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Fourth quarter and full year 2020 GAAP results include a 53rd week of operations. Organic Revenue and other Adjusted financial metrics are based on 52 weeks for comparability purposes.
Q4 SUMMARY
-
Generated positive cash flow and maintained strong liquidity
-
Cash provided by operating activities of
$252 million ; Free Cash Flow generation of$146 million in the quarter -
Approximately
$2.6 billion cash availability at quarter-end -
Subsequent to quarter-end, paid down
$680 million on revolving credit facility
-
Cash provided by operating activities of
-
Revenue (32)%; Organic Revenue (36)%
- Sequential quarterly revenue improvement versus prior year across all segments
-
Education led progress with university reopenings and K-12 participation in serving universal meal programs across the
U.S.
-
EPS of
$(0.59) ; Adjusted EPS of$(0.35) - GAAP results additionally included certain non-cash impairment charges and costs related to organizational realignment
- AOI drop-through consistent with Company's expectations
FISCAL 2020 SUMMARY
-
Executed on business transformation while navigating challenges presented by COVID-19
- Invested in growth-oriented resources throughout the year
- Initiated disciplined cost-reduction actions and reallocated resources to continue creating a fit-for-purpose business
- Generated positive cash flow since bond issuance in April
-
Revenue (21)%; Organic Revenue (21)%
- Underlying growth in first half of fiscal year prior to impact of COVID-19
- Client reopenings drove revenue improvement following April trough
-
EPS of
$(1.83) ; Adjusted EPS of$(0.17) - GAAP results additionally included non-cash impairment and organizational realignment charges previously announced
-
Implemented client solutions focused on safety and hygiene
- Developed and facilitated adoption of EverSafe™ platform that helps clients meet superior hygienic and safety standards
- Launched additional in-demand offerings including delivery and contact-free solutions
- Supported local communities in providing essential meals and health supplies
“I am incredibly proud of our teams across the globe for their tireless work serving clients and communities in this extraordinary time of need,” said
FOURTH QUARTER RESULTS*
Consolidated revenue was
Client reopenings as well as
|
Q3 '20
|
Q4 '20
|
|
Q3 '20 Organic Revenue
|
Q4 '20 Organic Revenue
|
FSS United States |
(56)% |
(41)% |
|
(56)% |
(45)% |
|
(46)% |
(30)% |
|
(41)% |
(31)% |
Uniform & Career Apparel |
(12)% |
(2)% |
|
(12)% |
(9)% |
|
(46)% |
(32)% |
|
(45)% |
(36)% |
Q3 '20 performance reflects year-over-year results identified in the Non-GAAP schedules.
- FSS United States drove progress while continuing to manage through business interruption.
Sector |
Q4 Activity |
Education |
Served approximately 90% of Higher Ed client locations in some manner, while experiencing lower retail and catering volumes. Actively participated in universal government-sponsored meal programs in K-12. |
Sports, Leisure & Corrections |
Stadium attendance remained limited as leagues included fans based on local jurisdiction. Leisure reflected increased activity with modified operations. Corrections remained stable. |
Business & Industry |
Companies remained measured in return-to-work practices with reduced operations as decisions were driven largely by need and corporate culture as well as local regulatory restrictions. |
Healthcare |
Signs of strengthened performance as elective procedures increased and visitor restrictions began to ease in the quarter. |
Facilities & Other |
Provided more frequent and comprehensive services as client locations carefully reopened. |
-
FSS International navigated government-imposed protocols across regions while continuing to win new business driven by the front-line response to COVID-19.Europe demonstrated improving trends as shutdowns gradually eased in the summer months with the Company managing through the latest government restrictions. Rest of World improvement was led by another quarter of double-digit growth inChina that was more than offset by COVID-related impact inCanada andSouth America .
*May not foot due to rounding |
- Uniform & Career Apparel experienced improving trends, particularly in the rental business as well as increased client demand for adjacency services, including Personal Protective Equipment (PPE), supported by additional sales resources.
Revenue |
||||||
|
Q4 '20 |
Q4 '19 |
Change ($) |
Change (%) |
Organic Revenue
|
Organic Revenue
|
FSS United States |
|
|
( |
(41)% |
( |
(45)% |
|
629 |
898 |
(269) |
(30)% |
(280) |
(31)% |
Uniform & Career Apparel |
634 |
646 |
(11) |
(2)% |
(56) |
(9)% |
|
|
|
( |
(32)% |
( |
(36)% |
Difference between Change (%) and Organic Revenue Change (%) reflects the elimination of currency translation and the impact of the 53rd week of operations.
Operating Loss of
- FSS United States reflected initial re-start costs, particularly in Education and Sports, Leisure & Corrections, as client operations reactivated throughout the quarter.
-
FSS International was impacted by various stages of government-imposed shutdowns, while benefiting from cost-reduction strategies implemented in the third quarter. - Uniform & Career Apparel generated income from improved business performance as well as lower merchandise costs and route optimization.
-
Corporate included equity-based compensation expense resulting from certain actions taken in the fourth quarter as described in the Company's Current Report on Form 8-K filed on
September 8, 2020 .
Operating (Loss) Income |
|
Adjusted Operating (Loss) Income |
|||||||
|
Q4 '20 |
Q4 '19 |
Change (%) |
|
Q4 '20 |
Q4 '19 |
Change ($) |
Constant
|
Constant
|
FSS United States |
( |
|
(134)% |
|
( |
|
( |
( |
(103)% |
|
(58) |
49 |
(219)% |
|
(30) |
56 |
(86) |
(86) |
(154)% |
Uniform & Career Apparel |
50 |
47 |
6% |
|
57 |
71 |
(14) |
(15) |
(20)% |
Corporate |
(32) |
(46) |
30% |
|
(33) |
(13) |
(20) |
(20) |
(162%) |
|
( |
|
(146)% |
|
( |
|
( |
( |
(104)% |
Operating (Loss) Income results include a 53rd week of operations.
FOURTH QUARTER GAAP SUMMARY
Fourth quarter fiscal 2020 GAAP results included a 53rd week of operations. GAAP results across all metrics in the quarter were affected by the impact of COVID-19. On a GAAP basis, revenue was
FISCAL 2020 SUMMARY
Fiscal 2020 GAAP results also reflected a 53rd week of operations with GAAP results across all metrics affected by the impact of COVID-19. On a GAAP basis, revenue was
Organic Revenue for the year declined 21% compared to fiscal 2019 with underlying growth in the first half of the year more than offset by the impact from COVID-19 throughout the remainder of the year. Adjusted Operating Income of
CAPITAL STRUCTURE AND FREE CASH FLOW
In the fiscal year, Cash provided by operating activities totaled
At year-end, the Company had approximately
DIVIDEND DECLARATION
The Company's Board of Directors approved a quarterly dividend of
BUSINESS UPDATE
- Leadership and organizational changes;
- Strengthened client and supplier relationships;
- Renewed entrepreneurial spirit with a growth mindset;
- Investments in accelerated growth;
- Effective management of the flexible business model across a diverse portfolio; and
- Disciplined approach to variable cost structure that provided cash flow resilience.
These timely actions allowed
2021 OUTLOOK
The Company provides its expectations for organic revenue growth, Adjusted Operating Income and Free Cash Flow 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, severance and other charges and the effect of currency translation. The fiscal 2021 outlook reflects management's current assumptions regarding the continued impact of COVID-19 on
In fiscal 2021,
- Organic revenue improvement over the course of the fiscal year;
- Adjusted Operating Income (AOI) reflecting a drop-through rate of 20%-25% in the first half of the year as a result of disciplined cost management, balanced by ongoing restart costs associated with client reopenings as well as continued investment to support growth opportunities; and
-
Free Cash Flow in a range of
$100 million use to$200 million generation, dependent on the pace of recovery and timing of underlying growth. The first quarter will include seasonal outflow associated with Higher Education followed by positive cash flow over the balance of the year. Comparatively, Free Cash Flow was a use of$188 million in Fiscal 2020.
As
"I am extremely encouraged by a number of positive trends across our business and expect ongoing improvement as the year progresses, with
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 growth, adjusted to eliminate the effects of material divestitures; the estimated impact of the 53rd week and the impact of currency translation.
Adjusted Operating (Loss) Income
Adjusted Operating (Loss) Income represents operating (loss) 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 divestitures (including the gain on the sale); merger and integration related charges; asset impairments; tax reform related employee reinvestments; the estimated impact of the 53rd week and other items impacting comparability.
Adjusted Operating (Loss) Income (Constant Currency)
Adjusted Operating (Loss) Income (Constant Currency) represents Adjusted Operating (Loss) Income adjusted to eliminate the impact of currency translation.
Adjusted Net (Loss) Income
Adjusted Net (Loss) Income represents net (loss) income attributable to
Adjusted Net (Loss) Income (Constant Currency)
Adjusted Net (Loss) Income (Constant Currency) represents Adjusted Net (Loss) Income adjusted to eliminate the impact of currency translation.
Adjusted EPS
Adjusted EPS represents Adjusted Net (Loss) 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 (loss) income attributable to
Free Cash Flow
Free Cash Flow represents net cash provided by (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.
We use Adjusted Revenue (Organic), Adjusted Operating (Loss) Income (including on a constant currency basis), Adjusted Net (Loss) 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 (loss) income, net (loss) income, or (loss) earnings per share, determined in accordance with GAAP. Adjusted Revenue (Organic), Adjusted Operating (Loss) Income, Adjusted Net (Loss) 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 resulting from the purchase accounting applied to the
Severance and Other Charges - adjustments to eliminate severance expenses in the applicable period (
Effects of Divestitures - adjustments to eliminate the impact that the Healthcare Technologies divestiture had on comparative periods.
Merger and Integration Related Charges - adjustments to eliminate merger and integration charges primarily related to the Avendra and AmeriPride acquisitions, including costs for transitional employees and integration related consulting costs (
Goodwill Impairment - adjustment to eliminate the impact of a non-cash impairment charge to goodwill.
Gain on sale of Healthcare Technologies - adjustment to eliminate the impact of the gain on sale of the Healthcare Technologies business.
Tax Reform Related Employee Reinvestments - adjustments to eliminate certain reinvestments associated with tax savings created by the Tax Cuts and Jobs Act of 2017, including employee training expenses, special recognition awards and retirement contributions (
Advisory Fees Related to Shareholder Matters - adjustments to eliminate third party advisory, legal and other professional service fees incurred related to conversations initiated by
Estimated Impact of 53rd Week - adjustments to eliminate the estimated impact of a 53rd week of operations during fiscal 2020.
Gains, Losses and Settlements impacting comparability - adjustments to eliminate certain transactions that are not indicative of our ongoing operational performance, primarily for non-cash impairment charges related to various assets (
Effect of Refinancing and Other 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 charges related to the payment of a call premium (
Effect of Tax Legislation on (Benefit) Provision for Income Taxes - adjustments to eliminate the impact of tax legislation that is not indicative of our ongoing tax position based on the new tax policies, including the CARES Act and
Tax Impact Related to Shareholder Transactions - adjustments to eliminate the tax impact of equity award exercises by the Company's former chief executive officer (
Tax Impact of Adjustments to Adjusted Net (Loss) Income - adjustments to eliminate the net tax impact of the adjustments to adjusted net (loss) 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. For example, statements regarding the potential future impact of the COVID-19 pandemic on our business, financial performance and operating results are forward-looking statements. These statements also include, but are not limited to, statements related to our expectations regarding performance of our business, our financial results, our operations, conditions in our industry and our business and growth strategy. Forward-looking statements can also be identified by words such as "outlook," "aim," "anticipate," "are or remain or continue to be confident," "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.
Forward-looking statements speak only as of the date made. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements.
Some of the factors that we believe could affect or continue to affect our results or the costs and benefits of the acquisitions include without limitation: the severity and duration of the COVID-19 pandemic; the pandemic's impact on the
ARAMARK AND SUBSIDIARIES
|
||||||||
(In Thousands, Except Per Share Amounts) |
|
Three Months Ended |
||||||
|
|
|
|
|
||||
Revenue |
|
$ |
2,692,150 |
|
|
$ |
3,951,244 |
|
Costs and Expenses: |
|
|
|
|
||||
Cost of services provided |
|
2,552,351 |
|
|
3,503,280 |
|
||
Depreciation and amortization |
|
151,224 |
|
|
145,165 |
|
||
Selling and general corporate expenses |
|
82,514 |
|
|
96,656 |
|
||
|
|
2,786,089 |
|
|
3,745,101 |
|
||
Operating (loss) income |
|
(93,939) |
|
|
206,143 |
|
||
Interest and Other Financing Costs, net |
|
109,158 |
|
|
85,612 |
|
||
(Loss) Income Before Income Taxes |
|
(203,097) |
|
|
120,531 |
|
||
(Benefit) Provision for Income Taxes |
|
(54,108) |
|
|
35,117 |
|
||
Net (loss) income |
|
(148,989) |
|
|
85,414 |
|
||
Less: Net loss attributable to noncontrolling interest |
|
(399) |
|
|
(143) |
|
||
Net (loss) income attributable to |
|
$ |
(148,590) |
|
|
$ |
85,557 |
|
|
|
|
|
|
||||
(Loss) Earnings per share attributable to |
|
|
|
|
||||
Basic |
|
$ |
(0.59) |
|
|
$ |
0.35 |
|
Diluted |
|
$ |
(0.59) |
|
|
$ |
0.34 |
|
Weighted Average Shares Outstanding: |
|
|
|
|
||||
Basic |
|
253,178 |
|
|
247,431 |
|
||
Diluted |
|
253,178 |
|
|
253,404 |
|
||
|
|
|
|
|
||||
|
|
Fiscal Year Ended |
||||||
|
|
|
|
|
||||
Revenue |
|
$ |
12,829,559 |
|
|
$ |
16,227,341 |
|
Costs and Expenses: |
|
|
|
|
||||
Cost of services provided |
|
11,993,667 |
|
|
14,532,662 |
|
||
Depreciation and amortization |
|
595,195 |
|
|
592,573 |
|
||
Selling and general corporate expenses |
|
307,016 |
|
|
367,256 |
|
||
|
|
198,600 |
|
|
— |
|
||
Gain on sale of Healthcare Technologies |
|
— |
|
|
(156,309) |
|
||
|
|
13,094,478 |
|
|
15,336,182 |
|
||
Operating (loss) income |
|
(264,919) |
|
|
891,159 |
|
||
Interest and Other Financing Costs, net |
|
382,800 |
|
|
334,987 |
|
||
(Loss) Income Before Income Taxes |
|
(647,719) |
|
|
556,172 |
|
||
(Benefit) Provision for Income Taxes |
|
(186,284) |
|
|
107,706 |
|
||
Net (loss) income |
|
(461,435) |
|
|
448,466 |
|
||
Less: Net income (loss) attributable to noncontrolling interest |
|
94 |
|
|
(83) |
|
||
Net (loss) income attributable to |
|
$ |
(461,529) |
|
|
$ |
448,549 |
|
|
|
|
|
|
||||
(Loss) Earnings per share attributable to |
|
|
|
|
||||
Basic |
|
$ |
(1.83) |
|
|
$ |
1.82 |
|
Diluted |
|
$ |
(1.83) |
|
|
$ |
1.78 |
|
Weighted Average Shares Outstanding: |
|
|
|
|
||||
Basic |
|
251,828 |
|
|
246,854 |
|
||
Diluted |
|
251,828 |
|
|
252,010 |
|
ARAMARK AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS* |
||||||||
(Unaudited) |
||||||||
(In Thousands) |
||||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
Assets |
|
|
|
|
||||
|
|
|
|
|
||||
Current Assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,509,188 |
|
|
$ |
246,643 |
|
Receivables |
|
1,431,206 |
|
|
1,806,964 |
|
||
Inventories |
|
436,473 |
|
|
411,319 |
|
||
Prepayments and other current assets |
|
298,944 |
|
|
193,461 |
|
||
Total current assets |
|
4,675,811 |
|
|
2,658,387 |
|
||
Property and Equipment, net |
|
2,050,908 |
|
|
2,181,762 |
|
||
|
|
5,343,828 |
|
|
5,518,800 |
|
||
Other Intangible Assets |
|
1,932,637 |
|
|
2,033,566 |
|
||
Operating Lease Right-of-use Assets |
|
551,394 |
|
|
— |
|
||
Other Assets |
|
1,158,106 |
|
|
1,343,806 |
|
||
|
|
$ |
15,712,684 |
|
|
$ |
13,736,321 |
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities: |
|
|
|
|
||||
Current maturities of long-term borrowings |
|
$ |
99,915 |
|
|
$ |
69,928 |
|
Current operating lease liabilities |
|
71,810 |
|
|
— |
|
||
Accounts payable |
|
663,455 |
|
|
999,517 |
|
||
Accrued expenses and other current liabilities |
|
1,512,278 |
|
|
1,635,853 |
|
||
Total current liabilities |
|
2,347,458 |
|
|
2,705,298 |
|
||
Long-Term Borrowings |
|
9,178,508 |
|
|
6,612,239 |
|
||
Noncurrent Operating Lease Liabilities |
|
341,667 |
|
|
— |
|
||
Deferred Income Taxes and Other Noncurrent Liabilities |
|
1,099,075 |
|
|
1,088,822 |
|
||
Redeemable Noncontrolling Interest |
|
9,988 |
|
|
9,915 |
|
||
Total Stockholders' Equity |
|
2,735,988 |
|
|
3,320,047 |
|
||
|
|
$ |
15,712,684 |
|
|
$ |
13,736,321 |
|
|
|
|
|
|
||||
*In connection with the Company's adoption of ASC 842, Leases, three new line items were added to the balance sheet to reflect the recording of operating lease liabilities (current and noncurrent), offset by operating lease right-of-use assets. Further details will be available in the Annual Report on Form 10-K for the fiscal year ended |
ARAMARK AND SUBSIDIARIES |
||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||
(Unaudited) |
||||||||||
(In Thousands) |
||||||||||
|
|
|
|
|
||||||
|
|
|
|
|
||||||
|
|
Fiscal Year Ended |
||||||||
|
|
|
|
|
||||||
|
|
|
|
|
||||||
Cash flows from operating activities: |
|
|
|
|
||||||
Net (loss) income |
|
$ |
(461,435 |
) |
|
|
$ |
448,466 |
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities |
|
|
|
|
||||||
Depreciation and amortization |
|
595,195 |
|
|
|
592,573 |
|
|
||
|
|
283,743 |
|
|
|
— |
|
|
||
Deferred income taxes |
|
(134,048 |
) |
|
|
40,503 |
|
|
||
Share-based compensation expense |
|
30,339 |
|
|
|
55,280 |
|
|
||
Net gain on sale of Healthcare Technologies |
|
— |
|
|
|
(139,165 |
) |
|
||
Changes in operating assets and liabilities |
|
(235,120 |
) |
|
|
44,855 |
|
|
||
Payments made to clients on contracts |
|
(69,575 |
) |
|
|
(40,073 |
) |
|
||
Other operating activities |
|
167,583 |
|
|
|
(18,212 |
) |
|
||
Net cash provided by operating activities |
|
176,682 |
|
|
|
984,227 |
|
|
||
|
|
|
|
|
||||||
Cash flows from investing activities: |
|
|
|
|
||||||
Net purchases of property and equipment and other |
|
(364,434 |
) |
|
|
(485,219 |
) |
|
||
Acquisitions, divestitures and other investing activities |
|
3,314 |
|
|
|
275,698 |
|
|
||
Net cash used in investing activities |
|
(361,120 |
) |
|
|
(209,521 |
) |
|
||
|
|
|
|
|
||||||
Cash flows from financing activities: |
|
|
|
|
||||||
Net proceeds/payments of long-term borrowings |
|
2,239,309 |
|
|
|
(576,930 |
) |
|
||
Net change in funding under the Receivables Facility |
|
315,600 |
|
|
|
— |
|
|
||
Payments of dividends |
|
(110,893 |
) |
|
|
(108,439 |
) |
|
||
Proceeds from issuance of common stock |
|
90,022 |
|
|
|
39,087 |
|
|
||
Repurchase of stock |
|
(6,540 |
) |
|
|
(50,000 |
) |
|
||
Other financing activities |
|
(89,976 |
) |
|
|
(38,610 |
) |
|
||
Net cash provided by (used in) financing activities |
|
2,437,522 |
|
|
|
(734,892 |
) |
|
||
Effect of foreign exchange rates on cash and cash equivalents |
|
9,461 |
|
|
|
(8,196 |
) |
|
||
Increase in cash and cash equivalents |
|
2,262,545 |
|
|
|
31,618 |
|
|
||
Cash and cash equivalents, beginning of period |
|
246,643 |
|
|
|
215,025 |
|
|
||
Cash and cash equivalents, end of period |
|
$ |
2,509,188 |
|
|
|
$ |
246,643 |
|
|
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING (LOSS) INCOME MARGIN |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue (as reported) |
|
$ |
1,429,031 |
|
|
|
$ |
629,021 |
|
|
|
|
$ |
634,098 |
|
|
|
|
|
|
|
$ |
2,692,150 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Income (as reported) |
|
$ |
(52,634 |
) |
|
|
$ |
(58,488 |
) |
|
|
$ |
49,569 |
|
|
|
|
|
$ |
(32,386 |
) |
|
|
$ |
(93,939 |
) |
|
|||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Income Margin (as reported) |
|
(3.68 |
) |
% |
|
(9.30 |
) |
% |
|
7.82 |
|
% |
|
|
|
(3.49 |
) |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue (as reported) |
|
$ |
1,429,031 |
|
|
|
$ |
629,021 |
|
|
|
|
$ |
634,098 |
|
|
|
|
|
|
|
$ |
2,692,150 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Effect of Currency Translation |
|
185 |
|
|
|
4,785 |
|
|
|
|
454 |
|
|
|
|
|
|
|
5,424 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Estimated Impact of 53rd Week |
|
(116,461 |
) |
|
|
(15,858 |
) |
|
|
(44,740 |
) |
|
|
|
|
(177,059 |
) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Revenue (Organic) |
|
$ |
1,312,755 |
|
|
|
$ |
617,948 |
|
|
|
|
$ |
589,812 |
|
|
|
|
|
|
|
$ |
2,520,515 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Revenue Growth (as reported) |
|
(40.65 |
) |
% |
|
(29.94 |
) |
% |
|
(1.78 |
) |
% |
|
|
|
(31.87 |
) |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Revenue Growth (Organic) |
|
(45.48 |
) |
% |
|
(31.18 |
) |
% |
|
(8.64 |
) |
% |
|
|
|
(36.21 |
) |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Income (as reported) |
|
$ |
(52,634 |
) |
|
|
$ |
(58,488 |
) |
|
|
$ |
49,569 |
|
|
|
|
|
$ |
(32,386 |
) |
|
|
$ |
(93,939 |
) |
|
|||||||||||||||||||||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets |
|
21,101 |
|
|
|
1,824 |
|
|
|
|
6,235 |
|
|
|
|
|
— |
|
|
|
|
|
29,160 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Severance and Other Charges |
|
3,571 |
|
|
|
12,594 |
|
|
|
|
4,556 |
|
|
|
|
|
169 |
|
|
|
|
|
20,890 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Merger and Integration Related Charges |
|
111 |
|
|
|
176 |
|
|
|
|
6,176 |
|
|
|
|
|
— |
|
|
|
|
|
6,463 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Estimated Impact of 53rd Week |
|
(825 |
) |
|
|
827 |
|
|
|
|
(2,885 |
) |
|
|
2,520 |
|
|
|
|
|
(363 |
) |
|
|||||||||||||||||||||||||||||||||||||||||||||||
Gains, Losses and Settlements impacting comparability |
|
22,575 |
|
|
|
13,342 |
|
|
|
|
(6,673 |
) |
|
|
(3,088 |
) |
|
|
26,156 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating (Loss) Income |
|
$ |
(6,101 |
) |
|
|
$ |
(29,725 |
) |
|
|
$ |
56,978 |
|
|
|
|
|
$ |
(32,785 |
) |
|
|
$ |
(11,633 |
) |
|
|||||||||||||||||||||||||||||||||||||||||||
Effect of Currency Translation |
|
99 |
|
|
|
(348 |
) |
|
|
(82 |
) |
|
|
— |
|
|
|
|
|
(331 |
) |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating (Loss) Income (Constant Currency) |
|
$ |
(6,002 |
) |
|
|
$ |
(30,073 |
) |
|
|
$ |
56,896 |
|
|
|
|
|
$ |
(32,785 |
) |
|
|
$ |
(11,964 |
) |
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (Loss) Income Growth (as reported) |
|
(133.68 |
) |
% |
|
(218.86 |
) |
% |
|
5.82 |
|
% |
|
29.90 |
|
|
|
% |
|
(145.57 |
) |
% |
||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating (Loss) Income Growth |
|
(102.98 |
) |
% |
|
(153.14 |
) |
% |
|
(20.23 |
) |
% |
|
(162.28 |
) |
% |
|
(103.64 |
) |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating (Loss) Income Growth (Constant Currency) |
|
(102.93 |
) |
% |
|
(153.76 |
) |
% |
|
(20.35 |
) |
% |
|
(162.28 |
) |
% |
|
(103.74 |
) |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating (Loss) Income Margin (Constant Currency) |
|
(0.46 |
) |
% |
|
(4.87 |
) |
% |
|
9.65 |
|
% |
|
|
|
(0.47 |
) |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue (as reported) |
|
$ |
2,407,750 |
|
|
|
$ |
897,894 |
|
|
|
|
$ |
645,600 |
|
|
|
|
|
|
|
$ |
3,951,244 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income (as reported) |
|
$ |
156,290 |
|
|
|
$ |
49,209 |
|
|
|
|
$ |
46,843 |
|
|
|
|
|
$ |
(46,199 |
) |
|
|
$ |
206,143 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets |
|
21,209 |
|
|
|
1,952 |
|
|
|
|
6,148 |
|
|
|
|
|
— |
|
|
|
|
|
29,309 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Severance and Other Charges |
|
(1,393 |
) |
|
|
(888 |
) |
|
|
(300 |
) |
|
|
13,540 |
|
|
|
|
|
10,959 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Merger and Integration Related Charges |
|
1,014 |
|
|
|
— |
|
|
|
|
8,738 |
|
|
|
|
|
— |
|
|
|
|
|
9,752 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Tax Reform Related Employee Reinvestments |
|
3,228 |
|
|
|
— |
|
|
|
|
1,144 |
|
|
|
|
|
— |
|
|
|
|
|
4,372 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Advisory Fees Related to Shareholder Matters |
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
7,661 |
|
|
|
|
|
7,661 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Gains, Losses and Settlements impacting comparability |
|
24,591 |
|
|
|
5,664 |
|
|
|
|
8,859 |
|
|
|
|
|
12,498 |
|
|
|
|
|
51,612 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income |
|
$ |
204,939 |
|
|
|
$ |
55,937 |
|
|
|
|
$ |
71,432 |
|
|
|
|
|
$ |
(12,500 |
) |
|
|
$ |
319,808 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income Margin (as reported) |
|
6.49 |
|
% |
|
5.48 |
|
% |
|
7.26 |
|
% |
|
|
|
5.22 |
|
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income Margin |
|
8.51 |
|
% |
|
6.23 |
|
% |
|
11.06 |
|
% |
|
|
|
8.09 |
|
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING (LOSS) INCOME MARGIN |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Fiscal Year Ended |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue (as reported) |
|
$ |
7,366,678 |
|
|
|
|
$ |
2,945,834 |
|
|
|
$ |
2,517,047 |
|
|
|
|
|
|
$ |
12,829,559 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) (as reported) |
|
$ |
5,312 |
|
|
|
|
$ |
(344,274 |
) |
|
|
$ |
171,525 |
|
|
|
|
$ |
(97,482 |
) |
|
|
$ |
(264,919 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) Margin (as reported) |
|
0.07 |
|
% |
|
(11.69 |
) |
% |
|
6.81 |
|
% |
|
|
|
(2.06 |
) |
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue (as reported) |
|
$ |
7,366,678 |
|
|
|
|
$ |
2,945,834 |
|
|
|
$ |
2,517,047 |
|
|
|
|
|
|
$ |
12,829,559 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Effect of Currency Translation |
|
836 |
|
|
|
|
132,602 |
|
|
|
2,135 |
|
|
|
|
|
|
135,573 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Impact of 53rd Week |
|
(116,461 |
) |
|
|
(15,858 |
) |
|
|
(44,740 |
) |
|
|
|
|
(177,059 |
) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Revenue (Organic) |
|
$ |
7,251,053 |
|
|
|
|
$ |
3,062,578 |
|
|
|
$ |
2,474,442 |
|
|
|
|
|
|
$ |
12,788,073 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Revenue Growth (as reported) |
|
(25.58 |
) |
% |
|
(21.30 |
) |
% |
|
(2.66 |
) |
% |
|
|
|
(20.94 |
) |
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Revenue Growth (Organic) |
|
(26.42 |
) |
% |
|
(18.18 |
) |
% |
|
(4.31 |
) |
% |
|
|
|
(20.98 |
) |
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) (as reported) |
|
$ |
5,312 |
|
|
|
|
$ |
(344,274 |
) |
|
|
$ |
171,525 |
|
|
|
|
$ |
(97,482 |
) |
|
|
$ |
(264,919 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets |
|
84,863 |
|
|
|
|
6,812 |
|
|
|
24,849 |
|
|
|
|
— |
|
|
|
|
116,524 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Severance and Other Charges |
|
51,776 |
|
|
|
|
90,945 |
|
|
|
4,923 |
|
|
|
|
5,073 |
|
|
|
|
152,717 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Merger and Integration Related Charges |
|
3,591 |
|
|
|
|
701 |
|
|
|
24,576 |
|
|
|
|
— |
|
|
|
|
28,868 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Goodwill Impairment |
|
— |
|
|
|
|
198,600 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
198,600 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Tax Reform Related Employee Reinvestments |
|
1,436 |
|
|
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
|
1,423 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Estimated Impact of 53rd Week |
|
(825 |
) |
|
|
827 |
|
|
|
(2,885 |
) |
|
|
2,520 |
|
|
|
|
(363 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
Gains, Losses and Settlements impacting comparability |
|
67,132 |
|
|
|
|
14,453 |
|
|
|
(22,947 |
) |
|
|
2,597 |
|
|
|
|
61,235 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) |
|
$ |
213,285 |
|
|
|
|
$ |
(31,936 |
) |
|
|
$ |
200,028 |
|
|
|
|
$ |
(87,292 |
) |
|
|
$ |
294,085 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Effect of Currency Translation |
|
173 |
|
|
|
|
(2,940 |
) |
|
|
(264 |
) |
|
|
— |
|
|
|
|
(3,031 |
) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) (Constant Currency) |
|
$ |
213,458 |
|
|
|
|
$ |
(34,876 |
) |
|
|
$ |
199,764 |
|
|
|
|
$ |
(87,292 |
) |
|
|
$ |
291,054 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) Growth (as reported) |
|
(99.26 |
) |
% |
|
(341.22 |
) |
% |
|
(10.36 |
) |
% |
|
38.93 |
|
% |
|
(129.73 |
) |
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) Growth |
|
(71.23 |
) |
% |
|
(118.23 |
) |
% |
|
(25.58 |
) |
% |
|
12.72 |
|
% |
|
(72.91 |
) |
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) Growth (Constant Currency) |
|
(71.21 |
) |
% |
|
(119.90 |
) |
% |
|
(25.68 |
) |
% |
|
12.72 |
|
% |
|
(73.19 |
) |
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income (Loss) Margin (Constant Currency) |
|
2.94 |
|
|
% |
|
(1.14 |
) |
% |
|
8.07 |
|
% |
|
|
|
2.28 |
|
% |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Fiscal Year Ended |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue (as reported) |
|
$ |
9,898,568 |
|
|
|
|
$ |
3,742,939 |
|
|
|
$ |
2,585,834 |
|
|
|
|
|
|
$ |
16,227,341 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Effect of Divestitures |
|
(43,680 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(43,680 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Revenue (Organic) |
|
$ |
9,854,888 |
|
|
|
|
$ |
3,742,939 |
|
|
|
$ |
2,585,834 |
|
|
|
|
|
|
$ |
16,183,661 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income (as reported) |
|
$ |
716,729 |
|
|
|
|
$ |
142,721 |
|
|
|
$ |
191,344 |
|
|
|
|
$ |
(159,635 |
) |
|
|
$ |
891,159 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets |
|
86,696 |
|
|
|
|
5,927 |
|
|
|
24,421 |
|
|
|
|
— |
|
|
|
|
117,044 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Severance and Other Charges |
|
13,196 |
|
|
|
|
17,057 |
|
|
|
193 |
|
|
|
|
28,001 |
|
|
|
|
58,447 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Effect of Divestitures |
|
(4,003 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(4,003 |
) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Merger and Integration Related Charges |
|
6,534 |
|
|
|
|
— |
|
|
|
29,526 |
|
|
|
|
8 |
|
|
|
|
36,068 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Gain on Sale of Healthcare Technologies |
|
(156,309 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(156,309 |
) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Tax Reform Related Employee Reinvestments |
|
58,657 |
|
|
|
|
352 |
|
|
|
|
14,442 |
|
|
|
|
1,443 |
|
|
|
|
74,894 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Advisory Fees Related to Shareholder Matters |
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
7,661 |
|
|
|
|
7,661 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Gains, Losses and Settlements impacting comparability |
|
19,930 |
|
|
|
|
9,171 |
|
|
|
8,859 |
|
|
|
|
22,504 |
|
|
|
|
60,464 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income |
|
$ |
741,430 |
|
|
|
|
$ |
175,228 |
|
|
|
$ |
268,785 |
|
|
|
$ |
(100,018 |
) |
|
|
$ |
1,085,425 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income Margin (as reported) |
|
7.24 |
|
% |
|
3.81 |
|
% |
|
7.40 |
|
% |
|
|
|
5.49 |
|
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income Margin |
|
7.52 |
|
% |
|
4.68 |
|
% |
|
10.39 |
|
% |
|
|
|
6.71 |
|
% |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADJUSTED NET (LOSS) INCOME & ADJUSTED (LOSS) EARNINGS PER SHARE |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income Attributable to Aramark Stockholders (as reported) |
|
$ |
(148,590 |
) |
|
|
$ |
85,557 |
|
|
|
|
|
$ |
(461,529 |
) |
|
|
$ |
448,549 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Adjustment: |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Amortization of Acquisition-Related Intangible Assets |
|
29,160 |
|
|
|
|
|
29,309 |
|
|
|
|
|
116,524 |
|
|
|
|
|
117,044 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Severance and Other Charges |
|
20,890 |
|
|
|
|
|
10,959 |
|
|
|
|
|
152,717 |
|
|
|
|
|
58,447 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Effect of Divestitures |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(4,003 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Merger and Integration Related Charges |
|
6,463 |
|
|
|
|
|
9,752 |
|
|
|
|
|
28,868 |
|
|
|
|
|
36,068 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Goodwill Impairment |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
198,600 |
|
|
|
|
|
— |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Gain on sale of Healthcare Technologies |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(156,309 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Tax Reform Related Employee Reinvestments |
|
— |
|
|
|
|
|
4,372 |
|
|
|
|
|
1,423 |
|
|
|
|
|
74,894 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Advisory Fees related to Shareholder Matters |
|
— |
|
|
|
|
|
7,661 |
|
|
|
|
|
— |
|
|
|
|
|
7,661 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Estimated Impact of 53rd Week |
|
6,973 |
|
|
|
|
|
— |
|
|
|
|
|
6,973 |
|
|
|
|
|
— |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Gains, Losses and Settlements impacting comparability |
|
26,156 |
|
|
|
|
|
51,612 |
|
|
|
|
|
61,235 |
|
|
|
|
|
60,464 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Effects of Refinancing and Other on Interest and Other Financing Costs, net |
|
— |
|
|
|
|
|
2,219 |
|
|
|
|
|
20,883 |
|
|
|
|
|
2,219 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Effect of Tax Legislation on (Benefit) Provision for Income Taxes |
|
(11,469 |
) |
|
|
— |
|
|
|
|
|
(58,437 |
) |
|
|
(12,126 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tax Impact Related to Shareholder Transactions |
|
2,258 |
|
|
|
|
|
— |
|
|
|
|
|
(18,221 |
) |
|
|
— |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Tax Impact of Adjustments to Adjusted Net (Loss) Income |
|
(21,338 |
) |
|
|
(28,858 |
) |
|
|
(90,964 |
) |
|
|
(72,115 |
) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net (Loss) Income |
|
$ |
(89,497 |
) |
|
|
$ |
172,583 |
|
|
|
|
|
$ |
(41,928 |
) |
|
|
$ |
560,793 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Effect of Currency Translation, net of Tax |
|
(963 |
) |
|
|
— |
|
|
|
|
|
(3,758 |
) |
|
|
— |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net (Loss) Income (Constant Currency) |
|
$ |
(90,460 |
) |
|
|
$ |
172,583 |
|
|
|
|
|
$ |
(45,686 |
) |
|
|
$ |
560,793 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) Earnings Per Share (as reported) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net (Loss) Income Attributable to Aramark Stockholders (as reported) |
|
$ |
(148,590 |
) |
|
|
$ |
85,557 |
|
|
|
|
|
$ |
(461,529 |
) |
|
|
$ |
448,549 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Diluted Weighted Average Shares Outstanding |
|
253,178 |
|
|
|
|
|
253,404 |
|
|
|
|
|
251,828 |
|
|
|
|
|
252,010 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
$ |
(0.59 |
) |
|
|
$ |
0.34 |
|
|
|
|
|
$ |
(1.83 |
) |
|
|
$ |
1.78 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted (Loss) Earnings Per Share |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Adjusted Net (Loss) Income |
|
$ |
(89,497 |
) |
|
|
$ |
172,583 |
|
|
|
|
|
$ |
(41,928 |
) |
|
|
$ |
560,793 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Diluted Weighted Average Shares Outstanding |
|
253,178 |
|
|
|
|
|
253,404 |
|
|
|
|
|
251,828 |
|
|
|
|
|
252,010 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
$ |
(0.35 |
) |
|
|
$ |
0.68 |
|
|
|
|
|
$ |
(0.17 |
) |
|
|
$ |
2.23 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted (Loss) Earnings Per Share (Constant Currency) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Adjusted Net (Loss) Income (Constant Currency) |
|
$ |
(90,460 |
) |
|
|
$ |
172,583 |
|
|
|
|
|
$ |
(45,686 |
) |
|
|
$ |
560,793 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Diluted Weighted Average Shares Outstanding |
|
253,178 |
|
|
|
|
|
253,404 |
|
|
|
|
|
251,828 |
|
|
|
|
|
252,010 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
$ |
(0.36 |
) |
|
|
$ |
0.68 |
|
|
|
|
|
$ |
(0.18 |
) |
|
|
$ |
2.23 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
ARAMARK AND SUBSIDIARIES |
|||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||
NET DEBT TO COVENANT ADJUSTED EBITDA |
|||||||||||
(Unaudited) |
|||||||||||
(In thousands) |
|||||||||||
|
|
|
|
|
|
||||||
|
|
|
Fiscal Year Ended |
||||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Net (Loss) Income Attributable to Aramark Stockholders (as reported) |
|
$ |
(461,529 |
) |
|
|
$ |
448,549 |
|
|
|
|
Interest and Other Financing Costs, net |
|
382,800 |
|
|
|
334,987 |
|
|
||
|
(Benefit) Provision for Income Taxes |
|
(186,284 |
) |
|
|
107,706 |
|
|
||
|
Depreciation and Amortization |
|
595,195 |
|
|
|
592,573 |
|
|
||
|
Share-based compensation expense(1) |
|
30,339 |
|
|
|
55,280 |
|
|
||
|
Unusual or non-recurring losses and (gains)(2) |
|
198,600 |
|
|
|
(156,309 |
) |
|
||
|
Pro forma EBITDA for equity method investees(3) |
|
10,070 |
|
|
|
8,077 |
|
|
||
|
Pro forma EBITDA for certain transactions(4) |
|
6,300 |
|
|
|
21,527 |
|
|
||
|
Other(5) |
|
490,573 |
|
|
|
253,480 |
|
|
||
Covenant Adjusted EBITDA |
|
$ |
1,066,064 |
|
|
|
$ |
1,665,870 |
|
|
|
|
|
|
|
|
|||||||
Net Debt to Covenant Adjusted EBITDA |
|
|
|
|
|||||||
|
Total Long-Term Borrowings |
|
$ |
9,278,423 |
|
|
|
$ |
6,682,167 |
|
|
|
Less: Cash and cash equivalents |
|
2,509,188 |
|
|
|
246,643 |
|
|
||
|
Net Debt |
|
$ |
6,769,235 |
|
|
|
$ |
6,435,524 |
|
|
|
Covenant Adjusted EBITDA |
|
$ |
1,066,064 |
|
|
|
$ |
1,665,870 |
|
|
|
Net Debt/Covenant Adjusted EBITDA(6) |
|
6.3 |
|
|
|
3.9 |
|
|
||
|
|
|
|
|
|||||||
(1) Represents compensation expense related to the Company's issuances of share-based awards. |
|||||||||||
(2) Represents the fiscal 2020 non-cash impairment charge related to goodwill and the fiscal 2019 gain from the divestiture of HCT. |
|||||||||||
(3) Represents our estimated share of EBITDA primarily from our |
|||||||||||
(4) Represents the annualizing of net EBITDA from certain acquisitions and divestitures made during the period. |
|||||||||||
(5) "Other" for the twelve months ended |
|||||||||||
(6) On |
ARAMARK AND SUBSIDIARIES |
|||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||||||||
FREE CASH FLOW |
|||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||
(In thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Fiscal Year Ended |
|
Nine Months Ended |
|
Three Months Ended |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
$ |
176,682 |
|
|
|
$ |
984,227 |
|
|
|
$ |
(74,845 |
) |
|
|
$ |
251,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net purchases of property and equipment and other |
|
(364,434 |
) |
|
|
(485,219 |
) |
|
|
(259,375 |
) |
|
|
(105,059 |
) |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
Free Cash Flow |
|
$ |
(187,752 |
) |
|
|
$ |
499,008 |
|
|
|
$ |
(334,220 |
) |
|
|
$ |
146,468 |
|
|
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING (LOSS) INCOME MARGIN |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
||||||||||||||||
Revenue (as reported) |
|
$ |
1,067,580 |
|
|
|
$ |
517,171 |
|
|
|
$ |
567,502 |
|
|
|
|
|
$ |
2,152,253 |
|
|
||||
Operating (Loss) Income (as reported) |
|
$ |
(193,799 |
) |
|
|
$ |
(138,283 |
) |
|
|
$ |
21,899 |
|
|
|
$ |
(17,414 |
) |
|
|
$ |
(327,597 |
) |
|
|
Operating (Loss) Income Margin (as reported) |
|
(18.15 |
) |
% |
|
(26.74 |
) |
% |
|
3.86 |
|
% |
|
|
|
(15.22 |
) |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue (as reported) |
|
$ |
1,067,580 |
|
|
|
$ |
517,171 |
|
|
|
$ |
567,502 |
|
|
|
|
|
$ |
2,152,253 |
|
|
||||
Effect of Currency Translation |
|
534 |
|
|
|
40,188 |
|
|
|
1,377 |
|
|
|
|
|
42,099 |
|
|
||||||||
Adjusted Revenue (Organic) |
|
$ |
1,068,114 |
|
|
|
$ |
557,359 |
|
|
|
$ |
568,879 |
|
|
|
|
|
$ |
2,194,352 |
|
|
||||
Revenue Growth (as reported) |
|
(55.77 |
) |
% |
|
(45.55 |
) |
% |
|
(12.34 |
) |
% |
|
|
|
(46.34 |
) |
% |
||||||||
Adjusted Revenue Growth (Organic) |
|
(55.74 |
) |
% |
|
(41.32 |
) |
% |
|
(12.13 |
) |
% |
|
|
|
(45.29 |
) |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating (Loss) Income (as reported) |
|
$ |
(193,799 |
) |
|
|
$ |
(138,283 |
) |
|
|
$ |
21,899 |
|
|
|
$ |
(17,414 |
) |
|
|
$ |
(327,597 |
) |
|
|
Amortization of Acquisition-Related Intangible Assets |
|
21,246 |
|
|
|
1,661 |
|
|
|
6,266 |
|
|
|
— |
|
|
|
29,173 |
|
|
|
|||||
Severance and Other Charges |
|
48,205 |
|
|
|
74,704 |
|
|
|
367 |
|
|
|
1,657 |
|
|
|
124,933 |
|
|
||||||
Merger and Integration Related Charges |
|
169 |
|
|
|
131 |
|
|
|
4,739 |
|
|
|
— |
|
|
|
5,039 |
|
|
|
|||||
Gains, Losses and Settlements impacting comparability |
|
45,852 |
|
|
|
— |
|
|
|
(16,348 |
) |
|
|
(5,205 |
) |
|
|
24,299 |
|
|
||||||
Adjusted Operating (Loss) Income |
|
$ |
(78,327 |
) |
|
|
$ |
(61,787 |
) |
|
|
$ |
16,923 |
|
|
|
$ |
(20,962 |
) |
|
|
$ |
(144,153 |
) |
|
|
Effect of Currency Translation |
|
140 |
|
|
|
(4,179 |
) |
|
|
(161 |
) |
|
|
— |
|
|
|
(4,200 |
) |
|
||||||
Adjusted Operating (Loss) Income (Constant Currency) |
|
$ |
(78,187 |
) |
|
|
$ |
(65,966 |
) |
|
|
$ |
16,762 |
|
|
|
$ |
(20,962 |
) |
|
|
$ |
(148,353 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating (Loss) Income Growth (as reported) |
|
(251.56 |
) |
% |
|
(444.36 |
) |
% |
|
(59.15 |
) |
% |
|
46.94 |
|
% |
|
(273.50 |
) |
% |
||||||
Adjusted Operating (Loss) Income Growth |
|
(150.19 |
) |
% |
|
(245.01 |
) |
% |
|
(74.74 |
) |
% |
|
27.81 |
|
% |
|
(160.92 |
) |
% |
||||||
Adjusted Operating (Loss) Income Growth (Constant Currency) |
|
(150.10 |
) |
% |
|
(254.82 |
) |
% |
|
(74.98 |
) |
% |
|
27.81 |
|
% |
|
(162.70 |
) |
% |
||||||
Adjusted Operating (Loss) Income Margin (Constant Currency) |
|
(7.32 |
) |
% |
|
(11.84 |
) |
% |
|
2.95 |
|
% |
|
|
|
(6.76 |
) |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
||||||||||||||||
Revenue (as reported) |
|
$ |
2,413,503 |
|
|
|
$ |
949,862 |
|
|
|
$ |
647,396 |
|
|
|
|
|
$ |
4,010,761 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income (as reported) |
|
$ |
127,873 |
|
|
|
$ |
40,157 |
|
|
|
$ |
53,609 |
|
|
|
$ |
(32,820 |
) |
|
|
$ |
188,819 |
|
|
|
Amortization of Acquisition-Related Intangible Assets |
|
21,059 |
|
|
|
1,487 |
|
|
|
6,139 |
|
|
|
— |
|
|
|
28,685 |
|
|
|
|||||
Severance and Other Charges |
|
642 |
|
|
|
— |
|
|
|
— |
|
|
|
4,208 |
|
|
|
4,850 |
|
|
||||||
Merger and Integration Related Charges |
|
2,238 |
|
|
|
— |
|
|
|
5,798 |
|
|
|
— |
|
|
|
8,036 |
|
|
|
|||||
Tax Reform Related Employee Reinvestments |
|
3,627 |
|
|
|
— |
|
|
|
1,440 |
|
|
|
— |
|
|
|
5,067 |
|
|
||||||
Gains, Losses and Settlements impacting comparability |
|
615 |
|
|
|
965 |
|
|
|
— |
|
|
|
(425 |
) |
|
|
1,155 |
|
|
||||||
Adjusted Operating Income |
|
$ |
156,054 |
|
|
|
$ |
42,609 |
|
|
|
$ |
66,986 |
|
|
|
$ |
(29,037 |
) |
|
|
$ |
236,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income Margin (as reported) |
|
5.30 |
|
% |
|
4.23 |
|
% |
|
8.28 |
|
% |
|
|
|
4.71 |
|
% |
||||||||
Adjusted Operating Income Margin |
|
6.47 |
|
% |
|
4.49 |
|
% |
|
10.35 |
|
% |
|
|
|
5.90 |
|
% |
ARAMARK AND SUBSIDIARIES |
||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||||||||||||
ADJUSTED CONSOLIDATED OPERATING INCOME (LOSS) MARGIN |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||
|
|
Nine Months Ended |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
||||||||||||||||
Revenue (as reported) |
|
$ |
5,937,647 |
|
|
|
$ |
2,316,813 |
|
|
|
$ |
1,882,949 |
|
|
|
|
|
$ |
10,137,409 |
|
|
|
|||
Operating Income (Loss) (as reported) |
|
$ |
57,946 |
|
|
|
$ |
(285,786 |
) |
|
|
$ |
121,956 |
|
|
|
$ |
(65,096 |
) |
|
|
$ |
(170,980 |
) |
|
|
Operating Income (Loss) Margin (as reported) |
|
0.98 |
|
% |
|
(12.34 |
) |
% |
|
6.48 |
|
% |
|
|
|
(1.69 |
) |
% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenue (as reported) |
|
$ |
5,937,647 |
|
|
|
$ |
2,316,813 |
|
|
|
$ |
1,882,949 |
|
|
|
|
|
$ |
10,137,409 |
|
|
|
|||
Effect of Currency Translation |
|
651 |
|
|
|
127,817 |
|
|
|
1,681 |
|
|
|
|
|
130,149 |
|
|
|
|||||||
Adjusted Revenue (Organic) |
|
$ |
5,938,298 |
|
|
|
$ |
2,444,630 |
|
|
|
$ |
1,884,630 |
|
|
|
|
|
$ |
10,267,558 |
|
|
|
|||
Revenue Growth (as reported) |
|
(20.73 |
) |
% |
|
(18.57 |
) |
% |
|
(2.95 |
) |
% |
|
|
|
(17.42 |
) |
% |
|
|||||||
Adjusted Revenue Growth (Organic) |
|
(20.26 |
) |
% |
|
(14.07 |
) |
% |
|
(2.87 |
) |
% |
|
|
|
(16.06 |
) |
% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income (Loss) (as reported) |
|
$ |
57,946 |
|
|
|
$ |
(285,786 |
) |
|
|
$ |
121,956 |
|
|
|
$ |
(65,096 |
) |
|
|
$ |
(170,980 |
) |
|
|
Amortization of Acquisition-Related Intangible Assets |
|
63,762 |
|
|
|
4,988 |
|
|
|
18,614 |
|
|
|
— |
|
|
|
87,364 |
|
|
|
|||||
Severance and Other Charges |
|
48,205 |
|
|
|
78,351 |
|
|
|
367 |
|
|
|
4,904 |
|
|
|
131,827 |
|
|
|
|||||
Merger and Integration Related Charges |
|
3,480 |
|
|
|
525 |
|
|
|
18,400 |
|
|
|
— |
|
|
|
22,405 |
|
|
|
|||||
Goodwill Impairment |
|
— |
|
|
|
198,600 |
|
|
|
— |
|
|
|
— |
|
|
|
198,600 |
|
|
|
|||||
Tax Reform Related Employee Reinvestments |
|
1,436 |
|
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
1,423 |
|
|
|
|||||
Gains, Losses and Settlements impacting comparability |
|
44,557 |
|
|
|
1,111 |
|
|
|
(16,274 |
) |
|
|
5,685 |
|
|
|
35,079 |
|
|
|
|||||
Adjusted Operating Income (Loss) |
|
$ |
219,386 |
|
|
|
$ |
(2,211 |
) |
|
|
$ |
143,050 |
|
|
|
$ |
(54,507 |
) |
|
|
$ |
305,718 |
|
|
|
Effect of Currency Translation |
|
74 |
|
|
|
(2,592 |
) |
|
|
(182 |
) |
|
|
— |
|
|
|
(2,700 |
) |
|
|
|||||
Adjusted Operating Income (Loss) (Constant Currency) |
|
$ |
219,460 |
|
|
|
$ |
(4,803 |
) |
|
|
$ |
142,868 |
|
|
|
$ |
(54,507 |
) |
|
|
$ |
303,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income (Loss) Growth (as reported) |
|
(89.66 |
) |
% |
|
(405.61 |
) |
% |
|
(15.60 |
) |
% |
|
42.61 |
|
% |
|
(124.96 |
) |
% |
|
|||||
Adjusted Operating Income (Loss) Growth |
|
(59.11 |
) |
% |
|
(101.85 |
) |
% |
|
(27.52 |
) |
% |
|
37.72 |
|
% |
|
(60.07 |
) |
% |
|
|||||
Adjusted Operating Income (Loss) Growth (Constant Currency) |
|
(59.09 |
) |
% |
|
(104.03 |
) |
% |
|
(27.61 |
) |
% |
|
37.72 |
|
% |
|
(60.42 |
) |
% |
|
|||||
Adjusted Operating Income (Loss) Margin (Constant Currency) |
|
3.70 |
|
% |
|
(0.20 |
) |
% |
|
7.58 |
|
% |
|
|
|
2.95 |
|
% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Nine Months Ended |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
|
FSS United States |
|
|
|
Uniform |
|
Corporate |
|
|
||||||||||||||||
Revenue (as reported) |
|
$ |
7,490,818 |
|
|
|
$ |
2,845,045 |
|
|
|
1,940,234 |
|
|
|
|
|
$ |
12,276,097 |
|
|
|||||
Effect of Divestitures |
|
(43,680 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
(43,680 |
) |
|
||||||||
Adjusted Revenue (Organic) |
|
$ |
7,447,138 |
|
|
|
$ |
2,845,045 |
|
|
|
$ |
1,940,234 |
|
|
|
|
|
$ |
12,232,417 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income (as reported) |
|
$ |
560,439 |
|
|
|
$ |
93,512 |
|
|
|
$ |
144,501 |
|
|
|
$ |
(113,436 |
) |
|
|
$ |
685,016 |
|
|
|
Amortization of Acquisition-Related Intangible Assets |
|
65,487 |
|
|
|
3,975 |
|
|
|
18,273 |
|
|
|
— |
|
|
|
87,735 |
|
|
|
|||||
Severance and Other Charges |
|
14,589 |
|
|
|
17,945 |
|
|
|
493 |
|
|
|
14,461 |
|
|
|
47,488 |
|
|
||||||
Effect of Divestitures |
|
(4,003 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,003 |
) |
|
|
|||||
Merger and Integration Related Charges |
|
5,520 |
|
|
|
— |
|
|
|
20,788 |
|
|
|
8 |
|
|
|
26,316 |
|
|
||||||
Gain on Sale of Healthcare Technologies |
|
(156,309 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(156,309 |
) |
|
|
|||||
Tax Reform Related Employee Reinvestments |
|
55,429 |
|
|
|
352 |
|
|
|
13,298 |
|
|
|
1,443 |
|
|
|
70,522 |
|
|
||||||
Gains, Losses and Settlements impacting comparability |
|
(4,661 |
) |
|
|
3,507 |
|
|
|
— |
|
|
|
10,006 |
|
|
|
8,852 |
|
|
||||||
Adjusted Operating Income |
|
$ |
536,491 |
|
|
|
$ |
119,291 |
|
|
|
$ |
197,353 |
|
|
|
$ |
(87,518 |
) |
|
|
$ |
765,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income Margin (as reported) |
|
7.48 |
|
% |
|
3.29 |
|
% |
|
7.45 |
|
% |
|
|
|
5.58 |
|
% |
||||||||
Adjusted Operating Income Margin |
|
7.20 |
|
% |
|
4.19 |
|
% |
|
10.17 |
|
% |
|
|
|
6.26 |
|
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20201117005668/en/
Investor Inquiries:
(215) 409-7287
Kissell-Felise@aramark.com
Media Inquiries:
(215) 238-4063
Cutler-Karen@aramark.com
Source: