Aramark(ARMK)2023-05-08 16:00Revenue Growth - Revenue for the three months ended March 31, 2023, was 3,860.5 million for the same period in 2022[9] - Total revenue for the six months ended March 31, 2023, was 7,808.8 million for the same period in 2022, representing a growth of approximately 17.8%[75] - Revenue from the United States for the six months ended March 31, 2023, was 4,763.7 million in the prior year, indicating a growth of about 21.0%[61] - FSS United States segment revenue for the three months ended March 31, 2023, was 2,338.3 million in the same period of 2022, marking a growth of about 21.6%[78] - FSS International revenue grew by 23.2% to 870.9 million in the same period last year[102] Income and Earnings - Net income attributable to Aramark stockholders for the three months ended March 31, 2023, was 35.7 million for the same period in 2022, representing a 56.5% increase[9] - Net income for the six months ended March 31, 2023, was 78.3 million for the same period in 2022, representing a 65.5% increase[15] - Earnings per share attributable to Aramark stockholders for the six months ended March 31, 2023, was 0.31 for the same period in 2022, reflecting a 61.3% increase[10] - Net income for the three months ended March 31, 2023, was 35.5 million for the same period in 2022[28] Operating Performance - Operating income for the six months ended March 31, 2023, was 282.2 million for the same period in 2022[10] - Operating income for the FSS United States segment increased by approximately 138.1 million during the three and six month periods of fiscal 2023, primarily due to growth in base business and effective cost management[112] - Operating income by segment for FSS United States increased by 89.9% to 82.1 million in the prior year[102] Costs and Expenses - The cost of services provided for the six months ended March 31, 2023, was 7,062.3 million for the same period in 2022[10] - Interest and other financing costs for the three months ended March 31, 2023, were 89.7 million for the same period in 2022, indicating a 27.0% increase[9] - The company reported depreciation and amortization expenses of 267.8 million in the same period last year[15] Cash Flow and Investments - Net cash used in operating activities increased to 128.3 million for the same period in 2022[15] - The company reported a net cash used in investing activities of 289.8 million for the same period in 2022, indicating a decrease of 22.1%[15] - Cash and cash equivalents at the end of the period were 429.3 million at the end of the previous year[15] Strategic Initiatives - The company anticipates continued growth driven by strategic market expansions and new product developments in the upcoming quarters[6] - The proposed spin-off of Aramark Uniform Services is expected to create additional value for stockholders, with anticipated benefits and costs being closely monitored[6] - The company intends to spin off its Uniform segment into an independent publicly traded company, expected to be completed in the fourth quarter of fiscal 2023[25] Foreign Currency and Adjustments - The company reported a foreign currency translation adjustment of 6.4 million for the same period in 2022[12] - The effect of foreign exchange rates on cash and cash equivalents was a positive 317.8 million in the same period last year[15] - Foreign currency translation adjustments contributed 0.11 per share on May 2, 2023, payable on May 31, 2023, to stockholders of record on May 17, 2023[65] - The net of tax gain expected to be reclassified from "Accumulated other comprehensive loss" into earnings over the next twelve months is approximately $42.8 million[57] Accounting and Compliance - The Company adopted new accounting standards related to government assistance, effective in the first quarter of fiscal 2023, which did not have a material impact on financial statements[28] - The Company is evaluating the impact of new accounting standards related to supplier finance programs, effective in the first quarter of fiscal 2024[28]