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Aramark (ARMK) SEC Filing 10-Q Quarterly report for the period ending Friday, March 27, 2020

SEC Filings

ARMK Quarterly Reports

Aramark

CIK: 1584509 Ticker: ARMK

aramarkhredandblackr00.jpg
For Immediate ReleaseContact:
Media Inquiries:
Karen Cutler
(215) 238-4063
Cutler-Karen@aramark.com
Investor Inquiries:
Felise Kissell
(215) 409-7287
Kissell-Felise@aramark.com

Aramark Reports Second Quarter Earnings

Performance In Line with Preliminary Results Announced April 22, 2020

SUMMARY

Year-over-year GAAP Operating Income (Loss) and EPS includes a pre-tax non-cash goodwill impairment of $199 million in the reporting unit within the International segment that was identified as having undergone additional impairment testing in the Company's 2019 Form 10-K.

Quarterly results reflect initial impact of COVID-19.

Amended Debt Covenant and Increased Cash Availability in April
Fully drew down $1 billion revolver in quarter and subsequently issued $1.5 billion of Senior Notes
Amended secured debt covenant in credit facility to provide greater flexibility
Enhanced financial position and further improved already strong balance sheet

Revenue (6.7)%; Organic Revenue (5.4)%
Underlying revenue growth in the overall business

Operating Income (180)%; Adjusted Operating Income (AOI) (30)%1
Initiated cost-reduction strategies at the end of the quarter in response to COVID-19

EPS of $(0.80); Adjusted EPS of $0.26


Philadelphia, PA, May 5, 2020 - Aramark (NYSE: ARMK) today reported second quarter fiscal 2020 results.

“Our hearts go out to everyone who has been impacted by COVID-19, most especially our employees, client partners and customers who have experienced personal and financial hardship," said John Zillmer, Aramark’s Chief Executive Officer. “I am proud of the heroic efforts of our dedicated team members who are providing safe and hygienic food, uniforms and facility services during this challenging time."

"Our financial performance demonstrates the resiliency of Aramark’s flexible business model, as well as our ability to adapt quickly to changing market conditions,” Zillmer added. “The proactive steps we have taken to navigate this difficult economic environment should position the Company to emerge stronger than ever.”

1 Constant Currency.

Page 1

The following information was filed by Aramark (ARMK) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Aramark's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Aramark's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Goodwill And Other Intangible Assets
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Narrative (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Components Of Comprehensive Income (Loss) (Details)
Borrowings
Borrowings (Tables)
Borrowings - Narrative (Details)
Borrowings - Schedule Of Debt (Details)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Condensed Consolidating Financial Statements Of Aramark And Subsidiaries
Condensed Consolidating Financial Statements Of Aramark And Subsidiaries (Tables)
Condensed Consolidating Financial Statements Of Aramark And Subsidiaries - Balance Sheets (Details)
Condensed Consolidating Financial Statements Of Aramark And Subsidiaries - Cash Flows (Details)
Condensed Consolidating Financial Statements Of Aramark And Subsidiaries - Statements Of Income And Comprehensive Income (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Balance Sheet Presentation (Details)
Derivative Instruments - Effect On Other Comprehensive Income (Loss) (Details)
Derivative Instruments - Location Of (Gain) Loss Reclassified From Aoci Into Earnings (Details)
Derivative Instruments - Narrative (Details)
Divestitures
Divestitures - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Earnings Per Share - Narrative (Details)
Fair Value Of Financial Assets And Financial Liabilities
Fair Value Of Financial Assets And Financial Liabilities (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill Assets By Segment (Details)
Goodwill And Other Intangible Assets - Schedule Of Other Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Cash Paid For Amounts Included In Lease Liabilities (Details)
Leases - Schedule Of Future Minimum Rental And Similar Commitments (Details)
Leases - Schedule Of Lease Maturity (Details)
Leases - Schedule Of Net Lease Cost (Details)
Leases - Summary Of Operating And Finance Leases On Balance Sheet (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Deferred Income (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Performance Obligation Narrative (Details)
Severance
Severance (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Compensation Expense And Other Options (Details)
Share-Based Compensation - Options Granted And Weighted Average Grant Date Fair Value (Details)
Stockholders' Equity
Stockholders' Equity (Details)

Material Contracts, Statements, Certifications & more

Aramark provided additional information to their SEC Filing as exhibits

Ticker: ARMK
CIK: 1584509
Form Type: 10-Q Quarterly Report
Accession Number: 0001584509-20-000105
Submitted to the SEC: Tue May 05 2020 4:25:27 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Friday, March 27, 2020
Industry: Retail Eating Places

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