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Company Delivers on 2024 Financial Outlook
Board Approves New
FISCAL 2024 YEAR-OVER-YEAR SUMMARY
-
Revenue +8%; Organic Revenue +10%
- Represented highest annual revenue in Global FSS history
- Driven by base business volume, pricing, and net new business
-
Operating Income +13%1; Adjusted Operating Income (AOI) +20%2
-
Record AOI in both FSS
U.S. and International segments for any fiscal year - Operating Income Margin +20 bps; AOI margin +50 bps2
-
Record AOI in both FSS
-
GAAP EPS (42)%1 to
$0.99 ; Adjusted EPS +35%2 to$1.55 - Results reflected execution on profitable growth strategies across organization
- GAAP EPS in the prior year included a gain from the sale of noncontrolling interest in AIM Services
-
Strong Cash Flow Contributed to +50 bps Improvement in Leverage Ratio
-
Net cash from operations +42%1; Free Cash Flow +121%; Over
$2.6 billion of cash availability - Sold remaining portion of ownership stake in San Antonio Spurs NBA franchise
-
Net cash from operations +42%1; Free Cash Flow +121%; Over
Q4 YEAR-OVER-YEAR SUMMARY
-
Revenue +5%; Organic Revenue +7%
-
Record revenue in a fourth quarter for both FSS
U.S. and International segments
-
Record revenue in a fourth quarter for both FSS
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Operating Income +2%1; Adjusted Operating Income (AOI) +8%2
- Increased profitability from revenue growth, cost discipline, and supply chain efficiencies
-
GAAP EPS +12%1 to
$0.46 ; Adjusted EPS +14%2 to$0.54
FOLLOWING FISCAL 2024 YEAR-END
-
Authorized
$500 Million Share Repurchase Program; Raised Quarterly Dividend by 11%- Demonstrates strong confidence in the business and the significant growth opportunities ahead
“We reached new highs in our financial performance every quarter during fiscal 2024, ultimately achieving record revenue and AOI profitability for any year in Global FSS history,” said
“As part of this commitment, our Board has approved a new
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1 |
Operating Income, Operating Income Margin, GAAP EPS, and Net cash provided by operating activities reported on a continuing operations basis |
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2 |
On a constant-currency basis; Adjusted EPS excludes the interest expense, net of tax, recorded during fiscal 2023 on the |
FISCAL 2024 SUMMARY
Consolidated revenue was
Organic revenue grew 10% compared to the prior year period.
|
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Revenue |
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FY24 |
FY23 |
Change (%) |
Organic Revenue Change (%) |
|
FSS United States |
|
|
7% |
7% |
|
|
|
|
11% |
17% |
|
|
|
|
8% |
10% |
|
Difference between Change (%) and Organic Revenue Change (%) reflects the effect of currency translation |
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May not total due to rounding |
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Operating income increased 13% year-over-year to
|
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Operating Income |
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Adjusted Operating Income (AOI) |
|||||
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FY24 |
FY23 |
Change (%) |
|
FY24 |
FY23 |
Change (%) |
Constant Currency Change (%) |
|
FSS United States |
|
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2% |
|
|
|
13% |
14% |
|
|
|
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64% |
|
|
|
24% |
30% |
|
Corporate |
( |
( |
(1)% |
|
( |
( |
4% |
4% |
|
|
|
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13% |
|
|
|
19% |
20% |
|
May not total due to rounding |
||||||||
The Company's earnings per share in fiscal 2024 was
FOURTH QUARTER RESULTS
Consolidated revenue was
Organic revenue grew 7% year-over-year.
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Revenue |
|||
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|
Q4 '24 |
Q4 '23 |
Change (%) |
Organic Revenue Change (%) |
|
FSS United States |
|
|
4% |
4% |
|
|
|
|
9% |
16% |
|
|
|
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5% |
7% |
|
Difference between Change (%) and Organic Revenue Change (%) reflects the effect of currency translation |
||||
|
May not total due to rounding |
||||
- FSS United States revenue growth was led by 1) Sports & Entertainment from higher per capita spending and strong fan attendance levels in stadiums; 2) Business & Industry as a result of increased participation rates and new client wins; and 3) retail expansion in Corrections, including micro-markets—which more than offset the exit of some lower margin accounts within Facilities.
-
FSS International revenue growth was broad-based across geographies, particularly in theU.K. ,Germany ,Canada , andSouth America . Top performing industries included Business & Industry, Sports & Entertainment, and Extractive Services. Revenue on a GAAP basis reflected the effect of currency translation as referenced above.
In the fourth quarter, operating income increased 2% year-over-year to
|
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Operating Income |
|
Adjusted Operating Income (AOI) |
|||||
|
|
Q4 '24 |
Q4 '23 |
Change (%) |
|
Q4 '24 |
Q4 '23 |
Change (%) |
Constant Currency Change (%) |
|
FSS United States |
|
|
(7)% |
|
|
|
5% |
5% |
|
|
|
|
12% |
|
|
|
10% |
16% |
|
Corporate |
( |
( |
34% |
|
( |
( |
4% |
4% |
|
|
|
|
2% |
|
|
|
7% |
8% |
|
May not total due to rounding |
||||||||
Year-over-year profitability resulted from the following segment performance:
-
FSS United States was driven by higher base business volume, operational cost management, and supply chain productivity initiatives across the sectors, which more than offset prior year income at a Destinations site referenced above. Excluding this item, FSS United States would have experienced double-digit AOI growth.
Operating income in the current year also reflected a non-cash inventory adjustment based on expected usage for certain products within the Corrections business. -
FSS International benefited from increased revenue, disciplined management of operating costs, and supply chain efficiencies, partially offset from higher incentive-based compensation. - Corporate expenses were lower from tight control of above-unit overhead costs.
CASH FLOW AND CAPITAL STRUCTURE
Net cash provided by operating activities increased 42% to
In the fourth quarter, the Company had a significant source of cash driven by the Collegiate Hospitality business, consistent with
Net cash from investing activities in the current year included proceeds from the sale of the Company's remaining portion of its ownership stake in the San Antonio Spurs NBA franchise.
As a result of the cash flow performance, higher earnings, and over
At fiscal year-end, the Company had over
DIVIDEND DECLARATION
BUSINESS UPDATE AND SHARE REPURCHASE PROGRAM
During fiscal 2024, the Company drove strong financial performance through double-digit organic revenue growth, higher profitability, and margin expansion, as well as a strengthened balance sheet with considerable financial flexibility.
The Company's new business pipeline across the organization remains substantial, including in first-time outsourcing.
Share Repurchase Program
As a result of Aramark’s growing, predictable cash flow and enhanced financial flexibility, including significant progress in reducing the Company's leverage ratio,
Under the share repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The size and timing of any repurchases will depend on a number of factors, including share price, general business and market conditions and other factors.
OUTLOOK
The Company provides its expectations for organic revenue growth, Adjusted Operating Income growth (constant currency), Adjusted Earnings per Share growth (constant currency) 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 2025 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
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($ in millions, except EPS) |
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FY24 |
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FY25* Outlook |
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Year-over-year Growth1 |
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|
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Organic Revenue |
|
|
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+7.5% |
— |
+9.5% |
|
|
|
|
|
|
|
|
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Adjusted Operating Income |
|
|
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+15% |
— |
+18% |
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Adjusted EPS |
|
|
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+23% |
— |
+28% |
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Leverage Ratio |
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3.4x |
|
~3.0x |
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Adjusted EPS Outlook does not include benefit from potential share repurchases |
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* 53 week year |
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1Constant Currency, except Leverage Ratio |
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“As we enter fiscal 2025, we continue to take the steps necessary to reach and surpass new levels of financial performance,” Zillmer added. “Our teams have laid the groundwork to create significant new business and value-creating opportunities, and we are confident in our ability to deliver on them.”
CONFERENCE CALL SCHEDULED
The Company has scheduled a conference call at
About
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
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 interest expense, net of tax, recorded during fiscal 2023 on the
Covenant Adjusted EBITDA
Covenant Adjusted EBITDA represents net income attributable to
Free Cash Flow
Free Cash Flow represents net cash provided by (used in) operating activities of continuing operations 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, 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 provided by (used in) operating activities of continuing operations, 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 the Uniform segment into an independent publicly traded company,
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 charitable contribution expense for the contribution of Vestis shares to a donor advised fund in order to fund charitable contributions (
Gains, Losses and Settlements impacting comparability - adjustments to eliminate certain transactions that are not indicative of the Company's ongoing operational performance, primarily for non-cash adjustments to inventory based on expected usage (
Gain on Sale of Equity Investments, net - adjustments to eliminate the impact from the sale of the Company's equity investment in the San Antonio Spurs NBA franchise (
Effect of Debt Repayments, Repricings and Other on Interest Expense, net - adjustments to eliminate expenses associated with the repayment of borrowings, including the Senior Notes due 2025, and refinancings 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 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
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ARAMARK AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
(Unaudited) |
||||||||
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(In Thousands, Except Per Share Amounts) |
||||||||
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|
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Fiscal Year Ended |
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||||
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Revenue |
|
$ |
17,400,701 |
|
|
$ |
16,083,212 |
|
|
Costs and Expenses: |
|
|
|
|
||||
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Cost of services provided (exclusive of depreciation and amortization) |
|
|
15,975,017 |
|
|
|
14,774,664 |
|
|
Depreciation and amortization |
|
|
435,547 |
|
|
|
409,857 |
|
|
Selling and general corporate expenses |
|
|
283,627 |
|
|
|
273,663 |
|
|
|
|
|
16,694,191 |
|
|
|
15,458,184 |
|
|
Operating income |
|
|
706,510 |
|
|
|
625,028 |
|
|
Gain on Sale of Equity Investments, net |
|
|
(25,071 |
) |
|
|
(375,972 |
) |
|
Interest Expense, net |
|
|
366,716 |
|
|
|
437,476 |
|
|
Income from Continuing Operations Before Income Taxes |
|
|
364,865 |
|
|
|
563,524 |
|
|
Provision for Income Taxes from Continuing Operations |
|
|
102,972 |
|
|
|
116,426 |
|
|
Net income from Continuing Operations |
|
|
261,893 |
|
|
|
447,098 |
|
|
Less: Net loss attributable to noncontrolling interests |
|
|
(629 |
) |
|
|
(578 |
) |
|
Net income from Continuing Operations attributable to |
|
|
262,522 |
|
|
|
447,676 |
|
|
Income from Discontinued Operations, net of tax |
|
|
— |
|
|
|
226,432 |
|
|
Net income attributable to |
|
$ |
262,522 |
|
|
$ |
674,108 |
|
|
|
|
|
|
|
||||
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Basic earnings per share attributable to |
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|
|
|
||||
|
Income from Continuing Operations |
|
$ |
1.00 |
|
|
$ |
1.72 |
|
|
Income from Discontinued Operations |
|
$ |
— |
|
|
$ |
0.87 |
|
|
Basic earnings per share attributable to |
|
$ |
1.00 |
|
|
$ |
2.59 |
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|
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|
|
||||
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Diluted earnings per share attributable to |
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|
|
|
||||
|
Income from Continuing Operations |
|
$ |
0.99 |
|
|
$ |
1.71 |
|
|
Income from Discontinued Operations |
|
$ |
— |
|
|
$ |
0.86 |
|
|
Diluted earnings per share attributable to |
|
$ |
0.99 |
|
|
$ |
2.57 |
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|
|
|
|
|
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||||
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Weighted Average Shares Outstanding: |
|
|
|
|
||||
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Basic |
|
|
263,045 |
|
|
|
260,592 |
|
|
Diluted |
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|
266,200 |
|
|
|
262,594 |
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|
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|
|
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ARAMARK AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
(Unaudited) |
||||||||
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(In Thousands, Except Per Share Amounts) |
||||||||
|
|
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Three Months Ended |
||||||
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|
|
|
|
|
||||
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Revenue |
|
$ |
4,416,947 |
|
|
$ |
4,200,286 |
|
|
Costs and Expenses: |
|
|
|
|
||||
|
Cost of services provided (exclusive of depreciation and amortization) |
|
|
4,019,921 |
|
|
|
3,806,909 |
|
|
Depreciation and amortization |
|
|
112,753 |
|
|
|
102,774 |
|
|
Selling and general corporate expenses |
|
|
65,478 |
|
|
|
75,129 |
|
|
|
|
|
4,198,152 |
|
|
|
3,984,812 |
|
|
Operating income |
|
|
218,795 |
|
|
|
215,474 |
|
|
Gain on Sale of Equity Investments, net |
|
|
(25,071 |
) |
|
|
— |
|
|
Interest Expense, net |
|
|
84,299 |
|
|
|
110,686 |
|
|
Income from Continuing Operations Before Income Taxes |
|
|
159,567 |
|
|
|
104,788 |
|
|
Provision (Benefit) for Income Taxes from Continuing Operations |
|
|
37,314 |
|
|
|
(3,545 |
) |
|
Net income from Continuing Operations |
|
|
122,253 |
|
|
|
108,333 |
|
|
Less: Net (loss) income attributable to noncontrolling interests |
|
|
(158 |
) |
|
|
10 |
|
|
Net income from Continuing Operations attributable to |
|
|
122,411 |
|
|
|
108,323 |
|
|
Income from Discontinued Operations, net of tax |
|
|
— |
|
|
|
97,109 |
|
|
Net income attributable to |
|
$ |
122,411 |
|
|
$ |
205,432 |
|
|
|
|
|
|
|
||||
|
Basic earnings per share attributable to |
|
|
|
|
||||
|
Income from Continuing Operations |
|
$ |
0.46 |
|
|
$ |
0.42 |
|
|
Income from Discontinued Operations |
|
$ |
— |
|
|
$ |
0.37 |
|
|
Basic earnings per share attributable to |
|
$ |
0.46 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
||||
|
Diluted earnings per share attributable to |
|
|
|
|
||||
|
Income from Continuing Operations |
|
$ |
0.46 |
|
|
$ |
0.41 |
|
|
Income from Discontinued Operations |
|
$ |
— |
|
|
$ |
0.37 |
|
|
Diluted earnings per share attributable to |
|
$ |
0.46 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
||||
|
Weighted Average Shares Outstanding: |
|
|
|
|
||||
|
Basic |
|
|
263,894 |
|
|
|
261,319 |
|
|
Diluted |
|
|
267,912 |
|
|
|
263,454 |
|
|
|
|
|
|
|
||||
|
ARAMARK AND SUBSIDIARIES |
||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
|
(Unaudited) |
||||||
|
(In Thousands) |
||||||
|
|
|
|
|
|
||
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Assets |
|
|
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|
||
|
|
|
|
|
|
||
|
Current Assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
672,483 |
|
$ |
1,927,088 |
|
Receivables |
|
|
2,096,928 |
|
|
1,970,782 |
|
Inventories |
|
|
387,601 |
|
|
403,707 |
|
Prepayments and other current assets |
|
|
249,550 |
|
|
297,519 |
|
Current assets of discontinued operations |
|
|
— |
|
|
620,931 |
|
Total current assets |
|
|
3,406,562 |
|
|
5,220,027 |
|
Property and Equipment, net |
|
|
1,573,193 |
|
|
1,425,973 |
|
|
|
|
4,677,201 |
|
|
4,615,986 |
|
Other Intangible Assets |
|
|
1,804,602 |
|
|
1,804,473 |
|
Operating Lease Right-of-use Assets |
|
|
638,659 |
|
|
572,268 |
|
Other Assets |
|
|
574,154 |
|
|
728,678 |
|
Noncurrent Assets of Discontinued Operations |
|
|
— |
|
|
2,503,836 |
|
|
|
$ |
12,674,371 |
|
$ |
16,871,241 |
|
|
|
|
|
|
||
|
Liabilities and Stockholders' Equity |
|
|
|
|
||
|
|
|
|
|
|
||
|
Current Liabilities: |
|
|
|
|
||
|
Current maturities of long-term borrowings |
|
$ |
964,286 |
|
$ |
1,543,032 |
|
Current operating lease liabilities |
|
|
54,163 |
|
|
51,271 |
|
Accounts payable |
|
|
1,394,007 |
|
|
1,271,859 |
|
Accrued expenses and other current liabilities |
|
|
1,801,754 |
|
|
1,768,281 |
|
Current liabilities of discontinued operations |
|
|
— |
|
|
395,524 |
|
Total current liabilities |
|
|
4,214,210 |
|
|
5,029,967 |
|
Long-Term Borrowings |
|
|
4,307,171 |
|
|
5,098,662 |
|
Noncurrent Operating Lease Liabilities |
|
|
241,012 |
|
|
245,871 |
|
Deferred Income Taxes and Other Noncurrent Liabilities |
|
|
865,510 |
|
|
914,064 |
|
Noncurrent Liabilities of Discontinued Operations |
|
|
— |
|
|
1,861,735 |
|
Commitments and Contingencies |
|
|
|
|
||
|
Redeemable Noncontrolling Interest |
|
|
7,494 |
|
|
8,224 |
|
Total Stockholders' Equity |
|
|
3,038,974 |
|
|
3,712,718 |
|
|
|
$ |
12,674,371 |
|
$ |
16,871,241 |
|
ARAMARK AND SUBSIDIARIES |
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(Unaudited) |
||||||||
|
(In Thousands) |
||||||||
|
|
|
|
||||||
|
|
|
Fiscal Year Ended |
||||||
|
|
|
|
|
|
||||
|
Cash flows from operating activities of Continuing Operations: |
|
|
||||||
|
Net income from Continuing Operations |
|
$ |
261,893 |
|
|
$ |
447,098 |
|
|
Adjustments to reconcile Net income from Continuing Operations to Net cash provided by operating activities of Continuing Operations: |
|
|
||||||
|
Depreciation and amortization |
|
|
435,547 |
|
|
|
409,857 |
|
|
Asset write-downs |
|
|
18,186 |
|
|
|
29,865 |
|
|
Reduction of contingent consideration liability |
|
|
(8,710 |
) |
|
|
(97,336 |
) |
|
Gain on sale of equity investments, net |
|
|
(25,071 |
) |
|
|
(375,972 |
) |
|
Deferred income taxes |
|
|
(7,323 |
) |
|
|
100,158 |
|
|
Share-based compensation expense |
|
|
62,552 |
|
|
|
76,337 |
|
|
Changes in operating assets and liabilities |
|
|
14,014 |
|
|
|
(19,915 |
) |
|
Payments made to clients on contracts |
|
|
(139,003 |
) |
|
|
(119,217 |
) |
|
Other operating activities |
|
|
114,429 |
|
|
|
60,772 |
|
|
Net cash provided by operating activities of Continuing Operations |
|
|
726,514 |
|
|
|
511,647 |
|
|
Cash flows from investing activities of Continuing Operations: |
|
|
||||||
|
Net purchases of property and equipment and other |
|
|
(403,480 |
) |
|
|
(365,476 |
) |
|
Proceeds from sale of equity investments |
|
|
101,198 |
|
|
|
633,179 |
|
|
Acquisitions, divestitures and other investing activities |
|
|
(113,580 |
) |
|
|
(44,045 |
) |
|
Net cash (used in) provided by investing activities of Continuing Operations |
|
|
(415,862 |
) |
|
|
223,658 |
|
|
Cash flows from financing activities of Continuing Operations: |
|
|
||||||
|
Net proceeds/payments of long-term borrowings |
|
|
(1,432,278 |
) |
|
|
(615,719 |
) |
|
Net change in funding under the Receivables Facility |
|
|
— |
|
|
|
(104,935 |
) |
|
Payments of dividends |
|
|
(99,901 |
) |
|
|
(114,614 |
) |
|
Distribution from Vestis |
|
|
— |
|
|
|
1,456,701 |
|
|
Proceeds from issuance of common stock |
|
|
36,573 |
|
|
|
45,602 |
|
|
Other financing activities |
|
|
(65,590 |
) |
|
|
(7,408 |
) |
|
Net cash (used in) provided by financing activities of Continuing Operations |
|
|
(1,561,196 |
) |
|
|
659,627 |
|
|
Discontinued Operations: |
|
|
||||||
|
Net cash provided by operating activities |
|
|
— |
|
|
|
254,782 |
|
|
Net cash used in investing activities |
|
|
— |
|
|
|
(14,746 |
) |
|
Net cash provided by financing activities |
|
|
— |
|
|
|
3,322 |
|
|
Net cash provided by Discontinued Operations |
|
|
— |
|
|
|
243,358 |
|
|
Effect of foreign exchange rates on cash and cash equivalents and restricted cash |
|
|
10,790 |
|
|
|
4,697 |
|
|
(Decrease) increase in cash and cash equivalents and restricted cash |
|
|
(1,239,754 |
) |
|
|
1,642,987 |
|
|
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 |
|
$ |
732,613 |
|
|
$ |
2,008,418 |
|
|
Balance Sheet classification |
|
|
||||||
|
(in thousands) |
|
|
||||||
|
Cash and cash equivalents |
$ |
672,483 |
|
$ |
1,927,088 |
|
||
|
Restricted cash in Prepayments and other current assets |
|
60,130 |
|
|
45,279 |
|
||
|
Cash and cash equivalents in Current assets of discontinued operations |
|
— |
|
|
36,051 |
|
||
|
Total cash and cash equivalents and restricted cash |
$ |
732,613 |
|
$ |
2,008,418 |
|
||
|
ARAMARK AND SUBSIDIARIES |
||||||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
|
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(In thousands) |
||||||||||||||||
|
|
|
Fiscal Year Ended |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
FSS United States |
|
|
|
Corporate |
|
Subsidiaries |
||||||||
|
Revenue (as reported) |
|
$ |
12,576,737 |
|
|
$ |
4,823,964 |
|
|
|
|
$ |
17,400,701 |
|
||
|
Operating Income (as reported) |
|
$ |
659,907 |
|
|
$ |
187,341 |
|
|
$ |
(140,738 |
) |
|
$ |
706,510 |
|
|
Operating Income Margin (as reported) |
|
|
5.2 |
% |
|
|
3.9 |
% |
|
|
|
|
4.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Revenue (as reported) |
|
$ |
12,576,737 |
|
|
$ |
4,823,964 |
|
|
|
|
$ |
17,400,701 |
|
||
|
Effect of Currency Translation |
|
|
1,189 |
|
|
|
274,017 |
|
|
|
|
|
275,206 |
|
||
|
Adjusted Revenue (Organic) |
|
$ |
12,577,926 |
|
|
$ |
5,097,981 |
|
|
|
|
$ |
17,675,907 |
|
||
|
Revenue Growth (as reported) |
|
|
7.3 |
% |
|
|
10.6 |
% |
|
|
|
|
8.2 |
% |
||
|
Adjusted Revenue Growth (Organic) |
|
|
7.3 |
% |
|
|
16.9 |
% |
|
|
|
|
9.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income (as reported) |
|
$ |
659,907 |
|
|
$ |
187,341 |
|
|
$ |
(140,738 |
) |
|
$ |
706,510 |
|
|
Amortization of Acquisition-Related Intangible Assets |
|
|
91,358 |
|
|
|
15,706 |
|
|
|
— |
|
|
|
107,064 |
|
|
Severance and Other Charges |
|
|
12,868 |
|
|
|
— |
|
|
|
92 |
|
|
|
12,960 |
|
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
29,037 |
|
|
|
29,037 |
|
|
Gains, Losses and Settlements impacting comparability |
|
|
10,044 |
|
|
|
15,528 |
|
|
|
1,075 |
|
|
|
26,647 |
|
|
Adjusted Operating Income |
|
$ |
774,177 |
|
|
$ |
218,575 |
|
|
$ |
(110,534 |
) |
|
$ |
882,218 |
|
|
Effect of Currency Translation |
|
|
436 |
|
|
|
10,342 |
|
|
|
— |
|
|
|
10,778 |
|
|
Adjusted Operating Income (Constant Currency) |
|
$ |
774,613 |
|
|
$ |
228,917 |
|
|
$ |
(110,534 |
) |
|
$ |
892,996 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income Growth (as reported) |
|
|
1.5 |
% |
|
|
63.6 |
% |
|
|
(0.9 |
)% |
|
|
13.0 |
% |
|
Adjusted Operating Income Growth |
|
|
13.5 |
% |
|
|
24.2 |
% |
|
|
4.2 |
% |
|
|
18.8 |
% |
|
Adjusted Operating Income Growth (Constant Currency) |
|
|
13.5 |
% |
|
|
30.1 |
% |
|
|
4.2 |
% |
|
|
20.2 |
% |
|
Adjusted Operating Income Margin |
|
|
6.2 |
% |
|
|
4.5 |
% |
|
|
|
|
5.1 |
% |
||
|
Adjusted Operating Income Margin (Constant Currency) |
|
|
6.2 |
% |
|
|
4.5 |
% |
|
|
|
|
5.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fiscal Year Ended |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
FSS United States |
|
|
|
Corporate |
|
Subsidiaries |
||||||||
|
Revenue (as reported) |
|
$ |
11,721,368 |
|
|
$ |
4,361,844 |
|
|
|
|
$ |
16,083,212 |
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income (as reported) |
|
$ |
649,982 |
|
|
$ |
114,480 |
|
|
$ |
(139,434 |
) |
|
$ |
625,028 |
|
|
Amortization of Acquisition-Related Intangible Assets |
|
|
76,798 |
|
|
|
12,664 |
|
|
|
— |
|
|
|
89,462 |
|
|
Severance and Other Charges |
|
|
2,310 |
|
|
|
29,951 |
|
|
|
552 |
|
|
|
32,813 |
|
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
19,922 |
|
|
|
19,922 |
|
|
Gains, Losses and Settlements impacting comparability |
|
|
(46,869 |
) |
|
|
18,915 |
|
|
|
3,633 |
|
|
|
(24,321 |
) |
|
Adjusted Operating Income |
|
$ |
682,221 |
|
|
$ |
176,010 |
|
|
$ |
(115,327 |
) |
|
$ |
742,904 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income Margin (as reported) |
|
|
5.5 |
% |
|
|
2.6 |
% |
|
|
|
|
3.9 |
% |
||
|
Adjusted Operating Income Margin |
|
|
5.8 |
% |
|
|
4.0 |
% |
|
|
|
|
4.6 |
% |
||
|
ARAMARK AND SUBSIDIARIES |
||||||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
|
ADJUSTED CONSOLIDATED OPERATING INCOME MARGIN |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(In thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
FSS United States |
|
|
|
Corporate |
|
Subsidiaries |
||||||||
|
Revenue (as reported) |
|
$ |
3,176,066 |
|
|
$ |
1,240,881 |
|
|
|
|
$ |
4,416,947 |
|
||
|
Operating Income (as reported) |
|
$ |
200,715 |
|
|
$ |
46,214 |
|
|
$ |
(28,134 |
) |
|
$ |
218,795 |
|
|
Operating Income Margin (as reported) |
|
|
6.3 |
% |
|
|
3.7 |
% |
|
|
|
|
5.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Revenue (as reported) |
|
$ |
3,176,066 |
|
|
$ |
1,240,881 |
|
|
|
|
$ |
4,416,947 |
|
||
|
Effect of Currency Translation |
|
|
515 |
|
|
|
71,863 |
|
|
|
|
|
72,378 |
|
||
|
Adjusted Revenue (Organic) |
|
$ |
3,176,581 |
|
|
$ |
1,312,744 |
|
|
|
|
$ |
4,489,325 |
|
||
|
Revenue Growth (as reported) |
|
|
3.6 |
% |
|
|
9.4 |
% |
|
|
|
|
5.2 |
% |
||
|
Adjusted Revenue Growth (Organic) |
|
|
3.6 |
% |
|
|
15.8 |
% |
|
|
|
|
6.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income (as reported) |
|
$ |
200,715 |
|
|
$ |
46,214 |
|
|
$ |
(28,134 |
) |
|
$ |
218,795 |
|
|
Amortization of Acquisition-Related Intangible Assets |
|
|
23,724 |
|
|
|
4,527 |
|
|
|
— |
|
|
|
28,251 |
|
|
Severance and Other Charges |
|
|
6,719 |
|
|
|
— |
|
|
|
— |
|
|
|
6,719 |
|
|
Gains, Losses and Settlements impacting comparability |
|
|
9,476 |
|
|
|
7,055 |
|
|
|
1,075 |
|
|
|
17,606 |
|
|
Adjusted Operating Income |
|
$ |
240,634 |
|
|
$ |
57,796 |
|
|
$ |
(27,059 |
) |
|
$ |
271,371 |
|
|
Effect of Currency Translation |
|
|
170 |
|
|
|
2,713 |
|
|
|
— |
|
|
|
2,883 |
|
|
Adjusted Operating Income (Constant Currency) |
|
$ |
240,804 |
|
|
$ |
60,509 |
|
|
$ |
(27,059 |
) |
|
$ |
274,254 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income Growth (as reported) |
|
|
(7.4 |
)% |
|
|
12.1 |
% |
|
|
33.9 |
% |
|
|
1.5 |
% |
|
Adjusted Operating Income Growth |
|
|
5.1 |
% |
|
|
10.3 |
% |
|
|
4.5 |
% |
|
|
7.2 |
% |
|
Adjusted Operating Income Growth (Constant Currency) |
|
|
5.1 |
% |
|
|
15.5 |
% |
|
|
4.5 |
% |
|
|
8.4 |
% |
|
Adjusted Operating Income Margin |
|
|
7.6 |
% |
|
|
4.7 |
% |
|
|
|
|
6.1 |
% |
||
|
Adjusted Operating Income Margin (Constant Currency) |
|
|
7.6 |
% |
|
|
4.6 |
% |
|
|
|
|
6.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
FSS United States |
|
|
|
Corporate |
|
Subsidiaries |
||||||||
|
Revenue (as reported) |
|
$ |
3,066,543 |
|
|
$ |
1,133,743 |
|
|
|
|
$ |
4,200,286 |
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income (as reported) |
|
$ |
216,778 |
|
|
$ |
41,227 |
|
|
$ |
(42,531 |
) |
|
$ |
215,474 |
|
|
Amortization of Acquisition-Related Intangible Assets |
|
|
19,268 |
|
|
|
3,540 |
|
|
|
— |
|
|
|
22,808 |
|
|
Severance and Other Charges |
|
|
— |
|
|
|
3,861 |
|
|
|
— |
|
|
|
3,861 |
|
|
Spin-off Related Charges |
|
|
— |
|
|
|
— |
|
|
|
12,962 |
|
|
|
12,962 |
|
|
Gains, Losses and Settlements impacting comparability |
|
|
(6,990 |
) |
|
|
3,758 |
|
|
|
1,245 |
|
|
|
(1,987 |
) |
|
Adjusted Operating Income |
|
$ |
229,056 |
|
|
$ |
52,386 |
|
|
$ |
(28,324 |
) |
|
$ |
253,118 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income Margin (as reported) |
|
|
7.1 |
% |
|
|
3.6 |
% |
|
|
|
|
5.1 |
% |
||
|
Adjusted Operating Income Margin |
|
|
7.5 |
% |
|
|
4.6 |
% |
|
|
|
|
6.0 |
% |
||
|
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 |
|
Fiscal Year Ended |
||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Net Income from Continuing Operations Attributable to Aramark Stockholders (as reported) |
|
$ |
122,411 |
|
|
$ |
108,323 |
|
|
$ |
262,522 |
|
|
$ |
447,676 |
|
|
Adjustment: |
|
|
|
|
|
|
|
|
||||||||
|
Amortization of Acquisition-Related Intangible Assets |
|
|
28,251 |
|
|
|
22,808 |
|
|
|
107,064 |
|
|
|
89,462 |
|
|
Severance and Other Charges |
|
|
6,719 |
|
|
|
3,861 |
|
|
|
12,960 |
|
|
|
32,813 |
|
|
Spin-off Related Charges |
|
|
— |
|
|
|
12,962 |
|
|
|
29,037 |
|
|
|
19,922 |
|
|
Gains, Losses and Settlements impacting comparability |
|
|
17,606 |
|
|
|
(1,987 |
) |
|
|
26,647 |
|
|
|
(24,321 |
) |
|
Gain on Sale of Equity Investments, net |
|
|
(25,071 |
) |
|
|
— |
|
|
|
(25,071 |
) |
|
|
(375,972 |
) |
|
Effect of Debt Repayments, Repricings and Other on Interest Expense, net |
|
|
5,282 |
|
|
|
— |
|
|
|
38,634 |
|
|
|
2,522 |
|
|
Tax Impact of Adjustments to Adjusted Net Income |
|
|
(11,663 |
) |
|
|
(40,169 |
) |
|
|
(39,956 |
) |
|
|
37,809 |
|
|
Adjusted Net Income |
|
$ |
143,535 |
|
|
$ |
105,798 |
|
|
$ |
411,837 |
|
|
$ |
229,911 |
|
|
Effect of Currency Translation, net of Tax |
|
|
161 |
|
|
|
— |
|
|
|
4,295 |
|
|
|
— |
|
|
Effect of Repayment of the Senior Notes due 2025, net |
|
|
— |
|
|
|
18,556 |
|
|
|
— |
|
|
|
74,137 |
|
|
Adjusted Net Income (Constant Currency), Net of Interest Adjustment |
|
$ |
143,696 |
|
|
$ |
124,354 |
|
|
$ |
416,132 |
|
|
$ |
304,048 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings Per Share (as reported) |
|
|
|
|
|
|
|
|
||||||||
|
Net Income from Continuing Operations Attributable to Aramark Stockholders (as reported) |
|
$ |
122,411 |
|
|
$ |
108,323 |
|
|
$ |
262,522 |
|
|
$ |
447,676 |
|
|
Diluted Weighted Average Shares Outstanding |
|
|
267,912 |
|
|
|
263,454 |
|
|
|
266,200 |
|
|
|
262,594 |
|
|
|
|
$ |
0.46 |
|
|
$ |
0.41 |
|
|
$ |
0.99 |
|
|
$ |
1.71 |
|
|
Earnings Per Share Growth (as reported) % |
|
|
12.2 |
% |
|
|
|
|
(42.1 |
)% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Net Income |
|
$ |
143,535 |
|
|
$ |
105,798 |
|
|
$ |
411,837 |
|
|
$ |
229,911 |
|
|
Diluted Weighted Average Shares Outstanding |
|
|
267,912 |
|
|
|
263,454 |
|
|
|
266,200 |
|
|
|
262,594 |
|
|
|
|
$ |
0.54 |
|
|
$ |
0.40 |
|
|
$ |
1.55 |
|
|
$ |
0.88 |
|
|
Adjusted Earnings Per Share Growth % |
|
|
32.5 |
% |
|
|
|
|
76.1 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Earnings Per Share (Constant Currency) |
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Net Income (Constant Currency), Net of Interest Adjustment |
|
$ |
143,696 |
|
|
$ |
124,354 |
|
|
$ |
416,132 |
|
|
$ |
304,048 |
|
|
Diluted Weighted Average Shares Outstanding |
|
|
267,912 |
|
|
|
263,454 |
|
|
|
266,200 |
|
|
|
262,594 |
|
|
|
|
$ |
0.54 |
|
|
$ |
0.47 |
|
|
$ |
1.56 |
|
|
$ |
1.16 |
|
|
Adjusted Earnings Per Share Growth (Constant Currency) % |
|
|
13.6 |
% |
|
|
|
|
35.0 |
% |
|
|
||||
|
ARAMARK AND SUBSIDIARIES |
||||||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||||||
|
NET DEBT TO COVENANT ADJUSTED EBITDA |
||||||||
|
(Unaudited) |
||||||||
|
(In thousands) |
||||||||
|
|
|
|
|
|
||||
|
|
|
Twelve Months Ended |
||||||
|
|
|
|
|
|
||||
|
Net income Attributable to Aramark Stockholders (as reported) |
|
$ |
262,522 |
|
|
$ |
674,108 |
|
|
Interest Expense, net |
|
|
366,716 |
|
|
|
439,585 |
|
|
Provision for Income Taxes |
|
|
102,972 |
|
|
|
177,614 |
|
|
Depreciation and Amortization |
|
|
435,547 |
|
|
|
546,362 |
|
|
Share-based compensation expense(1) |
|
|
62,552 |
|
|
|
86,938 |
|
|
Unusual or non-recurring (gains) and losses(2) |
|
|
(22,752 |
) |
|
|
(422,596 |
) |
|
Pro forma EBITDA for certain transactions(3) |
|
|
840 |
|
|
|
4,033 |
|
|
Other(4)(5) |
|
|
126,581 |
|
|
|
100,681 |
|
|
Covenant Adjusted EBITDA |
|
$ |
1,334,978 |
|
|
$ |
1,606,725 |
|
|
|
|
|
|
|
||||
|
Net Debt to Covenant Adjusted EBITDA |
|
|
|
|
||||
|
Total Long-Term Borrowings(6) |
|
$ |
5,271,457 |
|
|
$ |
6,763,514 |
|
|
Less: Cash and cash equivalents and short-term marketable securities(6)(7) |
|
|
714,825 |
|
|
|
573,853 |
|
|
Net Debt |
|
$ |
4,556,632 |
|
|
$ |
6,189,661 |
|
|
Covenant Adjusted EBITDA |
|
$ |
1,334,978 |
|
|
$ |
1,606,725 |
|
|
Net Debt/Covenant Adjusted EBITDA(8) |
|
|
3.4 |
|
|
|
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 |
||||||||
|
(3) Represents the annualizing of net EBITDA from certain acquisitions and divestitures made during the period. |
||||||||
|
(4) "Other" for the twelve months ended |
||||||||
|
(5) "Other" for the twelve months ended |
||||||||
|
(6) "Total Long-Term Borrowings" and "Cash and cash equivalents and short term marketable securities" for the twelve months ended |
||||||||
|
(7) 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 Consolidated Balance Sheets. |
||||||||
|
(8) The twelve months ended |
||||||||
|
ARAMARK AND SUBSIDIARIES |
||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||
|
FREE CASH FLOW |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(In thousands) |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
|
Fiscal Year Ended |
|
Nine Months Ended |
|
Three Months Ended |
|||||||
|
|
|
|
|
|
|
|||||||
|
Net cash provided by (used in) operating activities of Continuing Operations |
$ |
726,514 |
|
|
$ |
(295,101 |
) |
|
$ |
1,021,615 |
|
|
|
|
|
|
|
|
|
|||||||
|
Net purchases of property and equipment and other |
|
(403,480 |
) |
|
|
(270,912 |
) |
|
|
(132,568 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Free Cash Flow |
$ |
323,034 |
|
|
$ |
(566,013 |
) |
|
$ |
889,047 |
|
|
|
|
|
|
|
|
|
|||||||
|
|
Fiscal Year Ended |
|
Nine Months Ended |
|
Three Months Ended |
|||||||
|
|
|
|
|
|
|
|||||||
|
Net cash provided by (used in) operating activities of Continuing Operations |
$ |
511,647 |
|
|
$ |
(415,007 |
) |
|
$ |
926,654 |
|
|
|
|
|
|
|
|
|
|||||||
|
Net purchases of property and equipment and other |
|
(365,476 |
) |
|
|
(245,629 |
) |
|
|
(119,847 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Free Cash Flow |
$ |
146,171 |
|
|
$ |
(660,636 |
) |
|
$ |
806,807 |
|
|
|
|
|
|
|
|
|
|||||||
|
|
Fiscal Year Ended |
|
Nine Months Ended |
|
Three Months Ended |
|||||||
|
|
Change |
|
Change |
|
Change |
|||||||
|
Net cash provided by operating activities of Continuing Operations |
$ |
214,867 |
|
|
$ |
119,906 |
|
|
$ |
94,961 |
|
|
|
|
|
|
|
|
|
|||||||
|
Net purchases of property and equipment and other |
|
(38,004 |
) |
|
|
(25,283 |
) |
|
|
(12,721 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Free Cash Flow |
$ |
176,863 |
|
|
$ |
94,623 |
|
|
$ |
82,240 |
|
|
|
|
|
|
|
|
|
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241110221756/en/
Inquiries:
(215) 409-7287
Kissell-Felise@aramark.com
(215) 409-7945
Cleary-Gene@aramark.com
Source: