Aramark Reports Third Quarter Earnings
- Revenue increased by 15% year-over-year, with organic revenue growing by 14%, reflecting strong performance driven by net new business and pricing actions.
- Operating income and adjusted operating income both saw significant growth, increasing by 38% and 34% respectively, driven by operating leverage from increased revenue and disciplined cost management.
- The company proactively refinanced its term loan, extended its debt maturity, and repaid a substantial amount of debt, resulting in over $1.0 billion in cash availability at quarter-end.
- The dividend of 11 cents per share of common stock was approved by the Board of Directors, reflecting the company's commitment to delivering value to its shareholders.
- Aramark anticipates improved profitability in the near- and longer-term through supply chain normalization, pricing actions, profit ramp of new business, and organizational restructuring initiatives.
- None.
YEAR-OVER-YEAR SUMMARY
-
Revenue +
15% ; Organic Revenue +14% - Performance driven by net new business, pricing actions, and base business growth
- Contributions to growth from each reportable segment
-
Operating Income +
38% ; Adjusted Operating Income (AOI) +34% 1- Operating Income Margin +70 bps; AOI Margin +75 bps1
- Higher profitability due to operating leverage from increased revenue, improved supply chain economics, and disciplined above-unit cost management
-
EPS +
706% to ; Adjusted EPS +$1.29 48% 1 to .36$0 - Results reflected consistent focus on profitable growth across the organization
- GAAP EPS included a net gain on sale from non-controlling equity investments
-
Continued Strengthening of Balance Sheet and Financial Flexibility
-
Opportunistically refinanced
term loan, extending its debt maturity to 2030$1.1 billion -
Repaid approximately
of debt; Over$630 million in cash availability at quarter-end$1.0 billion
-
Opportunistically refinanced
"Aramark's third quarter results reflect our continued focus on profitable growth across the organization," said John Zillmer, Aramark's Chief Executive Officer. "With signs of inflation moderating, and our pricing actions taking hold, we are increasingly confident in the ramp in profitability as we finish the fiscal year. I am extremely proud of our teams across the globe, which exemplify our performance-driven culture that contributed to our raised outlook expectations. We believe that we are well positioned to capitalize on the substantial opportunities ahead."
Notes:
– Supplemental business review slides available on Aramark's Investor Relations website
– 1On a constant-currency basis
THIRD QUARTER RESULTS
Consolidated revenue was
Organic revenue, which adjusts for the effect of currency translation and certain acquisitions, grew
|
Revenue |
|||
|
Q3 '23 |
Q3 '22 |
Change (%) |
Organic Revenue
|
FSS United States |
|
|
|
|
FSS International |
1,162 |
978 |
|
|
Uniform & Career Apparel |
696 |
668 |
|
|
Total Company |
|
|
|
|
Difference between Change (%) and Organic Revenue Change (%) reflects the effect of certain acquisitions and the impact of currency translation. |
||||
May not total due to rounding. |
||||
- FSS United States revenue growth benefited from net new business and pricing actions, as well as strong base business performance led by higher per capita spending in the Sports & Entertainment business and increased return-to-work volume in the Business & Industry sector.
-
FSS International grew revenue across all geographies, particularly in the
U.K. ,Germany , andCanada , as a result of net new business, pricing actions, and ongoing base business growth.
- Uniform & Career Apparel increased revenue driven primarily by pricing actions, and growth in adjacency sales, partially offset by the rollback of an energy surcharge that was implemented in the third quarter last year.
Operating Income increased
|
Operating Income |
|
Adjusted Operating Income (AOI) |
|||||
|
Q3 '23 |
Q3 '22 |
Change (%) |
|
Q3 '23 |
Q3 '22 |
Change (%) |
Constant
|
FSS United States |
|
|
|
|
|
|
|
|
FSS International* |
40 |
35 |
|
|
46 |
38 |
|
|
Uniform & Career Apparel |
67 |
61 |
|
|
77 |
69 |
|
|
Corporate |
(32) |
(36) |
|
|
(30) |
(36) |
|
|
Total Company |
|
|
|
|
|
|
|
|
May not total due to rounding. |
||||||||
*FSS International does not include the contribution from AIM Services subsequent to the sale of the non-controlling interest at the beginning of April 2023. |
||||||||
Year-over-year profitability improvement was a result of the following segment performance:
- FSS United States increase was driven by the ongoing maturity of new business, supply chain purchasing normalization and initiatives, and disciplined above-unit cost management across the entire segment.
- FSS International results benefited from scaling new business, leverage from higher base business volumes, improved supply chain economics, and reduced above-unit costs from actions taken earlier in the fiscal year.
- Uniform & Career Apparel improved due to a focus on revenue mix and base business performance as well as early savings associated with operating and administrative cost efficiency initiatives implemented at the end of the second quarter.
- Corporate expenses reflected prudent cost management as revenue increased, as well as lower share-based compensation expense.
CASH FLOW AND CAPITAL STRUCTURE
Consistent with the historical seasonality of the business, Net cash provided by operating activities increased
Net cash provided by investing activities included approximately
In the third quarter, Aramark proactively refinanced the Company's 2025 Term Loan B, totaling
Additionally, the Company repaid approximately
DIVIDEND DECLARATION
The Company's Board of Directors approved a quarterly dividend of
BUSINESS UPDATE
Aramark remains committed to driving its profitable growth strategies. The Company has consistently delivered net new business wins at a higher rate than historical levels and third quarter 2023 organic revenue has now reached over
The Company anticipates improved profitability in the near- and longer-term through:
- Ongoing supply chain normalization and optimization and expected benefits from early trends related to the moderation of inflation
- Profit improvement through pricing actions, most notably in the fourth quarter in the Education sector and Corrections business
- Profitability ramp of new business as a result of operational maturity and efficiencies
- Benefit from recently completed organizational restructuring initiatives, particularly in FSS International and Uniform Services
- Disciplined control and leverage of above-unit overhead across higher revenue
Aramark expects its typical "U-shaped" margin seasonality to continue—with margins higher in the first and fourth quarters compared to the second and third quarters. The seasonality of the business is also expected to drive Net cash provided by operating activities and Free Cash Flow, which historically result in a large cash inflow in the fourth quarter, primarily from Collegiate Hospitality.
UNIFORM SERVICES SPIN-OFF
Aramark has made significant progress related to the operational, regulatory, and financial logistics to complete the spin-off of the Uniforms segment. Based on the current macroeconomic and capital market environment, the Company anticipates the transaction to be completed at the end of its fiscal year, subject to customary closing conditions. Aramark Uniform Services plans to host an Analyst Day on September 13, 2023, to review its strategic plan and next phase of value creation. Additional details to follow.
OUTLOOK
The Company provides its expectations for organic revenue growth, Adjusted Operating Income, Free Cash Flow, 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 impact of the change in fair value related to certain gasoline and diesel agreements and other charges and the effect of currency translation. The fiscal 2023 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 raised its full-year performance expectations for fiscal 2023 as follows:
Organic Revenue Growth ~ |
|
Global FSS |
~ |
Uniform Services |
~ |
Adjusted Operating Income Growth ~ |
|
Global FSS |
~ |
Uniform Services |
~ |
Free Cash Flow ~ |
|
Deferred payroll taxes related to CARES Act |
|
Spin-off and restructuring related costs |
|
After these items, Free Cash Flow |
|
Leverage Ratio less than 4.0x |
Note: Global FSS is defined as the sum of the FSS United States, FSS International, and Corporate reportable segments. Uniform Services is defined as the Uniform & Career Apparel reportable segment. Outlook does not reflect any incremental public company costs associated with the spin transaction.
"Our significant progress on a number of key initiatives this year—including record revenue results, accelerating AOI growth, and reducing our leverage—reflects our focus on execution and operational excellence, and delivering for our clients and customers," Zillmer added. "As we enter the fourth quarter, I remain confident in our ability to close the year in a position of strength and build upon these results as we move into fiscal 2024."
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 19 countries around the world with food, facilities, and uniform services. Because our culture is rooted in service, our employees strive to do great things for each other, our partners, our communities, and our planet. Aramark has been recognized on FORTUNE's list of "World’s Most Admired Companies," DiversityInc’s “Top 50 Companies for Diversity” and "Top Companies for Supplier Diversity," Newsweek's list of "America's Most Responsible Companies 2023," the HRC's "Best Places to Work for LGBTQ Equality," and scored
Selected Operational and Financial Metrics
Adjusted Revenue (Organic)
Adjusted Revenue (Organic) represents revenue growth, adjusted to eliminate the effect of certain material acquisitions and 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; the impact of the change in fair value related to certain gasoline and diesel agreements; severance and other charges; the effect of certain material acquisitions; 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 attributable to Aramark stockholders adjusted to eliminate the change in amortization of acquisition-related intangible assets; the impact of changes in the fair value related to certain gasoline and diesel agreements; severance and other charges; the effect of certain material acquisitions; spin-off related charges; gain on sale of equity investments, net; loss on defined benefit pension plan termination; the effect of refinancings on interest and other financing costs, 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)
Adjusted Net Income (Constant Currency) represents Adjusted Net Income adjusted to eliminate the impact of currency translation.
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.
Covenant Adjusted EBITDA
Covenant Adjusted EBITDA represents net income attributable to Aramark stockholders adjusted for interest and other financing costs, 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) provided by 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.
We use Adjusted Revenue (Organic), Adjusted Operating Income (including on a constant currency basis), Adjusted Net Income (including on a constant currency basis), 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) provided by 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
Amortization of Acquisition-Related Intangible Assets - adjustments to eliminate the change in amortization expense resulting from the purchase accounting applied to the January 26, 2007 going-private transaction and amortization expense recognized on other acquisition-related intangible assets.
Severance and Other Charges - adjustments to eliminate severance expenses in the applicable period (
Effect of Certain Acquisitions - adjustments to eliminate the operating results of certain material acquisitions that are not comparable to the prior year periods.
Spin-off Related Charges - adjustments to eliminate charges related to the Company's intention to spin-off the Uniform segment, including salaries and benefits, recruiting and relocation costs, accounting and legal related expenses, branding and other costs.
Gains, Losses and Settlements impacting comparability - adjustments to eliminate certain transactions that are not indicative of our ongoing operational performance, primarily for the reversal of contingent consideration liabilities related to acquisition earn outs, net of expense (
Gain on Sale of Equity Investments, net - adjustment to eliminate the impact of the gain from the sale of our equity method investment in AIM Services, Co., Ltd. (
Loss on Defined Benefit Pension Plan Termination - adjustment to eliminate the impact of a non-cash loss in the prior year from the termination of certain single-employer defined benefit pension plans.
Effect of Debt Repayments and Refinancings on Interest and Other Financing Costs, net - adjustments to eliminate expenses associated with refinancing activities undertaken by the Company in the applicable period such as non-cash charges for the write-off of unamortized debt issuance costs related to debt activity, including the repayment of borrowings (
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.
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, including the COVID-19 pandemic, energy shortages, sports strikes and other adverse incidents; geopolitical events including, but not limited to, the ongoing conflict between
ARAMARK AND SUBSIDIARIES
|
|||||||
|
|
Three Months Ended |
|||||
|
|
June 30, 2023 |
|
July 1, 2022 |
|||
Revenue |
|
$ |
4,749,209 |
|
|
$ |
4,127,378 |
Costs and Expenses: |
|
|
|
|
|||
Cost of services provided (exclusive of depreciation and amortization) |
|
|
4,314,710 |
|
|
|
3,747,828 |
Depreciation and amortization |
|
|
135,522 |
|
|
|
132,975 |
Selling and general corporate expenses |
|
|
95,595 |
|
|
|
98,689 |
|
|
|
4,545,827 |
|
|
|
3,979,492 |
Operating income |
|
|
203,382 |
|
|
|
147,886 |
Gain on Sale of Equity Investments, net |
|
|
(375,972 |
) |
|
|
— |
Interest and Other Financing Costs, net |
|
|
112,747 |
|
|
|
91,466 |
Income Before Income Taxes |
|
|
466,607 |
|
|
|
56,420 |
Provision for Income Taxes |
|
|
128,052 |
|
|
|
15,939 |
Net income |
|
|
338,555 |
|
|
|
40,481 |
Less: Net income attributable to noncontrolling interests |
|
|
71 |
|
|
|
152 |
Net income attributable to Aramark stockholders |
|
$ |
338,484 |
|
|
$ |
40,329 |
|
|
|
|
|
|||
Earnings per share attributable to Aramark stockholders: |
|
|
|
|
|||
Basic |
|
$ |
1.30 |
|
|
$ |
0.16 |
Diluted |
|
$ |
1.29 |
|
|
$ |
0.16 |
Weighted Average Shares Outstanding: |
|
|
|
|
|||
Basic |
|
|
260,922 |
|
|
|
257,564 |
Diluted |
|
|
262,747 |
|
|
|
259,219 |
|
|
|
|
|
|||
|
|
Nine Months Ended |
|||||
|
|
June 30, 2023 |
|
July 1, 2022 |
|||
Revenue |
|
$ |
13,952,292 |
|
|
$ |
11,936,167 |
Costs and Expenses: |
|
|
|
|
|||
Cost of services provided (exclusive of depreciation and amortization) |
|
|
12,656,205 |
|
|
|
10,810,111 |
Depreciation and amortization |
|
|
408,795 |
|
|
|
400,778 |
Selling and general corporate expenses |
|
|
302,281 |
|
|
|
295,154 |
|
|
|
13,367,281 |
|
|
|
11,506,043 |
Operating income |
|
|
585,011 |
|
|
|
430,124 |
Gain on Sale of Equity Investments, net |
|
|
(375,972 |
) |
|
|
— |
Interest and Other Financing Costs, net |
|
|
328,113 |
|
|
|
274,168 |
Income Before Income Taxes |
|
|
632,870 |
|
|
|
155,956 |
Provision for Income Taxes |
|
|
164,782 |
|
|
|
37,223 |
Net income |
|
|
468,088 |
|
|
|
118,733 |
Less: Net (loss) income attributable to noncontrolling interests |
|
|
(588 |
) |
|
|
45 |
Net income attributable to Aramark stockholders |
|
$ |
468,676 |
|
|
$ |
118,688 |
|
|
|
|
|
|||
Earnings per share attributable to Aramark stockholders: |
|
|
|
|
|||
Basic |
|
$ |
1.80 |
|
|
$ |
0.46 |
Diluted |
|
$ |
1.79 |
|
|
$ |
0.46 |
Weighted Average Shares Outstanding: |
|
|
|
|
|||
Basic |
|
|
260,349 |
|
|
|
257,044 |
Diluted |
|
|
262,267 |
|
|
|
258,682 |
|
|
|
|
|
ARAMARK AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
||||||
(In Thousands) |
||||||
|
|
|
|
|
||
|
|
June 30, 2023 |
|
September 30, 2022 |
||
Assets |
|
|
|
|
||
|
|
|
|
|
||
Current Assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
402,414 |
|
$ |
329,452 |
Receivables |
|
|
2,405,890 |
|
|
2,147,957 |
Inventories |
|
|
593,168 |
|
|
552,386 |
Prepayments and other current assets |
|
|
324,405 |
|
|
262,195 |
Total current assets |
|
|
3,725,877 |
|
|
3,291,990 |
Property and Equipment, net |
|
|
2,037,168 |
|
|
2,032,045 |
Goodwill |
|
|
5,594,340 |
|
|
5,515,124 |
Other Intangible Assets |
|
|
2,081,966 |
|
|
2,113,726 |
Operating Lease Right-of-use Assets |
|
|
645,084 |
|
|
592,145 |
Other Assets |
|
|
1,313,065 |
|
|
1,537,406 |
|
|
$ |
15,397,500 |
|
$ |
15,082,436 |
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
||
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
||
Current maturities of long-term borrowings |
|
$ |
110,602 |
|
$ |
65,047 |
Current operating lease liabilities |
|
|
69,995 |
|
|
68,858 |
Accounts payable |
|
|
1,048,605 |
|
|
1,322,936 |
Accrued expenses and other current liabilities |
|
|
1,646,756 |
|
|
1,829,045 |
Total current liabilities |
|
|
2,875,958 |
|
|
3,285,886 |
Long-Term Borrowings |
|
|
7,535,750 |
|
|
7,345,860 |
Noncurrent Operating Lease Liabilities |
|
|
304,374 |
|
|
305,623 |
Deferred Income Taxes and Other Noncurrent Liabilities |
|
|
1,121,984 |
|
|
1,106,587 |
Commitments and Contingencies |
|
|
|
|
||
Redeemable Noncontrolling Interests |
|
|
8,165 |
|
|
8,840 |
Total Stockholders' Equity |
|
|
3,551,269 |
|
|
3,029,640 |
|
|
$ |
15,397,500 |
|
$ |
15,082,436 |
|
|
|
|
|
ARAMARK AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
(In Thousands) |
||||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Nine Months Ended |
||||||
|
|
June 30, 2023 |
|
July 1, 2022 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
468,088 |
|
|
$ |
118,733 |
|
Adjustments to reconcile net income to net cash used in operating activities |
|
|
|
|
||||
Depreciation and amortization |
|
|
408,795 |
|
|
|
400,778 |
|
Asset write-downs |
|
|
35,479 |
|
|
|
— |
|
Reduction of contingent consideration liability |
|
|
(73,891 |
) |
|
|
— |
|
Gain on sale of equity investments, net |
|
|
(375,972 |
) |
|
|
— |
|
Deferred income taxes |
|
|
93,092 |
|
|
|
15,340 |
|
Share-based compensation expense |
|
|
65,621 |
|
|
|
71,799 |
|
Changes in operating assets and liabilities |
|
|
(803,392 |
) |
|
|
(695,591 |
) |
Payments made to clients on contracts |
|
|
(103,798 |
) |
|
|
(39,043 |
) |
Other operating activities |
|
|
15,885 |
|
|
|
(14,009 |
) |
Net cash used in operating activities |
|
|
(270,093 |
) |
|
|
(141,993 |
) |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
||||
Net purchases of property and equipment and other |
|
|
(287,302 |
) |
|
|
(245,647 |
) |
Proceeds from sale of equity investments |
|
|
633,179 |
|
|
|
— |
|
Acquisitions, divestitures and other investing activities |
|
|
(63,971 |
) |
|
|
(395,797 |
) |
Net cash provided by (used in) investing activities |
|
|
281,906 |
|
|
|
(641,444 |
) |
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
||||
Net proceeds/payments of long-term borrowings |
|
|
(277,569 |
) |
|
|
271,403 |
|
Net change in funding under the Receivables Facility |
|
|
395,065 |
|
|
|
500,000 |
|
Payments of dividends |
|
|
(85,898 |
) |
|
|
(84,770 |
) |
Proceeds from issuance of common stock |
|
|
43,715 |
|
|
|
35,275 |
|
Other financing activities |
|
|
(27,432 |
) |
|
|
(18,384 |
) |
Net cash provided by financing activities |
|
|
47,881 |
|
|
|
703,524 |
|
Effect of foreign exchange rates on cash and cash equivalents |
|
|
13,268 |
|
|
|
(13,810 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
72,962 |
|
|
|
(93,723 |
) |
Cash and cash equivalents, beginning of period |
|
|
329,452 |
|
|
|
532,591 |
|
Cash and cash equivalents, end of period |
|
$ |
402,414 |
|
|
$ |
438,868 |
|
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
June 30, 2023 |
||||||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Uniform |
|
Corporate |
|
Aramark and
|
||||||||||
Revenue (as reported) |
|
$ |
2,890,639 |
|
|
$ |
1,162,411 |
|
|
$ |
696,159 |
|
|
|
|
$ |
4,749,209 |
|
||
Operating Income (as reported) |
|
$ |
128,564 |
|
|
$ |
39,607 |
|
|
$ |
66,822 |
|
|
$ |
(31,611 |
) |
|
$ |
203,382 |
|
Operating Income Margin (as reported) |
|
|
4.45 |
% |
|
|
3.41 |
% |
|
|
9.60 |
% |
|
|
|
|
4.28 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue (as reported) |
|
$ |
2,890,639 |
|
|
$ |
1,162,411 |
|
|
$ |
696,159 |
|
|
|
|
$ |
4,749,209 |
|
||
Effect of Certain Acquisitions |
|
|
(47,165 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
(47,165 |
) |
||
Effect of Currency Translation |
|
|
2,778 |
|
|
|
14,626 |
|
|
|
3,342 |
|
|
|
|
|
20,746 |
|
||
Adjusted Revenue (Organic) |
|
$ |
2,846,252 |
|
|
$ |
1,177,037 |
|
|
$ |
699,501 |
|
|
|
|
$ |
4,722,790 |
|
||
Revenue Growth (as reported) |
|
|
16.49 |
% |
|
|
18.89 |
% |
|
|
4.19 |
% |
|
|
|
|
15.07 |
% |
||
Adjusted Revenue Growth (Organic) |
|
|
14.70 |
% |
|
|
20.38 |
% |
|
|
4.69 |
% |
|
|
|
|
14.43 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income (as reported) |
|
$ |
128,564 |
|
|
$ |
39,607 |
|
|
$ |
66,822 |
|
|
$ |
(31,611 |
) |
|
$ |
203,382 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
19,196 |
|
|
|
3,362 |
|
|
|
6,502 |
|
|
|
— |
|
|
|
29,060 |
|
Severance and Other Charges |
|
|
— |
|
|
|
— |
|
|
|
(778 |
) |
|
|
— |
|
|
|
(778 |
) |
Effect of Certain Acquisitions |
|
|
(2,514 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,514 |
) |
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
6,005 |
|
|
|
3,529 |
|
|
|
9,534 |
|
Gains, Losses and Settlements impacting comparability |
|
|
1,579 |
|
|
|
3,090 |
|
|
|
(1,150 |
) |
|
|
(1,865 |
) |
|
|
1,654 |
|
Adjusted Operating Income |
|
$ |
146,825 |
|
|
$ |
46,059 |
|
|
$ |
77,401 |
|
|
$ |
(29,947 |
) |
|
$ |
240,338 |
|
Effect of Currency Translation |
|
|
287 |
|
|
|
368 |
|
|
|
174 |
|
|
|
— |
|
|
|
829 |
|
Adjusted Operating Income (Constant Currency) |
|
$ |
147,112 |
|
|
$ |
46,427 |
|
|
$ |
77,575 |
|
|
$ |
(29,947 |
) |
|
$ |
241,167 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income Growth (as reported) |
|
|
44.36 |
% |
|
|
13.97 |
% |
|
|
10.40 |
% |
|
|
13.28 |
% |
|
|
37.53 |
% |
Adjusted Operating Income Growth |
|
|
35.54 |
% |
|
|
20.40 |
% |
|
|
12.25 |
% |
|
|
15.97 |
% |
|
|
33.60 |
% |
Adjusted Operating Income Growth (Constant Currency) |
|
|
35.81 |
% |
|
|
21.36 |
% |
|
|
12.50 |
% |
|
|
15.97 |
% |
|
|
34.06 |
% |
Adjusted Operating Income Margin |
|
|
5.16 |
% |
|
|
3.96 |
% |
|
|
11.12 |
% |
|
|
|
|
5.11 |
% |
||
Adjusted Operating Income Margin (Constant Currency) |
|
|
5.17 |
% |
|
|
3.94 |
% |
|
|
11.09 |
% |
|
|
|
|
5.11 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
July 1, 2022 |
||||||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Uniform |
|
Corporate |
|
Aramark and
|
||||||||||
Revenue (as reported) |
|
$ |
2,481,433 |
|
|
$ |
977,759 |
|
|
$ |
668,186 |
|
|
|
|
$ |
4,127,378 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income (as reported) |
|
$ |
89,059 |
|
|
$ |
34,752 |
|
|
$ |
60,528 |
|
|
$ |
(36,453 |
) |
|
$ |
147,886 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
17,856 |
|
|
|
2,312 |
|
|
|
6,519 |
|
|
|
— |
|
|
|
26,687 |
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
1,908 |
|
|
|
1,530 |
|
|
|
3,438 |
|
Gains, Losses and Settlements impacting comparability |
|
|
1,409 |
|
|
|
1,192 |
|
|
|
— |
|
|
|
(714 |
) |
|
|
1,887 |
|
Adjusted Operating Income |
|
$ |
108,324 |
|
|
$ |
38,256 |
|
|
$ |
68,955 |
|
|
$ |
(35,637 |
) |
|
$ |
179,898 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income Margin (as reported) |
|
|
3.59 |
% |
|
|
3.55 |
% |
|
|
9.06 |
% |
|
|
|
|
3.58 |
% |
||
Adjusted Operating Income Margin |
|
|
4.37 |
% |
|
|
3.91 |
% |
|
|
10.32 |
% |
|
|
|
|
4.36 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Nine Months Ended |
||||||||||||||||||
|
|
June 30, 2023 |
||||||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Uniform |
|
Corporate |
|
Aramark and
|
||||||||||
Revenue (as reported) |
|
$ |
8,654,825 |
|
|
$ |
3,228,101 |
|
|
$ |
2,069,366 |
|
|
|
|
$ |
13,952,292 |
|
||
Operating Income (as reported) |
|
$ |
447,732 |
|
|
$ |
73,253 |
|
|
$ |
169,175 |
|
|
$ |
(105,149 |
) |
|
$ |
585,011 |
|
Operating Income Margin (as reported) |
|
|
5.17 |
% |
|
|
2.27 |
% |
|
|
8.18 |
% |
|
|
|
|
4.19 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue (as reported) |
|
$ |
8,654,825 |
|
|
$ |
3,228,101 |
|
|
$ |
2,069,366 |
|
|
|
|
$ |
13,952,292 |
|
||
Effect of Certain Acquisitions |
|
|
(186,463 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
(186,463 |
) |
||
Effect of Currency Translation |
|
|
7,846 |
|
|
|
205,680 |
|
|
|
12,662 |
|
|
|
|
|
226,188 |
|
||
Adjusted Revenue (Organic) |
|
$ |
8,476,208 |
|
|
$ |
3,433,781 |
|
|
$ |
2,082,028 |
|
|
|
|
$ |
13,992,017 |
|
||
Revenue Growth (as reported) |
|
|
19.46 |
% |
|
|
18.60 |
% |
|
|
5.09 |
% |
|
|
|
|
16.89 |
% |
||
Adjusted Revenue Growth (Organic) |
|
|
16.99 |
% |
|
|
26.16 |
% |
|
|
5.73 |
% |
|
|
|
|
17.22 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income (as reported) |
|
$ |
447,732 |
|
|
$ |
73,253 |
|
|
$ |
169,175 |
|
|
$ |
(105,149 |
) |
|
$ |
585,011 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
57,530 |
|
|
|
9,124 |
|
|
|
19,505 |
|
|
|
— |
|
|
|
86,159 |
|
Severance and Other Charges |
|
|
2,310 |
|
|
|
26,090 |
|
|
|
4,672 |
|
|
|
552 |
|
|
|
33,624 |
|
Effect of Certain Acquisitions |
|
|
(8,631 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,631 |
) |
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
12,961 |
|
|
|
6,960 |
|
|
|
19,921 |
|
Gains, Losses and Settlements impacting comparability |
|
|
(39,879 |
) |
|
|
15,157 |
|
|
|
2,410 |
|
|
|
1,885 |
|
|
|
(20,427 |
) |
Adjusted Operating Income |
|
$ |
459,062 |
|
|
$ |
123,624 |
|
|
$ |
208,723 |
|
|
$ |
(95,752 |
) |
|
$ |
695,657 |
|
Effect of Currency Translation |
|
|
1,512 |
|
|
|
8,307 |
|
|
|
538 |
|
|
|
— |
|
|
|
10,357 |
|
Adjusted Operating Income (Constant Currency) |
|
$ |
460,574 |
|
|
$ |
131,931 |
|
|
$ |
209,261 |
|
|
$ |
(95,752 |
) |
|
$ |
706,014 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income Growth (as reported) |
|
|
65.67 |
% |
|
|
(22.53 |
)% |
|
|
(3.54 |
)% |
|
|
4.46 |
% |
|
|
36.01 |
% |
Adjusted Operating Income Growth |
|
|
40.86 |
% |
|
|
18.66 |
% |
|
|
7.83 |
% |
|
|
11.75 |
% |
|
|
35.04 |
% |
Adjusted Operating Income Growth (Constant Currency) |
|
|
41.32 |
% |
|
|
26.64 |
% |
|
|
8.11 |
% |
|
|
11.75 |
% |
|
|
37.05 |
% |
Adjusted Operating Income Margin |
|
|
5.42 |
% |
|
|
3.83 |
% |
|
|
10.09 |
% |
|
|
|
|
5.05 |
% |
||
Adjusted Operating Income Margin (Constant Currency) |
|
|
5.43 |
% |
|
|
3.84 |
% |
|
|
10.05 |
% |
|
|
|
|
5.05 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Nine Months Ended |
||||||||||||||||||
|
|
July 1, 2022 |
||||||||||||||||||
|
|
FSS United States |
|
FSS International |
|
Uniform |
|
Corporate |
|
Aramark and
|
||||||||||
Revenue (as reported) |
|
$ |
7,245,148 |
|
|
$ |
2,721,838 |
|
|
$ |
1,969,181 |
|
|
|
|
$ |
11,936,167 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income (as reported) |
|
$ |
270,248 |
|
|
$ |
94,551 |
|
|
$ |
175,378 |
|
|
$ |
(110,053 |
) |
|
$ |
430,124 |
|
Amortization of Acquisition-Related Intangible Assets |
|
|
54,245 |
|
|
|
7,431 |
|
|
|
19,394 |
|
|
|
— |
|
|
|
81,070 |
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
1,908 |
|
|
|
1,530 |
|
|
|
3,438 |
|
Gains, Losses and Settlements impacting comparability |
|
|
1,409 |
|
|
|
2,197 |
|
|
|
(3,113 |
) |
|
|
23 |
|
|
|
516 |
|
Adjusted Operating Income |
|
$ |
325,902 |
|
|
$ |
104,179 |
|
|
$ |
193,567 |
|
|
$ |
(108,500 |
) |
|
$ |
515,148 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income Margin (as reported) |
|
|
3.73 |
% |
|
|
3.47 |
% |
|
|
8.91 |
% |
|
|
|
|
3.60 |
% |
||
Adjusted Operating Income Margin |
|
|
4.50 |
% |
|
|
3.83 |
% |
|
|
9.83 |
% |
|
|
|
|
4.32 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Months Ended |
||||||||||||
|
|
June 30, 2023 |
|
July 1, 2022 |
|
June 30, 2023 |
|
July 1, 2022 |
||||||||
Net Income Attributable to Aramark Stockholders (as reported) |
|
$ |
338,484 |
|
|
$ |
40,329 |
|
|
$ |
468,676 |
|
|
$ |
118,688 |
|
Adjustment: |
|
|
|
|
|
|
|
|
||||||||
Amortization of Acquisition-Related Intangible Assets |
|
|
29,060 |
|
|
|
26,687 |
|
|
|
86,159 |
|
|
|
81,070 |
|
Severance and Other Charges |
|
|
(778 |
) |
|
|
— |
|
|
|
33,624 |
|
|
|
— |
|
Effect of Certain Acquisitions |
|
|
(2,514 |
) |
|
|
— |
|
|
|
(8,631 |
) |
|
|
— |
|
Spin-off Related Charges |
|
|
9,534 |
|
|
|
3,438 |
|
|
|
19,921 |
|
|
|
3,438 |
|
Gains, Losses and Settlements impacting comparability |
|
|
1,654 |
|
|
|
1,887 |
|
|
|
(20,427 |
) |
|
|
516 |
|
Gain on Sale of Equity Investments, net |
|
|
(375,972 |
) |
|
|
— |
|
|
|
(375,972 |
) |
|
|
— |
|
Loss on Defined Benefit Pension Plan Termination |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,644 |
|
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 |
|
|
93,301 |
|
|
|
(7,446 |
) |
|
|
71,825 |
|
|
|
(29,568 |
) |
Adjusted Net Income |
|
$ |
95,291 |
|
|
$ |
64,895 |
|
|
$ |
277,697 |
|
|
$ |
177,788 |
|
Effect of Currency Translation, net of Tax |
|
|
1,075 |
|
|
|
— |
|
|
|
10,856 |
|
|
|
— |
|
Adjusted Net Income (Constant Currency) |
|
$ |
96,366 |
|
|
$ |
64,895 |
|
|
$ |
288,553 |
|
|
$ |
177,788 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings Per Share (as reported) |
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Aramark Stockholders (as reported) |
|
$ |
338,484 |
|
|
$ |
40,329 |
|
|
$ |
468,676 |
|
|
$ |
118,688 |
|
Diluted Weighted Average Shares Outstanding |
|
|
262,747 |
|
|
|
259,219 |
|
|
|
262,267 |
|
|
|
258,682 |
|
|
|
$ |
1.29 |
|
|
$ |
0.16 |
|
|
$ |
1.79 |
|
|
$ |
0.46 |
|
Earnings Per Share Growth (as reported) $ |
|
$ |
1.13 |
|
|
|
|
$ |
1.33 |
|
|
|
||||
Earnings Per Share Growth (as reported) % |
|
*** |
|
|
|
|
289 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income |
|
$ |
95,291 |
|
|
$ |
64,895 |
|
|
$ |
277,697 |
|
|
$ |
177,788 |
|
Diluted Weighted Average Shares Outstanding |
|
|
262,747 |
|
|
|
259,219 |
|
|
|
262,267 |
|
|
|
258,682 |
|
|
|
$ |
0.36 |
|
|
$ |
0.25 |
|
|
$ |
1.06 |
|
|
$ |
0.69 |
|
Adjusted Earnings Per Share Growth $ |
|
$ |
0.11 |
|
|
|
|
$ |
0.37 |
|
|
|
||||
Adjusted Earnings Per Share Growth % |
|
|
44 |
% |
|
|
|
|
54 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Earnings Per Share (Constant Currency) |
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income (Constant Currency) |
|
$ |
96,366 |
|
|
$ |
64,895 |
|
|
$ |
288,553 |
|
|
$ |
177,788 |
|
Diluted Weighted Average Shares Outstanding |
|
|
262,747 |
|
|
|
259,219 |
|
|
|
262,267 |
|
|
|
258,682 |
|
|
|
$ |
0.37 |
|
|
$ |
0.25 |
|
|
$ |
1.10 |
|
|
$ |
0.69 |
|
Adjusted Earnings Per Share Growth (Constant Currency) $ |
|
$ |
0.12 |
|
|
|
|
$ |
0.41 |
|
|
|
||||
Adjusted Earnings Per Share Growth (Constant Currency) % |
|
|
48 |
% |
|
|
|
|
59 |
% |
|
|
||||
*** Not meaningful |
||||||||||||||||
ARAMARK AND SUBSIDIARIES |
||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||
NET DEBT TO COVENANT ADJUSTED EBITDA |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|
|
|
||||
|
|
Twelve Months Ended |
||||||
|
|
June 30, 2023 |
|
July 1, 2022 |
||||
Net Income Attributable to Aramark Stockholders (as reported) |
|
$ |
544,472 |
|
|
$ |
154,117 |
|
Interest and Other Financing Costs, net |
|
|
426,672 |
|
|
|
367,132 |
|
Provision for Income Taxes |
|
|
189,020 |
|
|
|
42,316 |
|
Depreciation and Amortization |
|
|
540,344 |
|
|
|
539,380 |
|
Share-based compensation expense(1) |
|
|
89,309 |
|
|
|
90,214 |
|
Unusual or non-recurring gains(2) |
|
|
(370,765 |
) |
|
|
— |
|
Pro forma EBITDA for certain transactions(3) |
|
|
4,166 |
|
|
|
16,503 |
|
Other(4)(5) |
|
|
101,376 |
|
|
|
(7,792 |
) |
Covenant Adjusted EBITDA |
|
$ |
1,524,594 |
|
|
$ |
1,201,870 |
|
|
|
|
|
|
||||
Net Debt to Covenant Adjusted EBITDA |
|
|
|
|
||||
Total Long-Term Borrowings |
|
$ |
7,646,352 |
|
|
$ |
8,162,347 |
|
Less: Cash and cash equivalents and short-term marketable securities(6) |
|
|
512,244 |
|
|
|
438,868 |
|
Net Debt |
|
$ |
7,134,108 |
|
|
$ |
7,723,479 |
|
Covenant Adjusted EBITDA |
|
$ |
1,524,594 |
|
|
$ |
1,201,870 |
|
Net Debt/Covenant Adjusted EBITDA |
|
|
4.7 |
|
|
|
6.4 |
|
|
|
|
|
|
||||
(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) For the twelve months ended June 30, 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 made during the period. |
||||||||
(4) "Other" for the twelve months ended June 30, 2023 includes the reversal of contingent consideration liabilities related to acquisition earn outs, net of expense ( |
||||||||
(5) "Other" for the twelve months ended July 1, 2022 includes |
||||||||
(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. |
||||||||
ARAMARK AND SUBSIDIARIES |
|||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||
FREE CASH FLOW |
|||||||||||
(Unaudited) |
|||||||||||
(In thousands) |
|||||||||||
|
|
|
|
|
|
||||||
|
Nine Months Ended |
|
Six Months Ended |
|
Three Months Ended |
||||||
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2023 |
||||||
Net cash (used in) provided by operating activities |
$ |
(270,093 |
) |
|
$ |
(292,722 |
) |
|
$ |
22,629 |
|
|
|
|
|
|
|
||||||
Net purchases of property and equipment and other |
|
(287,302 |
) |
|
|
(184,288 |
) |
|
|
(103,014 |
) |
|
|
|
|
|
|
||||||
Free Cash Flow |
$ |
(557,395 |
) |
|
$ |
(477,010 |
) |
|
$ |
(80,385 |
) |
|
|
|
|
|
|
||||||
|
Nine Months Ended |
|
Six Months Ended |
|
Three Months Ended |
||||||
|
July 1, 2022 |
|
April 1, 2022 |
|
July 1, 2022 |
||||||
Net cash used in operating activities |
$ |
(141,993 |
) |
|
$ |
(128,267 |
) |
|
$ |
(13,726 |
) |
|
|
|
|
|
|
||||||
Net purchases of property and equipment and other |
|
(245,647 |
) |
|
|
(163,032 |
) |
|
|
(82,615 |
) |
|
|
|
|
|
|
||||||
Free Cash Flow |
$ |
(387,640 |
) |
|
$ |
(291,299 |
) |
|
$ |
(96,341 |
) |
|
|
|
|
|
|
||||||
|
Nine Months Ended |
|
Six Months Ended |
|
Three Months Ended |
||||||
|
Change |
|
Change |
|
Change |
||||||
Net cash (used in) provided by operating activities |
$ |
(128,100 |
) |
|
$ |
(164,455 |
) |
|
$ |
36,355 |
|
|
|
|
|
|
|
||||||
Net purchases of property and equipment and other |
|
(41,655 |
) |
|
|
(21,256 |
) |
|
|
(20,399 |
) |
|
|
|
|
|
|
||||||
Free Cash Flow |
$ |
(169,755 |
) |
|
$ |
(185,711 |
) |
|
$ |
15,956 |
|
ARAMARK AND SUBSIDIARIES |
||||
RECONCILIATION OF NON-GAAP MEASURES |
||||
ADJUSTED REVENUE COMPARISON TO FISCAL 2019 |
||||
(Unaudited) |
||||
(In thousands) |
||||
|
|
|
||
|
|
Three Months Ended |
||
|
|
June 30, 2023 |
||
Revenue (as reported) |
|
$ |
4,749,209 |
|
Effect of Certain Acquisitions |
|
|
(47,165 |
) |
Effect of Currency Translation* |
|
|
162,635 |
|
Adjusted Revenue (Organic) |
|
$ |
4,864,679 |
|
Revenue as a Percentage of Fiscal 2019 Revenue (as reported) |
|
|
118.41 |
% |
Adjusted Revenue (Organic) as a Percentage of Fiscal 2019 Revenue |
|
|
121.29 |
% |
|
|
|
||
|
|
Three Months Ended |
||
|
|
June 28, 2019 |
||
Revenue (as reported) |
|
$ |
4,010,761 |
|
|
|
|
||
* The effect of currency translation reflects the impact that fluctuations in currency translation rates had on the comparative results by translating the fiscal 2021 or fiscal 2022 period balances using the foreign currency exchange rates in effect for the comparable periods of fiscal 2019. |
||||
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807118223/en/
Inquiries:
Felise Glantz Kissell
(215) 409-7287
Kissell-Felise@aramark.com
Scott Sullivan
(215) 238-3953
Sullivan-Scott1@aramark.com
Source: Aramark
FAQ
What are Aramark's Q3 fiscal 2023 results?
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What is Aramark's outlook for fiscal 2023?
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