
1,242,779 |
|
|
$ |
1,394,094 |
|
Net Debt/Covenant Adjusted EBITDA(7) |
|
|
4.5 |
|
|
|
5.6 |
|
|
||||||||
(1) Represents share-based compensation expense resulting from the application of accounting for stock options, restricted stock units, performance stock units, deferred stock unit awards and employee stock purchases. |
||||||||
(2) The twelve months ended December 29, 2023 represents the fiscal 2023 gain from the sale of the Company's equity method investment in AIM Services, Co., Ltd. ( |
||||||||
(3) Represents the annualizing of net EBITDA from certain acquisitions and divestitures made during the period. |
||||||||
(4) "Other" for the twelve months ended December 29, 2023 includes the reversal of contingent consideration liabilities related to acquisition earn outs, net of expense ( |
||||||||
(5) "Other" for the twelve months ended December 30, 2022 includes the reversal of contingent consideration liabilities related to acquisition earn outs, net of expense ( |
||||||||
(6) Short-term marketable securities represent held-to-maturity debt securities with original maturities greater than three months, which are maturing within one year and will convert back to cash. Short-term marketable securities are included in "Prepayments and other current assets" on the Condensed Consolidated Balance Sheets. |
||||||||
(7) The twelve months ended December 30, 2022 reflects reported net debt to covenant adjusted EBITDA, which includes the reported results of the Uniform segment prior to the spin-off. The twelve months ended December 29, 2023 has been restated to exclude the results of the Uniform segment for the entire period, including quarters prior to the spin-off. |
||||||||
ARAMARK AND SUBSIDIARIES |
|||
RECONCILIATION OF NON-GAAP MEASURES |
|||
FREE CASH FLOW |
|||
(Unaudited) |
|||
(In thousands) |
|||
|
|
||
|
Three Months Ended |
||
|
December 29, 2023 |
||
Net cash used in operating activities of Continuing Operations |
$ |
(657,077 |
) |
|
|
||
Net purchases of property and equipment and other |
|
(111,201 |
) |
|
|
||
Free Cash Flow |
$ |
(768,278 |
) |
|
|
||
|
Three Months Ended |
||
|
December 30, 2022 |
||
Net cash used in operating activities of Continuing Operations |
$ |
(615,748 |
) |
|
|
||
Net purchases of property and equipment and other |
|
(85,557 |
) |
|
|
||
Free Cash Flow |
$ |
(701,305 |
) |
|
|
||
|
Three Months Ended |
||
|
Change |
||
Net cash used in operating activities of Continuing Operations |
$ |
(41,329 |
) |
|
|
||
Net purchases of property and equipment and other |
|
(25,644 |
) |
|
|
||
Free Cash Flow |
$ |
(66,973 |
) |
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||||||||||
REBASED TOTAL ARAMARK ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fiscal Year Ended |
||||||||||||||||||||||
|
|
September 29, 2023 |
||||||||||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Corporate |
|
Total Aramark |
|
Items to Rebase |
|
Rebased Total Aramark |
||||||||||||
Revenue (as reported) |
|
$ |
11,721,368 |
|
|
$ |
4,361,844 |
|
|
|
|
$ |
16,083,212 |
|
|
|
|
$ |
16,083,212 |
|
||||
Operating Income (as reported) |
|
$ |
669,570 |
|
|
$ |
114,480 |
|
|
$ |
(148,396 |
) |
|
$ |
635,654 |
|
|
|
|
$ |
635,654 |
|
||
Operating Income Margin (as reported) |
|
|
5.71 |
% |
|
|
2.62 |
% |
|
|
|
|
3.95 |
% |
|
|
|
|
3.95 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue (as reported) |
|
$ |
11,721,368 |
|
|
$ |
4,361,844 |
|
|
|
|
$ |
16,083,212 |
|
|
$ |
— |
|
|
$ |
16,083,212 |
|
||
Effect of Certain Acquisitions |
|
|
(186,463 |
) |
|
|
— |
|
|
|
|
|
(186,463 |
) |
|
|
186,463 |
|
|
|
— |
|
||
Effect of Currency Translation |
|
|
9,516 |
|
|
|
183,410 |
|
|
|
|
|
192,926 |
|
|
|
(192,926 |
) |
|
|
— |
|
||
Adjusted Revenue (Organic) |
|
$ |
11,544,421 |
|
|
$ |
4,545,254 |
|
|
|
|
$ |
16,089,675 |
|
|
$ |
(6,463 |
) |
|
$ |
16,083,212 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income (as reported) |
|
$ |
669,570 |
|
|
$ |
114,480 |
|
|
$ |
(148,396 |
) |
|
$ |
635,654 |
|
|
$ |
(10,626 |
) |
|
$ |
625,028 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
76,798 |
|
|
|
12,664 |
|
|
|
— |
|
|
|
89,462 |
|
|
|
— |
|
|
|
89,462 |
|
Severance and Other Charges |
|
|
2,310 |
|
|
|
29,951 |
|
|
|
552 |
|
|
|
32,813 |
|
|
|
— |
|
|
|
32,813 |
|
Effect of Certain Acquisitions |
|
|
(8,631 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,631 |
) |
|
|
8,631 |
|
|
|
— |
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
19,922 |
|
|
|
19,922 |
|
|
|
— |
|
|
|
19,922 |
|
Gains, Losses and Settlements impacting comparability |
|
|
(46,869 |
) |
|
|
18,915 |
|
|
|
1,994 |
|
|
|
(25,960 |
) |
|
|
1,639 |
|
|
|
(24,321 |
) |
Adjusted Operating Income |
|
$ |
693,178 |
|
|
$ |
176,010 |
|
|
$ |
(125,928 |
) |
|
$ |
743,260 |
|
|
$ |
(356 |
) |
|
$ |
742,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
ARAMARK AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||
REBASED TOTAL ARAMARK ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Fiscal Year Ended |
||||||||||
|
|
September 29, 2023 |
||||||||||
|
|
Aramark and Subsidiaries |
|
Items to Rebase |
|
Rebased Total Aramark |
||||||
Net Income Attributable to Aramark Stockholders |
|
$ |
674,108 |
|
|
$ |
(226,432 |
) |
|
$ |
447,676 |
|
Adjustment: |
|
|
|
|
|
|
||||||
Amortization of Acquisition-Related Intangible Assets |
|
|
115,469 |
|
|
|
(26,007 |
) |
|
|
89,462 |
|
Severance and Other Charges |
|
|
37,485 |
|
|
|
(4,672 |
) |
|
|
32,813 |
|
Effect of Certain Acquisitions |
|
|
(8,631 |
) |
|
|
8,631 |
|
|
|
— |
|
Spin-off Related Charges |
|
|
51,104 |
|
|
|
(31,182 |
) |
|
|
19,922 |
|
Gains, Losses and Settlements impacting comparability |
|
|
(23,550 |
) |
|
|
(771 |
) |
|
|
(24,321 |
) |
Gain on Sale of Equity Investments, net |
|
|
(427,803 |
) |
|
|
51,831 |
|
|
|
(375,972 |
) |
Effect of Debt Repayments and Refinancings on Interest and Other Financing Costs, net |
|
|
2,522 |
|
|
|
— |
|
|
|
2,522 |
|
Tax Impact of Adjustments to Adjusted Net Income |
|
|
25,390 |
|
|
|
12,419 |
|
|
|
37,809 |
|
Adjusted Net Income |
|
$ |
446,094 |
|
|
$ |
(216,183 |
) |
|
$ |
229,911 |
|
Effect of Repayment of the Senior Notes due 2025, net |
|
|
|
|
|
|
74,137 |
|
||||
Adjusted Net Income, Net of Interest Adjustment |
|
|
|
|
|
$ |
304,048 |
|
||||
|
|
|
|
|
|
|
||||||
Earnings Per Share |
|
|
|
|
|
|
||||||
Net Income Attributable to Aramark Stockholders |
|
|
|
|
|
$ |
447,676 |
|
||||
Diluted Weighted Average Shares Outstanding |
|
|
|
|
|
|
262,594 |
|
||||
|
|
|
|
|
|
$ |
1.70 |
|
||||
|
|
|
|
|
|
|
||||||
Adjusted Earnings Per Share |
|
|
|
|
|
|
||||||
Adjusted Net Income |
|
|
|
|
|
$ |
229,911 |
|
||||
Diluted Weighted Average Shares Outstanding |
|
|
|
|
|
|
262,594 |
|
||||
|
|
|
|
|
|
$ |
0.88 |
|
||||
|
|
|
|
|
|
|
||||||
Adjusted Earnings Per Share Net of Interest Adjustment |
|
|
|
|
|
|
||||||
Adjusted Net Income Net of Interest Adjustment |
|
|
|
|
|
$ |
304,048 |
|
||||
Diluted Weighted Average Shares Outstanding |
|
|
|
|
|
|
262,594 |
|
||||
|
|
|
|
|
|
$ |
1.16 |
|
||||
ARAMARK AND SUBSIDIARIES |
||||
RECONCILIATION OF NON-GAAP MEASURES |
||||
NET DEBT TO COVENANT ADJUSTED EBITDA |
||||
(Unaudited) |
||||
(In thousands) |
||||
|
|
|
||
|
|
Twelve Months Ended |
||
|
|
September 29, 2023 |
||
Net Income Attributable to Aramark Stockholders (as reported) |
|
$ |
674,108 |
|
Interest Expense, net |
|
|
439,585 |
|
Provision for Income Taxes |
|
|
177,614 |
|
Depreciation and Amortization |
|
|
546,362 |
|
Share-based compensation expense(1) |
|
|
86,938 |
|
Unusual or non-recurring (gains) and losses(2) |
|
|
(422,596 |
) |
Pro forma EBITDA for certain transactions(3) |
|
|
4,033 |
|
Other(4) |
|
|
100,681 |
|
Covenant Adjusted EBITDA |
|
$ |
1,606,725 |
|
|
|
|
||
Net Debt to Covenant Adjusted EBITDA |
|
|
||
Total Long-Term Borrowings(5) |
|
$ |
6,763,514 |
|
Less: Cash and cash equivalents and short-term marketable securities(6) |
|
|
573,853 |
|
Net Debt |
|
$ |
6,189,661 |
|
Covenant Adjusted EBITDA |
|
$ |
1,606,725 |
|
Net Debt/Covenant Adjusted EBITDA(7) |
|
|
3.9 |
|
|
|
|
||
(1) Represents share-based compensation expense resulting from the application of accounting for stock options, restricted stock units, performance stock units, deferred stock unit awards and employee stock purchases. |
||||
(2) The twelve months ended September 29, 2023 represents the fiscal 2023 gain from the sale of the Company's equity method investment in AIM Services, Co., Ltd. ( |
||||
(3) Represents the annualizing of net EBITDA from certain acquisitions and divestitures made during the period. |
||||
(4) "Other" for the twelve months ended September 29, 2023 includes the reversal of contingent consideration liabilities related to acquisition earn outs, net of expense ( |
||||
(5) "Total Long-Term Borrowings" and "Cash and cash equivalents and short term marketable securities" excludes both the outstanding liability and the related cash proceeds resulting from the |
||||
(6) Short-term marketable securities represent held-to-maturity debt securities with original maturities greater than three months, which are maturing within one year and will convert back to cash. Short-term marketable securities are included in "Prepayments and other current assets" on the Condensed Consolidated Balance Sheets. |
||||
(7) The twelve months ended September 29, 2023 reflects reported net debt to covenant adjusted EBITDA, which includes the reported results of the Uniform segment prior to the spin-off. |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240205954337/en/
Inquiries:
Felise Glantz Kissell
(215) 409-7287
Kissell-Felise@aramark.com
Gene Cleary
(215) 409-7945
Cleary-Gene@aramark.com
Source: Aramark
FAQ
What was Aramark's revenue growth year-over-year?
What was the change in operating income?
What was the change in adjusted operating income (AOI)?
How did GAAP EPS and adjusted EPS change?
What was the change in Aramark's net debt position?
Did Aramark declare a dividend?
What is Aramark's outlook for fiscal 2024?
